Umm.... it's pretty standard for gamblers/degens/windfall lottery winners to just dump their winnings. Most people don't realize that most people who are wealthy aren't necessarily adept at making money, they're adept at keeping money, and those are very different things.

Apparently a whopping 44% of lottery winners are broke within five years:

http://www.statisticbrain.com/lotter...er-statistics/

Small sample size obv., but there aren't exactly a ton of lottery Jackpot winners around to survey.

It just seems unfathomable to me losing that much money in such a short period of time without taking off any to lose IRL. I guess trying to reason a situation where the person clearly has no reason is unreasonable in itself though. I mean, I could find some sort of logical thinking in losing 75% of the money, but one would think during this spew fest someone would have forced him to withdrawal or he would of himself at least a decent amount. Someone in on a $10 satty (if I read that correctly, don't feel like looking back) wouldn't have an immediate need for $10K, $20K, $30K? He could take that big of a chunk off with $100K left over to gamble it up.

Maybe the guy luck boxed the tourney on a name that isn't possible to withdrawal from, got in contact with some regs at some point, and then paid them a % to dump to him and his friends. He obviously couldn't dump to 1 person because that is too obvious. It would only make sense he lost to regs because I'd guess the amount of recreational players he could lose a huge some to is small. If he was dumping, even to well known regulars, they obviously couldn't say as much because that breaks the TOS for both parties.

No matter if he was dumping or legitimately losing, I think assuming he was on an account that he couldn't withdrawal from is pretty rational. Hence why the money was meaningless to him. I'm well aware a huge % of people who win a huge lump some of money are broke within X amount of time, but how many of them almost instantly lose it all? Especially in this case where he got ZERO return on losing the money IRL. He didn't spend it on a car, house, bad investments, debt, etc, etc. He never once had a tangible grasp on the money.

The only way I see someone losing ALL of such a huge amount of money is the above theory(s) or maybe he was mentally ill and not capable of grasping the amount. I just don't see it possible for the biggest of degens to not get any of it to degen in real life.

Disclaimer: Half asleep/drunk and not going back to read anything I just wrote(ranted). It's quite possible it made zero sense, but I think I got my point across at least somewhere in this wall of text.

Cliffs:
Guy dumped to regs because lack of ability to verify account and withdrawal on his own.

Guy couldn't verify the account and withdrawal so the money was essentially play money and he wasn't smart enough to find a way to get it off so just gambled it like a boss.

Guy is mentally ill.

Most likely hung himself if none of the above.

If he really cashed it out through chip dumping, why is he now grinding freerolls?

Two thoughts:

First, I was once as naive as that post is. No disrespect intended. It as almost refreshing to read.

Second, my sort-of-personal experience.

I knew a guy that used to play poker on the same site as me, and he mostly was grinding NL50 and some NL25. Just had no concept of BRM, never had more than 200-300 in his account. Once a month or so he'd just deposit his crappy paycheck online, then spend the month donking it off.

So one day he's playing NL50 and sees a known big whale sitting at a NL400 and NL1000 table. His greed gets the better of him and he sits at the NL400 table, not even a full buyin. He wins a few big pots after awhile and then takes his whole roll - about $700 - up to the NL1000 table. He played there for something like 12 hours (I remember it well, I was playing there as well thanks to a deep pocketed whale) at at one point had his stack up to almost $7,000.

$7,000 I'm sure is way more than the guy had ever had related to poker and that amount was certainly at least 4-5 months of income at his day job.

Of course, he played at that table until he went broke. So in one day, I witnessed in real time, a guy make five months income and then lose it again. I saw him at the poker tables a few times after that, then he stopped showing up. These days, I only see him on Skype.

LOL, I'm not naive at all. I completely get that it is possible for someone to be this big of a degenerate. However, I still think it is very likely that he had no means to withdrawal money or he would have at least for some amount. Degen 140(or was it 160)K online or withdrawal 60k and degen IRL AND online?

You made a decent attempt at a solid analogy. I've personally took 100 VIP points and turned it into well over 10K just to donk it off within a few days playing way above my head in my early days. Pretty much exactly like your "buddy" did. (I have BRM now, don't worry folks!) However, midway through spewing even in my degen "I'm freerolling the equivalent of less than a $1" state of mind I managed to take off a few K to degen in real life too.

Is it possible he is on the high end of degeneracy? Yes, of course it is. Discounting my idea that he was on an illegitimate account and either dumped to people to withdrawal paying a VIG or just degened it up knowing it may as well be play money to him because he can't take it off is just as likely.

Example: It's Feb of 2011 during a tournament series on a certain poker site that had many people with accounts they couldn't withdrawal from because they were freerolling deposits on made up names. Someone on one of these names hits a huge score, what do they do now? The answer is they would have degened it up or found people with legitimate accounts to dump too.

I knew a person from above example who did this twice. The first time he lost it all and the 2nd time he was smart enough to find people he could lose it too.

My whole point is you thinking he is a hardcore degen donking off over a $100K is just as likely as me thinking one of the 2 options I listed was what really happened.

I'm not disagreeing with you at all, I'm just not naive enough to think it's not possible. People do shady things and sometimes they bink off a huge MTT in the mean time. We will never know the real story because even if he did chip dump he or anyone else could never admit it without getting their accounts closed. Try not to be so closed minded, it's bad for your health.

Or hes Ian Kilmister

If you like to gamble, I tell you I'm your man
You win some, lose some, it's - all - the same to me
The pleasure is to play, it makes no difference what you say
I don't share your greed, the only card I need is
The Ace Of Spades
The Ace Of Spades

Playing for the high one, dancing with the devil,
Going with the flow, it's all a game to me,
Seven or Eleven, snake eyes watching you,
Double up or quit, double stakes or split,
The Ace Of Spades
The Ace Of Spades

You know I'm born to lose, and gambling's for fools,
But that's the way I like it baby,
I don't wanna live forever,
And don't forget the joker!

Pushing up the ante, I know you've got to see me,
Read 'em and weep, the dead man's hand again,
I see it in your eyes, take one look and die,
The only thing you see, you know it's gonna be,
The Ace Of Spades
The Ace Of Spades


LOL

Good point, I'm not discounting he lost it all in epic fashion. I'm just trying to look at it from more than 1 angle. He probably did lose it all, but we'll never know. I hope for his sake he is just con man and not the worlds biggest moron/degen. If true, this is probably the saddest story I've ever read in regards to poker.

Literally lol'd haha. WP

I suppose it's the optimist in me HOPING he didn't donk off $100K+. Kinda makes me sick to think about someone like this winning it when I can't even play because I'm American. Obviously a win for the poker economy though lol. I mean FFS, at least rub some of your play moniez on some titties.