Beerball Posted September 21, 2011 Share Posted September 21, 2011 link Link to comment Share on other sites More sharing options...
Fezmid Posted September 21, 2011 Share Posted September 21, 2011 "In the motion to amend the complaint, the government alleges Full Tilt executives misrepresented to the website's players that the money the company was supposed to be holding in player accounts was safely held when it was actually being used for other purposes, including payments to owners." So does that mean a bank is the biggest ponzi scheme in the world? They don't put my money into a vault and place my name on the door. They invest it themselves. Seems hypocritical. As long as people who are withdrawing their money can get their money, what's the problem? Government just wants to kill online poker because they can't tax it. Link to comment Share on other sites More sharing options...
BUFFALOTONE Posted September 21, 2011 Share Posted September 21, 2011 The problem is they did not have the proper amount of funds to give people who requested a pay out. That in itself is a red flag. That is why Phil Ivey dropped any association with Full Tilt. They would not give people their money because they did not have it, hence a ponzi scheme so to speak. Link to comment Share on other sites More sharing options...
Fezmid Posted September 21, 2011 Share Posted September 21, 2011 The problem is they did not have the proper amount of funds to give people who requested a pay out. That in itself is a red flag. That is why Phil Ivey dropped any association with Full Tilt. They would not give people their money because they did not have it, hence a ponzi scheme so to speak. But was anyone actually denied their money when requested...? If I go to the bank and say, "Give me $50,000 from my account," they will tell me no and that I have to come back at a later time. Doesn't seem that much different to me. I understand the concern, but this just sounds like the government bullying around poker sites yet again. Link to comment Share on other sites More sharing options...
apuszczalowski Posted September 21, 2011 Share Posted September 21, 2011 (edited) banks still have to keep a certain amount of money around for withdrawls, not every single dime can be invested. What they are saying is that these online poker companies weren't keeping the amount of money required on hand for withdrawls which is a red flag for possible Ponzi scheme. The money was being used to pay the top guys and original investors into the company big bucks. But of course, be government is evil and anything & everything they do is to keep us down and take all of our money! You can come into a bank and request $50,000 be removed from your account, and they will tell you that you have to come back in a few days because they don't keep that amount of cash sitting around in the bank (you can thank the wonderful people who decide they want to rob banks for that), but you get your money within a few days Edited September 21, 2011 by apuszczalowski Link to comment Share on other sites More sharing options...
plenzmd1 Posted September 21, 2011 Share Posted September 21, 2011 (edited) banks still have to keep a certain amount of money around for withdrawls, not every single dime can be invested. What they are saying is that these online poker companies weren't keeping the amount of money required on hand for withdrawls which is a red flag for possible Ponzi scheme. The money was being used to pay the top guys and original investors into the company big bucks. But of course, be government is evil and anything & everything they do is to keep us down and take all of our money! You can come into a bank and request $50,000 be removed from your account, and they will tell you that you have to come back in a few days because they don't keep that amount of cash sitting around in the bank (you can thank the wonderful people who decide they want to rob banks for that), but you get your money within a few days I dunno, all I can tell you is I starting playing at Party Poker the day after the Travel Channel first aired a poker trny..and I never had an issue getting paid until the US govt decided they were not getting a piece of the action and closed down or threatened to arrest the owners of Party Poker and Neteller. So then I go to Full Tilt Poker..again never an issue getting paid for three years..until the gov steps in and closes them down.Schocking, they were not getting a piece of that action either. Now, I can't get my money back. Today, i still continue to bet the ponies at tracks nationwide,in the UK, Australia, and Chile at twinspires.com...and can fund that account at any time with any credit card of my choosing,with no limits..schocking how that can occur..oh wait, the states and feds are getting a piece of that action...betting horseracing on the internet good..betting poker on the internet bad and immoral!!! Its all a crock of chit, and anybody who tries to make the argument the Justice Department is out to protect us is just burying their head in the sand..if they want to protect people agaisnt the evils of gambling they should immediately shut down and arrest every lottery official in this country...friggen lotteries send way more people to the poor house and crime than internet poker ever did or would have.. Edited September 21, 2011 by plenzmd1 Link to comment Share on other sites More sharing options...
Booster4324 Posted September 21, 2011 Share Posted September 21, 2011 (edited) The big issue here is how much money as a percentage was paid out to a select few. In comparison banks, invest the majority of the money. Edited September 21, 2011 by Booster4324 Link to comment Share on other sites More sharing options...
plenzmd1 Posted September 21, 2011 Share Posted September 21, 2011 The big issue here is how much money as a percentage was paid out to a select few. In comparison banks, invest the majority of the money. The big issue here is what i stated above...have you seen one person on the internet, on TV, etc claim that Full Tilt ever stiffed them on a payment before the Feds stepped in? No..no one ever claimed that. Was there whining about the games being rigged etc..yes, but that is a different issue. Everytime someone took a bad beat online..they claim it was rigged. Truth is, bad beats happen in B&M casinos as well, as every poker player always to tell you about his worst LOL. Ultimate and Absolute were caught cheating..or the very least not having proper controls in place to prevent cheating. Would I love the feds to step in and regulate the sites? Absolutely. Would i be willing to pay a 1-2% fee of all pots to ensure that..absolutely. Link to comment Share on other sites More sharing options...
BUFFALOTONE Posted September 22, 2011 Share Posted September 22, 2011 But was anyone actually denied their money when requested...? If I go to the bank and say, "Give me $50,000 from my account," they will tell me no and that I have to come back at a later time. Doesn't seem that much different to me. I understand the concern, but this just sounds like the government bullying around poker sites yet again. It wasn't a denial but they did not execute payouts for a lot of people. Link to comment Share on other sites More sharing options...
Fezmid Posted September 22, 2011 Share Posted September 22, 2011 It wasn't a denial but they did not execute payouts for a lot of people. Do you have any articles discussing this? I never heard of any issues, but I don't follow it that closely. Link to comment Share on other sites More sharing options...
Booster4324 Posted September 22, 2011 Share Posted September 22, 2011 Do you have any articles discussing this? I never heard of any issues, but I don't follow it that closely. Link Full Tilt has made yet another statement directed at US players once again concerning problems with cash outs, and while it’s something, it’s not much because it still doesn’t garner players their funds. While PokerStars has been cashing out player accounts and refunding former players located in the US, Full Tilt Poker has not been able to do the same. Furthermore, the post assured players that the Full Tilt Poker company is not bankrupt. In fact, it said that “FTP’s worldwide business is healthy and, although we’ve had some short-term challenges, it is operating as normal.” And who can blame them for these “short-term challenges,” which are only a direct result from the Black Friday ordeal. Also, the rep explains that they are trying to raise capital in order to facilitate US players’ pay outs. At least they are being honest. Bolded - Link to comment Share on other sites More sharing options...
Fezmid Posted September 22, 2011 Share Posted September 22, 2011 Link Bolded - Do you have any links from BEFORE the government started screwing with their payment systems? Link to comment Share on other sites More sharing options...
Booster4324 Posted September 22, 2011 Share Posted September 22, 2011 Do you have any links from BEFORE the government started screwing with their payment systems? I was under the impression that they didn't mess with their funds till August, but I may have misread that. If the government took the funds in April, then yeah, I see your point. My bad for skimming the article. Link to comment Share on other sites More sharing options...
SDS Posted September 22, 2011 Share Posted September 22, 2011 So then I go to Full Tilt Poker..again never an issue getting paid for three years.. Perhaps if you were a better player.... haha Link to comment Share on other sites More sharing options...
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