Which random money schemes do you think would be best at this?
Bitcoin, interestingly enough. Bitcoin has multiple competing blockchain lotteries which are often provably fair, and which generally take <2% in fees, while offering high-leverage bets; for example, SatoshiDice famously paid out 1920btc on a 0.03 wager.
These are using cryptographic hashes, which are unpredictable but deterministic, so they’re not immediately applicable to MWI. What you could do for MWI purposes is use a quantum RNG to choose at what point in a day (or month) you bet at; since each block gives you a different chance at winning, quantumly choosing between enough blocks can essentially guarantee a win for at least one branch.
So, assuming you had the necessary bitcoins on hand, this is actually a very easy way to leverage up (far easier than some suggestions I’ve seen like trading foreign exchange options). Run the RNG, send it whenever, and within 10-15 minutes you’ll have won a large fortune or lost a small one for a fee of ~1.8% of your bet.
I was actually thinking about this as a strategy for myself. I have a decent number of bitcoins (I began accumulating what I could back in May), but I don’t have a life-changing number of bitcoins. On the other hand, if I bet at, say, 10:1 odds on SatoshiDice, that combined with future bitcoin price increases would be life-changing. I could fire up a quantum RNG, ask it when to bet over the next week, bet, say 25btc, and in one of 10 universes, walk away with ~248btc and cash out for $200k.
Is this a great idea or a terrible idea? I really don’t know.
I wouldn’t suggest anyone cash out all of their bitcoins… rebalance them instead. I’m actually surprised I haven’t heard about any wealthy people/hedge funds/etc. using volatility harvesting strategies to trade bitcoins, their volatility is so insanely high it seems like an obvious strategy.
Bitcoin, interestingly enough. Bitcoin has multiple competing blockchain lotteries which are often provably fair, and which generally take <2% in fees, while offering high-leverage bets; for example, SatoshiDice famously paid out 1920btc on a 0.03 wager.
These are using cryptographic hashes, which are unpredictable but deterministic, so they’re not immediately applicable to MWI. What you could do for MWI purposes is use a quantum RNG to choose at what point in a day (or month) you bet at; since each block gives you a different chance at winning, quantumly choosing between enough blocks can essentially guarantee a win for at least one branch.
So, assuming you had the necessary bitcoins on hand, this is actually a very easy way to leverage up (far easier than some suggestions I’ve seen like trading foreign exchange options). Run the RNG, send it whenever, and within 10-15 minutes you’ll have won a large fortune or lost a small one for a fee of ~1.8% of your bet.
I was actually thinking about this as a strategy for myself. I have a decent number of bitcoins (I began accumulating what I could back in May), but I don’t have a life-changing number of bitcoins. On the other hand, if I bet at, say, 10:1 odds on SatoshiDice, that combined with future bitcoin price increases would be life-changing. I could fire up a quantum RNG, ask it when to bet over the next week, bet, say 25btc, and in one of 10 universes, walk away with ~248btc and cash out for $200k.
Is this a great idea or a terrible idea? I really don’t know.
Don’t forget taxes on gambling winnings which will effectively increase your transaction costs.
It’s a good thing that all this is being done in a currency most conducive to laundering and hiding assets! :)
But what if the NSA agent assigned to you turns you in to the IRS?
I wouldn’t suggest anyone cash out all of their bitcoins… rebalance them instead. I’m actually surprised I haven’t heard about any wealthy people/hedge funds/etc. using volatility harvesting strategies to trade bitcoins, their volatility is so insanely high it seems like an obvious strategy.