Would major sites like PokerStars ever stop using the dollar?
 

With the dollar dropping against almost every major currency worldwide and with many people forecasting the same to come for a while longer, would major poker sites like PokerStars, PartyPoker, Full Tilt Poker ever consider switching the currency that players play with to Euros or something likely to be sounder than the dollar? The weakening dollar acts as an invisible tax against all the money that players are leaving in their accounts, and even the major sites are losing money by collecting rake that's worth less and less.

Re: Would major sites like PokerStars ever stop using the dollar?
 

aaaaaa.............no

around 85% of online poker comes from the U.S.A [img]/images/graemlins/smile.gif[/img]

Re: Would major sites like PokerStars ever stop using the dollar?
 

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aaaaaa.............no

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Agreed, probably not.

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around 85% of online poker comes from the U.S.A [img]/images/graemlins/smile.gif[/img]

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LOL.

Re: Would major sites like PokerStars ever stop using the dollar?
 

i hadn't given this much thought before. did party keep using the dollar?

Re: Would major sites like PokerStars ever stop using the dollar?
 

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i hadn't given this much thought before. did party keep using the dollar?

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Yes, but they have added other account currencies. All the tables are still in $ though.

Re: Would major sites like PokerStars ever stop using the dollar?
 

[x] OP doesn't understand why $US is used as the base of foreign currency transactions

Re: Would major sites like PokerStars ever stop using the dollar?
 

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[x] OP doesn't understand why $US is used as the base of foreign currency transactions

[/ QUOTE ]

OK, I'll bite. What is the underlying reason, and are you saying that it will continue to be used as the base, even if the US experiences hyper-inflation?

Not being sarcastic or argumentative - just curious.

Re: Would major sites like PokerStars ever stop using the dollar?
 

peaks and troughs. Happens all the time with currecies and has since currency was invented.

What you expect poker sites to do? change to euros then Sterling then Aussie Dollars then...... every time there are movements in exchange rates.

Re: Would major sites like PokerStars ever stop using the dollar?
 

Yes.

As soon as we're all introduced to the Amero.

Re: Would major sites like PokerStars ever stop using the dollar?
 

[ QUOTE ]
OK, I'll bite. What is the underlying reason, [for using the $US]


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http://www.imf.org/external/pubs/ft/.../06/tavlas.htm

Good an explanation as any.

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and are you saying that it will continue to be used as the base, even if the US experiences hyper-inflation?

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Obviously if there are massive changes in the $US and other currencies, the situation may change.

Re: Would major sites like PokerStars ever stop using the dollar?
 

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peaks and troughs. Happens all the time with currecies and has since currency was invented.

What you expect poker sites to do? change to euros then Sterling then Aussie Dollars then...... every time there are movements in exchange rates.

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First off, I wasn't the OP, and don't really expect the poker sites to do anything one way or the other.

However, riddle me this: What was the base currency before the dollar? How long ago was the change? My guess is post-WWII.

My understanding is that the dollar's historical strength was based on its gold-backing...which no longer exists. We have a fiat currency, which is backed only by faith in the US government. Historically, that idea has not worked out so well.

So yeah, I would expect if a worst-case scenario (hyper-inflation) were to present itself, many businesses (poker sites included) would stop using the dollar. You don't see too many folks lining up to take Weimar or Zimbabwean currency.

You say peaks and troughs - others say historic lows and no end in sight.

Just sayin' [img]/images/graemlins/smile.gif[/img]

Re: Would major sites like PokerStars ever stop using the dollar?
 

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However, riddle me this: What was the base currency before the dollar?

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UK pound sterling.

Source: the article I linked above.

More info on this issue at http://en.wikipedia.org/wiki/Reserve_currency and http://en.wikipedia.org/wiki/World_currency

Much of the rest of your comments here would be corrected by reading the information that I have linked to here.

Re: Would major sites like PokerStars ever stop using the dollar?
 

For many years, 16th and 19th centuries, the pound sterling was the reserve currency. Also gold was a recognized standard, i.e. Spanish pices of eight.

Re: Would major sites like PokerStars ever stop using the dollar?
 

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So yeah, I would expect if a worst-case scenario (hyper-inflation) were to present itself, many businesses (poker sites included) would stop using the dollar.

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Yeah, I agree but the dollar is a million miles away from that scenario.

Re: Would major sites like PokerStars ever stop using the dollar?
 

Since sites can about double their rake by switching to pounds, its got to be on thier wish list.

Re: Would major sites like PokerStars ever stop using the dollar?
 

My account in PArty is in Euro, while still being able to play in Dollar.
I like this.

Re: Would major sites like PokerStars ever stop using the dollar?
 

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Since sites can about double their rake by switching to pounds, its got to be on thier wish list.

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How do you work that out? If you continue with proper bankroll and you are bankrolled for $2/$4 then you should play £1/£2. Therefore same rake. Or am I missing something?

