07-18-2011, 04:59 PM | #55 (permalink) |
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UB, how has the game change? I remember everyone started playing ultra tight, but now it seems as it's just about position.
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Nubblies: If we put up with Felix, we will put up with you too.
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07-19-2011, 07:50 AM | #58 (permalink) |
Ahoy Fuckbag
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QUESTIONS:
So you get like $55,000 in prize money ... how much of that do you have to pay in taxes? Is it up front? Do you still have people "investing" in your entry fee? If so, do they get their percentage pretax or post tax? Also, if you have investors, does that change the way you file it on your taxes? |
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07-19-2011, 02:04 PM | #60 (permalink) | |
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Quote:
Investing in me in a poker tournament isn't much different than buying a stock. Both are forms of gambling. Stocks just tend to be way less volatile. When you invest in someone in a poker tournament you're going to lose 100% of your investment a majority of the time but sometimes have a 20,000% return or something absurd. People who invested in me this year had about a 425% return. | |
07-22-2011, 07:59 AM | #61 (permalink) | |
MURICAN
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Quote:
Investing in UB is more like investing in a hedge fund. Stocks can and do provide positive returns (In theory returning the risk-free rate, but in practice returning more than that). Poker is a negative-sum game. I'm not saying that UB is a negative edge bet, just that if you invest in all stocks you will make a positive return whereas if you invest in all poker players you realize the inverse of the house edge or rake. | |
The basis of our governments being the opinion of the people, the very first object should be to keep that right; and were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter. But I should mean that every man should receive those papers and be capable of reading them. |
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07-22-2011, 01:04 PM | #63 (permalink) |
Poor Sport
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Following UB on twitter live while he was playingwas pretty fun, he did a nice job of breaking down the action without being in love with explaining every move, while being entertaining at the same time. Was genuinely happy for him when he broke into the money.
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07-22-2011, 07:10 PM | #66 (permalink) |
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Yes and he's right. I think this got a little too nit-picky. My original point was just that buying action in someone in a poker tournament is gambling or risking money on something much like buying a stock is. One is just far more volatile and has negative sum components.
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07-26-2011, 03:33 AM | #68 (permalink) |
MURICAN
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I'm very sensitive to the investing=gambling mentality many people have today. They aren't the same thing at all.
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The basis of our governments being the opinion of the people, the very first object should be to keep that right; and were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter. But I should mean that every man should receive those papers and be capable of reading them. |
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07-26-2011, 10:42 AM | #70 (permalink) |
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Lol they are EXACTLY the same thing. Every investment is a gamble. You are gambling on others being smart and productive during their working hours (among other factors) and not on the little steel ball to land on 11, but it's still gambling. I love when you get on your little Rand-ian high horse though FC. So cute!
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07-26-2011, 12:15 PM | #71 (permalink) |
MURICAN
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They aren't EXACTLY the same thing at all.
Both Investing and Gambling can involve risk, but Gambling necessarily requires risk whereas Investing doesn't necessarily require it. At the very, very least they are two different words with different connotations. Gambling: Requires risk does not require expectation of positive return Investing: Does not require risk (but is usally included nevertheless) requires expectation of positive return. |
The basis of our governments being the opinion of the people, the very first object should be to keep that right; and were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter. But I should mean that every man should receive those papers and be capable of reading them. |
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07-26-2011, 01:54 PM | #72 (permalink) |
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My point is just that everything requires risk. Everything is a gamble. When you buy GOOG, you're gambling that an asteroid doesn't slam into 1600 Amphitheatre Parkway, Mountain View, CA 94043. I understand that there are distinctions between putting $1000 in GOOG and putting $1000 on red at the roulette wheel, I'm obviously not dumb. I'm just trying to take you down a peg from your white knight high horse that investing and investors are some mystical group of superior people. I remember you once even suggested that people shouldn't be allowed to vote unless they have built up some net worth or something. LOL... preposterous. You and your people are not special.
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07-26-2011, 03:56 PM | #73 (permalink) |
MURICAN
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I'm not suggesting anything like that at all. So fuck you.
All I'm saying is investing isn't the same as gambling. By your logic playing a sport is gambling as it involves risk. In fact everything in the world is gambling since everything involves risk. So if you want to say that everything = gambling, I will agree that yes, investing is a subset of everything so therefore investing = gambling. The same way that eating a cheeseburger = gambling. The real issue here is ironically what I was talking to DH about in another thread: the concept of "risk-free." The focus of an investment is the expected return with the risk as a consequence or by-product. In theory an investment can be "risk-free," and in practice a good deal are (government guarenteed overnight deposits are pretty damn close and essentially risk free). But even if an investment isn't risk free the risk isn't the defining characteristic of what makes an investment. The expected return is what defines an investment. The focus of a gamble, however, is on the risk. A gamble must by definition include risk. And the expected return is a consequence of this risk, not the other way around. Risk defines a gamble. I hope I'm being clear with how I see the distinction. And I have no fucking clue about investments so don't pretend like I'm trying to be above you. That's not the issue. A simple logical distinction is. |
The basis of our governments being the opinion of the people, the very first object should be to keep that right; and were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter. But I should mean that every man should receive those papers and be capable of reading them. Last edited by DJ FC; 07-26-2011 at 04:12 PM. |
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