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I don't want to be accused of trolling Druffs thread so I'll post my own.
When buying a piece of someone, why is it they expect markup? I would expect to receive even terms for my money or perhaps extra value. The person wants to play yet doesn't have the full funds. They should give up value in order to get in the game. The idea of getting 30% markup is preposterous. Sucker born everyday I guess.
The terms are merely governed by basic contract principles: what a willing buyer and a willing seller agree to. One man's value is a ripoff to another person. Look at the price of Air Jordans.Quote:
Originally Posted by Deal
While it is Druff's prerogative to sell pieces of himself, I have lived by a set of rules that have served me well over the course of my amateur poker carrer:
Rule No. 1: Never stake another poker player. Rule 2: Never ask another player for money. Rule 3: Don't play in tournaments or at stakes that jeopardize your bankroll. In my 20 years of experience, most of the players who violate these principles eventually end up on the rail.
I actually have an opinion that the markup players charge isn't enough.. I mean when selling to people that don't have a chance or bankroll to play an event, I'm pretty sure fanboys and casual fans would pay a much greater markup just for the sweat. The hardest thing is to find a decent platform to find the willing fans and a safe 3rd party type site to handle of the trading.
When selling pieces to other grinders I totally understand the idea of high markup being crazy.
I agree 30% markup is too high.
I try to keep my markup in the 20% range, which I think is fair, given that I am putting out the effort, time, and associated expenses to play. This is especially true because I am playing regardless of what I do or don't sell, so it's more of a combination of variance control and giving a sweat to PFA forum members.
I stated several times that I am not promoting this as a great money making opportunity, but rather just a fun diversion to where you can have a piece of a WSOP player who takes every event seriously, reports diligently on Twitter during the event, and is 100% certain to pay you in a timely fashion.
Oddly enough, I accidentally under-marked-up (10%) and oversold the $5k limit (55%), resulting in having to give away the majority of my winnings in that 5th place finish. But that's okay. I offered, people accepted, and they profited. Was glad to see people win after two lousy WSOPs.
The markups are preposterous. The whole concept of markups baffles me. It is a fanboy thing.
I thought the "Bank of Timex" concept Mike Timex McDonald developed was absolutely brilliant.
We are in a markup bubble.
Steve-O covered it pretty well.
http://www.onlinepokerreport.com/700...s-than-a-week/
Timex was offering shares of players who were not selling action but who would command retarded markup during this markup "bubble".
He was also selling shares of players at a lower price than the player himself was offering. Essentially "short selling" the player and banking the markup on the presumption the player's ROI didn't justify that price.
If the player binked the tournament Timex felt he was rolled to payout.
Edit:
Found this. Timex on Thinking Poker Podcast explaining the "Bank of Timex".
It's all about the maths so there aren't too many laughs.
Skip to 32:50 and put on your tournament ROI hat.
http://www.thinkingpoker.net/Podcast/Ep68.mp3
[QUOTE=Jayjami;236980]:solidgoldQuote:
Originally Posted by Deal
Although I disagree with the stakes point - because where would we get lulz if everyone was riskaverse?
For me, being employed & too busy to go out to Vegas this year. A 20% mark-up to buy some of Druffs action (someone I have never physically met) & feel really good that my 460$ won't get stolen AND that I will get paid when Druff ships the 10k limit hold em is worth every penny. As someone who is not tuned into the poker world enough to trustingly get action anywhere else I am really grateful that Druff is offering us the opportunity. Plus the fact that he is a better player then I am is a nice bonus, of course theres an okay chance Ill lose my investment but I cant wait to read the updates and sweat him while I roll around fixing air conditioners. GO GO GO!