Why do gambling addicts often believe they can “win back” losses despite statistical odds being against them? Is it because a weak mind or lack of will power that they have these doubts ?
Not only is the weak mind only also there is their greed.
I personally don't think that in the case of gambling, any statistical odds, any other strategy or skill work, but rather the results depend solely on luck. And that's why you'll see that most gamblers who use that type of strategy for loss recovery or loss chasing end up losing while gambling. In many cases, it is seen that addiction to gambling is another major reason. Because they couldn't accept the losses.
Why do you think that gambling strategy does not work there are so many testimonies of people using these strategies and making profits from it. Luck is what will make your strategy makes a lot of sense and without it, everything we might have been doing can become a waste of time. People are making money from gambling but the idea of trying to get everything that had been lost in gambling can become a problem for gamblers that don't understand what they will do that will be profitable for them. Luck is the major and what will make anybody to be profitable.
Gambling is so effective to extend of one living the lifestyle I remember as a young child I started Gambling at early 13th where I could do anything to keep meeting my desires for Gambling, my parents do all them can to stop me from going to play game of money but they couldn't stop me because i was addicted to it already and is so weird this days seeing little children engaging in Gambling like sporting belt, WHOT, dice and lotto. Our teenager's today can not exercise patience to schooled through quality education process and becoming a better citizens rather they engage in Gambling and live a lifestyle of fraud and gaming.
How Gambling affects teenager's
1. It can leads to drug addiction
2. It cause reckless spending lifestyle
3. Lost of focus
4. Unstable and less relevance to family
5. Mental imbalance and lots more
We should guide our teenager's against bad society vices and evil companies of folks
It is actually very surprising that even a 13-year-old child dreams about gambling. I don't know what inspires them to do this, but I think that it is mainly because of the modern devices of the modern era that they are not properly supervised after being given to them. Yes, if someone gambles under the age of maturity, then of course there is a high possibility of bad effects, especially later on, he will suffer from financial crisis and due to addiction, he will fall into depression and then the next step will be to drink drugs to relieve his depression. And when a young person becomes addicted to such addictions, he will not have time to progress anywhere else in his life, will always spend his time idle, and will not see success in life.
I mostly blame the system as well as the environment we grow up. A 13th year old teenager should not getting access to a gambling site in the first place! But because it's so easy to access these sites and as the regulatory failed to impose stricter rules, so more and more teenagers are becoming addict at the very early ages! This is really concerning and immediate action should be taken. Where I'm from, these days you'll see at least one youngster with gambling apps installed in their mobile, it has become a common sight here!
In my first instance of opening a bitcoin account, a 12 word seed phrase was given me but then I lost it. Later on , I re-opened another account but this time, a 24 word seed phrase was given me. Does a 24 word seed phrase add more security to your asset than a 12 word seed phrase?
Obiously, 12 word phrase have
128bits of entropy on the others hand 24 words phrase have
256bit of entropy,,, so that will be definitely take more time to brute-force than 12words.
For example if 12words phrase takes 1trillion years to brute-force then 24words will may be take some zillions? There is some euqaution for that you can get it from the google.
Further more here is a article for you-
Are 24 word Bitcoin seed phrases better than 12 words for security?Here is another BIP39 standard-
- A 12-word phrase has 2048^12 possible combinations, which is approximately 5.4 x 10^39. That’s a 5 followed by 39 zeroes.
- A 24-word phrase has 2048^24 possible combinations, or roughly 3 x 10^79.
So, for both cases, it could be possible if only Quantum Computers emerge.
Yes it true that the quantum computers if realistic in the long run can hamper the security of our assets but these quantum computer will require a lot of power about thousands of Kilowatt to decipher such large bits of entropy.
In my first instance of opening a bitcoin account, a 12 word seed phrase was given me but then I lost it. Later on , I re-opened another account but this time, a 24 word seed phrase was given me. Does a 24 word seed phrase add more security to your asset than a 12 word seed phrase?
Obiously, 12 word phrase have
128bits of entropy on the others hand 24 words phrase have
256bit of entropy,,, so that will be definitely take more time to brute-force than 12words.
For example if 12words phrase takes 1trillion years to brute-force then 24words will may be take some zillions? There is some euqaution for that you can get it from the google.
Further more here is a article for you-
Are 24 word Bitcoin seed phrases better than 12 words for security?Here is another BIP39 standard-
- A 12-word phrase has 2048^12 possible combinations, which is approximately 5.4 x 10^39. That’s a 5 followed by 39 zeroes.
- A 24-word phrase has 2048^24 possible combinations, or roughly 3 x 10^79.
So, for both cases, it could be possible if only Quantum Computers emerge.
The 12 word seed phrase takes a mathematical evaluation of (2^128) bits
The 24 word seed phrase takes ( 2^128(2) )= 2^256 bits
This implies that the 24 word seed phrase is generated with more hash rate than the 12 word seed phrase. It is seemingly impossible to manipulate it because of the hashing power.
But nevertheless, whether 12 or 24 seed phrase, security still depends on the kind of wallet app. Some wallet apps are not non- custodial and so they can have access to your asset through your lost seed phrase.
Also, some people will still prefer the 12 word seed phrase to the 24 word seed phrase because it's easier to remember . A 24 word seed phrase will be more complex