Imagine we're gambling on a game of chance. You are the player and I am the casino. The rules are simple. During the first round I flip a fair coin, if it's heads, then you win and we move to the next round, if tails, you lose and you keep the pot, which is 1 dollar during the first round. The pot is 2$ during the second round and 4$ during the third round. Doubling every round. Basically you play until you get a tails, at which point you keep whatever the pot is at. Let's assume there is no limit.
My question is how much you people would be willing to pay as an entrance fee to play a round of this game? Personal question, don't google for an answer.
I would pay 5 dollars just for the novelty. At 5 dollars, I'd need to win 3 flips to profit which is reasonable chances. I don't know what the expected value is without making a table but it's probably around 3 dollars.
Jayden Hall
Isn't that the martingale "gambling method"?
Jacob Scott
Zero. it's obviously a scam since the expected value is infinite. The game cannot be played as promised.
Caleb Rivera
yes E goes to infinity but it doesnt mean you can't play this game if you assume the casino is backed george soros and mark cuban and the player is a guy with alot of time on his hands
Asher Richardson
Are you retarded? There is no such thing as infinite money. So the game cannot be played as long as you keep winning because you can win any amount of times but the house cannot pay you every time.
Jose Watson
There's less than a 1% chance of making it past your 6th flip. The expected value at that point is $3.50, so probably around that.
If I play four times it's pretty likely I'll get back like $9 having spent $14, but hey, I could also get lucky and make infinity dollars.
Jose Barnes
you act like the concept of infinity doesn't exist math. you might as well say calculus is bullshit cuz infinity doesn't exist as a number
Brandon Campbell
>you act like the concept of infinity doesn't exist math. Where did I "act like" that? Are you illiterate as well as retarded? No one has infinite money and no casino gives away free money, regardless of math.
Isaac Clark
OK let's say you have infinite money to give away. Then money has no value and it doesn't matter how much one wagers since all amounts of money are equally worthless. Happy?
Daniel Cook
why don't you edgy fucks just cap it at 1*2^1000000? how's that for a realistic scenario fucker
Andrew Rivera
Then it's still a scam since the casino would be losing money unless the buy in was over $1000000
Liam Miller
The expected number of flips until the first failure is 2, so less than $4.
Michael Butler
So if I offered you a 49% chance to win $100, you wouldn't pay $1 for that since you're expected to lose?
Logan Hughes
a single 49% chance is not the same situation as an infinite series of 50% chances
theoretically, some random asshole could wind up with a staggeringly large sum of money from this game. the vast majority of people, however, won't.
John Brooks
$1 is less than $4 so specifically I'd be willing to pay $1 even if there was only a 0.39% chance I'd win more than $100.
Jason Harris
Then the expected number of flips should have no consequence for you.
Kevin Thompson
Why wouldn't it? I'm not going to pay $100 to enter when there's less than a 1% chance I survive long enough to make my money back. Expected survival time is incredibly integral to that decision.
I dont understand what you two are saying Who cares what the imaginary casino wants to pay or not Also the chances of getting an infinite/ridiculous amount of consecutive head flips are next to impossible. It would be unlikely for most people to even get to 10 heads flips
Matthew Adams
Congrats looks like you just found your answer to OPs question
Brayden Cruz
No, Martingale is double-or-nothing each time you *lose*, hoping to make everything back plus 1 dollar before you run out of money.
