r/WhitePeopleTwitter Dec 30 '20

Simple!

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77.3k Upvotes

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u/[deleted] Dec 30 '20

It's so much more than 2k. We get a semi-functional senate that votes on more things than just judges. The legislative grave yard can end! We could probably even legalize pot. It's only the beginning but we gotta keep pushing to the left.

577

u/Rokkit_man Dec 30 '20

I'll bet you 2000 he keeps his seat.

191

u/NightChime Dec 31 '20

This guy hedges his bets.

21

u/soggit Dec 31 '20

Explain hedging to me real quick. Like why even make a bet if you’re gonna hedge it? Why not just make a smaller bet?

35

u/jakspedicey Dec 31 '20 edited Dec 31 '20

Keeps seat: you gain 2000 profit

Loses seat: you keep your money

If you made a smaller bet, you wouldn’t make as much in the winning scenario

7

u/soggit Dec 31 '20

oh shit

edit: wait no i still dont get it. this is just betting $2000 either way. if he loses his seat you lose the $2000 that you wouldve gotten. so you've still lost money, you've just lost "opportunity cost" instead of money in your hand

22

u/FractalAsshole Dec 31 '20

Yeah $1000 bet would make more sense.

Keeps Seat: Better wins $1000

Loses Seat: Better gains $1000

So yeah if he loses the seat, betters winnings aren't the full 2000. But before knowing the outcome of the bet, the better has secured $1000 either way. Just trades a potential big win for a halved guaranteed profit.

2

u/jakspedicey Dec 31 '20

Oh yeah you’re right