8:00 ish what are they looking at and talking about. why would ace hands be more common im confused. someone wanna help with an explanation about what is going on here?
He is talking about hand strength. The rarer the hand, the higher it ranks. The least rare hand strength is “ace high” because all you need is to have one Ace, as opposed to a “flush” or “straight” for example which requires either 5 of one suit, or 5 numbers in a row (56789)- the latter of which, you will inherent with much less frequency than the former
21:10 is he going to substantiate the claim that credit creation (chips from gambling) led to PRODUCTIVE economic activity? It sounds like it could theoretically make someone work more, if they didn't have the regular cash/coins to pay you, and wanted to keep their reputation good…
20:35 "susus, tonquins, wichingis" --- anybody have a reference, or proper spelling, on these prehistorical credit facilities? I found a wikipedia page about Susu (informal loan club) ... that's it.
By "Poker Economics" I thought it would be a lecture about bet sizes, anti-SB-BB relative values in specific hand situations, etc, etc, etc... But, no, it was just about history and social aspects of poker.
That region had fewer laws and regulations and there was truly “freedom” for business people and no taxes - a haven for capitalism and business development.
3:00 ish the way you become rich is by theft. there is no other way. you need, especially at the time spoke about here, labor and lots of it. labor might have been expensive but it is always profited upon or it doesnt exist. not under these systems. the glossing over these obvious facts (obvious to everyone who has thought about it) is very problematic.
@@CobraQuotes1 yeah you're right some can be good at sports or win a state lotto, so I admit, its only a true statement for 99% of the time (although for the ruling class, entrenched, generational, power its true in absolutely every case)
There is no labor to be performed unless someone (a business owner) takes risks with his own hard earned money. The profit on labor is the reward for risking your past labor on a future endeavor. Profit on labor isn't theft, it's rent for providing all the things one needs to perform their labor. And the latticework of different ventures trying different methods and succeeding or failing keeps the economy and civilization healthy. When a business is losing money, laborers are still getting paid, right? If Uber loses money for 10 years straight, all the Uber drivers still got paid for their work and won't be expected to pay back their wages even if Uber ends up going out of business and owing money to its creditors. I think we could argue that real property (land) at its origin was theft. But not labor.
Because professors are still people, and when they write and lecture for dozens of hours every week, eventually they make mistakes like any person would in any kind of job or position.
This is an IAP (Independent Activities Period) course. Independent Activities Period (IAP) is a four-week period in January during which faculty and students are freed from the rigors of regularly scheduled classes for flexible teaching and learning and for independent study and research. Basically, classes for fun. 😃
Very interesting. Much appreciated. Thank you MIT.
Great lecture!
8:00 ish what are they looking at and talking about. why would ace hands be more common im confused. someone wanna help with an explanation about what is going on here?
He is talking about hand strength. The rarer the hand, the higher it ranks. The least rare hand strength is “ace high” because all you need is to have one Ace, as opposed to a “flush” or “straight” for example which requires either 5 of one suit, or 5 numbers in a row (56789)- the latter of which, you will inherent with much less frequency than the former
21:10 is he going to substantiate the claim that credit creation (chips from gambling) led to PRODUCTIVE economic activity?
It sounds like it could theoretically make someone work more, if they didn't have the regular cash/coins to pay you, and wanted to keep their reputation good…
20:35 "susus, tonquins, wichingis" --- anybody have a reference, or proper spelling, on these prehistorical credit facilities?
I found a wikipedia page about Susu (informal loan club) ... that's it.
oops, that's tonTINES, and a wikipedia page under that spelling. but "uiqingi"? "wichingi"? ....
Good story good lessons 👌
Fascinating video…awesome
Awesome lecture, thank you
Thanks, MIT! Great stuff
Anyone watching these to get better at poker can skip this one
Fish
@@RaisedByTheMostHigh I love fish 🐟🐟🐕🐾🐾🐾
@@fozzz-vb5oj don't all sharks 🦈🦈🦈
Where is the missing part ?
What you mean? What missing part?
34:52 He said "malaise" like "muh-lies", lol... but then he said it properly less than a minute later! :-O
Huge if true
Awesome stuff. Keen for some quantitative analysis!
I came here thinking it would be a quantitative lecture. Very disappointed. The title "Poker History" would be more accurate.
what kind of quantitative lecture? One on economics?
By "Poker Economics" I thought it would be a lecture about bet sizes, anti-SB-BB relative values in specific hand situations, etc, etc, etc...
But, no, it was just about history and social aspects of poker.
That region had fewer laws and regulations and there was truly “freedom” for business people and no taxes - a haven for capitalism and business development.
I wouldn't want 2 play poker with this guy lol 😆
Good
there were MORMONS in the NW in the late 1800s
Baccarat is pretty damn close to random.
Ed Thorp beat baccarat as well!
👏👏👏
3:00 ish the way you become rich is by theft. there is no other way. you need, especially at the time spoke about here, labor and lots of it. labor might have been expensive but it is always profited upon or it doesnt exist. not under these systems. the glossing over these obvious facts (obvious to everyone who has thought about it) is very problematic.
Bullshit
@@CobraQuotes1 yeah you're right some can be good at sports or win a state lotto, so I admit, its only a true statement for 99% of the time (although for the ruling class, entrenched, generational, power its true in absolutely every case)
There is no labor to be performed unless someone (a business owner) takes risks with his own hard earned money.
The profit on labor is the reward for risking your past labor on a future endeavor. Profit on labor isn't theft, it's rent for providing all the things one needs to perform their labor. And the latticework of different ventures trying different methods and succeeding or failing keeps the economy and civilization healthy. When a business is losing money, laborers are still getting paid, right? If Uber loses money for 10 years straight, all the Uber drivers still got paid for their work and won't be expected to pay back their wages even if Uber ends up going out of business and owing money to its creditors.
I think we could argue that real property (land) at its origin was theft. But not labor.
Cowboy College?
woow
did this guy really just stand there and talked for an hour of nothing? ...
He’s talking about poker
why did a MIT professor pronounce "sparsely" wrong?
Because professors are still people, and when they write and lecture for dozens of hours every week, eventually they make mistakes like any person would in any kind of job or position.
G- is he allowed to say that Ladies and Gentlemen...
unsubstantiated claims and hand-wavy arguments. is this really an MIT lecture?
This is an IAP (Independent Activities Period) course. Independent Activities Period (IAP) is a four-week period in January during which faculty and students are freed from the rigors of regularly scheduled classes for flexible teaching and learning and for independent study and research. Basically, classes for fun. 😃
@ Ok, well it was indeed fun! Thanks for the info! :)