Epic Fail by this guy, lol, Quakecon Blunder of the Year

[Ranga14]

So I recently attended the gaming convention here in Dallas called Quakecon. It's a big lan party for gamers if some of you didn't know. Well, they were giving away two 2011 Shelby Mustang Cobra's and had given out 100 tickets so you pretty much had a 2% chance of winning if you had a ticket, well, check out this video for many lol...

http://vimeo.com/14159857

[crazspence]

watched this thing with no sound at work. lawl. epic fail on that dudes part

[Mr1der]

lol...at least he got 200 bucks out of it

[93coupe]

It doesn't look like there is much tang at these parties...

[RCA]

Alopecia FTW!

[AppleBonker]

It doesn't look like there is much tang at these parties...

I certainly hope this isn't surprising to you.

[93coupe]

High hopes?

[dre1507]

that's sad. even i wouldn't have sold my ticket. in hopes of winning and then selling.

[tigersharkdude]

so did dude win both cars??

[Red coupe]

Sucks for the guy....

But s***, I wouldn't buy only a 2% chance for $200.

[Ranga14]

so did dude win both cars??

Na, just the one. There was a red and blue one to win, he got the red one.

Sucks for the guy....

But s***, I wouldn't buy only a 2% chance for $200.

Yeah, I thought the same. Just dumb luck for him.

[srpowered240sx]

Sucks for the guy....

But s***, I wouldn't buy only a 2% chance for $200.

really? i would invest 200 into a 2% chance if the payoff was 250 to 1. you could place that bet 249 times before the investment would overcome the payout, and 2% would be 1 out of 50 trys, so it is a great investment, odds speaking.

dudes a tard for selling. even worse for going on stage and trying to stale the deal.

[bmike818]

the dude that bought it for $200 deserves it. LOL at the seller

[RCA]

Sucks for the guy....

But s***, I wouldn't buy only a 2% chance for $200.

really? i would invest 200 into a 2% chance if the payoff was 250 to 1. you could place that bet 249 times before the investment would overcome the payout, and 2% would be 1 out of 50 trys, so it is a great investment, odds speaking.

dudes a tard for selling. even worse for going on stage and trying to stale the deal.

If your odds are 2% then it makes sense to buy that ticket for $200
$45,000 x 2% = $900

[krimsonviper]

2% chance of winning an awesome car and the tickets were given to me for free? Seller is an idiot!

[Red coupe]

If your odds are 2% then it makes sense to buy that ticket for $200
$45,000 x 2% = $900

the ticket is an all or nothing deal. You are not buying 2% or something valued $45,000, you are buying a 98% chance of nothing.
Odds are very much in favor that the ticket is worth nothing.
If you could buy the majority of the tickets (or all) then sure, but as it stands even with 2 tickets they could do that drawing 10 times and statistically you would lose all of them.

How do the odds make it a great investment? It may be a legitimate gamble to take, but the odds are that you lose everything... that is not a great investment.

[srpowered240sx]

How do the odds make it a great investment? It may be a legitimate gamble to take, but the odds are that you lose everything... that is not a great investment.

because its a great "gamble" investment. if they had those kinds of odds anywhere i would take them on just about any bet.

[RCA]

If your odds are 2% then it makes sense to buy that ticket for $200
$45,000 x 2% = $900

the ticket is an all or nothing deal. You are not buying 2% or something valued $45,000, you are buying a 98% chance of nothing.
Odds are very much in favor that the ticket is worth nothing.
If you could buy the majority of the tickets (or all) then sure, but as it stands even with 2 tickets they could do that drawing 10 times and statistically you would lose all of them.

How do the odds make it a great investment? It may be a legitimate gamble to take, but the odds are that you lose everything... that is not a great investment.

Um, champ, you tell me where I wrote "great investment"...

It makes sense is all. But what you need to take into consideration is a person's value of $200. If you need $200 to fix your car in order to get to work then it is worth much more to you. If you have $200 of disposable income then $200 isn't such a risk when you realize you have a good shot to win something worth 225 times more than the price of the ticket.



Another way to look at it is this:
A slot machine cost $2 to play.
If you play it 50 times, statistically you should win $450 BUT you can only play it once.


Would you play it?
Maybe yes and maybe no, it all depends on how much that $2 is worth to you.

I think most people would play it.

[Red coupe]

Um, champ, you tell me where I wrote "great investment"...

It makes sense is all. But what you need to take into consideration is a person's value of $200. If you need $200 to fix your car in order to get to work then it is worth much more to you. If you have $200 of disposable income then $200 isn't such a risk when you realize you have a good shot to win something worth 225 times more than the price of the ticket.



