139 – Paul Otto – From Poker to Crypto

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Summary:

Paul Otto built one of the most respected coaching teams in the game and has now moved on to using the skills he learned in poker to take on the cryptocurrency world. 

He currently runs F5 Crypto Capital and is paving the way for regulated cryptocurrency funds in Germany. 

In this episode, Elliot and Paul discuss what it takes to make it in today’s games, why Paul is still optimistic about the game’s future, and why poker players have a significant edge in the cryptocurrency world.

Time Stamped Show Notes:

[00:01:01] Welcome to this episode with guest Paul Otto

• 1:52 How Paul got started in poker. 
• 2:47 Going from “sh!tposting” on 2p2 to building a world-class coaching team. 

[00:05:35] What attributes do those who make it to the top share? 

• 6:40 The mindset that separates great players from good players. 
• 7:55 The “annoying” topics you must consistently review to maintain success. 
• 10:35 The mental traits that are most important in poker. 
• 11:04 Is a strong mental game natural or a skill that can be learned?

[00:11:58] Paul’s shift from poker to the business world

• 12:17 How poker skills translate into running a successful company. 
• 13:38 What Paul wished he would have known before making the transition out of poker.

[00:16:18] Paul’s views on the current poker environment and where he sees it going in the future. 

• 16:58 Why Paul was wrong about the games dying five years ago.
• 19:15 How fast can you advance in the game with the right coaching?
• 23:07 What does someone need to break through to high-stakes? 

[00:25:45] The similarities between poker and the crypto markets. 

• 27:38 The advantage that poker players have in the crypto market. 

[00:28:45] What’s next for Paul?

[00:30:41] Wrap-up—thanks for checking out this episode!

3 Key Points

1. Think of mental strength like physical strength: Just like with physical fitness, your mental game is something you must constantly work on. It’s not something you learn once, and you’re done. It’s a standard of excellence that must be maintained over time. Nobody works out hard at the gym for a month and thinks they are now set for life, don’t treat your mental game this way either!
2. There is still plenty of money to be made in poker… if you take the right approach: People have been proclaiming the games to be dead for over 20 years now. Coaches who review tons of hands still see plenty of room to be a profitable player today and beyond. Those who put in the work and approach the game in the right way will quickly pass by those who spend all of their time worrying that the sky is falling.
3. The best players in the game view poker money as points: If you treat your poker money like real-world money, you’ll quickly run into mental game issues. Money that is at the table and money in your bankroll are like points in a video game. Your job is to learn to deploy those points optimally, no matter the real-world value of the currency. (This is obviously assuming  you follow responsible bankroll management practices.)

Contact/Resources

Follow Paul On Twitter

F5Crypto Website

Paul’s Article “Is Bitcoin a pyramid scheme?”

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