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Problem:
Given a biased coin that turns up heads 60% of the times, can we simulate an unbiased coin toss?
Solution:
The solution to this problem is attributed to Von Neuman, which makes use of symmetry.
Why does this work?
We need to come up with a way to toss the coin that has equal probability for its outcome.
P(HH) = 0.6*0.6
P(TT) = 0.4*0.4
Since, P(HH) != P(TT), we ignore the outcome and repeat the toss again.
P(HT) = 0.6*0.4 == P(TH) = 0.6*0.4
Now that the outcomes have same probability, biased is removed!