Originally Posted by teepack
You need to develop a good rule of thumb for when you are trying to steal the blinds. Personally, if I am ahead of the chip average, I generally try to avoid stealing. I also look at the value of blinds to my stack. If the pot is less than 10 percent of my stack, I will generally take a pass. In your case, the blinds were 300/600 for a total of 900 chips. Assuming 9 players at the table paid a 60 chip ante, and that's a total pot of 1,440. If you had 24,000 chips, that is somewhere around 6 percent of your stack. In other words, adding that small stack is not worth the risk.
This line of thinking seems to ignore the way your table is playing. If you're at one where you can succeed a high % of the time, you're basically declining to take chips that are there for the taking.
Using the numbers above, let's say you bet 1440, so almost 2.5x. If you succeed half the time, you break even. Sure, it's possible to lose more than 1440, but since you're stealing, which means you don't have much of a starting hand, it's not as if you're going to get into big pots often, and when you do, you may well have caught enough to win. Plus IP, it's not exactly unusual for it to go check, bet, fold on the flop, which adds 2880 to your stack.