Borrowing/Lending/Owing Money In the Poker World

[cambridgealex]

It's a good article but I don't think it's anything ground breaking. It's just common sense.

I do think the line is good about everyone over estimating everybody elses' net.

Personally, I don't like lending money at all to people. There's a few people who I wouldn't think twice about lending 5k to if they were having liquidity issues. And some who I wouldn't really wanna lend a tenner to.

Like Dave said, there's people like my housemates - we're constantly owing each other money, and it's not really important when it get's paid, we never feel the need to call it in, but if ever we needed to call it in, I know 100% I'd be able to get it almost instantly in one form or another. This is usually £300 here, £50 there, maybe up to like £1k. With my backers, they often owe me maybe 1k, 2k, 3k at a time for buyins, but the operation is run extremely smoothly, I never feel I have to ask for that back. Also, if I do a bink, they know that they're getting the £, and don't care or nag if I don't get round to shipping the £ for a week or two.

I think I have a pretty good feel for who to trust and who not to. But then again, I've not been stung yet.

I almost got bitten about 8 months ago, but my instincts were telling me that this person wasn't to be trusted. We'd been hanging together for months, spend loads of time together but a few things about his past lead me to believe that it was a bad idea to lend him money. He made me feel really bad and it played on my concious a lot with comments like "I just need some money for food", really hard to say no, especially when I was doing well for myself and young and inexperienced.

A few weeks later, he'd done a runner, deleted everyone from facebook/phone, and is nowhere to be seen now. He's left behind a lot of debt and a lot of people very pissed off. Really glad I trusted my instincts and said no in the end.

[cambridgealex]

I think the tough spots arise are when a fish has gone broke in a game (I don't mean broke broke, I mean they've done their money for the night) and they ask for (or even if they don't even ask) a loan to carry on.

When they're really bad it's hard to say no, since they're almost certainly gonna lose that money. But of course you don't trust them to pay it back 100%.

[MANTIS01]

In the article Galfond talks about being comfortable lending money to people he trusts 100% and many young guys itt have talked about people they trust 100% as well. I wonder what % Haralabos trusted his pal Lindgren to lend him millions? Prob 100%. So I agree all this beware of the charming bogeyman stranger is a bit basic as advice goes. The problem is more complex because it is almost certainly going to be someone you trust 100% who skanks you for the big bucks.

[SuuPRlim]

In the article Galfond talks about being comfortable lending money to people he trusts 100% and many young guys itt have talked about people they trust 100% as well. I wonder what % Haralabos trusted his pal Lindgren to lend him millions? Prob 100%. So I agree all this beware of the charming bogeyman stranger is a bit basic as advice goes. The problem is more complex because it is almost certainly going to be someone you trust 100% who skanks you for the big bucks.

Haralabous didnt lend EL money it was almost exclusively gambling debts afaik

I'd rather trust a few people 100% and get stung than trust no1 100% ever.

[Royal Flush]

I'd rather trust a few people 100% and get stung than trust no1 100% ever.

+1

[George2Loose]

I'd rather trust a few people 100% and get stung than trust no1 100% ever.

+1

[cambridgealex]

Yup

[Ant040689]

I think it is an issue too of only lending what you can afford to lose and as said before to people you 'trust'. Galfond mentions we can't for sure know the financial situations of anyone without hard evidence, so if there are any problems with a lending at least you have found out on the cheap that they are no longer worthy of your acquaintance.

[claypole]

I'd rather trust a few people 100% and get stung than trust no1 100% ever.

+1

Dave wins thread