....
I never thought about bitcoin as a gamble, but I did consider it a risky bet initially, less so now with all that happened.
Never played scratch tickets, but sometimes buy a ticket when lottery is over a billion...don't know why, really, lol.
Gambling in Vegas is typically not for me either...but I have a funny story about it...many many years back, on my first and the last trip there, in my first game, I put a quarter in the machine and it gave me a royal flush-$250 worth of tokens. I spent some time in the next couple of days (was there on some symposium) gambling away about 2/3 of it in small games, but still went back with almost $100 of free money in my pocket.
Good times...but too much light everywhere.
I never thought about bitcoin as a gamble, but I did consider it a risky bet initially, less so now with all that happened.
Never played scratch tickets, but sometimes buy a ticket when lottery is over a billion...don't know why, really, lol.
Gambling in Vegas is typically not for me either...but I have a funny story about it...many many years back, on my first and the last trip there, in my first game, I put a quarter in the machine and it gave me a royal flush-$250 worth of tokens. I spent some time in the next couple of days (was there on some symposium) gambling away about 2/3 of it in small games, but still went back with almost $100 of free money in my pocket.
Good times...but too much light everywhere.
Reminds me of this "fun fact?"...
Imagine Random Joe goes into the casino and decides to play the roulette wheel until he is up using this simple method...
He bets a dollar on red (50/50 or thereabouts .The house has a slight edge of course as O is neither red nor black)
and loses when black comes up. He's down a dollar. He then doubles up and bets red , loses again, down 3 dollars (he's unlucky apparently) so he doubles up again
and bets $4 on red and finally! Red comes up! After all, red comes up almost 50% of the time. Joe is now up 1 dollar! (I think, do the math, lol)
Joe now pockets the dollar walks away and never enters a casino again. That's pretty feasible yes? (well maybe not, most folks gamble away all their "house money" and then some and the casino wins in the end, lol)
But now lets imagine there are a hundred different random joes walking into a casino and doing the exact same thing,
i.e., betting one dollar on the red and doubling up until they win, going up whatever amount, and walk out,
never to walk into or gamble in a casino again. Collectively they would be up one hundred times the amount they each won, lets say for arguments sake, $100.
Ok, now lets take this one more step and just say they are all the same Random Joe. Random Joe is up $100 dollars! (For that matter, you could scale it up any amount)
This leads to the obvious conclusion that random Joe can always win.... right?
Can anyone point out the fallacy in this scenario because I cant. I even put it to the test years ago and walked out of the casino up 5 dollars. True story.
