That's not how loans work...

I get 1 loan, I use it for poker, then if I bust, I get a job.

Otherwise, what's stopping me from just getting 40 loans of $500 each?

You said the same thing before busting your roll last time dude. "If I bust this 10k roll, I'll just get a job". That didn't happen.

As long as you can find a way to play poker, you will do it. Before you know it, you'll be 100k in debt.

Lots of words, 6b. Actions > words. When does the first session happen whether it be 1/3, 2/5, online? If you're not playing right now, why aren't you?

OK, that part is not true. There are 2/5 players whose actual long term win rates are $50+/hr. If a guys true win rate is $50/hr he can win $40,000 in 6 months by playing an avg of 133 hours per month which isnt hard to do at all and without any kind of a heater at all.

There just aren't very many guys who can beat 2/5 for 10BBs/hr and 6betme certainly isnt one of them. Not right now.

I hope you prove me wrong and I say that with 100% honesty.

I'm 24 not 14... my parents don't get to make decisions for me. Fwiw, neither of them understand poker. They see it as the same thing as roulette or blackjack. And trying to convince them otherwise is like trying to convince a religious person that their religion is wrong... it's just impossible, so I stopped trying.

How's it impossible? I can show you the maths right now:
$40/hr win rate
* 40 hours per week
* 26 weeks
= $41,600

I know that long-term win rates of $50/hr are possible at 2/5, so I don't even need to be the best player to achieve this.

And even if I "fail" and only make 20k profit instead: assuming my life expenses (excluding interest) are only $300/week, then I can pay off the debt and interest and still have 8k left for my own bankroll.

It's currently 11am in Melbourne.

I'm starting a session of 1/3 NL at 1pm (staked) and then once the verifier goes home in the evening, I'll start a session of 2/5 NL (unstaked).

6bm...

The reason people were advocating for a smaller loan is because of interest payments...

Since you borrowed 20k, you’re going to be paying interest on the full 20k, while most of that money isn’t going to touch the poker table.

If you had borrowed a smaller amount (with an agreement to maybe borrow more later?), then your weekly interest payment would be smaller.

Rooting for you man, but now is the time to turn it up.

—————

FWIW (doesn’t seem like you enjoy receiving advice, but I’m gonna say it anyways), I’m a strong advocate against playing small stakes OLP while you are doing this. You should be trying to put in a ton of volume to where you can make enough money for life expenses PLUS interest payments PLUS savings.

I compare OLP vs live poker similarly to like.....1v1 basketball vs 5v5 basketball. Practicing one game format will help you moderately improve at the other format, but not all of the skills carryover, and you are better off just focusing on one specific format

Seems kind of like trying to convince a gambling addict that gambling isn't the best thing for their life. They just don't listen. I get it.

I can't just say "okay give me 10k now, but I also want you to hold 10k in liquid for me in the future in case I need it."

Like, a 10k loan is a 10k loan. There's no "agreement" to hold an additional 10k.

What if another investment opportunity arises and DLuo chooses to spend all his liquid? Then I've only got 10k and he can't loan me the rest.

If I'm going to ask someone to hold on to a certain amount of money, in liquid, without spending it or investing it, then I should pay interest on the full amount that they're holding on to. Because it's an opportunity cost for them to hold on to money and not touch it, just on the off chance that I might need it.

It’s nice that you touched on all of the positive parts of taking out the full 20k loan...

...Do you at least recognize the negative parts?

————

Regardless, it’s in the past. Your next poker session is gonna start up in a couple of hours, glglgl

So OP, you got staked for 1/3. You lost money and are now in makeup. You then decided to take out a loan to play 2/5 and you think *failing* is winning "only 20k" over the next 6 months at 2/5 after you failed to beat 1/3 on stake?

6b is actually up a bit under 2k from the stake (bit over 100 hours). He cashed out for life money which resets his makeup back to 0. He then lost a bunch which put him in makeup.

Without necessarily having read the thread thoroughly from beginning to end, I'm going to go out on a limb.
I think this whole thing is some kind of massive troll.
It just defies all logic.
I mean, we have a guy who constantly fails. Who is constantly goes broke. Who is constantly massively critisized, insulted.
And he just chugs along, oblivious to all critics and well wishers alike.
Even regularly posting hand advise in the live nl section.
And to top it all off, a guy, who's no older than our hero himself, with a seemingly infinite amount of money, comes a long out of the blue and starts playing Robin Hood to our hero.
This all just can't be true!

OP I wish you all the best.

Anyone wanna bet he's in profit, starting from now, at new year?

It's not hard to build your net worth if you're smart about it:
- Have a good day job
- Find side hustles
- Build multiple streams of passive income
- Save aggressively / live frugally
=Money compounds and you just exponentially grow in net worth with time.

inb4 someone says I'm using my parents money - I come from a poor family that I support financially

Actually, it can be, a la a line of credit from your bank. You can borrow anything up to X where X is your total line of credit.

I can’t speak for what he would have agreed to or given you, but you are showing a complete lack of understanding of financing. (Revolving) Lines of credit are absolutely a thing. They exist for this exact purpose.

There is no evidence that you can beat 2/5 for $40/hr. Actually there is significant evidence that you cant do that. There is also no evidence that you can and/or will play 40 hours a weeks for 6 months.

Dluo. If all this is for real, then you are definitely a very smart young man. I don't dispute anything you just said.

Doesn't hurt to be a sociopath

Unless you were born an orphan in a garbage heap in India, you had some help.

What a baseless accusation. Giving someone a loan for gambling has a higher than normal risk of default and it's only fair that this risk be expressed in the price of the loan. Anti-usury people piss me off. The only reason why someone would accept a high interest loan is because they do not have access to traditional forms of credit, typically because they have shown themselves to be a high risk borrower as expressed by their credit score. So when you crusade against usury you are also crusading to eliminate credit altogether for these people. Its hubris to imagine that you can tell a stranger what financial obligations they should or should not be undertaking.

Dluo is truly a hero to the downtrodden, giving them opportunities to rise like teh feenix from teh ashez. As King Arthur had Lancelot and George Washington had Alexander Hamilton, Dluo has a noble right hand man too: Skinner Sam the Smasher.

Just as Hamilton was trusted to lead the infantry at Yorktown and Lancelot was entrusted to rescue Guinevere, Skinner Sam is charged with the noble task of collecting when the rodeo goes sour; not for Dluo's own good, but so that the next unfortunate soul who is just one sportsbet (or one upswing) away from greatness, will always have the opportunity to soar.

When traditional credit lending fails and banks dont understand that the next bet is a lock! or that hero has been on a lifelong downswing --but the signs point to the upswing starting tomorrow-- Dluo appears from the mist to offer the golden opportunity at the low low cost of 50% weekly compounding interest. Truly a hero! Truly a noble soul!

I'm truly fine not allowing people to borrow tens of thousands of dollars to play a stake they probably can't beat in the same way that allowing people to buy a home for hundreds of thousands with bad credit ruined the world economy. When you "allow" people to borrow things they can't afford, it goes badly for at least one party most of the time.

A post in favour of usury is legitimately one of the strangest I have ever seen ever on 2p2, and we had a neo nazi forum for like two solid ****ing years.