This person made $500,000 with gambling and lost it all within 60 seconds! - page 7.

Juggy777

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Quote from: Get-Paid.com on November 18, 2018, 09:11:02 AM

The story is from about almost 5 years ago but this is 100% relevant to 2018 or 2019 or many years to come, you can read it here:

https://www.reddit.com/r/IAmA/comments/1ch7wb/starting_with_almost_nothing_i_made_almost_500000/

In short version, he gambled on Bitcoin, made $500,000 - and lost it all later on, he then continued to gamble in Roulette and other games, and ended up with $50,000 in debt.

Hey these things happens in stock trading too, people let their greed get better of them its basic human nature. I feel many gamblers know when when to start, but when it comes to pulling out they are clueless, they let their greed guide them and end up loosing. In my personal experience when I'm playing sometimes the gambling gets to me, even the risk of having debts doesn't scare me, and it's taken years of practice to quell my desire to stop when I'm ahead.

MinerHQ

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Quote from: alexrossi on November 18, 2018, 12:20:08 PM

These stories are quite important, too many people ends up loosing important assets, as gambling in bitcoin is quite easier compared with traditional fiat money gambling sites (ready to go, no credit card limits)

But addicted gamblers don't take these stories seriously because they think that they got a better plan to win money and withdraw. In reality that is almost not possible for most of the gamblers to withdraw money on right time and stop gambling.

Gambling should be just for a fun activity but not a regular income generator. If one uses these games for making a regular income then most likely they will lose a lot of money instead of making money from these games.

coolcoinz

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Quote from: game-protect on November 18, 2018, 12:35:01 PM

Based on my experience, over 99% of the players and bettors do not care to play or bet with consumer protection service inclusive, so why would they care about losing?

I mean if you do not care to drive cars without insurance, do you care about accidents?

I'd guess that is because consumer protection doesn't work in this case. You can't go to an insurance company and insure your bets just like you insure your car. Comparing these two things is a waste of time because you don't roll the dice whenever you turn on the engine of your car. You have some skills as a driver, proven by an exam, and you're putting your life at stake.
The story is a good example of not knowing when to stop. If you keep playing indefinitely you'll always lose. With a 1% casino edge you'll run out of money, lucky or not, you will run out of money after 1 thousand or 1 million bets.

shursight

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A bunch of people still can not control their emotions, and yes, it is pretty difficult when you can not do anything to change it.

Quote from: Cacingkemi on November 18, 2018, 09:45:34 AM

The first thing to understand is emotion,well gambling is very thick with emotion its definitely from the bloodstream that moves faster to pump the heart.Breathing which makes it move irregularly and this makes the gambler's head uncontrollable,The result was that he made a hasty decision.
Actually gambling is good luck and I don't dismiss it.Well It's just that in this world there is nothing that can't be certain that there is a specific strategy for profit.The edge of the house always benefits cause the player is not only one,there have be millions and the fund rotates from the lost to the winner.Always like that.

Gambling is not for everyone in here, and that is what all the people that want to gamble, should know from the very beggining

Sadly, it is not like this most of times

milewilda

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In all sorts of gambling if you do let yourself to be greedy or doesnt able to handle out your emotion along the way you would really still end up on a situation like this.
As long you do know that you do have funds on your pocket when addiction strikes you then high chances you will able to do these foolish move without even waring that
you are already messing your own life. Not only on gambling but even just normal decisions in life.If not properly handled then expect on what would be the consequences.

Get-Paid.com

sr. member

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Quote from: ?? on ??

That won't happen if the gambler keep himself busy, have big responsible, have new hobby or have different kind of addiction.

It's true to a certain extent...

Justyn Larcombe, 47, from Kent - lost near £1,000,000 and he was a very busy person at the time he got addicted into it.

Once again - you are looking for excuses claiming it would never happen to you, but honestly once you get hooked you are at a serious risk of not only losing a substantial amount of money but also at risk of losing your family, your job, your career and more than that.

It's hard to find "successful" stories of people who gamble ... I did mention Daily25.com - Steve from Australia is someone who has been gambling for almost 8 years in sports betting - but as mentioned previously his ROI on his turnover is 1% .... !!

8 years, risking so much for such a small return?! Not worth it.

