Online Poker 2006 = Daytrading Stocks 1999
 

The day I started playing online poker I knew it was a fad, a bubble, a mania, or whatever you want to call it. All the signs were there. People in the coffee shop playing poker on their laptops, cab drivers discussing poker with their passengers, tv shows dedicated to poker popping up all over the place, etc. All talking about how EASY it was. Just like the people who quit their real jobs to make easy money daytrading stocks in 1999 only to go busto in 2000, so many online pros are now forced to face the reality that their 'livelihood' was just a passing opportunity based on the "greater fool" theory. Now, the greater fools are getting harder to find and they will soon long for the security of their "real jobs".

The wise players who didn't frivolously spend what they earned have the ability to analyze this new reality objectively. They are able to see the situation for what it is, are grateful for having had the opportunity to improve their financial situation, and have banked the time( = money) to adjust. Those who did spend will panic, clinging to the hope that if they keep playing they'll make what they used to in the heyday, maybe if they play more hours, or more tables, or higher stakes... They'll fight the new reality violently, and attack anyone who dares even mention it in their presence. Many will make themselves heard in this very topic.

For my part, I was happy to have fun and make a few thousand bucks on the side, investing them in my real business (commodities trading). The writing was on the wall in September, and now it's just a matter of time before it becomes apparent to all.

I predict that WSOP entries will decline for the next several years, as will viewership, until it is a fringe event on ESPN 8 (on the same footing as professional Scrabble).

I do sincerely want to thank you all here at 2+2 for a great ride. I had a blast while learning a lot about the game of poker, human nature, and not least of all myself. Unfortunately, this "trade" is over, except for the inevitable flaming I'll receive (which won't bother me one bit). In the meantime, sorry if this sounds like a rant.

Welcome to NASDAQ 2000 all over again. See you again when the next 1999 rolls around!

M

Re: Online Poker 2006 = Daytrading Stocks 1999
 

k bye.

Re: Online Poker 2006 = Daytrading Stocks 1999
 

I'm very sorry I read this post.

Re: Online Poker 2006 = Daytrading Stocks 1999
 

Lol.

Re: Online Poker 2006 = Daytrading Stocks 1999
 

Seems like you took advantage of this huge poker boom mania you describe, as you profited a FEW THOUSAND in a couple years time!!
Congratulations on that score.

And oh ya, good bye.
Who are you again?

Re: Online Poker 2006 = Daytrading Stocks 1999
 

Oh, and I pay my taxes. If you think the IRS isn't going to follow up on the DOJ's actions, you're deluding yourselves.

M

Re: Online Poker 2006 = Daytrading Stocks 1999
 

You are such a douchebag.

Re: Online Poker 2006 = Daytrading Stocks 1999
 

[ QUOTE ]
The day I started playing online poker I knew it was a fad, a bubble, a mania, or whatever you want to call it. All the signs were there. People in the coffee shop playing poker on their laptops, cab drivers discussing poker with their passengers, tv shows dedicated to poker popping up all over the place, etc. All talking about how EASY it was. Just like the people who quit their real jobs to make easy money daytrading stocks in 1999 only to go busto in 2000, so many online pros are now forced to face the reality that their 'livelihood' was just a passing opportunity based on the "greater fool" theory. Now, the greater fools are getting harder to find and they will soon long for the security of their "real jobs".

The wise players who didn't frivolously spend what they earned have the ability to analyze this new reality objectively. They are able to see the situation for what it is, are grateful for having had the opportunity to improve their financial situation, and have banked the time( = money) to adjust. Those who did spend will panic, clinging to the hope that if they keep playing they'll make what they used to in the heyday, maybe if they play more hours, or more tables, or higher stakes... They'll fight the new reality violently, and attack anyone who dares even mention it in their presence. Many will make themselves heard in this very topic.

For my part, I was happy to have fun and make a few thousand bucks on the side, investing them in my real business (commodities trading). The writing was on the wall in September, and now it's just a matter of time before it becomes apparent to all.

I predict that WSOP entries will decline for the next several years, as will viewership, until it is a fringe event on ESPN 8 (on the same footing as professional Scrabble).

I do sincerely want to thank you all here at 2+2 for a great ride. I had a blast while learning a lot about the game of poker, human nature, and not least of all myself. Unfortunately, this "trade" is over, except for the inevitable flaming I'll receive (which won't bother me one bit). In the meantime, sorry if this sounds like a rant.

Welcome to NASDAQ 2000 all over again. See you again when the next 1999 rolls around!

M

[/ QUOTE ]

FWIW,i agree 100%.

