191–197 of 197 posts
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Poker is a great analogy for the market. You don't make money by having amazing unique insight, you make money by finding soft players and milking them for money. All the retail investors and day traders are the amateur players thinking they are decent but really are just getting milked
What's the poker equivalent of buying and holding an index fund?
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Author here. I also played PLO for a living. BTW, I made a small tool for professionals to study PLO. Check it out here: https://rnikhil.com/2022/06/15/gtoinspector-startup.html
Are you from India and if so, how's the new tax on deposit regulation affecting you?
There are lot of articles on the internet about the tax impact on gaming companies. You can check them out for more details
I was involved in poker for most of my adult life - first as pro player and then as a poker software developer. I was very lucky to be able live off poker winnings as a player and then become financially independent thanks to the success of my software (I am PioSOLVER founder and one of the two original programmers along with my close friend). I agree with about everything the author of the post said. It's a lonely a…
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We let people put their houses up as collateral in order to get a small business loan to start a restaurant. Statistically speaking those restaurants will be losers 80% of the time. They would be better off playing roulette and putting their house on black https://home.binwise.com/blog/restaurant-failure-rate#:~:tex... .
1. The majority of restaurants fail for reasons that a lender will spot in the loan application process. Inexperience, location, undercapitalization, etc... The rate of failure for a restaurateur that manages to secure a loan is nowhere near 80%. 2. If a person with a gambling problem takes out a home equity loan and bets it all on black and wins, the most likely outcome is that they then keep betting until they even…
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1. The majority of restaurants fail for reasons that a lender will spot in the loan application process. Inexperience, location, undercapitalization, etc... The rate of failure for a restaurateur that manages to secure a loan is nowhere near 80%. 2. If a person with a gambling problem takes out a home equity loan and bets it all on black and wins, the most likely outcome is that they then keep betting until they even…
I wasn’t literally saying they should gamble their house rather than start a restaurant. My point is that we let people make all sorts of terrible financial decisions. Letting the government start to decide which decisions are worse than others, and ban them, is a slippery slope.
Gambling has in most societies throughout history been recognized as particularly pernicious. Early data from our recent experiments with loosening regulations seems to provide evidence that gambling produces significant externalities that need to be dealt with through some non-market means.
I played back during the glory days of 2000-2004 and through the net-teller shutdown for America. Back then the money was absolutely absurd, because the game was very new online and very few people understood basics. This combined with the massive amount of marketing that was going on for television, tons of people were addicted to the thrill of the game. Every single year the game became more difficult as more peopl…
Author here. Yes, the grind is something like that. I used to watch couple hours of theory videos and maybe have a hand review session before 4pm. The grind starts around 6PM and I play on-off till 5-6am. Rinse repeat for all 7 days of the week. Every couple months I used to travel for some juicy tournament series to try my hand at live games.
I was involved in poker for most of my adult life - first as pro player and then as a poker software developer. I was very lucky to be able live off poker winnings as a player and then become financially independent thanks to the success of my software (I am PioSOLVER founder and one of the two original programmers along with my close friend). I agree with about everything the author of the post said. It's a lonely a…