Another way to look at it is this:
A slot machine cost $2 to play.
If you play it 50 times, statistically you should win $450 BUT you can only play it once.


Would you play it?
Maybe yes and maybe no, it all depends on how much that $2 is worth to you.

I think most people would play it.

Yeah, double quote... couldn't post nesting, messed up deleting one of them and mixed quote.

Either way, you are pretty much making my point.
It depends on how worried about your $200 you are.

In reality what difference does it make if you are deciding to buy the ticket, or deciding to sell it?
In the end you are making the choice to risk $200 when the odds are pretty certain you will lose it, or if you want to play it safe and hold on to your $200?


So admitting it all depends on the value of that $200 to you, how can you blame a guy or call "Fail" for deciding to take a guaranteed $200 over a 98% chance of nothing if he could use the money?
Obviously

If your odds are 2% then it makes sense to buy that ticket for $200
$45,000 x 2% = $900

it is not true that it necessarily makes sense, if you are also going to say it depends on your financial status.

[RCA]

Yeah, double quote... couldn't post nesting, messed up deleting one of them and mixed quote.

Either way, you are pretty much making my point.
It depends on how worried about your $200 you are.

In reality what difference does it make if you are deciding to buy the ticket, or deciding to sell it?
In the end you are making the choice to risk $200 when the odds are pretty certain you will lose it, or if you want to play it safe and hold on to your $200?


So admitting it all depends on the value of that $200 to you, how can you blame a guy or call "Fail" for deciding to take a guaranteed $200 over a 98% chance of nothing if he could use the money?
Obviously


it is not true that it necessarily makes sense, if you are also going to say it depends on your financial status.

Well I can see what your saying, and it does make sense if you're looking at it as an investment. As an investor, I would never drop money into something that has a 98% fail rate. But this isn't categorized as an "investment", it is gamb|ing. That definitely changes things.

To be honest the guy just had the worst luck in contest history but as for me (Finance Major) he fails because he didn't sell the ticket for $900.

[Ranga14]

Actually, from what I understand, the guy that bought the ticket, wrote his name on it and dropped it in the box so who's to say if the guy that sold the ticket to him would have put it in the box the "exact same way"? He probably wouldn't have thus meaning his odds of winning would have changed drastically if he had kept the ticket.

[Red coupe]

Yeah, double quote... couldn't post nesting, messed up deleting one of them and mixed quote.

Either way, you are pretty much making my point.
It depends on how worried about your $200 you are.

In reality what difference does it make if you are deciding to buy the ticket, or deciding to sell it?
In the end you are making the choice to risk $200 when the odds are pretty certain you will lose it, or if you want to play it safe and hold on to your $200?


So admitting it all depends on the value of that $200 to you, how can you blame a guy or call "Fail" for deciding to take a guaranteed $200 over a 98% chance of nothing if he could use the money?
Obviously


it is not true that it necessarily makes sense, if you are also going to say it depends on your financial status.

Well I can see what your saying, and it does make sense if you're looking at it as an investment. As an investor, I would never drop money into something that has a 98% fail rate. But this isn't categorized as an "investment", it is gamb|ing. That definitely changes things.

To be honest the guy just had the worst luck in contest history but as for me (Finance Major) he fails because he didn't sell the ticket for $900.

How can you be a finance major and still say he should have sold the ticket for $900 though?
No one offered $900, the offer was $200 and you have no idea how much haggling he had to do to get THAT price.
Guy had two options: $200 or a 2% chance.

There is no set price, or formula for price of the ticket. It is a gamble and only worth as much as someone is willing to bet on it.
He wasn't willing to bet $200, the other guy was... but apparently no one was willing to bet $900.

[Ranga14]

Actually, the guy came on the boards of the Quakecon web site recently and said he was just asking everyone he could on "how much money do you have on you?" and he found the guy who had the most and sold it.

[crazspence]

bottom line

seller: wanted to make a quick buck, sold his ticket
buyer: wanted a shot at a car and $200 was worth it to him

the part i see that failed is that the seller would have never thought this ticket to be the winning one.

[RCA]

How can you be a finance major and still say he should have sold the ticket for $900 though?
No one offered $900, the offer was $200 and you have no idea how much haggling he had to do to get THAT price.
Guy had two options: $200 or a 2% chance.

There is no set price, or formula for price of the ticket. It is a gamble and only worth as much as someone is willing to bet on it.
He wasn't willing to bet $200, the other guy was... but apparently no one was willing to bet $900.

Because if I knew my odds were 2% and the prize for $45k I would of sold it for any where between $700-$900 and if that kind of money wouldn't be offered, then I wouldn't sell it.

Maybe this has something to do with my rational
http://www.wimp.com/monkeysmirror/

[float_6969]

Wow, that was really cool actually!