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What would you do if you lost 80% of your wealth gambling?

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Anton Menges Saddat
Brutor Tribe
Minmatar Republic
#41 - 2012-04-20 23:30:25 UTC
Ank Parkor wrote:
If you can make one heap of all your winnings,
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings,
And never breathe a word about your loss,
../..
Yours is the Earth and everything that’s in it,
And, which is more, you’ll be a man, my son.

Extracts from "If" by Kipling.

Grind for your fortune and gamble it again.
Do it again if it fails.

I have lost all my wallet a month ago.
Making my ISK back was much more fun than expected.


*sniff* that was beautiful
Zen Sarum
Ministry of War
Amarr Empire
#42 - 2012-04-20 23:45:10 UTC
1. Buy a plex
2. Stop being useless
3. Kill people for isk
Vangelios
#43 - 2012-04-21 02:00:48 UTC
Lemoney Biscuits wrote:
Halete wrote:
Make more ISK and gamble it, you're bound to have a good luck turn after that.


Does this really work guys?


"Problem gamblers have the erroneous belief that if they keep playing, they will eventually win. While it is logically correct to say that more trials of a probabilistic event increase the likelihood of the event occurring at least once, some hold the fallacious belief that previous failures influence the likelihood of future successes. If individual incidences of probabilistic events are independent of each other, then this belief is incorrect. To hold such a belief is to commit the Gambler's Fallacy."

... Each small candle Lights a corner of the dark...
Destiny Corrupted
Deadly Viper Kitten Mitten Sewing Company
Senpai's Afterschool Anime and Gaming Club
#44 - 2012-04-21 02:08:25 UTC
Vangelios wrote:
Lemoney Biscuits wrote:
Halete wrote:
Make more ISK and gamble it, you're bound to have a good luck turn after that.


Does this really work guys?


"Problem gamblers have the erroneous belief that if they keep playing, they will eventually win. While it is logically correct to say that more trials of a probabilistic event increase the likelihood of the event occurring at least once, some hold the fallacious belief that previous failures influence the likelihood of future successes. If individual incidences of probabilistic events are independent of each other, then this belief is incorrect. To hold such a belief is to commit the Gambler's Fallacy."

Is this why some casino bouncers beat the living daylights out of me and threw me outside without my shoes after I kept doubling my bet in blackjack until I won?

I wrote some true EVE stories! And no, they're not of the generic "my 0.0 alliance had lots of 0.0 fleets and took a lot of 0.0 space" sort. Check them out here:

https://truestories.eveonline.com/users/2074-destiny-corrupted
Leza Bo ManHater
Pyramid Celestial
#45 - 2012-04-21 02:10:30 UTC
Destiny Corrupted wrote:
Vangelios wrote:
Lemoney Biscuits wrote:
Halete wrote:
Make more ISK and gamble it, you're bound to have a good luck turn after that.


Does this really work guys?


"Problem gamblers have the erroneous belief that if they keep playing, they will eventually win. While it is logically correct to say that more trials of a probabilistic event increase the likelihood of the event occurring at least once, some hold the fallacious belief that previous failures influence the likelihood of future successes. If individual incidences of probabilistic events are independent of each other, then this belief is incorrect. To hold such a belief is to commit the Gambler's Fallacy."

Is this why some casino bouncers beat the living daylights out of me and threw me outside without my shoes after I kept doubling my bet in blackjack until I won?



yes
Dr Silkworth
#46 - 2012-04-21 02:51:31 UTC
Great lesson, glad you got to do it with fake money :) Gambling is a business, all businesses are designed to make money by takin yours. They make money by lowering their risk while increasing yours

Manufacturing is pretty nice, Your able to control your risk a lot. If you use properly collateralized courier contracts, the risk loosing 80% of your capital is greatly reduced. Its like buying insurance. Alts of course are another way to reduce risk, especially in the trade arenas. Its not uncommon to get wardecced for going into someones territory. couriers and alts let you continue like a dec shield. Market fluctuations are another source of risk. If you keep your pencil sharp you'll know when your bidding into risk and can reduce your exposure like a pvper does by only flying what you can afford to lose. War decs, forum trolls and lies/speculative rumors are all part of the arsenal that will be used against you in manufacturin

They say pain is the great motivator for change. you already got a taste of that. Being able to avoid pain is probably second. I gave you some techniques above. It allows you to give yourself permission. But that doesn't give an initial push. A short lived push off the log can be had by imagining all the fun money or power or security you'll have when you reach your goals. Money is only a symbol of things like these. A positive attitude is harder to keep than a negative one. Keep an end goal and a plan in front of you so you can capitilize on opportunities that your about ready for anyhow. Luck is for people without a plan. Smart competitors will try to give you a negative attitude to reduce your efficiency and enthusiasm. Don't let them win the big battle.
Ris Dnalor
Tribal Liberation Force
Minmatar Republic
#47 - 2012-04-21 05:19:50 UTC
Lemoney Biscuits wrote:
What would you do if you lost 80% of your wealth gambling?



I'd use the remaining 20% to buy a Pepsi...

https://forums.eveonline.com/default.aspx?g=posts&t=118961

EvE = Everybody Vs. Everybody

  • Qolde
Ashley Hanomaa
School of Applied Knowledge
Caldari State
#48 - 2012-04-21 05:26:47 UTC
Transfer it to me and I'll double it for you
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