/biz/ - Business & Finance

Crypto is the idiot tax

CRINGED

>>11473287
based and poorpilled

>>11473298
income tax is the idiot tax

Wow that gut is going to be so disappointed

>>11473287
top kek

>>11473287

This person is paying fifty dollars per slip. Which means they are ticking the “jackpot only” box which generates an additionally fifteen tickets that ONLY apply to the jackpot.

Which means for 3/4 of his tickets, if he matches everything but the final ball, instead of getting TWO MILLION he will get 0, but he’ll also KNOW he could have got 2 million.

I’d legit kill myself if that happened.

Post his name so I can go troll

>>11473371
this

>>11473287
Stupid

The odds winning buying hundreds of tickets is the same as buying one lmao

How much tickets you think he has and how much did he pay for the ''increased odds'' compared to the average buyer of maybe 1-3 tickets?

>>11473287
Link to the livestream of his suicide on lotto night please

>>11473400
t. brainlet

>>11473287
But anon, it says tax 0.00

>>11473287
$2 is statistically the same as this. And it’s not that bad for the dream, imo.

>>11473527
ONIONS

>>11473401
think about it moron. if you buy one ticket your chance is 1 in 300,000,000. if you buy 1600 tickets its 1600 in 300,000,000.

When this guy doesn’t win and it’s revealed that some grandma in bunfuck Wyoming got 2bil from buying a single ticket with spare pocket change on a whim he will probably hang himself.

>>11473298
this

>>11473287
TBF, lots of other prizes in the lottery, this guy could hit a 10K or 100K and make a great profit. Seen people throw away 3 grand on a bad options call. Seen a guy accidentally throw away 25K on a friday options call that was at "AM" and he fucked up and wanted the PM calls.

Lots of idiotic ways to waste money.

>>11473287
>3200$ "investment" in lottery
>only makes you have about 0.000001% better chance at winning

okay this is epic

>>11473588
Oh I actually looked it up, 10K and 1M. Next rank down is 500 bucks lol

>>11473557
>>11473480
he means EV

>>11473536
No its not u stupid fuck

>>11473632
EV is a fucking meme when applied to mega millions

>>11473536
Yeah I don't regularly play but I'm going in for $2 today. It's a world record jackpot so why not

>>11473287
Okay OP, since no ones figured it out I'll expose your trick.

OP's screenshot is of his own receipt. He made quite a bit in crypto, converted to cash via local bitcoins, and this is his way of laundering his money.

>>11473654
Fuck you got me

i am an inteligent

>>11473557
it's more like 1600 in 300,001,600. basically the same exact odds

>>11473654
>and this is his way of laundering his money.
Unless he owns the lottery he’s not laundering anything, do you even know what laundering is?

>>11473672
>1:187,500 is the same odds as 1:300,000,000
Don’t quit your day job

>>11473400
Not true, but the odds are still extremely small either way.

>>11473287
>Lotto is the idiot tax
Lol. This guys an idiot. I wonder if he'll kill himself once he gets half way threw and the weight of reality comes slowly crushing down upon him that he'll be eating at the soup kitchen for xmas

>>11473298
based and redpilled

>>11473689
actually he should quit his job, he's probably worse at it

>>11473356
I think you're giving this person too much credit that this thought will ever appear.

>>11473675
He's going to write off the lotto as charitable donations on his taxes for his legit money.

>>11473287
I bought 3 tickets. 1 in 100,000,000 approximate odds to win the jackpot. So this guy bought 1600 tickets for a 1 in 187,500 chance. So he's averaging, relative to my $6 for a 0.0000001% chance at winning the lottery, $1600 for his 0.000008% chance (assuming they only do single tickets; my state has no jackpot only option for bonus tickets, it's just $2 a play).
0.00000001% for $6
0.000008% for $3,200
0.00000799% for $3,194
0.0000000025~% per dollar past the initial $6
Diminishing returns putting more money in; you do increase your odds, but it becomes less cost effective the more you dump in, and still too much of a gamble for me to comfortably dump my life savings into it.

>>11474045
>He's going to write off the lotto as charitable donations on his taxes for his legit money.
You can’t write off the cost of gambling unless you have gambling winnings to deduct from; if he wins $0 he can deduct $0.
Even if he could write off the cost straight up, you would get so little back in comparison it would be far more worth it to pay taxes on the capital gains in the first place

What would /biz/ do they won?

>>11473314
Audibly kek'd

>>11474045
Idk enough about statistics to verify this, but you sound like you know what you're talking about. Thanks anon.

