r/Ethereum - I wrote this to explain Ethereum in depth to newbies. Please check for accuracy!
Hello ethereum - I'm currently in Singapore exploring all of the cool blockchain tech that's going on here. I'm also writing a blog that aims to explain blockchain technology simply to anyone whose interested. www.cryptoambit.com If you guys could spot check my Ethereum post for accuracy, I'd appreciate it. If you like it, would also appreciate some subscribers! Thanks By now, most people know Ethereum as the second most valuable cryptocurrency, currently valued at over $60 billion dollars. Well, it turns out that Ethereum isn't actually a cryptocurrency - it's a software platform that let's programmers build applications on top of blockchain technology. Within the ethereum platform, is a cryptocurrency called ether that is used to power applications built on the Ethereum blockchain. From Bitcoin to Ethereum Bitcoin uses a global network of computers that maintain a shared ledger called a blockchain that keeps track of who owns bitcoin. Once blockchain technology was introduced to the world, people realized that blockchains could be used to keep track of anything of value. In 2013, a 19 year old named Vitalik Buterin introduced the Ethereum white paper, which proposed an open source platform that would let programmers build blockchain applications that could facilitate the exchange of money, content, property, shares or anything of value. Much like with Satoshi Nakamoto's paper, Buterin's was met with widespread excitement from software developers around the world who began building toward the vision Buterin laid out. Much like Bitcoin, Ethereum isn't owned or controlled by any one person. Unlike Bitcoin, whose creator remains anonymous, Ethereum has a leader in Vitalik Buterin (pictured below). While Buterin doesn't control Ethereum in the way that a CEO does, his word carries tremendous weight in dictating the direction of the project - something that is considered a strength or a weakness, depending on who you ask. Smart Contracts The basic function that programs built on Ethereum perform are called smart contracts. Smart contracts are digital agreements that execute automatically based on real world data. An easy way to think of them is an "If-then statement." IF condition A exists, THEN perform function B. Let's say for example Grandma wants to make sure she never forgets to give Little Billy birthday money each year. She could write a smart contract that says IF it's Little Billy's birthday, THEN pay him $10 from Grandma's account. Once this contract is broadcast to the Ethereum network, it will execute automatically each year on Little Billy's birthday. Smart contracts have applications far beyond improving the reliability and efficiency of Grandmothers around the world. Another simple application of a smart contract is for rental payments: IF date = 1st of the month, THEN pay landlord rent amount. Processes that currently involve manual interactions between two parties can now be automated and the value can be moved in real time over the blockchain rather than settling days later as with traditional banking. A Real World Example Ethereum and smart contracts are a big deal because they have the ability to usher in what's been dubbed the "smart economy" - one in which slow manual processes prone to human error and deceit are replaced with automated processes that are completely transparent and trustworthy. A real world example that typifies the new "smart economy" is a project being run by a French insurance company called AXA. AXA offers a flight insurance product that pays out a policy holder in the event that a flight is delayed by two hours or more. It currently has a product in trial that will pay out insurance claims using smart contracts and the Ethereum blockchain. The smart contract is simple: IF flight is over two hours late, THEN pay policyholder. The smart contract is connected to a database that monitors flight times. If the database shows that the flight is over two hours late, the smart contract is triggered and the policyholder is paid automatically over the blockchain. Without the smart contract, the policyholder would have to file a claim and wait for the insurance company's claims department to process it, which could take anywhere from 1 to 2 weeks. With the smart contract, neither the insurance company nor the policyholder has to do anything. This also creates trust between the two parties because there are no grey areas - the customer can review the smart contract prior to purchasing the policy and feel comfortable that he will receive his claim in the event of a delay. Ethereum vs Ether As stated in the intro, Ethereum