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Feds say Full Tilt Poker was a Ponzi Scheme

Re: Feds say Full Tilt Poker was a Ponzi Scheme

including well-known professional poker players Christopher Ferguson and Howard Lederer, investigators said.
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Holey Moley. If this is true it's going to send shockwaves. Those guys both had plenty of money. They must have gotten greedy.
 
Re: Feds say Full Tilt Poker was a Ponzi Scheme

There are only two kinds of people in gambling: the guys who own the house, and the suckers.
 
Re: Feds say Full Tilt Poker was a Ponzi Scheme

i, for one, don't believe everything my gov'ment tells me as fact.
 
Re: Feds say Full Tilt Poker was a Ponzi Scheme

I'd be interested to see where that money is coming from. I'm pretty sure I had a buck or two left over in my FT account that I was never going to see again with cash-out rules as they were. I could see there being a couple million or so people in the same boat since such a high percentage of their membership stopped playing years ago. If they were spending money that had been dormant in accounts for years and almost certainly never going to be used, I don't really think that is that bad.
 
Re: Feds say Full Tilt Poker was a Ponzi Scheme

The feds cause what amounts to a bank panic with their online gambling "crackdown", and then goes off on the "bank" for doing what banks around here do. This is the most asinine thing I've EVER seen the government do.

Every bank in the USA is a Ponzi scheme, by this definition.
 
Re: Feds say Full Tilt Poker was a Ponzi Scheme

FlagDUDE08 said:
The feds cause what amounts to a bank panic with their online gambling "crackdown", and then goes off on the "bank" for doing what banks around here do. This is the most asinine thing I've EVER seen the government do.

Every bank in the USA is a Ponzi scheme, by this definition.
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Yeah but gambling is bad because it funds terrorism and makes you do drugs which makes you get girls pregnant and destroys families, thereby tearing apart the fabric that is America.


Unless it's horse-racing. Then it's ok.
 
Re: Feds say Full Tilt Poker was a Ponzi Scheme

FlagDUDE08 said:
The feds cause what amounts to a bank panic with their online gambling "crackdown", and then goes off on the "bank" for doing what banks around here do. This is the most asinine thing I've EVER seen the government do.

Every bank in the USA is a Ponzi scheme, by this definition.
Click to expand...
That's actually an interesting perspective. I never would have thought of it so thanks for posting it.
 
Re: Feds say Full Tilt Poker was a Ponzi Scheme

FlagDUDE08 said:
The feds cause what amounts to a bank panic with their online gambling "crackdown", and then goes off on the "bank" for doing what banks around here do. This is the most asinine thing I've EVER seen the government do.

Every bank in the USA is a Ponzi scheme, by this definition.
Click to expand...

Banks get to do that because they tend to be insured by the FDIC and need to follow about a ten mile high stack of government regulations to even open their doors, much less continue to operate. You can't just take people's money and say you're a bank, or do the same things a bank would do. If everyone wants to withdraw their money from the bank on the same day, the government covers it when the bank doesn't have the actual money (with certain limits). I don't have a lot of background knowledge (besides the article) about Full Tilt, but who insured people's money in it? Anyone? Or was there a written understanding that if you wanted the money in your account, you might never get it? Certainly didn't sound like that from the article. I'd say on a spectrum with Ponzi on one side, and bank on the other - it's about 99.9% on the Ponzi side.
 
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Re: Feds say Full Tilt Poker was a Ponzi Scheme

jen said:
Banks get to do that because they tend to be insured by the FDIC and need to follow about a ten mile high stack of government regulations to even open their doors, much less continue to operate. You can't just take people's money and say you're a bank, or do the same things a bank would do. If everyone wants to withdraw their money from the bank on the same day, the government covers it when the bank doesn't have the actual money (with certain limits). I don't have a lot of background knowledge (besides the article) about Full Tilt, but who insured people's money in it? Anyone? Or was there a written understanding that if you wanted the money in your account, you might never get it? Certainly didn't sound like that from the article. I'd say on a spectrum with Ponzi on one side, and bank on the other - it's about 99.9% on the Ponzi side.
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OK, closer to a brokerage than a bank. But it's still practically the same thing that happened in 1929.
 
Re: Feds say Full Tilt Poker was a Ponzi Scheme

FlagDUDE08 said:
OK, closer to a brokerage than a bank. But it's still practically the same thing that happened in 1929.
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And that's why banks aren't allowed to operate the same way they were in 1929. ;)
 
Re: Feds say Full Tilt Poker was a Ponzi Scheme

Looks like I'm SOL on the $55 I had left in my account. **** IT!!!
 
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