>>11474045
Poorfags don't itemize.

>>11474045
This is correct. The best way to play the lotto is to have one ticket since it does suffer diminishing returns. The other option is to not play

>>11473287
Just bought one ticket and a snickers bar with the change i found in my couch.
Wish me luck you guys!

The lotto is so unbelievably stupid, it's actually incredible.

>>11475598

Wish it was easier to start your own. Money for nothing

>>11475617
That’s why it’s illegal.
You can do it with crypto but the normies that make the lotto so huge don’t do crypto and transaction fees alone in most coins with the volume for a lottery cost more than a real ticket >>11475598

>>11473672
Retard

>>11473327
This

>>11473287
I can't stand the fucking smug midwits who say shit like this.

Guy in pic who spent that much is a retard though.

>>11475981
It’s not being smug, it’s the truth. Playing the lottery is dumping your money into a fire. It’s the retard tax.

Rich people don’t play the lotto because they’re smart, and over a third of lotto winners go broke because they’re morons.

>>11476050
preach

>>11476050
They’re poor and poor people have no money management skills because they never have money to begin with. They blow it al because they develop addictions to cope with being poor and when rich have nothing to keep their addictions in check so they essentially OD and go back broke.

Buying a ticket only slightly improves your chances.

t. I still buy them every now and again

>>11476050
>and over a third of lotto winners go broke because they’re morons

Try 70%

>>11473298

>>11476246
Try 90%
IIRC that's the statistic on any lotto money making it past grandkids (i.e past your lifetime)

>>11476050
Rich people don't play, true. Although, not because they are smart but because they are already comfy.

Most people who play don't play because they think they can win but because the possibility of winning helps them through their normal shitty days. It's an investment in mental health.

Sure, if you want to be smug you could call it "poor tax" but saying that it is "idiot tax" makes you both smug and an idiot.

Anyone have a link to his course released yesterday?

>>11473672
what are you doing on /biz/? You belong in 4th grade.

>>11476304
There are better, more efficient, more concrete ways to invest in your mental health than buying a worthless piece of paper for $2. Even as a cope it’s pretty shit, there’s much better stupid shit you could use that money to cope with.

It’s not a poor tax because there are well off people that still play, and poor people that are smart enough that don’t. It’s the idiot tax.

>>11473287
Holy fuck I was reading a thread last night about the lotto and went to sleep. Had I dream where I withdrew over $40,000 from my savings and spent them all on lotto tickets. It was a nightmare as I sat at home trying to check all the number to see if I won.

>>11476543
>There are better, more efficient, more concrete ways to invest in your mental health than buying a worthless piece of paper for $2.
Such as?

>>11476304
it is an idiot tax though

anyone who knows statistics knows this

>>11476543
For only 2$, pocket change, you can have something to look forward for a whole week or more, nullifying much of your stress and anger. I find it to be a great way to cope. Obviously it won't make, say a depression go away -- I never meant that. Sure there are poor people who don't play play but it does not make them any smarter. It just doesn't work for them as a cope. For me it does.

>>11476846
I've studied my fair share of statistics but I still partake in lotteries once in a while. What I said, if you were able to read, is that it works towards brightening up your day and has nothing to do with logic or being good at math.

>>11473672
Are you really this fucking stupid

>>11476913
My dad has a degree in stats and he says buying one ticket is fine. The problem is these fucktards that think buying more tickets increases their odds in a meaningful way.

>>11473287
>Decide to buy a ticket because >$1b
>buy a PB too because why not
>both lose
Fuck this shit, wtf is the point of even buying these things. Literally changed my instrumentally valuable papers into worthless papers

>lotto is stupid XD
Calculate what the jackpot has to be for the EV to be positive on a play assuming multiple people do not hit the jackpot. If the EV is positive, why is it still dumb to play? If you can't answer this, you are a brainlet

>>11473689
>>11473901
>>11475933
>>11476422
>>11476914
>falling for obvious bait

kind of fitting that the board that's obsessed with get rich quick crypto scams buys lottery tickets lmao

>>11476977

It is -EV by definition. That's why we call it stupid tax. Lotto takes their cut, government takes their mega cut, what you're left with is -EV relative to your odds of winning it.

>>11476977
>99.999999997% chance of losing yoir entire investment
>0.0000000033% chance of winning the jackpot
I can’t be bothered to calculate for smaller prizes. Doesn’t matter anyway.

