HomeExperienceWhat is the difference between cryptocurrency circle and casino?
December 10, 2018
What is the difference between cryptocurrency circle and casino?
Casinos are all luxuriously decorated in the movies, advanced in equipment, and won the guests’ money by various high-tech cheating methods. After watching the movie, I feel that nice frauds in ten gambles. Honest people like me cannot go to casinos
Is this true in the casino? Is it to rely on various high-tech means to cheat and earn money from gamblers?
Actually it’s not, the real situation is just the opposite. The casino may be the place that pays the most attention to its reputation in the world. Once the cheating is known, the business of casino will go deeply down! Because the casino does not need to cheat at all. They rely on mathematics, beating you with probability.
The simplest roulette, from 1 to 36, you can bet on odd number or even number, and you can get twice the money if you win. At this time, your winning rate as a gambler and a casino’s winning rate is 50% each. You and the casino are in a situation that both don’t make profit after long term. But casino had costs of hiring staff and doing business. If the winning rate is the same as you, the casino will have to close the door.
In order not to close the door, the casino will add a number 0 to the roulette, which will become 0 to 36. You can bet on odd number or even number, you can also bet on 0. Your winning rate at this time has quietly reduced from 50% to 48.4%, the winning rate of the casino has become 51.6%. Don’t underestimate this 1.6% probability change, which is the secret weapon that the casino can’t make stable profits. With this secret weapon, casino will not cheat and is not afraid of your winning. Because when the probability is standing on the casino side, the casino’s winning will be a high probability event, as long as you insist on gambling, the casino will take your money out sooner or later. The luxury decoration of the casino and the professional service plus the considerable annual profit are supported by the advantage of 1.6% probability. What the casino need to do is to increase customer traffic and cash flow because it knows that it is winning.
After saying much about casino, what does it have to do with the cryptocurrency circle?
Those two are very similar, because they have to face uncertainty. When you bet in casino, you won’t know whether you win or not. Even if you know that you are definitely losing, but people love to fight for a small probability; same to trading in the cryptocurrency circle. After placing an order, can you make money? You can’t guarantee it. In fact, you also vaguely understand that you are a leek, but you still want to believe that you will be the lucky one to beat the market.
The secret of most people losing money in the cryptocurrency circle is here, placing orders when they can’t control winning percentage and rushing to small probability. And if you want to make a profit, you must ensure that you have the advantage of the probability to shoot. In the short-term, the winning rate should be improved. The way is to take the shot when you are confident, and reduce impulsive and ineffective orders. Seect the good target that can pass the time test in long term trading, ignore the fluctuation and hold patiently.
When someone asked the Japanese sword master Miyamoto Musashi how he can be invincible, he said: “do not look for opponents that you cannot beat.” We should learn form this if we want to survive in the cryptocurrency circle. Don’t place orders when your probability is not dominant. We know the secret of casino, so we don’t go to the casino. There is no limit to us in the cryptocurrency circle, but we should control ourselves not to fight for small probability.