Quote:
Originally Posted by Sean Snyder
He was never anything but a monstrous donator in any 3+ handed poker game he ever played. The Vegas mixed game economy revolved around him from the moment he arrived on the scene....
. The live poker world is generally a ****ty place full of ****ty people, and the good guys generally try to surround themselves with other good guys. It hurts when it turns out one of the good guys is really a scumbag.
The first rule of gambling is that you do what's best for the game. Anyone that actually plays live poker for significant stakes understands that it is very often in your own best interest to loan players money. ...
Neither DD's, my own nor any other player's poker specialties or results vs Mike has any impact on how ****ty it is of the guy to run out on a massive debt.
For the record, the guy owes me $0. I just happened to be on 2p2 and saw a thread about a guy I used to know and people I've never met talking about me, so I thought I'd throw in my 2 cents.
Thanks for a well-written summary of the gambling world, loaning money and getting stiffed when the borrower/mark/fish cannot pay it back.
For the record, I do not know any of you.
What you wrote sounds like a pretty accurate description of "credit play in gambling generally", with one variation, you all feel personally hurt because some guy, around whom the Las Vegas mixed games sharks swam, borrowed money to stay in action. Those loans were a business decision, part of being a gambling operation, one which borrowed a venue and paid for services from the Las Vegas casinos in which the games were run.
Good for you that you did not extend credit to him just because he had been a "good guy", albeit eventually becoming a fish.
As a group, what the better players took from him at the tables was likely a direct, and foreseeable cause for his inability to repay "massive" debts" to his lenders. Those winning ,were the ultimate beneficiaries of the loans made to fund his play.
Apparently the "mixed games economy" you described in Las Vegas was an unsustainable bubble.
The guys who played against him in a licensed, regulated mixed game were smart enough to not lend him money within the games themselves, but benefited from the casino acting as a financial intermediary between them as players and Mike as a player. (In the online world, this is why a poker site, be it FTP, AP/UB, or Dutch Boyd's PokerSpot, is supposed to pay player balances regardless of processors failing to make good on loans/credit extended through them to players.
That some of the same persons who played in this mixed games economy were also lenders to Mike meant they assumed risks outside the context of their
own direct game play. Mike's lenders knowingly funded/backed a losing player you say they were building games around as competing players.
(Casinos do the same thing quite often, extending credit, winning the proceeds of the loan, then trying to collect on the debt. It gets interesting when issues of KYC, money laundering, front men, taxes and arise in attempting to collect debts.)
Sorry, but that is their risk as lenders, they got a rude welcome to the gambling business world.