An Idea to get around the new legislation...

[KajunKenny]

Hello,
I just joined this forum, however, I have been reading it for some time. As someone who has played online since the early partypoker days, I have an idea...

I have been involved in alot of online commerce. A company called e-gold.com is a sort of processor that is reliable, safe, secure etc..etc. If these sites started accepting this processor, the US government couldnt prove anything. When this industry starts going under ground, you will see alot of this. I would hope that the bigger sites such as PokerStars or Fulltilt would take advantage of this. Cause if they don't then scammers somewhere will.

[Indiana]

how exactly does e-gold.com work? How is it similar to Neteller?
Indy

[KajunKenny]

E-gold has been around since 1996. It was originally designed for people to invest in precious medals online. Thus the name e-GOLD. It works kind of like any payprocessors, cept with E-gold one is issued an account number and the transfer of currency is backed by real gold. The funding of this is done thru a 3rd party exchanger with a credit card/bank account/western union/ etc..etc.

So all players would have to do is transfers X USD worth of gold to a poker site and the balance be deposited in the players account on that site.

If you research e-gold you will see that the FBI has been investigating them for years and cannot find a reason to shut them down. I currently am playing at a site that lets users use e-gold and that site doesn't care about the new legislation.

[NiceCatch]

Very interesting... so you're not "funding" your poker account, you're buying some gold and giving it to the pokersite. But what about the value of the gold? Doesn't the daily change in gold valuation cause problems (i.e. you buy $300 worth of gold and deposit it, but then the value of gold is cut in half; who takes the hit?)?

[kslghost]

This is a service that people already know about. It is unnecessary at this point, so please don't bother posting it.

[ericicecream]

The appearance is that you are buying/selling gold, but the intention is that you are depositing/withdrawing money into a poker site?

This sounds like money laundering. It can easily take a player across the line from legal to illegal.

[blueodum]

Maybe this new law will be reason enough to shut this site down.