Why most gamblers can never hold onto big bag? - page 3.

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Quote from: Betwrong on May 03, 2020, 04:58:22 AM

If you lost that amount when BTC was around $200, and today you see that it's $1,000, I can relate because the same happened to me as well. But I can't understand how could you not care about losing $1k in BTC when it was $1k at the moment. Have you never exchanged your BTC for USD before? Because only in that case you could see those thousands of sats as some virtual "play money" with no relation to the physical world. Once you exchanged it, you feel they are real

That's one of the reasons brick-and-stone casinos use chips

Indeed, chips are more handy and convenient overall (compared to paper money or coins), but we shouldn't throw away a psychological aspect of them either. As the case described above proves, most people deep down don't feel like they are playing with real money, and that's what casinos want. Otherwise, gamblers would be way more cautious, careful and prudent with their shekels. That's not what casinos want. They want you to be reckless and wild, so when you see a pile of chips, they are just that, round pieces of cheap plastic

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Quote from: jademaxsuy on May 03, 2020, 05:56:44 AM

I have something in my mind why gamblers can never hold onto big bag. Even though i'm not a gambler like your friend but this is the only thing I can say about why gamblers can't hold on to big bag is because of greed. Gamblers will think of getting hold of more or much bigger bag than before that is why instead of holding the bag and keep it but still want to do it.

it cannot be all the time associated with people's greed, you only call yourself greedy when you set a target, you hit it but you still don't stop because you are longing to win more and more, that's more life greediness to me, but I think in this case, he has not set a target, so he is gambling without a direction, so he won't reach to a specific direction.

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I have something in my mind why gamblers can never hold onto big bag. Even though i'm not a gambler like your friend but this is the only thing I can say about why gamblers can't hold on to big bag is because of greed. Gamblers will think of getting hold of more or much bigger bag than before that is why instead of holding the bag and keep it but still want to do it.

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I have to think that your friend is enjoying the moment and is willing to lose.

Maybe we should care much and get surprised how he did it but never ask why it brings his level to that point. Asking him might tell that he was bored enough to win or he has a lot of money which he tried to enjoy. The situation may not enough to tell that he probably out of his mind and might think he has a problem because some gambler won't make that stupidity, not only if they are chasing their losses to recover.

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It is difficult to know how to stop while you are winning, while the trend is positive, my strategy is this if I win what is more than the budget that I have allocated to the game I put it aside and do not replay it

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Quote from: dre1982 on April 29, 2020, 01:51:48 AM

I think the most gamblers are losing big winning again is that it's all digital money.

You haven't seen the money so it's very abstract. Personally that's why I lose some big amounts before. I lost easily $1000 on dice and didn't care about that. If I would had that money here on the table I wouldnt even doubt about it to gamble that.

If you lost that amount when BTC was around $200, and today you see that it's $1,000, I can relate because the same happened to me as well. But I can't understand how could you not care about losing $1k in BTC when it was $1k at the moment. Have you never exchanged your BTC for USD before? Because only in that case you could see those thousands of sats as some virtual "play money" with no relation to the physical world. Once you exchanged it, you feel they are real.

Whatever the reason that guy lost 30ETH in one day, it wasn't that he thought the money was "abstract".

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Quote from: RapTarX on April 25, 2020, 09:25:44 AM

I have one friend who used to play dice in stake.com, he started with a very small fund ($100), out of that money, he managed to have a balance of 24 ETH at some point but unlucky guy lost everything in one day. Once again, with the bonus he got from stake, he managed to cross 30 ETH within less than a month but yesterday, he lost everything once again.
How come he lost everything one day? Do most of the gamblers lose money in such way?

The situation you mentioned was unfortunately a bad experience for your friend. Undoubtedly, the main reason for this situation is due to the greedyness of people. Although the person has set a goal for himself, he continues to bet with the ambition to win more if that goal is achieved. Afterwards, the balance is deducted below the target set first and the person continues to play to reach his target again. Of course, in this process, the current balance is gradually melting and finally ends. This is not just a behavior seen on your friend, it is a behavior seen on almost all gamblers. First, we lose after psychology of gain and then because of loss psychology. There is also a psychological problem for everyone who gambles, and the happiness gained with $ 1 is less than the sadness achieved with $ 1 lost.