Re: Online Poker 2006 = Daytrading Stocks 1999
 

LOL yet another 'America = the world' post.

It doesn't. Online poker has never been so good outside the US and it's only going to get better..

Re: Online Poker 2006 = Daytrading Stocks 1999
 

[ QUOTE ]
LOL yet another 'America = the world' post.

It doesn't. Online poker has never been so good outside the US and it's only going to get better..

[/ QUOTE ]


GOOD MORNING ASIA!

Re: Online Poker 2006 = Daytrading Stocks 1999
 

[ QUOTE ]
LOL yet another 'America = the world' post.

[/ QUOTE ]

I've been awaiting contrary evidence my entire life.

Re: Online Poker 2006 = Daytrading Stocks 1999
 

"I predict that WSOP entries will decline for the next several years"

LOL

Re: Online Poker 2006 = Daytrading Stocks 1999
 

[ QUOTE ]
[ QUOTE ]
LOL yet another 'America = the world' post.

[/ QUOTE ]

I've been awaiting contrary evidence my entire life.

[/ QUOTE ]
Come play on Party.

Re: Online Poker 2006 = Daytrading Stocks 1999
 

Terrible comparison. TELL ALL YOUR FRIENDS ITS EASY TO WIN AT ONLINE POKER ALL YOU GUYS OUTSIDE THE US AND WE@LL TAKE OVER THE WORLD

Re: Online Poker 2006 = Daytrading Stocks 1999
 

... except that 'Day Trading' wasn't actively targeted by the US Congress/DOJ as something evil that citizens needed to be 'protected' from. If the entries in the 2007 WSOP decrease it is not because the 'poker fad' is over, it is due to litigation and brute force. Hooray American Taliban!

Re: Online Poker 2006 = Daytrading Stocks 1999
 

What about the Pattern Daytrading Rule, which restricts the number of day trades that can be placed in accounts under 25k? Decimalization?

M

Re: Online Poker 2006 = Daytrading Stocks 1999
 

You should have just left without saying goodbye.

Re: Online Poker 2006 = Daytrading Stocks 1999
 

Don't blame me. Think about the poker economy. It's over, dude. The writing is on the wall. Did you really think this fad would last forever?

M

Re: Online Poker 2006 = Daytrading Stocks 1999
 

"... except that 'Day Trading' wasn't actively targeted by the US Congress/DOJ as something evil that citizens needed to be 'protected' from. If the entries in the 2007 WSOP decrease it is not because the 'poker fad' is over, it is due to litigation and brute force. Hooray American Taliban! "

Re: Online Poker 2006 = Daytrading Stocks 1999
 

[ QUOTE ]
The writing is on the wall.

[/ QUOTE ]

please stop saying this

Re: Online Poker 2006 = Daytrading Stocks 1999
 

[ QUOTE ]
... except that 'Day Trading' wasn't actively targeted by the US Congress/DOJ as something evil that citizens needed to be 'protected' from. If the entries in the 2007 WSOP decrease it is not because the 'poker fad' is over, it is due to litigation and brute force. Hooray American Taliban!

[/ QUOTE ]

yeah. american internet poker players got bad beated by the government. day traders got bad beated by the market direction changing from up every day(where a monkey throwing darts could make money) to down every day. doesn't matter what the cause is, the end result is the same. a huge cash cow suddenly disappearing.

this is like the great depression of poker, and as far as i can tell neteller might well fall victim to a run on the banks like the banks of the great depression did. hopefully they are just in the process of liquidation of investments to pay everybody. did everybody here think they just had cash just sitting around ready to pay off 2/3 of their customer base?

Re: Online Poker 2006 = Daytrading Stocks 1999
 

'did everybody here think they just had cash just sitting around ready to pay off 2/3 of their customer base?'

the listing rules on their stock exchange/regulating FSA mean they have to have cash cover for 110% of their deposits, so er 'yes' actually..

Re: Online Poker 2006 = Daytrading Stocks 1999
 

lol im glad the few thousand you made made a difference in "your business." must be one hell of a profit machine.

Re: Online Poker 2006 = Daytrading Stocks 1999
 

[ QUOTE ]
Oh, and I pay my taxes.

[/ QUOTE ]

Congratulations on this tremendous accomplishment. Thank you for sharing this informative insight with the community. We greatly appreciate the value you have added to this discussion today and wish you well in your future endeavors.

Re: Online Poker 2006 = Daytrading Stocks 1999
 

Man, I remember how great that 1999 World Series of Daytrading on ESPN was.

Pets.com had the OESFD on the flop but bricked against Amazon's AK.

