Crypto Dice Games: Martingale Your Way to Bankruptcy

in steemleo •  last year 

I always thought that gambling was something most people knew to be dangerous, and a fast-lane towards bankruptcy.

However, new technologies bring hype to play and old strategies resurface because now it's obviously the way to go - but it isn't.

Today I'm writing this article because I have tons of friends who handle crypto and keep losing it to the Martingame strategy in Dice.

If you played those dice games and used Martingale, I want to hear your testimony on how you lost your bank down on the comments section - don't be ashamed, the technique sounds good on paper.

... it's just that Maths are a complicated thing that can screw you over faster than you can calculate outcomes.

What's the Martingale Dice Strategy:

Well, platforms like Dice.one and TrustDice - and countless others, these two are just the ones I have stake in - offer people a game of chance called, well, Dice.

You'll be given a dice with 100 sides to roll, and you can bet from 0 to 96 numbers. The more numbers you bet, the less you'll get in profit if you win.

If you lose, you get nothing.

So, if you bet on 50 numbers, you have a 50% chance of winning double your bet.

The Martingale strategy is when you bet the double of your initial bet when you lose, so when you win you cover the losses and even profit enough for a new bet.

If you lose again, you double the bet again and repeat the steps until you finally win, and when you win you get the money from all losses back, plus another bet worth of profits.

It sounds really good on paper.

You bet 1, lose, you bet 2 - win 4.

You bet 1, lose, you bet 2, lose, you bet 4 - win 8

So you see, no matter how many times you lose, if you continue it to infinity, you get ZERO CHANCE of losing money.

Except there's no such thing as infinity in the casino world.

Plus, the maths aren't really like this.

Why Martingale Dice Strategies Fail EVERY Time:

Well, for starters, probability is a hard subject to wrap one's head about... fortunately this can be explained quite easilly.

First off:

  • No one has infinite money, and squaring bets makes the bet go up lightning fast!
  • Secondly, Casinos, even Crypto Online ones, have max bet levels so your squaring of bets is capped.

But that is not all, it seems that I am not the only one annoyed at how the trend is picking up, and there was even a guy who created a simulator for people to test their strategies.

Here it is: https://satoshidicebreaker.appspot.com/;jsessionid=MCBwA9RX_ma7rBQZDu_D3g?0

In my runs, the bankroll goes to 0 in about 15-100 turns.

You can try it and get different results since it's a game of chance, but one thing is common in all:

  • THE HOUSE ALWAYS WINS.

Here's a video if the simulation isn't your cup of tea:

By the way folks, I have stake in these projects because of how profitable they are, and I even understand playing these games for fun - hell even I do it, almost daily, but with amounts I can lose, and I limit my losses to 0.05% of my "fun" crypto portfolio per day - yes I have a separate fund just to mess around in crypto games, ICOs and casino games.

Just don't risk your whole bank, it's not worth it, keep your hard earned crypto safe.

Don't crucify me casino owners, but you know it to be true.

"The truth is, the game was rigged from the start."


Join the Crypto Empire Community

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  
  ·  last year (edited)

It's like you've never been gone, haha.

When the first dice game appeared here - Magic Dice, I think it was - I saw people go crazy. Loads of posts were published about the strategy you mention in your post. Lol,... I didn't even know it had a name, and was a real 'thing'.

I have an addictive personality and often a bit of a cheapskate, so I know I have to be careful not to get too involved in gambling. After all, the house always wins. Why else would people run a gambling biz, hehe...

So I tried it out with like 5 Steem or so. Started betting at the minimum. The money was gone in no time. That was all I needed to know. It wasn't even fun... (I like to have a little control when I play a game. There's no fun in letting the dice (or the house, for all I know) decide.)

Yet, I see people throw truckloads of money at those games. Some quit successfully (but maybe they don't share what they've lost before and after that). I don't really get that. I always thought it was common knowledge that the house always wins...

Anyway... I do play a couple of games of Blackjack every once in a while, but even then, I play for fun and not to win money. (I'm the worst gambler ever: I bet only half a Steem per hand, lol - gambling will never buy me a luxurious boat, I guess.)

I delegated to a couple of sites in the past (the house always wins, so be the house), but took those away when I started to help out struggling newcomers after HF20. Priorities needed to be set ;0)

HardFork 20... it was not what I expected back in HF19. Such a disappointment, no communities, nothing... well, let's see if the HF21 improves or not.

I don't believe the chance to give more emphasis to curation is going to be better for people, because I can see everybody stopping manual curation and selling votes in order to earn the vote values + the bonus curation.

We'll see..

let's see if the HF21 improves or not.

I highly doubt it. Once again, it'll be good for the wealthy, and the small accounts will have to struggle even more.

Just like HF20, the decisions have been made by people who only care about their own wallet and have lost touch with how things are going at the bottom of the food chain. I guess a small group of users who still care will have to try and clean up the mess again... :0(

And congrats beating me in Reputation, you're bigger than me Mikey... darnit!

Lol. Who would have ever thought?? I definitely didn't. :0)

It's still low, though - compared with the reps of people who started at the same time as me. but I guess that's what you get for spending a lot of time helping out newcomers...their votes don't help your score go up 😉
(And not using bots doesn't help either, lol)

Time to get to work again, maxy ;oP

Indeed, I take it upon myself to surpass you now :D

If I remember correctly, you're a bot-guy, so that shouldn't take very long :0D

That sounds so bad T.T

But you should also recall I once had a profitable bid bot and I dispersed it.

Not a gambler myself and never touched those five games, but more importantly its nice to see you back

I never left my friend, just didn't post. How's the wife?

Still smoking hot!

Pics or didn't happen.

Well played! But trust me, most blockchain casinos ain't rigged. Of course, they ain't meant to be a money minting machine for greedy peeps out there but they are great platforms just to have some fun on the game of chance ...i.e. life!

So yeah, if you don't wanna play, do invest and become a casino owner instead. That way, you will always win as you will become the House! Here, I provide you with an opportunity for a good investment in a Steem casino:
https://steempeak.com/steemleo/@xyzashu/why-epc-is-an-excellent-buy-opportunity-today

And if you like to mess a little, do oblige me by using my following referral 😉

https://epicdice.io/?ref=xyzashu

I never said they're rigged, they are not, but they know their maths.

What I said is this tactic doesn't work. The house always wins.

great post, i know for fact it doesnt work but never did the math

Yeah, too bad people always fall for it.