How teenage poker prodigy Steven Silverman won, and lost, millions

> You do not create wealth - you make another poor soul, likely a gambling addict, further burdened by that addiction. Meanwhile, the only person you're "creating wealth" for is the guy with his feet up that owns the poker room.

Does a sportsman make wealth? What about a professional chess player? Snooker player? Pool hustler?

What about a brewery, "further burdening that addiction" of alcoholism? What about the barman what served the drink? Just creating wealth for the pub? The sommelier?

What if I start a start-up that's about 'social' betting, like a betfair exchange about film stars? What if I shake up the gambling industry with my social facebook Zynga poker that launches real-money tables?

Your concept of what is a 'valued' job seems very narrow.

Gambling is an enjoyable past-time for millions, throughout history, in cultures around the world. For every sad story of gambling addition, that are thousands who enjoy gambling responsibly on a recreational basis, just for every alcoholic there are thousands that enjoy drinking socially. And some social gamblers sometimes blow a bit too much, just like social drinkers sometimes go overboard at the weekends. Things aren't black and white.

And those professionals provide the entertainment that others enjoy, either directly (from spectators on TV) or indirectly (providing that example that 'the game can be beat').

Sure it's not the most worthwhile job in the world in the grand scheme of directly creating wealth, or improving man-kind. But then, dare I say it, nor do do many a start-up.

In case it hits anyone else with a "login required", here's an account to use:

  Username: getjiggly@sogetthis.com
  Password: bugmenot

[Edit] Actually.. the log in worked for me, but it didn't give me the one-page version :/

I know quite a few online professional poker players. They have won & lost several million combined. Many were 'born' out of a home game we had at Michigan State in the early 2000's. To the average person the swings are insane; for anyone playing high limits online (multiple tables to boot) it is generally expected. Those who cannot afford the swings, or are emotionally effected by them, are generally not winning pros for long.

In some respects, those who do really well (millions won & lost) are akin to athletes or celebrities. They work strange schedules -- for poker you can work whenever -- and have much more money than they could have ever imagined. You can afford to do almost anything, go out 7 nights a week and travel the world. Money is easy come, easy go.

It's rather fascinating. It is a tough lifestyle to maintain a balance when you can lose thousands upon thousands and be playing well. I recall a friend telling me with a dead straight face he lost over 100k the past 2 days and had played some of his best poker...

In the end of the day, I would have to imagine it would be a lot tougher on the spouses. Although, in many respects, we as founders are taking similar risks (uncertainty).

So typical - you see this all the time. Moving up too soon thinking they are the best in the world, only to lose it all.

(For non players, this means that you are a winner at lower stakes, say $5/10 - but a common trait is that you become bored with that level because the most you can win each day is ~$1000-3000. As you move up levels the play is a lot harder (exponentially so). Players like this guy crush the small levels and think they are good enough for the higher levels, and just end up losing it all - often blaming their luck in the process. If you look at his chart, you will see that he won it all playing medium stakes, and lost it all (in a lot shorter time) playing high stakes).

A lot of investing (esp trading) is a game of incomplete information between two or more parties, so yes.