Saying that playing Magic is a waste of money is like saying playing video games is a waste of money. Its a hobby, just like so many other hobbies out there, which costs money to continue on with. Also, if you'd read through a bit better, you'd notice that the guy never says he's going to live off of winning all the time. He wants to go pro and win because its a pretty nice deal to win $70,000 for playing a bunch of games.
The article does portray the Magic scene in a lot of areas, the small hobby shops and such where people start out at. But the author seems to have a certain malice towards people that play, labeling them all as terribly ugly/smelly/nerdy/geeky people, and says 'geek' like its a bad thing. There are a lot of different people from play, and if you play, you aren't too surprised to see a group of people wearing casual suits and spiffy haircuts show up to an event like the recent pre-release. And sure, there are a lot of bad-mouthed little kids out there who play, but they can usually be kept in check by a group of calmer, more mature gamers in the area. Some of the terminology is a bit off, or completely made up, as nobody I've ever talked with who plays has ever used the phrase "condom your cards". And although the 'color coding' at the end gives a nice little generalized idea of the color breakdown, its not accurrate enough to read through for anyone who is looking to play the game.
I might comment on this more later, I'm at school now and its ending, so I'm off.