Re: martingale odds?

I have just under 1BTC and need to make about .1-.2 more. I have stuff to sell, but I am thinking about using martingale on PD. I don't know if I really should though. If I did, I would martingale with a base of 10k sat.

Thoughts? Could you present some findings why it would be a bad idea? Alternatives?

What is martingale? Is it some betting strategy? Can you please explain, more or less, how does it work?

I might try it too.

Thank you.

So martingale is a strategy you can use on a few gambling games. It's used a lot on dice. So the way it works is like this:

Bet a low amount. If you win, continue betting that amount. If you lose, double and bet. If you lose again, continue to double up and so on. If you win, return to your base bet. This works in theory because your win will cover any inccured losses, and people think it is unlikely to lose many times in a row. The problem is that events are independent, so the chances of winning is the same as losing. Basically:

WLLLLWWLWLWLWWLLW would have the same probability of occurring as LLLLLLLLLLLLLLLLL

I sometimes do that with autobet. But I always use the money from their free faucet. Once I went from 600 satoshi to a little more than 10000 satoshi, but then it started loosing till 0...

But, anyway, I keep trying.

Quote from: miffman on September 22, 2014, 06:49:51 PM

Quote from: Katekyo on September 22, 2014, 06:48:22 PM

Quote from: fast2fix on September 22, 2014, 06:47:03 PM

i think you should buy peercoin it might be pumped because of nubits ann.. Grin

Or better Darkcoin, as RC5 has been a success.

I don't wanna get involved in alt currencies again. I lost over 2BTC already.

Sorry to hear about that.