is a platform for building blockchain applications using smart contracts. What you may have just purchased on Coinbase is called Ether, which is the cryptocurrency that fuels the Ethereum network. Ether functions more like a digital commodity than a digital currency. Just like you need gasoline to fuel your car, you need Ether to run applications on the Ethereum blockchain. In the Grandmother example cited above, Grandma would have to purchase small amounts of Ether to fuel her smart contract that pays Little Billy his birthday money. The Ethereum blockchain functions in the same way as the Bitcoin blockchain: a network of computers run software that validates transactions through majority consensus. The people running these computers are called miners. Bitcoin miners are compensated for their resources by being paid in Bitcoin. Ethereum miners are compensated in Ether. On Little Billy's birthday, Grandma's ether transaction fee will go to whichever miner adds the block containing Grandma's transaction to the blockchain. That miner will also receive new Ether in the process. The same supply/demand economics that apply to commodities like oil and gas also apply to Ether. Oil is valuable because it powers many of the things we use in our everyday life - it heats our homes and fuels our engines. The more people and enterprises that rely on Ethereum based applications, the higher the demand will be for Ether which will increase its value. As with all cryptocurrencies, there's plenty of speculation baked into the price - speculation that the demand for Ether will increase in the future. Since Ether is valuable, exchangeable and transferable, certain merchants are also starting to accept it as a currency. dApps - Decentralized Apps Applications that run smart contracts on the Ethereum blockchain are called "dApps," or decentralized apps. Just as any app developer can build apps on top of Apple's IOS operating system, developers can build on top of Ethereum's blockchain infrastructure. To the end user of a dApp, it might not look and feel any different than the apps you use today. It's the underlying blockchain infrastructure that make them different. Since dApps function on top of the blockchain, they can be used to transfer value peer-to-peer. To return to our Grandmother example, there could be a dApp that Granny can download that lets her schedule Little Billy's birthday payments without having to code the smart contract herself. dApps are also completely open sourced so other people can access the code and build on top of them. Someone could take the code to the birthday payment dApp and add the ability for Grandma to add a note that says, "Happy Birthday Billy!" Running dApps on the blockchain also offers added security benefits. Since the transactions are distributed and encrypted across the Ethereum blockchain, there is no central place for a hacker to breach and gain access to all of the world's Grandmother to grandson birthday payment data. At this point, I'm really beating the GrandmotheLittle Billy example to death because I think it represents a simple illustration for the kinds of applications that can be built on the Ethereum blockchain. In reality, the dApps that are being built are much more complex. Here are a few examples:
Weifund - blockchain crowdfunding: Users can launch traditional crowdfunding campaigns, but through the use of smart contracts, backers can gain a financial stake in the project. If an indie film gets funded on Weifund, a backer who financed 10% of the project can collect 10% of the film's revenues. Payments will be issued in real time as the film generates revenue.
Ujo Music - Music licensing via the blockchain: An artist can create an original song and register it on Ujo's platform and set their own licensing terms. If a film producer wants to use that song in a movie, they can purchase the rights based on the terms set by the artist who will then get paid directly. This erases the need for industry middlemen like Warner Brothers who end up taking the lion's share of their artist's profits.
Virtue Poker - Online poker secured by the blockchain: At the height of it's popularity, online poker platforms like PokerStars were marred with issues that ranged from deck rigging to the abuse of player funds held by the company. Virtue Poker using Ethereum allows players to fund their bets directly, insuring that no central party can access and misappropriate player money. Their code is open sourced so that users can understand how hands are dealt, insuring that no one can rig the deck. Lastly, players are paid out their winnings in real time over the blockchain so no more waiting weeks for a check to come in the mail.
