The scenario changed though, and you are now faced with risking almost your entire net worth (what 950k represents to a poor person) for a chance at 30 million. It’s not a freeroll.
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Crazy story about the inner workings of the “pig butchering” online scam compounds in Southeast Asia.
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Anybody have a non-paywalled link? I find the scam centers pretty fascinating and would like to read that.
You would WHAT to read it?
(I know it was just a typo)
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My name is Mike, and when I was a senior in high school I got a letter from the University of Rochester with the greeting “Dear Kike”. True story!
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Today that would be a full ride scholarship
Hopefully this is ok to share, but this site is useful for reading articles in general behind paywalls: https://archive.is/
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Yeah, but then you have to spend four years in Rochester.
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Think of all the garbage plates and salt potatoes though!
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This should be a shared version of the article anyone can read.
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Mr. Lu said he pleaded to be freed, but his captors refused. They put him to work as an accountant, and over months he tracked millions of dollars in illicit income and managed their day-to-day expenses.
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Nope. I specifically was not:
Also here:
As far as the rest of it is concerned, as eyebooger pointed out once you have given someone the 950K guaranteed, then that is their current state. Also “risk of ruin” does have a bit of subjectivity to it and it is possible for individuals to define ruin slightly differently (easiest way to account for that is to just set aside some amount of funds from your bankroll).
It is true that Kelly betting is most often used in repeating things like sports betting, but that doesn’t mean that it doesn’t have applicability in this case. For example, if you get ruined by one bet, you won’t have any money to invest on any of the other opportunities that will come along in the course of life. There will always be future opportunities to risk money for profit (even non-monetary profit) of some kind and by blowing your roll you will lose access to those.
It is true that Kelly betting is most often used in repeating things like sports betting, but that doesn’t mean that it doesn’t have applicability in this case.
I’m not sure what you mean by “doesn’t have applicability.” It is a piece of information one could apply to their thought process, but I don’t think this decision should be thought of as a classical bankroll management problem where Kelly criteria would be the mathematically correct answer
For example, if you get ruined by one bet, you won’t have any money to invest on any of the other opportunities that will come along in the course of life.
You’re ignoring future earnings again.
There will always be future opportunities to risk money for profit (even non-monetary profit) of some kind and by blowing your roll you will lose access to those.
Not completely, turning down 950k isn’t ensuring you’ll be broke forever. And those opportunities will probably not at anywhere close to the more than 14 to 1 odds of this wager, that is a really rare thing
Rapper and designer Kanye West is listing a Tadao Ando-designed house in Malibu, Calif., for $53 million, two years after buying it for $57.25 million.
The musician, now known as Ye, bought the beachfront property in 2021 and began a gut renovation that he did not complete. “It will take several million dollars for the house to be finished,” said listing agent Jason Oppenheim of the Oppenheim Group, who said the roughly 4,000-square-foot house needs windows and doors, along with plumbing, electrical, HVAC and interior finishes.
Don’t know why previews aren’t working for WSJ anymore
My impression is that people who buy $53M houses usually gut them and redesign anyway.
lol practically in the ocean. how is that even legal and not built on public land?
And your garage dumps you right onto PCH where you take your life in your hands every time you pull in and out of your driveway.
Edit: never mind, looks like this is in “billionaires cove”, one of the only beachfronts in Malibu that doesn’t butt up against PCH.
Public land stops at normal (non-storm) high tide line bro.