Comment on Success is built through GAMBA

ChaRRdude33@lemm.ee ⁨1⁩ ⁨year⁩ ago

• kittenzrulz123@lemmy.world ⁨1⁩ ⁨year⁩ ago

  Most gamblers quit right before they become rich

  source

  • PsychedSy@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

    The Quitter’s Fallacy.

    source

    • kittenzrulz123@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Image

      source

      • PsychedSy@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

        I’m not sure why that’s germane, but I’m happy it’s here.

        source
• AlwaysNowNeverNotMe@kbin.social ⁨1⁩ ⁨year⁩ ago

  Not unless you do it outside a golden palace that abstracts your money into vouchers and chips.

  But generally wealthy people make more gambles in business, partnership, accountability, other people's lives and social welfare, and the general stability of the world.

  Like say becoming an arms dealer then paying the cost of a F-150 economy package to a couple senators and having them spend their endless war chests with no audits or oversight on some missiles to kill some goat farmers or something.

  Or creating a pesticide with the upside of remaining active in soil for 4 or 5 centuries (and recycling in the human liver for up to a year after exposure) and having it produced in an impoverished southern town and then exported to French Polynesia so they can continue to grow cloned banana trees.

  Or like taking doctors on nice yacht lunches and golf trips and telling yes you really have developed a non addictive opioid.

  source
• jmcs@discuss.tchncs.de ⁨1⁩ ⁨year⁩ ago

  Was any of your ancestors a particularly successful mass murderer in the middle ages and/or a recent civil war?

  source

  • Wogi@lemmy.world ⁨1⁩ ⁨year⁩ ago

    I mean, depending on your definition of mass murderer, you can safely say yes.

    source
• 0421008445828ceb46f496700a5fa6@kbin.social ⁨1⁩ ⁨year⁩ ago

  Are you gambling with your money or other people's?

  source
• worldsayshi@lemmy.world ⁨1⁩ ⁨year⁩ ago

  The serious answer is that you need to play positive sum games.

  source

  • Enkers@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

    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.

    source

    • PaintedSnail@lemmy.world ⁨1⁩ ⁨year⁩ ago

      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

      source

      • Enkers@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

        You’re correct, but you’re also being a bit pedantic and ignoring the point OP is trying to make. It still illustrates my 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.

        source