Ethereum Tokens So now that you understand that Ethereum is a network for building decentralized applications that require a cryptocurrency called Ether to run, I'm going to introduce a confusing concept. Many dApps built on Ethereum have their own cryptocurrencies or "tokens." In order to interact with the dApps, customers need to purchase the dApp's native token. Here's a helpful analogy I came across - when you go to a waterpark, you pay the admission fee and in return, you get a wristband. That wristband gives you the ability to ride the waterslides in the water park. With certain dApps, the token is the wristband, and a user must purchase it to interact with whatever the dApp offers. Let's take a dApp called Golem as an example. Golem lets people rent out their excess computing power to people who need it - kind of like a computer AirBnb. To cite this article from Laura Shin, if I'm a computer graphics artist that wants to render some kind of computationally intense animation, I can purchase Golem tokens that let me tap into the Golem network to generate my animation. I then pay the people who are renting me their computers with the Golem tokens. The Golem token is a form of smart contract and this transaction is recorded on the Ethereum blockchain. Since Golem tokens are also a cryptocurrency, they can be traded on the free market. If I'm a speculator who has no intention of using the Golem network to rent computing power, I can still buy the Golem token on an exchange in hopes that it appreciates in value. Like bitcoin, there is a fixed supply of Golem tokens so if the demand for the service increases, so will the value of the token. If I bought Golem at its original price of around 1 penny and held it to today, I would have made 35X my initial investment since Golem tokens currently trade around 35 cents a piece. ICOs ICO stands for, "Initial Coin Offering" which is a fundraising mechanism for cryptocurrencies which has exploded in popularity this year - the majority of them are held on the Ethereum network. Similar to a kickstarter campaign, they allow entrepreneurs to raise money for projects by giving investors an early opportunity to purchase the cryptocurrency before the final product has been built. If the project is successful, the value of the cryptocurrency will rise in value and early investors can sell it on the open market for a profit. ICOs have stirred up a lot of controversy because they represent a risky proposition with zero investor protection. Let's say I wanted to build a casino and to finance it, I gave investors the opportunity to buy chips that can be used at my roulette tables once the casino opened. If you bought $100K in roulette chips from me and I decide that I no longer want to build the casino, you're stuck holding worthless chips. If investors don't do their due diligence, they may end up buying tokens for a project whose creators never intended on building it in he first place - the creators walk away with the money and the investors have no way of recouping their funds. On the other hand, early investors in projects that go on to be successful have the opportunity to make enormous returns. For example, people who invested $1,000 in the Golem ICO would be sitting on $35,000 at it's current price of $0.35 - if it ever goes to $10, they're all millionaires. Another positive aspect of ICOs is that they let anyone, rich or poor get involved in early stage investing. To invest in a company like Twitter or Facebook pre-IPO (initial public offering), you need to be an accredited investor - this basically means you're already a rich person. With ICOs, all you need is an internet connection and a little bit of money and you have the potential to become wealthy by investing in the right projects. Far From Perfect Ethereum has the potential to change the way humans transact with one another but it is still a very young technology and it hasn't been without its problems. While the blockchain architecture underlying the Ethereum network is secure, not all of the applications built on top of it are. Faulty code can and has made applications vulnerable to hacking and malfunctions. Here are two prime examples: DAO Hack - DAO was a dApp built on Ethereum that enabled crowd based venture capital. DAO token holders were given the right to vote on projects they wanted to support - if projects went on to be successful, DAO token holders would receive financial rewards. The DAO ICO received $168 million in funding. The DAO software was hosted on the Ethereum blockchain and was publically visible by all. A hacker spotted a flaw in the DAO's code that enabled him to route $55M in ether held by the DAO into an account that he controlled. The Ethereum team had do do something called a hard fork (something I won't get into now) to reverse return the stolen funds. Parity Wallet Freeze - Parity is a wallet where people store Ether. A flaw in Parity's code let a user delete a specific line of code that was necessary for accessing funds in a Parity wallet. This led to $280 million dollars worth of ether being frozen - it hasn't been stolen but it can't be accessed either. Parity Technologies has proposed another hard fork to correct the issue - something that is sure to divide the Ethereum community and rattle user confidence. Despite the world changing implications that Ethereum dApps and smart contracts have, the trouble is that any programmer can write them - if they aren't written properly, they can behave in unintended ways and be exploited like in the above listed examples. Ethereum is still a very young network and security issues with dApps and smart contracts will have to be sorted out if its to reach its true aspirations. Leading The Decentralized Revolution “Ethereum aims to take the promise of decentralization, openness and security that is at the core of blockchain technology and brings it to almost anything that can be computed.” - Vitalik Buterin With dApps, smart contracts and blockchain technology, Ethereum is leading the decentralized revolution. Bitcoin is the world's first decentralized currency, that operates on a global network of computers outside of central intermediaries. Ethereum gives programmers a platform to develop a decentralized version of just about anything. Decentralized networks like Ethereum have the power to remove the intermediaries that currently exist between producer and consumer. Let's take a company like Uber. Uber is a platform that brings people who need rides together with people who have cars. To facilitate this interaction, Uber collects 20% of every ride. With Ethereum and blockchain technology, there is nothing to prevent a bunch of software developers from writing a dApp that creates a decentralized Uber. Instead of 20% per ride, transaction fees are paid to the network and the driver takes home the lions share of the transaction. Tokens can be issued that represent ownership in the network. Coders who work on improving the network can get paid for their efforts in ownership tokens. Non-technical people can come up with marketing campaigns that spread awareness for the network and also get compensated in ownership tokens. As the decentralized Uber network grows and improves, the value of its ownership token increases, rewarding the people that built it. The result is whats referred to as a "Decentralized Autonomous Organization" and theres a strong possibility that DAOs replace a lot of the world's biggest corporations. This may sound like a radical concept but blockchain technology enables these kinds of decentralized organizations to exist - Ethereum provides the tools for people to go out and build them.