>>11473400
only if each of the tickets you buy have the exact same numbers

>>11473672
dude, the numbers that get drawn have absolutely nothing to do with how many tickets were purchased. if you were the only person to buy a ticket, your odds would still be 1 in 300,000,000, not 1 in 300,000,001.

>>11477033
It's like a 1/65 (I think the mega nut/powerball goes to 65 for the single ball) chance of doubling your investment at the lowest prize tier.

>>11473287
Just remember that Elliott Rodgers, clinically insane, believed he was going to win and drove hours to buy tickets.

>>11473298
Delet

>>11476304
>Most people who play don't play because they think they can win but because the possibility of winning helps them through their normal shitty days. It's an investment in mental health.

hitting to close anon

>>11476972
Easy to agree

>>11473298
Fuck, this hits hard.

i would be happy if the winner was from /biz/

my post eqauls my lotto nimbers

>>11476091
Wrong.
t. Poor

>>11476304
Rich people 100% play the lotto.

>>11474427
I'd buy 4chan and unironically put 1/4th of it into crypto.

He should have put all that money into chain link.

>>11477030
The ticket would have to be 5 cents for you to even consider calling the bet. $2 is -EV ideally buying one ticket for less than 1 cent to win 1.6 billion would make sense.

>>11473327
this

>>11473557
Isn't it 1 in 36,300,000,000?
70×69×68×67×66×25

hey who knows maybe he'll win

>>11477030
>>11477421
>retards
Unless nobody wins. Then the money piles up. You don't need to have contributed to previous jackpots to win the current jackpot. The odds of winning the jackpot are 1:250million. It costs $2 to play. If the post-tax lump sum payout is >500 million and you don't share it with other winners, it's positive EV. There was a cartel a while back that bought every single ticket combo when the lottery was positive EV. They got unlucky and 5 other people had the same numbers but the principle stands.

>>11477919
I didn’t consider rake.

>>11473371
You could do it yourself. Its a simple google search away you brainlet.

>>11475139
goodluck

>>11473298
but I cleared 100x returns, lol.

>>11478139
If not larp, you're just one of the few lucky ones.

>>11473287
Lotto (and all gambling), tobacco, drugs, alcohol, and videogames are all the same. The top 5% of consumers will generate

If you spend $5 a month buying a powerball ticket or two when you grab a slim jim and bag of peanuts so you have something to do in your motel room when you're traveling for work, whatever. Nobody has the right to call you a retard for throwing money down the drain. People spend money way more frivolously on things that don't even have a 1 in 1 million chance of return. The sad fact is that people spend a car insurance payment or that month's gas money which could otherwise be invested or put into savings on lotto, sometimes more. You might as well go hit the roulette or blackjack tables if you're "gambling" with that kind of money, because at least then you have some odds of winning. I have no sympathy for retards who play lotto EXPECTING to win, especially as a gambler myself who hardly walks out of a casino without a couple hundred dollars in winnings.

>>11478234
will generate 80% of revenue*

>>11476973
As others have said, if you're a sane, logical person playing the lottery, you understand the futility. For me, it's kind of poetic buying a "ticket to nowhere" that I know won't pan out into anything. But in my mind, I'm buying an alternate timeline where there's a tiny, infinitesimally small chance where I might be filthy rich in 4 hours time. The reality where I don't buy a lotto ticket? I'm gonna be maybe kind of comfortable and well-off in 30 years time. And that $2 ticket once or twice a month isn't exactly gonna bankrupt my ass or "change my life". Even if I took that and invested it in crypto or penny stocks, hell even if I took my lifetime lotto losses (couple hundred at most over the past decade) and invested that in a stock or crypto that mooned, I wouldn't exactly have "fuck you" money after taxes and shit.

Get over yourself and go do something else with your money. Nobody forced you to play.

>>11477296
This is true. One of the richest men in Australia plays keno. Fucking keno. A game for old people and legit problem gamblers.

>>11474045
>thinks he can write off gambling.
I hope you don't do your own taxes. You can only deduct gambling winnings to the losses. Also it's a 2% deduction meaning he has to clear more than 2% of his total gross, which judging on his bank account numbers isn't too hard but still.

>The odds of winning the Mega Millions jackpot are 1 in 302.6 million, making them the highest odds of any other state or multi-state lottery game ever played in the United States. However, this means the jackpot can grow to surpass the billion-dollar mark with relative ease. The overall odds of winning any prize are 1 in 24, which is slightly better than that of Powerball, which are 1 in 24.87.

