Steemit, Ethics, Gambling, and Fibonacci?? A strange correlation
Is it unethical to use the "Fibonacci Betting System" to profit from a Dice/Hi-Lo which uses STEEM/SBD as the wager currency?
ETHICS
As defined by dictionary.com - most definitions by various sources are almost identical
Ethics
[eth-iks] noun(used with a singular or plural verb)a system of moral principles:The ethics of a culture.(used with a plural verb)the rules of conduct recognized in respect to a particular class of human actions or a particular group, culture, etc.:Reference: http://www.dictionary.com/browse/ethics
In laments terms, personal ethics are based on ones morals - good/evil, right/wrong, fair/unfair etc. We all have a set of personal morals wether we like it or not. Our morals ultimately define how we make choices and if those choices are deemed ethical.
Personal Ethics, Business Ethics, and Societal Accepted Unwritten Ethics Code... .
Fibonacci
The basic Fibonacci 50/50 systems works very simply as does with his many other theories based on the simple Fibonacci Sequence.
Follow the Fibonacci sequence of bet: 1,1,2,3,5,8,13,21,34, and so on. After each loss, bet with the next step, after each win, go down two steps.
A Modern Fibonacci Approach taking house ra into consideration
"Kryptonacci" - I don't have the copyright yet so please don't steal the name - however you don't have the advanced system so it'll do you no good - yet!
The system does not work best if there is a rake (house cut) as with most casinos and online hi-lo dice games. So I decided to incorporare a few different house stakes into my my own model.
Before we dive into anything - Let's take a moment to ponder "ethics" and "STEEMIT ethics"
STEEMIT ethics plays a large part into the dynamics of the STEEMIT Ecosystem of Witnesses, Reputation, Whales, Bots, "The random act if kindness STEEM/SBD gift to a stranger".
What is ethical and what is not?
My question to you is if my Fibonacci based model for gambling "dice ganes", "hi-lo", and "Lottery" defeats the house from collecting its profits -
- Is that unethical to you? -
GAMBLING
Many of you are probably thinking - there is no way to beat a system with a rake that is not in your favor - Am I right? Well just give me the benefit of the doubt for the moment and let me know -
My plan is to aim at only winning profits near what the "house" would profit from STEEMIT users - and to give it back into the STEEM pool or donate it to various community outreach projects on STEEMIT.
Would that be ethical in your mind?
Curveball - What if I pocketed all the winnings and aimed to make a killing! Would you consider that unethical?
PLEASE GET INVOLVED WITH SIMPLE COMMENTS AT LEAST.
BECAUSE SINCE SOLVING THE 50/50 (HOUSE CUT) ISSUE AND CALLING THE ENTIRE GAME "PROVABLY FAIR"
I REALLY COULD USE SOME INPUT FROM THE COMMUNITY OF STEEMIT!
WARNING - If you run a profitable STEEM/SBD, BTC, ETH Gambling website - There is now a target on your back - a target positioned there over 900 years ago from a genius who lived in Italy - FIBONACCI! -
If STEEMIT shows support of allowing the crypto casinos to take our hard earned money and coins - I will only use this method for USD gaming sites..
References:
http://www.dictionary.com/browse/ethics
https://en.m.wikipedia.org/wiki/Fibonacci_number
Rhttps://en.m.wikipedia.org/wiki/Fibonacci
BUT WAIT.., Where's the proof it'll work -
Follow me @krytonika f a follow up post showing actual results and I will also teach the system to those who help this post determine my choice.
"RESTEEM - ITS THE AMERICAN DREAM!"
quote by @krytonika
I've heard of this system being called a Martingale. Any casino worth their salt has a few ways of beating a Martingale. Even if there is no rake and the casino is actually fair. You ready:
As for the ethics, if a casino is bad at math, they deserve the education and you your teaching fee. Though a Martingale strategy will eventually fail if my above conditions hold.