It was on November 9 when a lucky player hit a record-breaking SEK 80 million on Yggdrasil Gaming’s progressive jackpot slot game Joker Millions. This is the equivalent of winning €7.8 million. The lucky Swedish player was playing the game on his mobile phone from the LeoVegas website. His initial stake was 5 SEK, the equivalent of 50 cents. That was when he hit the huge jackpot. Progressive jackpot games have a pot that gets larger over time and at that time it was at €7.8 million. This is the largest win ever on the Joker Millions game.
Mega Fortune Dreams – £4 Million
The next big winner on a jackpot slot game was a British player who was playing Mega Fortune Dreams by NetEnt. He ended up winning £4,082,246.09. The 49-year-old Brit was playing the game on Bingo.com. He had just wagered 80 pence and came out with millions in prize money.
Mega Fortune – $4 Million
A German man was paying on PokerStars Casino which is a casino ohne anmelden site in October when he suddenly hit the jackpot and surprised himself. The player had decided to relax and have some fun online and initially put down $2.50 on the Mega Fortune game. However, the reels just kept spinning and he kept winning. In the end, he walked away with $4 million. This is the biggest PokerStars casino win ever recorded.
Millionaire’s Island – $3 Million
Back in May 2018, another PokerStars player also won big. They were playing Millionaire’s Island, which was developed in-house by PokerStars. The game had a minimum of $1 million as its guaranteed jackpot. However, the player won $3 million and was thrilled with his winnings.
Hall of Gods – €2.75 Million
A Finnish player rounds out our top five list. The player was playing Hall of Gods on Paf in July. He had just wagered €2 and spun the reels on his mobile phone and ended up winning €2.75 million. Besides the payout from the game, NetEnt also gave out an additional €350,000 through the NetEnt Mega Million campaign
Funfair - double the gambling of regular cryptocurrency investing
Hello crypto gamblers of Reddit. Don't lie, we’re all gamblers, whether we’re gambling on short term sentiment, or long term technicals. End of the day, even if you buy a project’s tokens because you believe in it, if you buy it on an exchange like most of us do you aren’t supporting the devs, you are buying it because you're gambling it will be worth more in the future. You want money. Most people do and that's a pretty reasonable thing. So I think we can all understand and agree that gambling is a pretty massive entity, one that has been venturing into the online world for a bit of time now. This new world of online gambling is a market that is ripe for innovation in trustlessness, security, and fairness. So I’m going to pitch you the token that has one of the best teams, plan and path to adoption by the market it is targeting. Here’s where Funfair comes in. Funfair provides a platform that companies and individuals and DAO’s can all license, that utilizes the Fun Token underneath to carry out all gambling transactions. This allows for provably fair and fast games that require no trust in whatever online casino you’re using. You can see their fantastic suite of games that any casino that licenses from them will be able to use. Casinos will adopt because
They want customers to trust them
They get to license this for near free
They don’t have to pay server costs since it’s hosted on the blockchain
Easy creation, customization, and expansion due to using Funfair’s underlying software
Audits and legality aren’t a problem since they’re using Funfair’s licensed tech so way less headache
It uses peer to peer tech that can operate legally in places where centralised servers cannot
Customers will want because
They will see the branding, assuring them they will not be cheated
The money is always in their control
They can cash out instantly instead of two weeks
They can see the workings on the ethereum blockchain to know its fair, no house edge greater than supposed to be
The casino can’t withhold winnings
You should buy Funfair because The token will go up due to
Investors holding to speculate on it
High speed of turnover and constant use increases demand
Gamblers holding it between gambling at different casinos
Casinos buying more as they expand
Casinos locking down large amounts of Fun, in the millions and billions of tokens, in order to secure their positions against the players at their casino’s for payouts. Decreased supply in circulation, constant demand = higher price
You will eventually be able to (potentially)
Stake your tokens to casinos to use in return for a cut
Join small groups/ DAO’s to create a own casino by pooling together Fun.