Guys, please listen up

IF we can't do math, /sci/ will find out and laugh at us.

This guy is probably going to gain a good chunk of his initial back with that many tickets.

1. What is the sum of averages that equals his expected payout?

Match Main Balls Match Mega Ball Prize Odds
5 1 Jackpot 1 in 302,575,350
5 0 $1,000,000 1 in 12,607,306
4 1 $10,000 1 in 931,001
4 0 $500 1 in 38,792
3 1 $200 1 in 14,547
3 0 $10 1 in 606
2 1 $10 1 in 693
1 1 $4 1 in 89
0 1 $2 1 in 37
Overall odds of winning: 1 in 24.

https://www.lotteryusa.com/mega-millions/

First winning guess gets dubs

>>11476973
Nice larp. Go keep on buying your worthless crypto.

>>11474427
Put it all into diversified index/mutual funds. Then, buy a home based on my monthly income from dividends.

>>11473480
>>11473730
>>11477047
The odds are still literally zero fuckwads

Learn basic statstics

>>11478726
Learn basic math, dumb ass. You don't round down numbers just because it hurts your feel feels. The odds of getting in a car accident is "basically zero" but people still get in car accidents.

Test

>>11473298
DELET

>>11476543
>>11476884
simple head vs heart scenario

(heart wins faggot, it's an excellent cope)

>>11478726
>still literally zero

>>11478234
this reminds me of one of my coworkers. Back a few years ago when we had some fucking 500 million prize she told me she just knew she was going to win. I felt bad for her, she has a lot of issues with her family and I know she visualized it as her way out. Next Monday she shows up all bummed out. At least she didn't go full retard and only bough two tickets.

>>11478234
>Nobody has the right to call you a retard for throwing money down the drain.

In America, which is the only country that matters, we literally do. And I will call them retards. Because they are. Retard.

>>11479161
Its retarded, but not that retarded.

Blowing a few bucks on the lotto isnt that bad for normies who dont buget and jew their way ahead, they unironically finance a new car every 3 years.

You can watch your lotto-money go down the toilet in hyperspeed right here:

https://www.cuandomevaatocar.com/en/megamillions/

>>11475139
Bad luck lol

>>11473287
By the time I moved in, the jackpot had finally risen over $100 million. This was the moment of truth.
I had been waiting all summer for this to happen. Overcome with tr
epidation, I spent the next week in
my new room, meditating and visualizing winning the lottery very soon. I could feel the excitement I
would feel once I see the six numbers on my ticket match the numbers that would be drawn. I imagined
myself jumping up
and down with joy once my victory was confirmed.
On September 11
th
, the drawing for a jackpot worth $120 million commenced. I bought a five dollar
ticket and proclaimed that this had to be mine. When I saw that the winner was from California, my
heart
beat like a drum. This was it. Fate was being decided right at that moment.
I didn’t win.
I looked at my ticket over and over again, and then at the winning numbers.
No match.
It
was just like what happened in March, except this was worse because I had built up anticipation for the
entire summer. The winner was some guy from Riverside. He took MY money. What a waste. What an
injustice. I was so certain that the universe would f
inally grant me salvation after a life of torture and
suffering. I then looked at my small, cramped room and realized that my lonely, depressing life of
virginity will continue on mercilessly.
That night, I threw a wild tantrum, screaming and crying f
or hours on end. I had the whole apartment
to myself, so there was no one there to hear me. I raged at the entire world, thrashing at my bed with
my wooden practice sword and slashing at the air with my pocket knife. I even downed an entire bottle
of wine,
and got so drunk that I spilled my
wine
all over my laptop, permanently destroying it. I soaked
my pillow with tears as I drifted off to sleep in my lonely bed

>>11479619
Kino

I will unironically market buy all my winnings on REQ

>>11479619
Fucking wew

>>11479619
KEK

>>11474427
Buy a house and invest about half of it in ways where I’ll get paid monthly for doing nothing and live the life of a NEET

When the jackpot is this high, isn't it actually a good risk vs reward play or something like that? I mean, I've heard the only time it makes sense statistically is when the jackpot is very high.

>work at a gas station
>contemplate just printing out as much lotto as I can
>realize there'd be no way to check all those tickets anyways
JDIMSA

>>11479161
Your crypto bags must be extremely heavy.

>>11480880
NEETs can't get out of their basements so for them the risk is 100%.

>>11480880
It’s worse

Higher Jackpot = More people playing = Higher chance of jackpot split = less money for you

It’s better to play before it becomes hyped like it currently is. It’s BEST to not play at all.