He himself said all this has caused him sometimes too much stress, he also had several months where he lost 50% of his profits extremely quickly... 8 years and he hasn't reached his goal of making $250 AUD per day....

If you ask me - he has injected tons of adrenaline/rush to himself, being too thrifty/frugal is also not the best way to go .... his last blog post is about Japan where he writes how much he spent on the trip ...

If this is the kind of lifestyle you guys are pursuing - by all means - go for it.

alexrossi

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Quote from: bigmaster23 on November 18, 2018, 12:43:41 PM

If I won $500,000 I would think twice to hit my next roll probably because it could be against me that time winning a large sum of money really involves psychological influence on our dna so if you think you have profit you just play and roll until you're rolling your fate.

He could have stopped earlier than after winning 500k, I think that this story is all about the time when your balance goes to zero.

bigmaster23

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If I won $500,000 I would think twice to hit my next roll probably because it could be against me that time winning a large sum of money really involves psychological influence on our dna so if you think you have profit you just play and roll until you're rolling your fate.

bL4nkcode

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Limited in number. Limitless in potential.

That's the time when greed overtakes you, that's pretty huge money though. And this $500,000 lost guy was in dept $50k instead, I wonder if he's still alive and how his life goes after this 5 years. And I wonder if he still gambling Cheesy

Quote from: Get-Paid.com on November 18, 2018, 12:16:41 PM

Yes, go away if you win ... but for how long? Your mind will force you to go back.

Only for those gamblers who are too confident of winnings but they get the opposite then will try again and again and still lost.

game-protect

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Based on my experience, over 99% of the players and bettors do not care to play or bet with consumer protection service inclusive, so why would they care about losing?

I mean if you do not care to drive cars without insurance, do you care about accidents?

onrise

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This is the harsh realities and if only people can learn from such stories it will be helpful for them in their life else other people will also end up losing such money if they cannot control themselves or just want to make quick money from such gambling sites or casinos.

alexrossi

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These stories are quite important, too many people ends up loosing important assets, as gambling in bitcoin is quite easier compared with traditional fiat money gambling sites (ready to go, no credit card limits)

Get-Paid.com

sr. member

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Quote from: supermine on November 18, 2018, 10:19:54 AM

No one can be winner in the bets for long streaks because as you said house has better edge of winning so if someone won in gambling then they need to get away with that rewards and spend it in the way he want of he looking for more money then he will learn the lessons just on the articles you mentioned.So the real moral of the story is "Don't be too greedy or you will lose everything".

If you properly read the story of the person who lost over $300,000 - you would see he did take his winnings away, and he did save them asides, and he did watch them closely and told himself that he would never bet again with this money.

But .... life has proven otherwise ... he lost it all.

Yes, go away if you win ... but for how long? Your mind will force you to go back.

People need to understand this is like drugs, very addictive drugs - the best way to win is by simply betting on yourself i.e. don't gamble in the first place ... and if you did - put as many barriers as possible so you won't be able to go back to it.

Or you can try to live with that, but that's a very costly habit, financially, emotionally and personally.

Get-Paid.com

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Quote from: gabmen on November 18, 2018, 10:00:29 AM

That just shows how getting too carried away can mess up your logic.

The system is built and designed for this to happen.
The system is not built for people to spend $10 and leave, if it was like that then the entire business wouldn't exist.

It feels like you guys are trying to justify the need to place bets - you don't need to apologize for it.

If you wish - follow Daily25.com - this is an Aussie guy who places tons of bets on a day to day basis, and writes a blog about his "investment" .... after 7.5 years of placing bets, and he used tipsters, many types of software, other websites etc. -

He is barely on 1% ROI .... and that's someone who took this extremely seriously .... he probably made more from selling packages and such from his site, or from ads ... but the Alexa ranking .... 3.5m - not that great.

Just shows you that someone tried to really turn this into a full time job and ended up making peanuts money out of it....

Say what you want to say, the house always wins, that's a fact, including sports betting.

You would have a very hard time trying to convince me otherwise.

Get-Paid.com

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Quote from: mallorcagold on November 18, 2018, 09:37:25 AM

True but its also a matter of not becoming greedy.