Supporting reasons for Funfair to succeed The Team
CEO - Jez San (Starfox and PKR.com), knows his shit in both gaming and gambling, knows his target market and has said that they have a lot of interest from people in the industry.
Stefan Kovach - as a business strategy and marketing consultant, he previously headed up the marketing at both PokerStars and bwin.party.
Almost 30, soon to be around 50 brilliant people on their team, creating a smooth polished product.
The Company
A company which is way ahead of any of the competition, and which honestly doesn’t have any since pretty much all other gambling tokens are aimed at being casinos, not platforms, which limits their scope and profitability incredibly, unlike Funfair.
A great team that is heavily connected in the poker and gaming industries.
Won Malta iGaming ICO of the year in 2017 over multiple others
Constantly delivering on time.
Developers will be able to make money as individuals or employees by being able to build on top of the platform, customize the games and software for different casinos, and create new games.
Launching platform in early February at the ICE convention with over 8,500 casino operators in attendance, where they will lead a track based on blockchain and present/network with industry folks.
Online gambling is a fifty billion dollar industry now, around 60 in 2020.
If you can't see how undervalued this is, look at Satoshi Dice and all the other crypto gambling sites that have sprung up that have the equivalent of billion's of $ flowing through them. Just cornering the majority of the existing crypto casinos, allowing crypto millionaires to create their own casino, or anyone really, will create incredible demand for the token, driving down supply dramatically as people lock up tokens, and driving up the price.
In closing A lot of cryptocurrencies try to invent a market for the problem they are solving. That’s why a lot of startups have failed, and why a lot of cryptocurrencies will falter in the future. Funfair will succeed because it is the answer to a problem with a massive market to conquer. I'm calling $5 in April once they start onboarding casinos. Good luck and hope to see you guys aboard the Fun train before we leave the station.
Many of us enjoy playing poker with the friends, colleagues or just random people as it is quite a fun way to spend time. However, there are actually people that make their living out of poker. There are quite many sources that describe the earnings of the poker players and their net worth, but so far it seems that the top 5 richest poker players (whose income is mostly driven by the winnings) are:
5 – Joe Hachem ($11.8 million)
4 – Sam Trickett ($16.6 million)
3 – Erik Seidel ($17.2 million)
2 – Antonio Esfandiari ($22.9 million)
1 – Phil Ivey ($100 million)
Even though the biggest tournaments are happening offline, the largest volumes are dealt in various online poker rooms. It may be quite challenging to become a poker millionaire without winning one of the main poker events, yet there are many people that can afford luxurious life simply by playing a few dozens of hands each day. However, today we will not be looking at the poker players, but we are going to focus on the poker industry from the insider’s perspective and see how quickly it can be changed in the future. A quick overview Throughout the history, online poker industry has been dominated by the PokerStars brand, and the only company that was competing with it was FullTilt poker. However, in mid 2011 FullTilt went bankrupt and was acquired by PokerStars. Since then, its leadership has been disputed. Today, there are many online casino brands launching their own poker rooms, yet when combined they are taking a much smaller market share than PokerStars. However, there are quite some drastic changes coming up and it does seem that even PokerStars may not be ready. Europe represents the largest market for online poker and recently there were some regulations passed regarding online gambling. While those laws actually make internet gambling legal, they come with such harsh requirements that many companies have decided to simply skip these markets and focus on their operations in the other countries. Apart from that, the technology behind the online poker rooms has been lacking some development when it is compared against the other companies in the iGaming sector or other sectors of Information Technology. Today we are going to explain you how Cash Poker Pro can tackle all of these issues and become a successful competitor of PokerStars in the very near future. But before we begin, let us quickly tell you what Cash Poker Pro is all about. Cash Poker Pro in a nutshell Cash Poker Pro (or CPP for short) is an online poker room that is available