Quote from: death_wish on Today at 08:50:17 AM

Quote from: somac. on Today at 08:00:00 AM

Quote from: P2PECS on Today at 07:56:50 AM

Quote from: death_wish on Today at 07:23:57 AM

$48.82 is now a lot of money to me. Finding that loose change helped so much.

A very sad story for how smart you sound. The moral I draw from the story, regardless of whether it is true or not, as I cannot verify it, is that one should never be overconfident of one's intelligence. Doing so can have catastrophic consequences.

I think these things happen because of addication. death_wish can shed some light on this I'm sure.

What kind of addiction? I never do drugs; I am very strictly against the recreational abuse of psychotropics. Except in such circumstances as having just lost a fortune, I don’t drink immoderately; I rarely drink at all. I don’t have any history of problems with gambling—perhaps because I understand the mathematics of gambling; if someone offers me a game of chance, I will only bet on the EV+ side in the amount proved optimal by the Kelly Criterion. Not sure what you mean.

Quote from: P2PECS on Today at 07:56:50 AM

Quote from: death_wish on Today at 07:23:57 AM

$48.82 is now a lot of money to me. Finding that loose change helped so much.

A very sad story for how smart you sound. The moral I draw from the story, regardless of whether it is true or not, as I cannot verify it, is that one should never be overconfident of one's intelligence. Doing so can have catastrophic consequences.

The worst part: I am sufficiently intelligent to have warned others in the past not to do what I did.

I get rekt by NOT following my own advice. I knew better.

Perhaps I was underconfident in my own intelligence, and thus vulnerable to the allure of all the influences that urge people towards taking debt against BTC and using margin. It’s not that anyone told me to do this. There is a sort of a psychological background noise urging it: The “don’t spend your BTC—borrow against it!” ads we’ve all seen, the promotion of margin trading by exchanges, the public chatter of some traders who act like they have brass balls with margin, etc. If you don’t have confidence in your own judgment, then eventually, it sinks in. It is a subtle type of peer pressure and social influence.

I usually have supreme confidence in my own judgment; and I am immune to peer pressure. I frankly don’t know why the hell I did this. In one of my earlier posts, I suggested temporary insanity. More likely: Greed. I screwed myself for years by being insufficiently greedy—by not aggressively seeking to increase my wealth. I made a few good moves, but not nearly what I could have. Then, I got tired of not having enough. I talked so much about Bitcoin; I wanted to have some more of those bitcoins! Make money fast. I didn’t want to wait anymore, to keep do it right.

I sought a shortcut to riches. Thus, I cut short my riches.

gambling addiction