Quote from: kuji kiri on June 28, 2014, 01:17:06 PM

They bet such large amounts because these +90% gives them a false sense of security.

Especially since they do it over and over again and win, so it starts to feel like you are printing money. The story behind that bet was that he started as an investor with 2200 BTC. He lost 500 BTC of his investment when Nakowa was on a winning streak. Then he withdrew his remaining investment (2200-500=1700 BTC) and wrote his address on paper.

The paper ended up in the dumpster, and he spent a long time retrieving it. The pain and anguish made him reckless and he made 26 bets with large probabilities of winning increasing his 1700 BTC to 7000 BTC.

He started to withdraw the money, and sometimes in the course of a 2 hour period he put it back into play and on the 27th play he lost it all. His public statement was "Ouch!", and "at least I set a record". Considering those 7K BTC briefly surged to over $7 million and would be worth well over $4 million today, I would consider him a zen Buddhist.