through various instant messengers (such as Whatsapp, Telegram, WeChat etc) and also as a web app. It lets people play poker online using a decentralised technology. Yes, we are talking blockchain here. Considering the CPP’s technology, it can operate in any possible location as long as at least one of the supporter messenger apps is available there. Besides that, CPP deliver a great level of transparency and trust, as there is absolutely no way the company can manipulate the results of the game. Finally, CPP can provide great gaming experience at the fraction of the costs when compared to any other alternative on the market. Now let’s take a look at how exactly it will revolutionise the world of online poker. Available anywhere Cash Poker Pro is designed to be available at any possible device, at any possible location, and at any possible jurisdiction. These are the main reasons that landed Cash Poker Pro a title of the best October’s ICO at ForexNewsNow rating. There are a few challenges faced by the iOS and Android developers. First of all, it is pretty damn hard to design the apps that deliver identical experience. In most of the cases, one of the OS will receive an inferior version. Secondly, the hardware itself is quite an issue. This is why it is so common to see unsupported apps in the Play Market or App Store when using a dated device. Finally, it is still up to Google and Apple to allow the listing of your application, and in most of the cases, you will not be allowed to bring in a gambling app into the Store. Cash Poker Pro eliminates this barrier by letting the players participate in the game via the messaging apps. Such apps are available in every country, no matter whether online poker is allowed or prohibited there. Besides that, all of the smart-type of the devices support the messaging apps as those are the core component. Considering that CPP is decentralised, it can operate in all of the dark, grey and regulated areas likewise. Keen to invest? Not only CPP is great for the players, it is also amazing for the possible investors. Unlike all of the old fashioned companies, CPP gives you an opportunity to become a partial owner of the poker room by purchasing the tokens during Cash Poker Pro ICO. It is based on Ethereum and it has already been backed by 400,000 USD of investments during the pre-ICO stage. Its goal is to raise 30,000,000 USD by selling 60,000,000 tokens under the symbol CASH.
Claim a share of the $15 million prize pool at PokerStars
Traditionally, December is not the best month for those who enjoy playing poker, especially if they spend their time at live tables. On the other hand, online action never stops and there are plenty of reasons to get aboard the PokerStars ship this month, as great promotions have been announced. The icing on the cake is the December festival celebration, which is actually a $50 million giveaway for the loyal fans. This campaign has already started and everyone can participate, as long as they opted for the December Festival Challenges. There are plenty of such challenges to complete and for each achievement, players will receive a ticket that can be used in a special tournament. This is how it all begins, but as we progress with this campaign, the $1 Million in a Single Spin & Go promotion will get the attention of players. All those who are willing to invest five dollars in a sit'n go tournament, have a chance to win a massive $1 million prize. There are a total of 10 million sit and goes that qualify for this campaign and only three of them will trigger the payout, but even so the prospect of venturing a one digit amount for the sake of winning a seven digit price is alluring. This is not the only option for those who hope to become millionaires overnight, because the milestone hands also have a guaranteed prize pool of $1 million. Just as the name suggests, those who happen to be at the table when one of the milestone hands is dealt, will collect a paycheck that is bound to exceed $250,000. You don't even need to win the pot or be involved in a hand to be eligible for the prize, just to be in the right spot at the right time. On the other hand, competitive spirit is generously rewarded and the Knockout Your Opponents for a Share of $5 Million promise to make tournaments far more exciting. This promotion will conclude on December 14, so you have only 10 days to jump on the bandwagon and start playing for the big prize. Another campaign that concludes on this day is the $50 With Red Aces Zoom & BOOM, with thousands of players being expected to win $50 by simply getting involved in poker hands and reaching the flop. from via Casinoreviews
First post of an upper beginners' teaching series - bit below this sub-reddit, but useful to some perhaps?
