Read on Twitter
Poker Players like @Fiskantes have an advantage in Crypto
Because they are mentally prepared for volatility.
They understand Expected Value.
They understand how to deal with "Bad Beats".
My basic explanation (Thread): https://twitter.com/safetyth1rd/status/1299936388465319937
Because they are mentally prepared for volatility.
They understand Expected Value.
They understand how to deal with "Bad Beats".
My basic explanation (Thread): https://twitter.com/safetyth1rd/status/1299936388465319937
1/ In regular life, we are used to cause->effect
Do things well, get good results
Do things poorly, get bad results
But in situations you don't completely control
Such as a poker game, or crypto market
This type of thinking can destroy you.
Do things well, get good results
Do things poorly, get bad results
But in situations you don't completely control
Such as a poker game, or crypto market
This type of thinking can destroy you.
2/ Successful Poker Players are used to this.
In Poker, you can't control the results
You can only do the best you can
Given the information you have
In Poker, you can't control the results
You can only do the best you can
Given the information you have
3/ Sometimes you will do things right and win
Sometimes you do things right and still lose!
This is called a "Bad Beat".
If you don't recognize it, it can wreck you.
You will feel terrible, question yourself
And make worse decisions.
Sometimes you do things right and still lose!
This is called a "Bad Beat".
If you don't recognize it, it can wreck you.
You will feel terrible, question yourself
And make worse decisions.
4/ The way to get around this is to recognize
Not everything is in your control.
Understanding Expected Value also helps.
Not everything is in your control.
Understanding Expected Value also helps.
5/ Expected Value is the expected result over time
Of a financial decision with a random component.
When you don't control all the results
You can't expect every good decision to win.
The EV framework helps you understand this.
https://www.cardschat.com/poker-odds-expected-value.php
Of a financial decision with a random component.
When you don't control all the results
You can't expect every good decision to win.
The EV framework helps you understand this.
https://www.cardschat.com/poker-odds-expected-value.php
6/ In crypto/defi we have much more information
Than in Poker.
Nevertheless, we still don't have full control over results.
Do your best, learn about EV, know how to manage risk
And you will be able to deal better with "Bad Beats".
Than in Poker.
Nevertheless, we still don't have full control over results.
Do your best, learn about EV, know how to manage risk
And you will be able to deal better with "Bad Beats".
7/ and btw, a "bad beat" in DeFi right now
might not even be doing poorly
But just doing worse than someone else.
Or missing out on a huge pump.
might not even be doing poorly
But just doing worse than someone else.
Or missing out on a huge pump.