@eturnerx - Hey - Yes I am very familiar with the Martingale Theory - And I do agree with all of the above statements concerning a casino - they can do whatever they want to - change table limits, delay operations, even straight up ask you to leave.
I've been working on a theory based on the Fibonacci sequence - the 1,1,2,3,5,8,13,21 etc - I'm sure you are familiar -
I've tweaked the numbers out a little and have been getting close to the "sweet spots" for a hi-lo game which uses numbers from 0.01 to 99.99 - the game takes a 2% rake - which is fine. I have made a ton of progress!!
Usually for the "fun" aspect of solving the equation - I've been using SBD to place bets -
However - it's a lot faster for me to place, record the bets, earnings/losses etc on my phone - However this particular website uses a github domain - which drains my STEEMIT Bandwith to the point where I'm not allowed to wager.
They do have limits of 25 SBD or 100 STEEM per bet - but can place bets as low as .1 so for the theory I'm working on - it can be very helpful - but still limits the sequence I'm tweaking very gently if the wager needs to rise to 33 SBD or 141 of STEEM wager.
I'm having my interns strictly using zero cash wagering and they are loving it because they know once we get it - Aif they wanted to - they could apply it with their own funds as long as they don't tell me or as the signed a waiver -
I kind of feel like Kevin Spacey in the movie 21 except I'm not a professor lol
I imagine most think that with a rake of 2% it is impossible - IT IS NOT -
On over 70% of running the wagering pattern - I've been able to reach 4.5x starting balance and 30% at a zero balance.. Those figures right there make it profitable already - just not in long enough/endless samples - and that is the goal - (well the goal is actually 20% Profit 99.5% of samples.
I'll share some actual results soon - I have some large large data sets to configure though and adjust.
Holy crap! That's 25 / 0.1 = 250 or 100 / 0.1 = 1,000. So, you need to have a losing streak of 250 games in a row or 1,000 in a row (not accounting for the 2% rake). They are going to need very very deep pockets to cover the variance. At those sizes, then it's more likely going to be a war over who has the deeper pockets - you or them.
I know what I'd do if that was my casino. But, they'll have to pay for that advice.
You could put some of your winnings into SP so your bandwidth raises and you can keep going.
You've got serious skills.
That is most definitely my plan - and the good thing is - the website was just created not long ago it seems and I'm fairly sure that the creator does not have very deep pockets -
The main issues - which probably won't be addressed as I'm sure he's reading this right now after a small spat about the Website's legitimacy - which I decided to choose my battles with - Dead the verbal battle and Ignite the monetary battle.
Like I said the hard part is the slow processing speed of his system which cannot handle the amount of wagers and pace at which I am trying to place them. I kept getting error messages saying "you do not have enough (bandwidth) to make that wager. In order for the system to function properly I need to be able to place bet after bet as each hi/lo outcome/roll is determined by a blockchain numbered equation - putting the last five digits into a decimal form to determine the roll. If you take a look at my wallet transfers and really look at them - you'll see what I mean -
When playing today with live SBD and not my program running a sim - even human speed of placing wagers cannot be upheld by his coding.
Like I said - some kinks - but nothing that cannot be conquered - with full bandwidth and barely any others also wagering - the system works just fine - and I've been trying 3-4 different types of them and they all work -
Hopefully a few more days so I can understand what the hell bandwidth even means with STEEMIT and how to not deplete mine - plus maybe slow down the manual wagering -
I'm just thinking out loud now - lol
Stay tuned my friend and check back in on the post and once I have it perfected - I'll gladly share it with you.
UPDATED: I totally missed the last line of the building up SP - To improve bandwidth - there's a correlation I take it? I'll have to do my homework on that and dump some SP on myself to eliminate or lessen that issue.
Thanks so much for mentioning that about the bandwidth - I've been on STEEMIT only 2 months now maybe and still don't understand what a vest is - how it's can delegated and all that - there are way too many outdated "Help" "Explaining" Steeemit posts that pop up when searching for current day STEEMIT answers
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