This is the first post of a series of strategy posts by a blogger who writes for my website. The posts will all be free to access, I make no money out of the website either through affiliates or advertising. I really just want to find out whether this subreddit would be interested in the posts, in which case, I will post them weekly on here as links. So one of your mates has just walked in and told you he’s won £1500 in an online Poker tournament, and he’s taking the whole flat out for drinks. It’s the dream right? But wouldn’t it be so much better if YOU were the one winning that money, and hopefully using it slightly more wisely…a chunk out of your student debt perhaps? As a first year student at Strathclyde University, I only started paying serious attention to poker in September 2013. Although I had little previous experience, I set about reading as much as I could about the game. I started playing live poker regularly in casinos throughout Glasgow, and playing daily tournaments online, and have got to the stage now where I can just about make a consistent wage at poker. I’m not going to be a millionaire any time soon – but I can always use the extra beer money! My first big win came in January this year. I won an $8.80-entry, 6500-player online multi-table tournament (or ‘MTT’) for about $7500, and have now taken to Students of Poker with the goal of teaching you how you can do it too. This big win came just four months after I made my first PokerStars account. I’m not guaranteeing that you’ll be splurging your winnings on tequila in the Hard Rock Café after that length of time, but over the next ten weeks we’ll be taking a look through all the basic considerations of the game that you will need to consider, if you’re looking to become a profitable player. Obviously there are many ways to approach the game, and as such strategies can vary wildly from one player to the next. It helps lend credence to the expression that you’ll find on the SoP banner: “Texas Hold’Em, the game that takes a minute to learn, and a lifetime to master.” However, there is one style of play that is widely accepted as one of the easiest to learn, whilst managing to be consistently effective at the vast majority of micro- and low-stakes poker. This style is known as ‘tight-aggressive’ or often ‘TAG’. This means that you play tight – participating in a minority of hands – but aggressively – meaning that when you do participate you aren’t afraid of betting big and betting repeatedly. As the weeks progress we will develop the thinking behind this strategy. You will come to learn not only how to play the game to a sufficient standard, but come to understand what helps make the tight-aggressive strategy so effective, and how best to follow a relatively simple set of rules in order to take the optimal approach to the majority of your hands and tournaments more generally. It is worth mentioning at this stage that I personally am almost exclusively a tournament player. For those of you who maybe don’t understand the difference, a tournament is where each entrant pays a set fee, and is then provided with a set number of ‘chips’. These chips become the only currency at the table, and your sole objective is collect all of the chips. If you have no chips left, you are out of the tournament, and the last man standing wins. This is very different from ‘cash games’, where players sit down and play for real money every hand. You can add money to your stack at any point, and players can take all of your money from you multiple times. Tournaments tend to have a set number of buy-in opportunities, so your losses are capped to your total entry fees. These two games are far more different than you might initially expect, and as such require vastly different strategies. This series will therefore focus on the strategy behind tournament play only. Below is a list of the topics of discussion that we will consider over the next ten weeks. They are ordered in such a way that you should be able to develop your poker play week on week. As we progress you are encouraged to ask questions and make contributions to each post – by far the fastest way to improve is to challenge other players and their practices. I look forward to teaching you, arguing with you, and hopefully making you in to a successful player. See you at the tables! Play Like Goose Schedule Week 1 – The Psychology of Poker Week 2 – Starting Hands Week 3 – The Importance of Position Week 4 – Betting: Part 1 – When and How Week 5 – Betting: Part 2 – Sizing and the Maths Week 6 – Bluffing Week 7 – Stack Size Week 8 – Live versus Online Week 9 – Bankroll Management Week 10 – Putting it all Together
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