[DeathDonkey]

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just to throw out numbers say he is bluffing of value betting a worse hand 1/6 of the time, 4/6 of the time he has the nuts, and 1/6 of the time he has queens up. getting 8-1 on the river we obv have value to call but if he'll fold queens up a little over half the time it's profitable to bluff raise.

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This

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I guess this term is used when we don't really know where his threshold for folding/ calling is and it could be for value or as a bluff. But then, isn't that the case for most hands.

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and this nailed it.

There is a pretty funny thread in high stakes NL right now where FWF says something like "a value bluff is where you stick all your chips in with no clue where you are at". He is pretty much dead on and his point is you will be better at poker if you don't need to "value bluff" because you always know where you are at. Still, it can be pretty serviceable since you sometimes have no clue where you are at and can overcome that temporarily with aggression.

Some people might fold a better two pair here, some people might call with one pair, we aren't sure which type of person this guy is so we stick some chips in there and find out.

-DeathDonkey