Re: Online Poker 2006 = Daytrading Stocks 1999
 

[ QUOTE ]
'did everybody here think they just had cash just sitting around ready to pay off 2/3 of their customer base?'

the listing rules on their stock exchange/regulating FSA mean they have to have cash cover for 110% of their deposits, so er 'yes' actually..

[/ QUOTE ]

yes, corporations in the past 10 years have really shown they can be trusted 100% in financial reporting regards and in following regulations to a T

Re: Online Poker 2006 = Daytrading Stocks 1999
 

[ QUOTE ]
What about the Pattern Daytrading Rule, which restricts the number of day trades that can be placed in accounts under 25k? Decimalization?

M

[/ QUOTE ]

Decimalization - This still pisses me off to this day.

Re: Online Poker 2006 = Daytrading Stocks 1999
 

[ QUOTE ]
Man, I remember how great that 1999 World Series of Daytrading on ESPN was.

Pets.com had the OESFD on the flop but bricked against Amazon's AK.

[/ QUOTE ]

lol, best post in this thread by a mile

Re: Online Poker 2006 = Daytrading Stocks 1999
 

You were write about people getting mad at your post Math...
Its amazing how two plus two-ers hate those "sky is falling" posts so much.....How close to the ground does the sky need to be before people start listening??

Re: Online Poker 2006 = Daytrading Stocks 1999
 

[ QUOTE ]
[ QUOTE ]
... except that 'Day Trading' wasn't actively targeted by the US Congress/DOJ as something evil that citizens needed to be 'protected' from. If the entries in the 2007 WSOP decrease it is not because the 'poker fad' is over, it is due to litigation and brute force. Hooray American Taliban!

[/ QUOTE ]

yeah. american internet poker players got bad beated by the government. day traders got bad beated by the market direction changing from up every day(where a monkey throwing darts could make money) to down every day. doesn't matter what the cause is, the end result is the same. a huge cash cow suddenly disappearing.

this is like the great depression of poker, and as far as i can tell neteller might well fall victim to a run on the banks like the banks of the great depression did. hopefully they are just in the process of liquidation of investments to pay everybody. did everybody here think they just had cash just sitting around ready to pay off 2/3 of their customer base?

[/ QUOTE ]

The only similar aspect of the situation is that both parties were screwed. Poker players got screwed and day traders screwed themselves, however.

Re: Online Poker 2006 = Daytrading Stocks 1999
 

Sour grapes, bitches. The writing is on the wall.

M

Re: Online Poker 2006 = Daytrading Stocks 1999
 

Can you believe it? I actually feel bad for those who don't see it. My sincere desire is that one day you can see the world as it is instead of as you wish it were.

M

Re: Online Poker 2006 = Daytrading Stocks 1999
 

[ QUOTE ]
Can you believe it? I actually feel bad for those who don't see it. My sincere desire is that one day you can see the world as it is instead of as you wish it were.

M

[/ QUOTE ]

None is so blind as he who will not see.

Tuff

Re: Online Poker 2006 = Daytrading Stocks 1999
 

And for those who believe that "a few thousand" made a difference in my business... Maybe you should consider that I have enough class not to boast about my actual winnings nor my business on an anonymous web page. In a few years you will see that I am right. Hopefully, like so many others before you, you won't have given back everything you've won (and more) chasing a market which just won't come back to you.

Only the strongest survive.

M

Re: Online Poker 2006 = Daytrading Stocks 1999
 

Tuff, I read your thread. So many missed the point, but you were dead-on accurate.

M

Re: Online Poker 2006 = Daytrading Stocks 1999
 

I thought you were leaving?

Re: Online Poker 2006 = Daytrading Stocks 1999
 

Oh and for some of us its not about the money its about fighting an unjust law. If we let them take this away what will be next?

Re: Online Poker 2006 = Daytrading Stocks 1999
 

Don't worry, I'll be gone soon enough. It's just very interesting to see the same responses over and over again. Human nature is a fascinating thing. Enjoy your tulips!

M

Re: Online Poker 2006 = Daytrading Stocks 1999
 

[ QUOTE ]
Can you believe it? I actually feel bad for those who don't see it. My sincere desire is that one day you can see the world as it is instead of as you wish it were.

M

[/ QUOTE ]

There are valid arguments that making a living as an Internet poker professional in the United States will become increasingly difficult.

Those arguments have virtually nothing to do with day trading in 1999.

In other words, please go away. Thx.

Re: Online Poker 2006 = Daytrading Stocks 1999
 

This thread is funny.