Bit Coins?

[Captain]

Anyone ever get into this?

Anyway basics:

Start a coin wallet here: https://coinbase.com/?r=52fa2e61f4983b8 ... erral-link

You can earn free coins/small fractions via tons of sites such as:

https://coinbase.com/?r=52fa2e61f4983b8 ... erral-link

http://freebitcoinz.com/r/77121

https://www.999dice.com/?614687

http://btcclicks.com/?r=a7ed7ec5 ------This site is based on ad clicks, earn a lot more BTC then others.
in less then 1 week spending about 20 minutes a day I have made about

.068BTC which is roughly 5 dollars and seems like a waste of time but, The big thing is you can gamble with these and make tons of money by taking it slow and using negative progression. I am hoping to turn that .068 into roughly 41BTC which is around $25,000 dollars.

Anyway check it out if you are bored.

[Melekor]

No money management system can turn a game with iid negative expected payoff into one with a positive expected payoff. You really think these bitcoin casino sites would give away free money?

negative progression aka martingales will just increase your winning % by making your losses way bigger. In the long run it changes nothing, the more you gamble the more you will lose. Using martingales might make your blow up more spectacular though

source: math degree

Here are the main ways to make money with bitcoin:
1) mining
2) sell mining equipment
3) speculating - buy low, sell high to a greater fool
4) trading - provide liquidity to speculators
5) run an exchange and charge very juicy transaction fees
6) crime: money laundering, trojan viruses to steal bitcoins, botnet mining

I suspect 5 is by far the most profitable. I have no doubt the guys running mt. gox have made millions for example.

[switch]

You forgot 7) work for FBI

[Captain]

No money management system can turn a game with iid negative expected payoff into one with a positive expected payoff. You really think these bitcoin casino sites would give away free money?

negative progression aka martingales will just increase your winning % by making your losses way bigger. In the long run it changes nothing, the more you gamble the more you will lose. Using martingales might make your blow up more spectacular though

source: math degree

Here are the main ways to make money with bitcoin:
1) mining
2) sell mining equipment
3) speculating - buy low, sell high to a greater fool
4) trading - provide liquidity to speculators
5) run an exchange and charge very juicy transaction fees
6) crime: money laundering, trojan viruses to steal bitcoins, botnet mining

I suspect 5 is by far the most profitable. I have no doubt the guys running mt. gox have made millions for example.

So far I have made about $1500 from Bit coins....Not mining, not buying anything, just gambling from free faucets 100%.

I still have about $80 dollars left in my Bit coin account to gamble with.

I will agree that Martingale eventually you will bust, just like everything, but it is also the best way to gamble to make money.

[Melekor]

So what kind of betting system do you use and what are the odds you play? Have you calculated the expected returns?

[Captain]

So what kind of betting system do you use and what are the odds you play? Have you calculated the expected returns?

I usually use negative progression(martingale) of some sort. I don't aim for a high win amount each day, I just let it build up. I also use a lot of free faucets(A small amount of coins you can earn every minute) and bet like 50x Payout with them, usually can hit 2-3 on a day...and then gamble with those a bit and cash out.

Anyway with my job it is very easy to do this on the side and make extra cash....

[Melekor]

You keep saying that it's a way to make cash, but is it really?

Why do you believe that you are better off gambling the bitcoins you acquire rather than just keeping them? Have you done the math to prove it? Please elaborate.

If there's actually some kind of loophole in this stuff which allows the betting to have a positive expected return (and I very much doubt it), you should create an automated system that bets 24/7 and become rich.

[Captain]

You keep saying that it's a way to make cash, but is it really?

Why do you believe that you are better off gambling the bitcoins you acquire rather than just keeping them? Have you done the math to prove it? Please elaborate.

If there's actually some kind of loophole in this stuff which allows the betting to have a positive expected return (and I very much doubt it), you should create an automated system that bets 24/7 and become rich.

No, the longer you play the more likely you are to lose. I am not only gambling Bit coins, I am also earning them other ways through cloud mining, free sites that provide a small amount of coins, etc.

It isn't for everyone just thought if anyone wanted to try it, I have been good so far, some extra cash is never a bad thing

[Melekor]

I get that you are earning bitcoins in other ways. That's cool. Am I correct thinking that's the part you are recommending others might try, not the gambling?

I'm still confused on why you are gambling the coins you earn, if you believe that it loses money? Do you find it fun?

[Captain]

I get that you are earning bitcoins in other ways. That's cool. Am I correct thinking that's the part you are recommending others might try, not the gambling?

I'm still confused on why you are gambling the coins you earn, if you believe that it loses money? Do you find it fun?

Yes, I just recommend getting into it, if you purchased coins when I said get in, it has gone up $200 dollars since then. Or if you were earning coins, either way.

Yes I do gamble, just like I gamble my actual money, it is strictly for fun, sometimes I win, sometimes I lose, but I never gamble with more than I can afford to lose.