How I lost 5307 satochi’s on Freebitcoin
For about half a year I had been claiming free bitcoin satochi’s from the free faucet on freebitcoin. At first I got 25 satochi’s per roll, but it started to drop after a while and the last few days it had lowered to only 7 satochi’s per roll.
I had accumulated 5307 satochi’s and realized that at this rate it was going to take ages to reach 30.000 satochi’s, which is the amount you need to be able to withdraw it, or get 4% interest on it. Which would make it grow by itself.
Every single time you use the free roll, you get a pop-up that says you can multply your BTC holdings by up 4750 times by playing the high/low multiplier game. After ignoring that for half a year I decided to check it out.
It is a betting game, where you bet you will get a high or a low roll and if you are correct you will at least double the amount you wagered. Now I had heard about a system that supposedly was a good system for this type of game.
The idea is you start with the smallst wager possible, if you win, then you do the same again. In this case 1 satochi. If you loose, you wager 2 satochi’s instead in order to win back your loss from the last wager. If you loose again, you raise it to 4. Then 8, 16, 32, 64, 128, 256, 512, 1028, 2048, 5096. As soon as you win, you return to wagering 1 satochi.
This is likely the best system you could be using to play this game, since this method lowers the risk quite significantly. It does however not eliminate it. Hold that thought.
Freebitcoin even has a automatic roll system that you can set up to fully automatically use this method. When I realized that, I decided to try this out and I got lucky. After 10.000 automatic rolls using this method, I had almost doubled my satochi’s and was thinking to myself “this cannot be true”. Why would Freebitcoin provide such a system if it is this profitable?
I then decided to let the system do 100.000 roll’s with these settings, but then in very quick succession I lost 2048 satochi’s three times, since I had set that as my maximum bet. I then lowered the maximum bet to 1024 satochi’s (which increased my chance of loosing) and then proceeded to loose all the rest of my satochi’s until I literally had 0 satochi’s left.
The most addictive thing in gambling is not winning, it is loosing. When you loose you feel so awful, that you want to do anything to make it stop. So you keep playing until you’ve got nothing left. Or at least I did.
Then I started making some calculation’s. I am not the best at probability mathematics, but I do have an ok sense of how to calculate my chances of winning. I should have done that beforehand... The method I used, does indeed increase the chance of winning, but it does not eliminate the chance of loosing. At first that chance of loosing is pretty low. But when you roll for 100.000 times, then the chance of you still getting a positive result goes down dramatically. The more you roll, the lower the chance is that you will have a profit. At some point you’d better buy tickets in the lottery, because your chances of winning would be higher.
The chance of winning is at maximum 47,5% per roll, not 50%. So with every roll you have a 52,5% chance of loosing that roll. You lower that with the system I used to a very small chance of loosing. But do that 100.000 times and you will have increased your chances of loosing to an astronomical level.
Freebitcoin has been around for many years. They have a very sound and profitable system. So the fact that they provide you with this automatic roll system, that you can even set up with this method I used, means that they have done the mathematic calculations. The House always wins
So, the games that are available at freebitcoin are indeed all casino games that will inevitably cost you your money or satochi’s.
The best way to make money using Freebitcoin is by getting referrals. My referrer will have got about 4K-5k satochi’s from my little adventure yesterday. 40% of the total amount I wagered. I don’t remember who it is, but cheers mate! I hope you use it more wisely than I did.
I have learned my lesson, hopefully this will spare some of you the same fate.