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Originally Posted by Senrath
They aren't lying about the percentages. It's just basic statistics. Although you may have a certain retention rate, that rate comes into play each and every time, with no bias. That means, given a 50% retention rate, each and every chest would have a 50% chance of retaining your lockpick, regardless of what happened on the previous chest. However, because of that, the probability of you actually retaining 50% of your lockpicks over a larger number of chests is much smaller than 50%.
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You started out well, but ended on a dud.
Statistically speaking, the larger the sample the population, the more likely you are to come close to the expected average of 50%(if that's the case). You take instantaneous luck or unluck out of the equation when you have a pool of hundreds of chests. When someone says "i broke 5 lockpicks yesterday and only kept one...this is broken!", they're more inaccurate than someone saying "I've used 300 lockpicks over the past month and kept only 20% of them, this is broken!"
Sure the chance still exists that you can have a much lower rate of retention than expected, but that chance diminishes as the sample size grows.