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Because they are gamblers and betting on the edge is what gambling is all about. If you make them win big they'll be more daring in because they'll think they're lucky.
They'll also have a bigger margin of error having more money in their wallets so they'll still be able to lose 50% without blinking an eye, regardless of whether that 50% is $50 or $50k.

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Quote from: btc_angela on May 02, 2020, 06:44:15 AM

Quote from: KnightElite on May 02, 2020, 03:22:17 AM

I think he get a superman syndrome where he thinks that there is a unlimited winning streak. I think it is better if we will also think the money that we are going to lose not only the money that we can win. It is really a regrettable decisions because he managed to increased his portfolio with many days but he only lose it in just one day. Not only once but twice, I think this scenario can also help us specially if we experience to feel greed. Avoid having superman syndrome because it is one of the major reason why our gain can become losses.

I like the term, 'superman syndrome', lol it sounds that you are really bullet proof and invincible, however, this is real life, no one is going to have an unlimited winning streak in gambling. Even those poker stars sometime with all the skills they have are not enough to turn their unlucky streak into a winnable case. I would admit that I fall for this kind of 'superman syndrome', but as I mature I learn to get out when I still have money in my hand.

This is better than chasing our loses.

I've experience both chasing loses and being aggressive when winning, the feeling when you lose more because you keep chasing is more disturbing, can't accept it easily especially if it resulted to gambling more than you can afford to lose. When winning sometimes, I like to make more, that is greediness and I understand it but that our weakness as a human, we need to learn controlling that, not just to win but to minimize our loses as well.

Imagine you put all your effort and you win but you did not stop at the right time, so you ran out of luck in the end.

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Quote from: KnightElite on May 02, 2020, 03:22:17 AM

I think he get a superman syndrome where he thinks that there is a unlimited winning streak. I think it is better if we will also think the money that we are going to lose not only the money that we can win. It is really a regrettable decisions because he managed to increased his portfolio with many days but he only lose it in just one day. Not only once but twice, I think this scenario can also help us specially if we experience to feel greed. Avoid having superman syndrome because it is one of the major reason why our gain can become losses.

I like the term, 'superman syndrome', lol it sounds that you are really bullet proof and invincible, however, this is real life, no one is going to have an unlimited winning streak in gambling. Even those poker stars sometime with all the skills they have are not enough to turn their unlucky streak into a winnable case. I would admit that I fall for this kind of 'superman syndrome', but as I mature I learn to get out when I still have money in my hand.

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Quote from: KnightElite on May 02, 2020, 03:22:17 AM

I think he get a superman syndrome where he thinks that there is a unlimited winning streak. I think it is better if we will also think the money that we are going to lose not only the money that we can win. It is really a regrettable decisions because he managed to increased his portfolio with many days but he only lose it in just one day. Not only once but twice, I think this scenario can also help us specially if we experience to feel greed. Avoid having superman syndrome because it is one of the major reason why our gain can become losses.

I sometimes have that kind of superman syndrome you are referring and I would say it's really bad.
About being so aggressive in gambling as in the end, we will only lose a lot of money, and gambling sites will be the winner.

Our emotion is our weakness, that's true, if we want to earn success in gambling, we need to ensure we are in control of our emotion.
It's like going into battle you need to retreat when you are outnumbered by your enemy.

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I think he get a superman syndrome where he thinks that there is a unlimited winning streak. I think it is better if we will also think the money that we are going to lose not only the money that we can win. It is really a regrettable decisions because he managed to increased his portfolio with many days but he only lose it in just one day. Not only once but twice, I think this scenario can also help us specially if we experience to feel greed. Avoid having superman syndrome because it is one of the major reason why our gain can become losses.

