"Bad is relative, obviously, since you have to be in the top 5-10% to be making money (once you start playing rake)"

that is superficially the same sentence, but you've removed the key part. while "you only have to be worse than the best 5-10% to not be making money" is logically (in the truth table sense) the same as "you have to be in the top 5-10% to be making money", the implication of the former sentence is that it's surprisingly easy to fall out of the zone in which you are making money, whereas the implications of yours are that it's hard to enter that zone.