39 year old plans to sell everything he owns to buy bitcoin.

[JackRab]

Actually, his timing was excellent. The reason for this current rally is:

"People want to get in before the hard fork. If you have Bitcoin, and you own your private keys, you get the same amount of coin in the new fork."

This is like money for nothing, sex for free. Your holdings suddenly double. We are living in the future folks!

----------------------------------

A little explanation: (if your bitcoin is at an exchange, the exchange gets the forked new currency)

"
The fork copies the blockchain history.

Whatever mathematical rules allowed you to access your 5 coins on address ABCDEFG, now also work on the new fork, which also has 5 coins associated with address ABCDEFG.

The chains don't work together...(usually)...but the math still works the same.

So...if you have your own private keys, you instantly have access to both chains, and both sets of coins.

If you don't control your keys, and they are on an exchange...the exchange gets a copy of your keys, to which they can do whatever they want with.

Some will be offering both tokens to trade, and my understanding is "WEX" the new BTC-e, will not be providing 2X coins after the split."

It should be like a stock split, or a spin-off... theoretically the value of both coins together, after the fork, should be the same amount as the original before the fork...

But I did see that that didn't really happen with the last fork-episode. Highly inefficient market does that...

It's like playing poker with total idiots... even if you're great at calculating odds etc, it's very likely you lose because the rest doesn't understand it and go all-in no matter what odds... Theoretically you should win, but only in a x size sampling...

Same with this fork then, theoretically it should be 50=40+10... but for some reasoning it will be 50 goes to 50+10...

If anybody says it makes sense that 50 turns into 50+10... well, I guess they do create bitcoins out of thin air anyway, so why not

 

[777]

In 2004 a young man sold all his possessions netting £76,840. He then went to Las Vegas and wagered all that he owned on Red (roulette). By advertising the event the casino created a successful hedge in free media.

http://www.telegraph.co.uk/men/the-...ts-like-to-bet-everything-you-own-on-red.html

In terms of no skill, mindless games, Baccarat offers superior odds to European roulette (Bank is the better bet despite the 5% vig). Other games such as playing perfect blackjack or craps, give better odds, but require memorizing all the optimum plays and then recalling them in a one time high stress situation. All of these are a negative expectation.

Fun Fact: The actual odds of blackjack as played, rather than the theoretical best plays, is 500% better for the casino. People are quite stupid with their wagers.

Then again, Richard Thaler just made $1.1 million for people being irrational with money (2017 Nobel Prize in Economics). His work is worth reading (behavioural economics) if you are, or want to be, a trader. Helps understand the stupid trades made out of emotion even when the maths are clear.

I think the odds of Bitcoin doubling is less than 49%, therefore a hand of baccarat is better. Of course, investing the money in yourself is always the best option.

Perhaps I do not understand what you are saying about bitcoin. If you own bit coin.. and I do not.. you do not have a double-up or lose bet.

Blackjack, as you know, is a beatable and interesting game. In Vegas we have a huge variation in rules and number of decks but a flat bet on our best 6 deck shoe games has a .26 (almost a quarter of a percent) disadvantage to the player. Of course we have other blackjack games with a much larger disadvantage.

Anyway... I am enjoying your posts.

 

[henry76]

I think the guy bet it on roulette , black or red if I remember rightly ( which as you know has an edge for the house ) though it's very close to 50.50 and I think he won, and incidentally the original subject of this thread is probably feeling rather good about his decision right now.

 

[Humpy]

I think the guy bet it on roulette , black or red if I remember rightly ( which as you know has an edge for the house ) though it's very close to 50.50 and I think he won, and incidentally the original subject of this thread is probably feeling rather good about his decision right now.

Talking of roulette............the 2 zero American variety is a big rip off. The one zero European type is still against the player but by not so much.
Why is it that US citizens are prevented from playing online poker, roulette etc. ?