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Quote from: acroman08 on May 01, 2020, 11:55:25 PM

and I never said they are arrogant. being greedy and arrogant are not the same. it doesn't matter if they have high self-confidence or bet with strategy as long as they are greedy and doesn't have discipline they are bound to lose no matter what their strategy is

If you have a strategy and manage to follow it through, you already have discipline

With that in mind, we can assume that a) you (by you I mean the person OP talks about and their likes) don't have a strategy, b) your strategy is not working and the gains are simply the effect of luck, and c) you become so greedy that you lose all caution and fail to follow the plan. Other than that, I agree that arrogance and greed are different things even if the outcome is still the same, i.e. loss of money

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Quote from: ShowOff on May 01, 2020, 10:59:44 AM

Quote from: acroman08 on May 01, 2020, 10:34:25 AM

a greedy gambler does.

it sucks to hear about your friend's loss but it is common for an undisciplined gambler to become cocky or greedy(and your friend is one of them) when they are on a winning streak and that is one of the biggest flaws of an undisciplined gambler. gamblers who have patience, control and discipline would never lose all that in one day. that is why you have to stay cool and composed especially when you are on a winning streak.

There are two things that cause a person to lose a lot of money on one betting opportunity and that is:

High self confidence.
Bet with strategy

High self confidence, A gambler must have high self-confidence and more often known as the courage to bet. IMO If you bet a large amount of your money on one bet, then you will also have the chance to get a higher win. Big wins are for those who bet big amounts.

Bet with strategy, Gambling strategy is intended to get a higher chance of winning than without strategy. Martingale or other types of strategies are also a cause of great losses like this because you have to entrust your money to the strategy you play if you want to win.

I would not say these gamblers are the arrogant gambler category, but they can be said to be brave gamblers. Whether he wins or loses depends on his luck.

and I never said they are arrogant. being greedy and arrogant are not the same. it doesn't matter if they have high self-confidence or bet with strategy as long as they are greedy and doesn't have discipline they are bound to lose no matter what their strategy is.

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Quote from: LogitechMouse on May 01, 2020, 08:49:21 PM

Quote from: johhnyUA on May 01, 2020, 06:55:35 PM

Quote from: RapTarX on April 25, 2020, 09:25:44 AM

I have one friend who used to play dice in stake.com, he started with a very small fund ($100), out of that money, he managed to have a balance of 24 ETH at some point but unlucky guy lost everything in one day. Once again, with the bonus he got from stake, he managed to cross 30 ETH within less than a month but yesterday, he lost everything once again.
How come he lost everything one day? Do most of the gamblers lose money in such way?

Because he is an greedy idiot, sorry for truth. Your question is resolved now.

Quite funny when I read this but this is the truth.

Your friend is a greedy idiot. A gambler who started $100 and ended up with almost 24 ETH at most is not a common scenario for most of the gamblers. Most of the time they end up losing their money or they will win a bit and then lose it all. Your friend has once in a lifetime opportunity to go out with 24 ETH and another with 30 ETH and yet he chooses to gamble. He is a greedy idiot who doesn't think of going out if it is time to get out of gambling already.

The sad part is after he accumulate those amounts for long playing then all of a sudden he spent and lose them all in 1 Day that is the stupid thing in this way.

it is ok if he did just play and lose partially like what he did for those days that he is gathering the almost 24 and 30 ethereum.
But the idea of losing each for a day?that is a greedy idiocy act.

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Quote from: johhnyUA on May 01, 2020, 06:55:35 PM

Quote from: RapTarX on April 25, 2020, 09:25:44 AM

I have one friend who used to play dice in stake.com, he started with a very small fund ($100), out of that money, he managed to have a balance of 24 ETH at some point but unlucky guy lost everything in one day. Once again, with the bonus he got from stake, he managed to cross 30 ETH within less than a month but yesterday, he lost everything once again.
How come he lost everything one day? Do most of the gamblers lose money in such way?

Because he is an greedy idiot, sorry for truth. Your question is resolved now.

Quite funny when I read this but this is the truth.

Your friend is a greedy idiot. A gambler who started $100 and ended up with almost 24 ETH at most is not a common scenario for most of the gamblers. Most of the time they end up losing their money or they will win a bit and then lose it all. Your friend has once in a lifetime opportunity to go out with 24 ETH and another with 30 ETH and yet he chooses to gamble. He is a greedy idiot who doesn't think of going out if it is time to get out of gambling already.

