Presupposing that the same coin is used for every flip (which is implicit in the example), it would be fair to question whether the coin could possibly be a fair coin after 500 heads in a row, even (and especially) if the flipping process were ideally fair.
I’m not a whiz with the math involved, but I am of the opinion that 500 consecutive same-side flips is a large enough sample size to calculate that the coin in question is biased, so it would be unreasonable to assume that the next flip is 50/50.
I’m not a whiz with the math involved, but I am of the opinion that 500 consecutive same-side flips is a large enough sample size to calculate that the coin in question is biased, so it would be unreasonable to assume that the next flip is 50/50.
https://en.wikipedia.org/wiki/Checking_whether_a_coin_is_fai...