Proof We Should Nix The Cent

Discussion in 'Coin Chat' started by yakpoo, Jan 3, 2012.

  1. yakpoo

    yakpoo Member

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  3. Kittrell

    Kittrell Star Collector



    Really? You're willing to spend $1 to have the chance at tens of millions if not hundreds of millions of dollars, but not $2. Give me a break.
     
  4. TheCoinGeezer

    TheCoinGeezer Senex Bombulum

    I play PowerBall every week but will now stop due to the price increase.
    I may play a game if there is a very large jackpot but otherwise I'll stick to megaMillions.
     
  5. -jeffB

    -jeffB Greshams LEO Supporter

    It's no big change. It'll still be a tax on people who are bad at math, or at least at risk assessment.

    When the jackpot gets up around $200M, the misleadingly-named "expected payout" exceeds the cost of the $1 ticket. Under the new scheme, that'll be $400M for a $2 ticket, I suppose. In other words, in the long term, if you only play when the jackpot is that high, you'd expect to win more than you spend.

    Unfortunately, "the long term" here is measured in millions of years. In "the short term", say 100 years or so, you can "expect" to lose most of what you spend -- with extremely high probability.

    It's a sucker bet. But if you're doing it for entertainment, based on the defective risk-assessment response that's built into every human being, go right ahead -- buying half as many tickets at twice the price will have no effect on your odds, and shouldn't have any effect on your enjoyment.
     
  6. rodeoclown

    rodeoclown Dodging Bulls

    Hardly proof we should do away with pennies and I doubt even Powerball has any good reasons to jack up their prices. I don't play the lottery hardly ever, <sarcasm>when my odds are better getting struck by lightening on a cloudless sunny day, no reason to throw my money away.</sarcasm> ;)
     
  7. yakpoo

    yakpoo Member

    I just got back from SAM's Club tonight and they rose the price of the Rotisserie Chicken from $4.99 to $5.99 :eek:...just another nail in the coffin!

    EDIT: Of course, in the past five years...my ASE went from buying 1.5 Rotisserie Chickens to buying five (5) Rotisserie Chickens! WooHoo!...(burp) :hail:
     
  8. vipergts2

    vipergts2 Jester in hobby of kings

    Oh,darn, now my yearly lotto budget will double to eight dollars, lol.
     
  9. C Jay

    C Jay Member

    Powerball??!! You mean there's like a door prize? I thought I was making a donation to higher education. I don't believe you, I've never seen one of these prizes. :confused:
     
  10. coleguy

    coleguy Coin Collector

    If you win I suppose you could demand they pay you in cents. $300 million in cents that are worth two cents in bullion...you just doubled your winnings on them! Suckers!!
    Guy
     
  11. quartertapper

    quartertapper Numismatist

    I guess I'm failing to see the connection, but I do agree the cent has been produced past it's practical, useful life.
     
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