So I tried this strategy at a dice site and I'm thinking of the odds of winning
So I set the chance of winning to 92% and start with minimum bet of 1000 Satoshis with profit of 76 Satoshis
Now, I could win like 9-11 times in a row, sometimes higher and lose
After losing, what would be the chance that I could lose again twice in a row?
I'm thinking of if I lose with that settings, I could go all-in with higher bet since my chance winning is higher.
What do you guys think?
Man it's not higher. It's the same thing on roulette. Each play is independent. They have no memory.
Imagine a coin toss. It has 50% chance of head or tails, I think you agree with me in that. If I toss it, you expect to have 50% chance of winning.
If I say that I have tossed that coin 11 times and it was always tail, would you think that in that next toss it would be more likely to come up with head? Would you accept me to pay you less, if heads come up, since it was more likely that the toss would come out a heads, because of the previous 11 tails? I don't think you would agree to that, because you know that you still get 50% chances of getting heads and not more.