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Quote from: johhnyUA on May 01, 2020, 06:55:35 PM

Quote from: RapTarX on April 25, 2020, 09:25:44 AM

I have one friend who used to play dice in stake.com, he started with a very small fund ($100), out of that money, he managed to have a balance of 24 ETH at some point but unlucky guy lost everything in one day. Once again, with the bonus he got from stake, he managed to cross 30 ETH within less than a month but yesterday, he lost everything once again.
How come he lost everything one day? Do most of the gamblers lose money in such way?

Because he is an greedy idiot, sorry for truth. Your question is resolved now.

Quote from: el kaka22 on April 30, 2020, 01:15:58 PM

I had a certain amount of money I earned from somewhere that I could have used very well, but it was from a casino so they put it on my account and instead of withdrawing like a smart person I gambled with it instead and earned more than 6 months of salary for me, and I lost it all of it. It really teaches you to be more careful about gambling and never had similar problem ever again.

Ha ha, classic! That's how does it works. You think like "ah, let's try again, let's play one more time, now i will win for sure!" but this is not how it works. Even honest probability is not acting like "he lost 3 times, so now he will win". Every single gamble round is separated from previous and next, so your winning chance will still the same all time. And it's very low

But on long distance you will lost everything, doesn't matter how much you won before/

So do we already settle that is really indeed greed that will make gamblers play until all their money is gone? I don't know any other reason for this though. Tongue

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Quote from: RapTarX on April 25, 2020, 09:25:44 AM

I have one friend who used to play dice in stake.com, he started with a very small fund ($100), out of that money, he managed to have a balance of 24 ETH at some point but unlucky guy lost everything in one day. Once again, with the bonus he got from stake, he managed to cross 30 ETH within less than a month but yesterday, he lost everything once again.
How come he lost everything one day? Do most of the gamblers lose money in such way?

Because he is an greedy idiot, sorry for truth. Your question is resolved now.

Quote from: el kaka22 on April 30, 2020, 01:15:58 PM

I had a certain amount of money I earned from somewhere that I could have used very well, but it was from a casino so they put it on my account and instead of withdrawing like a smart person I gambled with it instead and earned more than 6 months of salary for me, and I lost it all of it. It really teaches you to be more careful about gambling and never had similar problem ever again.

Ha ha, classic! That's how does it works. You think like "ah, let's try again, let's play one more time, now i will win for sure!" but this is not how it works. Even honest probability is not acting like "he lost 3 times, so now he will win". Every single gamble round is separated from previous and next, so your winning chance will still the same all time. And it's very low

But on long distance you will lost everything, doesn't matter how much you won before/

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Quote from: iv4n on April 30, 2020, 11:42:13 AM

In trading you need to spend some time while you set up trade orders, not too much of course, but it's a lot more than you need to raise bets and make another few spins on any slot for example, couple seconds to decide your next bet on roulette. Just a point that in gambling everything happens faster, and when you get into a fire mode you can spend a lot of money and lose everything or win a lot!

In real life, though, it is the other way around

When you should make your next bet is entirely up to you, i.e. whether you make it in a second or in an hour doesn't change anything (unless the casino is going to run away within that time span, of course). In other words, nothing is going to happen faster unless and until you choose so

However, things are quite different in trading where what you do, or do not, is determined by the environment, i.e. the current market situation. This is where the speed of your responses may become a matter of life and death, figuratively speaking. Sometimes you should act fast and sometimes you should wait instead, and that depends on the market

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Quote from: KTChampions on April 30, 2020, 03:54:43 PM

It’s just a waste of money on entertainment, just like spending money on a movie or going to a restaurant. You pay (lose money) but in return get the service you are interested in.

Correct, you got my point. That's what I mean, entertainment is priceless, that value should be more than all money we spend on it. But it is only applied to people who think about entertainment. While for people who gamble only for money, they always consider everything based on the amount of money they can earn. He never enjoyed the games because only play on money based purposes.

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