If you make $500,000 profits on sport betting you must collect your winnings and start with a 25k balance again or something like that. Im betting on sports as well. I am using valuebetting software and strategy. I am already happy making a consistent average of 25-50$ profits on a daily basis. But I know that I do not withdraw and increase my bets I will end up loosing everything. 1 downstreak is enough to chase losses and at the end end up in loss.

How many years have you been gambling if that's okay to ask?

There are some people who built lots of "fortune" from gambling and lost it all.

Graham Calvert is a great example of a greyhound trainer, greyhound is a dog racing, in his case it was in the UK, he was a dog trainer and placed lots of bets on the dogs he knew that would win, he was a sort of an "insider", he had the most amazing "valuebettng software and strategy" you could ever think of.

Wanna know how he ended up? Google his name and find out ... lawsuit against William Hill - lost it, lost his wife, his family and his life pretty much (I think he is still alive but in prison, he got nobody and that's a really sad thing).

He is not the only one, there are tons of people with similar examples .... emotion, knowledge, strategy - all go down the drain if you lose the plot, and it's a very fine and thin line that separating between being sober and losing the plot.

supermine

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No one can be winner in the bets for long streaks because as you said house has better edge of winning so if someone won in gambling then they need to get away with that rewards and spend it in the way he want of he looking for more money then he will learn the lessons just on the articles you mentioned.So the real moral of the story is "Don't be too greedy or you will lose everything".

izanagi narukami

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I think greed already take over the gambler because I know that feeling when the gambler think that they can win because the adrenaline become so rush on that time.
So that's why gambling will make you loss eventually mostly because of long term and cryptocurrency is riskier than ordinary gambling so they need think twice before decide to gamble here !

gabmen

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Quote from: Get-Paid.com on November 18, 2018, 09:11:02 AM

The story is from about almost 5 years ago but this is 100% relevant to 2018 or 2019 or many years to come, you can read it here:

https://www.reddit.com/r/IAmA/comments/1ch7wb/starting_with_almost_nothing_i_made_almost_500000/

In short version, he gambled on Bitcoin, made $500,000 - and lost it all later on, he then continued to gamble in Roulette and other games, and ended up with $50,000 in debt.

By the way,
This is not only related to Bitcoin or Casino Games - if you think Sports betting is different think twice after reading this:

https://www.psychforums.com/gambling-addiction/topic182379.html

This person lost over $300,000 within 48 hours, all because of sports betting, he had bets on tennis, basketball, soccer - you name it.

And there are many more stories to read such as this:

https://www.reddit.com/r/problemgambling/comments/4pzgmu/i_just_lost_140000_in_5_minutes/

Moral of the story - you can never be rich with gambling, and even if you end up being "rich" - you would lose the whole lot in no time ... only the house wins because the house has an edge.

Well obviously it was making one wrong decision after another. The guy lost it when he lost the murray bet. Usually sport betting doesn't end up with you losing all the time but placed bets on a lot of games with some he probably doesn't know much about. That just shows how getting too carried away can mess up your logic.

mallorcagold

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Quote from: Cacingkemi on November 18, 2018, 09:45:34 AM

The first thing to understand is emotion,well gambling is very thick with emotion its definitely from the bloodstream that moves faster to pump the heart.Breathing which makes it move irregularly and this makes the gambler's head uncontrollable,The result was that he made a hasty decision.
Actually gambling is good luck and I don't dismiss it.Well It's just that in this world there is nothing that can't be certain that there is a specific strategy for profit.The edge of the house always benefits cause the player is not only one,there have be millions and the fund rotates from the lost to the winner.Always like that.

true, that's why I love sport betting and poker the most. In both of them you still have a little control. I hate playing casinos cause in casino games you are fully dependent of the factor 'luck'. You can work out strategies for example Dice, mines,... but in the long run those strategies are worth sh*t

Cacingkemi

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The first thing to understand is emotion,well gambling is very thick with emotion its definitely from the bloodstream that moves faster to pump the heart.Breathing which makes it move irregularly and this makes the gambler's head uncontrollable,The result was that he made a hasty decision.
Actually gambling is good luck and I don't dismiss it.Well It's just that in this world there is nothing that can't be certain that there is a specific strategy for profit.The edge of the house always benefits cause the player is not only one,there have be millions and the fund rotates from the lost to the winner.Always like that.

Topic: This person made $500,000 with gambling and lost it all within 60 seconds! - page 7. (Read 14126 times)