This happened shortly after regging today, early in the tournament. Normally, high Badugis are very vulnerable with their bad reverse implied odds, but my opponent's behavior in early hands suggested that he was very loose aggressive, so I decided to put him all-in after he was drawing two.
As it turned out, he didn't improve at all, not even to a 3-card hand, which means that my decision was correct - you are in very good shape with a pat Badugi there. If he goes on to hit like that, though...
Spoiler
PokerStars, $3.92 + $0.48 - Badugi Pot Limit - 25/50 - 7 players
Hand delivered by CardsChat
UTG: 3,600 (72 bb)
MP: 5,430 (109 bb)
MP+1: 3,080 (62 bb)
CO (Hero): 2,960 (59 bb)
BU: 7,215 (144 bb)
SB: 11,800 (236 bb)
BB: 2,265 (45 bb)
Deal: (75) Hero is CO with 4♣ Q♥ J♦ T♠
UTG raises to 100, 2 players fold, Hero 3-bets to 300, 3 players fold, UTG calls 200
Draw One: (675) 4♣ Q♥ J♦ T♠ (2 players)
UTG draws 2, CO (Hero) stands pat
UTG checks, Hero bets 450, UTG raises to 2,025, Hero raises to 2,660 (all-in), UTG calls 635
Draw Two: (5,995) 4♣ Q♥ J♦ T♠ (2 players, 1 all-in)
UTG draws 2, CO (Hero) stands pat
Draw Three: (5,995) (2 players, 1 all-in)
UTG draws 1, CO (Hero) stands pat
Total pot: 5,995
Showdown:
CO (Hero) shows 4♣ Q♥ J♦ T♠ (a Badugi: Q,J,T,4)
UTG shows A♥ 2♠ 5♣ 4♦ (a Badugi: 5,4,2,A)
UTG wins 5,995
Despite that, he only lasted a couple of hands more. I managed to get a bit closer to breaking even after rebuying by securing a 2nd tier cash with three minimal bounties, which I suppose is a decent result after such a start.
OFC/P continued to go poorly enough to make me consider dropping it, but I made an observation: I seem to do a lot better in heads-up situations there compared to full 3-player tables. I'm not quite sure why that might be... I already explained the "all or nothing" character that many hands in this game have, and their possible snowball effect, for better or for worse, thanks to the "Fantasyland" bonus. Both of this is significantly amplified with an extra player, so maybe it's just a case of variance increasing and me being unfortunate enough to be on the losing side of it so far.
Whatever it is, I figured that it might be a good idea to mostly stick to heads-up games. Whether I'm truly doing better at them or not, at least it is much easier to stay in control in them compared to 3-player games.
Thing is, on that Tether site where I'm now usually playing, there are no dedicated heads-up tables for OFC/P, and tables tend to fill up relatively quickly once one of them is going, at least at those limits. I could leave as soon as a third player joins, but I don't know... it seems a little rude. Besides, I wouldn't be able to play all that much, since the tables usually fill up so quickly, as I explained.
That bitcoin site does offer some heads-up tables, though - but not at the lowest limit. This means that I would have to join the next highest one, where each point corresponds to 1 µBTC, which means that I could potentially win or lose 100 µBTC in one round. With my current bankroll of around 560 µBTC... it's quite risky. Still, I feel somewhat confident playing heads-up, so I thought I could try it, and maybe pull the rip cord after losing 200 µBTC, which would still leave me with a suitable bankroll for the smallest limit.
I managed to get two games going, and they both turned out the same way: Great winnings in the beginning, then similar losses later on, but with me still finishing with a slight profit both times. I total, I gained about 20 µBTC, already providing a tiny cushion. By quitting earlier, I could have had some very nice winnings, but that's not how poker works - we're not playing roulette where we can be lucky to win every once in a while and should quite while we are ahead, we are grinding and should only quit when we feel like we can't perform well enough to have a positive expectation anymore.
I think I will continue with that focus on heads-up games, despite the high risk of ruin on the bitcoin site.