▲ 634 ▼ Success is built through GAMBA (sh.itjust.works) submitted 2 years ago by JohnWorks@sh.itjust.works to c/lemmyshitpost@lemmy.world 43 comments fedilink hide all child comments
[–] worldsayshi@lemmy.world 1 point 2 years ago (1 child) The serious answer is that you need to play positive sum games. permalink fedilink source parent hideshow 2 child comments replies: [–] Enkers@sh.itjust.works 4 points 2 years ago* (1 child) I disagree. The serious answer is you have to be the one person that gets lucky. Take 1024 people each with $1000. They all play roulette and go all in every round, half on black half on red. After 10 rounds, 1023 people have lost all their money, and one has won a million dollars. The person who "made it" didn't do anything different, or play a +EV game. He just got lucky. permalink fedilink source parent hideshow 2 child comments replies: [–] PaintedSnail@lemmy.world 4 points 2 years ago (1 child) Roulette is not a positive sum game, though. If you keep playing, eventually you will lose everything to the house. A positive sum game is where repeated plays will average out to a net gain. The secret is having enough initial capital to keep you alive if your initial gambles don't pan out. People living paycheck to paycheck don't have that permalink fedilink source parent hideshow 2 child comments replies: [–] Enkers@sh.itjust.works 5 points 2 years ago* You're correct, but you're also being a bit pedantic and ignoring the point OP is trying to make. It still illustrates the point just fine at 47.4% instead of 50%. Odds of winning 10 in a row go from 1:1,024 to 1:1,746. permalink fedilink source parent
[–] Enkers@sh.itjust.works 4 points 2 years ago* (1 child) I disagree. The serious answer is you have to be the one person that gets lucky. Take 1024 people each with $1000. They all play roulette and go all in every round, half on black half on red. After 10 rounds, 1023 people have lost all their money, and one has won a million dollars. The person who "made it" didn't do anything different, or play a +EV game. He just got lucky. permalink fedilink source parent hideshow 2 child comments replies: [–] PaintedSnail@lemmy.world 4 points 2 years ago (1 child) Roulette is not a positive sum game, though. If you keep playing, eventually you will lose everything to the house. A positive sum game is where repeated plays will average out to a net gain. The secret is having enough initial capital to keep you alive if your initial gambles don't pan out. People living paycheck to paycheck don't have that permalink fedilink source parent hideshow 2 child comments replies: [–] Enkers@sh.itjust.works 5 points 2 years ago* You're correct, but you're also being a bit pedantic and ignoring the point OP is trying to make. It still illustrates the point just fine at 47.4% instead of 50%. Odds of winning 10 in a row go from 1:1,024 to 1:1,746. permalink fedilink source parent
[–] PaintedSnail@lemmy.world 4 points 2 years ago (1 child) Roulette is not a positive sum game, though. If you keep playing, eventually you will lose everything to the house. A positive sum game is where repeated plays will average out to a net gain. The secret is having enough initial capital to keep you alive if your initial gambles don't pan out. People living paycheck to paycheck don't have that permalink fedilink source parent hideshow 2 child comments replies: [–] Enkers@sh.itjust.works 5 points 2 years ago* You're correct, but you're also being a bit pedantic and ignoring the point OP is trying to make. It still illustrates the point just fine at 47.4% instead of 50%. Odds of winning 10 in a row go from 1:1,024 to 1:1,746. permalink fedilink source parent
[–] Enkers@sh.itjust.works 5 points 2 years ago* You're correct, but you're also being a bit pedantic and ignoring the point OP is trying to make. It still illustrates the point just fine at 47.4% instead of 50%. Odds of winning 10 in a row go from 1:1,024 to 1:1,746. permalink fedilink source parent
