Definition of nosebleed
nosebleed means, "nosebleed". What nosebleed means is a limit to poker play. You have micro-limits, small limits, medium limits, high limits and higher than high limits, you have "nosebleed". Games of nosebleed are often played with blinds's that are the size of a high limit player's entire stack. There was a time in the Full Tilt Poker's game room when there were tables that had blinds's at $500/$1000. These tables no longer exist because the caliber of players has increased too much. The variance at these limits just gives you "nosebleeds" when it shows up.
The nosebleed, a show more than a school
The nosebleed-player online poker games attracted crowds. Many players came to watch the nosebleed-player games. Most of the time, these were one-on-one games. Each player had "reads" (readings, information) that were very specific about their opponent. Each game was dictated by these reads. Many saw these games as a school to learn how to play better. If you replicate the style of a nosebleed-player at your small, friendly poker games, you might be surprised. At the micro-limits, good old ABC poker remains the key.