>>11480949
They are, just like my dick. My returns have been godly so far.

>>11474045
You are retarded and so are the people agreeing with you. Each ticket gives you the exact same increase in odds for the exact same cost. There are no diminishing returns.

>>11481742
It's not cost-effective to raise your cumulative odds for that flat cost.

To buy 50% odds would cost $300,000,000
The diminishing returns is on cost-worthiness.

>>11473287
tell me its wrong to scam these people

I want to grab all the losing lotto tickets and write them all off on my taxes. That's where the real money is at!

>>11473287
How are people so stupid? Is this what an NPC looks like?

>>11473636
It basically is.

>>11473287
I hope he wins

Also,
>implying cryptoshitters are any different

>>11482914
is this possible in canada

>>11473672
American education

>>11478726
0.0000000001254% != 0.000000000345%
idiot

>>11483373
wow what a big difference

>>11473287
Lol why didn't he just buy MCO for that much

>>11483386
it's not the same though

>>11473287

If you spend more than one ticket's worth than it absolutely is.

If you are trying to tell me I'm stupid for spending $2.00 for a potential win of 1.6 billion then I'd say you're the idiot.

WTF was I going to do with that $2.00 get a candy bar?

>>11473574
What do Grandma's even need money for? It's not like they need a yacht full of hotties.

>>11473574
the grandmas win because they are virtuous and believe in god.

>>11473636
It is when you take into account the money you put in verses money you will potentially get out.

>>11477919
>and you don't share it with other winners
That's part of the equation, you literal 90 IQ subhuman.
>They got unlucky
No, they were retarded. Just like you.

>>11473287
>Tax 0.00
Do Ameridumbs consider lotto tickets to be a basic necessity?

>>11484055
Nah, the lottery is government owned so it doesn't get taxed. It'd be like taxing your taxes.

>>11483852
That might be the case. Didn't some really young guy (I think like 18-24) win $300m last year or the year before?

>>11484182
>Nah, the lottery is government owned so it doesn't get taxed. It'd be like taxing your taxes.
Absolutely gets taxed, at least in NY. Prepare to lose 50% of it if you win.

>>11484241
He meant the tickets themselves, not the winnings.

Never gambled before. How do you even buy a lottery ticket?

>>11484290
Lube up your asshole and then send extra money to the feds

>>11484290
Go to virtually any gas station (Unless you live in a casino state; those tend to trade lottery participation for having casinos) and say "I'd like a Mega Millions quick pick" and they'll hand you one for $2. Most gas stations and convenience stores will also have a stand somewhere in the store for slips that can be manually filled out. Fewer still will have bonus methods of play.

>>11484313
>Fewer still will have bonus methods of play.
Describe these.

>slips that can be manually filled out.
Like input my own numbers? How many digits per number? Are there any special rules for numbers put in specific slots?

>>11484332
Some states have a jackpot-only option, apparently, which will give you more plays per dollar but leave you ineligible to claim any other prizes.

The slips are 5 columns of two boxes. You mark the boxes for the numbers you wish to pick; five for the top box and one for the bottom box. Each column is one "play", which will cost $2. You don't have to fill out all 5 columns. Off to the side on the slip, you will have the option to pay an additional dollar for a multiplier. At the time of the drawing, a random multiplier (1-5) is also selected. If you win and paid to play the multiplier game, your winnings (excluding the jackpot) will be multiplied by the random multiplier amount.

If you match the first five numbers on your ticket with the first five of the drawing (order doesn't matter here, as ticket slips automatically sort from least to greatest number when printing), you'll win $1,000,000 x [multiplier]. If you match the first five numbers AND the single number you selected on the bottom box, you'll win the jackpot (about $2,000,000,000 right now).

These winnings are taxed as income and will be subject to a 39.6% federal income tax (they are in the highest bracket for income). You'll also be left paying a state income tax if applicable (not me, my state doesn't have income taxes).

The prizes listed are for annuities, those are paid out (and still taxed) over 29 years. The lump sum is a smaller award given all at once. For the current lotto, the lump sum is about half the listed jackpot, so you'd get a $1 billion check that would then be taxed down to approximately $610 million.

Financially it is better to take the lump sum if you can trust yourself not to spend wildly and get 4 more more percent annual returns on the award money, as you'll come out above receiving the annuity's larger payment at the end of those 29 years.

I bet most of the post-december posters here wish they had half of what this guy put into megamillions.