Quote from: Shogen on September 28, 2015, 05:58:31 PM

Quote from: bfisher1968 on September 28, 2015, 05:15:52 PM

The only way to win at dice is to play 3 strategies at the same time.

Example:

start at 1 satoshi at 10x payout doubling the bet after 5 losses in a row. Reset the bet back to 1 satoshi after a win.

FOR BETTING LOW
At the same time keeping track of any rolls\results of less then 1 and how many bets you have placed. Once you reach 500 rolls without a roll/result being under 1, start betting at 99x payout and double the bet after 48 losses in a row. Reset the bet back to 1 satoshi and 10x payout.

FOR BETTING HIGH
At the same time keeping track of any rolls\results of greater then 99 and how many bets you have placed. Once you reach 500 rolls without a roll/result being over 99, start betting at 99x payout and double the bet after 48 losses in a row. Reset the bet back to 1 satoshi and 10x payout.

repeat

Each bet is independent. After 500 rolls without <1, the chance to have <1 does not change but is still the same at exactly 1%, so the "switch" part doesn't quite work. Also, even if a very low base bet at 1 satoshi, you will quickly run out of fund to continue doubling your bet when you hit a long losing streak.
In short, your strategy would not work in the long run. Indeed, no strategy would work in the long run for the luck based dice game with negative EV.

Each bet is not independent of each other. Each bet is determined by a algorithm where a nonce is incremented each bet. Which means each bet is dependent on all previous bets, since the bet with nonce=10 would never exist without the previous 9 nonces.

The algorithms that determine the outcome are pseudo random and not truly random.