Re: Would major sites like PokerStars ever stop using the dollar?
 

This thread is reminding me that I need to convert some of my holdings to euro...

Re: Would major sites like PokerStars ever stop using the dollar?
 

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My account in PArty is in Euro, while still being able to play in Dollar.
I like this.

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dont you get owned on exchange rate every time you play or do they exchange the money with no vig?

Do you need a new account for this I could I just get mine switched to CDN$?

Re: Would major sites like PokerStars ever stop using the dollar?
 

Say were given the option of paying UKP3 per pot in rake or USD3 per pot in rake, which would you choose?

Re: Would major sites like PokerStars ever stop using the dollar?
 

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Say were given the option of paying UKP3 per pot in rake or USD3 per pot in rake, which would you choose?

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Don't understand what you are trying to say. Rake is a percentage. If you have to halve the levels you play at because you are now playing in Sterling instead of dollars then the rake you pay will be the same. Simplistic, I know but that is what I am saying. No?

Re: Would major sites like PokerStars ever stop using the dollar?
 

rek,

the sites all cap the rake on a particular hand at some level.

eg, 5% up to 50c or whatever.

Re: Would major sites like PokerStars ever stop using the dollar?
 

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rek,

the sites all cap the rake on a particular hand at some level.

eg, 5% up to 50c or whatever.

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Yeah but all I'm saying is that cap will be adjusted accordingly if you play in a different currency. You can't just say the cap is 2 for example. If you are playing in US$ and the cap is US$2 that will be GB£1 if played in Sterling. If you played in Timbutoo paperclips then it will be the equivalent in those. Sorry, I'm just not getting the argument here.

Re: Would major sites like PokerStars ever stop using the dollar?
 

Historically sites with multiple currency games used the same cap figure - so a dollar table capped at $3, and a puind table £3, and a euro table E3 and so on.

Or at least that how i remember it was was crypto - i never played there, only heard bout it.

Anyway, do what iPoker does, let me store my roll in £ and play as $ on all the tables - just use a rolling exchange rate when going to and from the tables.

Please, for the love of god do this soon Stars/FTP. News from today:
http://news.bbc.co.uk/1/hi/business/7069087.stm

Re: Would major sites like PokerStars ever stop using the dollar?
 

Party should go to Euros. European player base and it's the defacto world currency now.

Re: Would major sites like PokerStars ever stop using the dollar?
 

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[ QUOTE ]
My account in PArty is in Euro, while still being able to play in Dollar.
I like this.

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dont you get owned on exchange rate every time you play or do they exchange the money with no vig?

Do you need a new account for this I could I just get mine switched to CDN$?

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My Account->Your Profile and you can change your Account Currency.
You can only choose between USD, EUR and GBP.
I'm pretty sure they exchange with no vig, but would be nice if someone could confirm that.
A topic i started about having your account currency different from game/table currency.
http://forumserver.twoplustwo.com/showfl...ue#Post12576593
Check out Bobo's post.

Re: Would major sites like PokerStars ever stop using the dollar?
 

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[ QUOTE ]
rek,

the sites all cap the rake on a particular hand at some level.

eg, 5% up to 50c or whatever.

[/ QUOTE ]
Yeah but all I'm saying is that cap will be adjusted accordingly if you play in a different currency. You can't just say the cap is 2 for example. If you are playing in US$ and the cap is US$2 that will be GB£1 if played in Sterling. If you played in Timbutoo paperclips then it will be the equivalent in those. Sorry, I'm just not getting the argument here.

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Yes they can, and they do. Rek, you're not a US player...you need to get out more and explore other sites! [img]/images/graemlins/grin.gif[/img]

As previously stated, that's the way Crypto works...the cap is 3 units of whatever currency you are playing in.

Re: Would major sites like PokerStars ever stop using the dollar?
 

Right...I've never heard of any site that charges you vig for moving money from your balance at the site to the table and back again. I think doing such a thing would be met with extreme displeasure. There would be no reason for it, other than pure greed, and I don't think any poker site would be able to get away with it and keep their players. If anyone knows of a site that does this, please let us know.

Re: Would major sites like PokerStars ever stop using the dollar?
 

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....and with many people forecasting the same to come for a while longer...

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These same experts were certain the US market was headed for a decline this time last year. Instead it went up about 15%. Just sayin' - these things aren't that predictable or everyone would exploit them.

Re: Would major sites like PokerStars ever stop using the dollar?
 

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[ QUOTE ]
However, riddle me this: What was the base currency before the dollar?

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UK pound sterling.

Source: the article I linked above.

More info on this issue at http://en.wikipedia.org/wiki/Reserve_currency and http://en.wikipedia.org/wiki/World_currency

Much of the rest of your comments here would be corrected by reading the information that I have linked to here.

[/ QUOTE ]

Not sure what comments I have made that need corrected.

Are you saying that the US dollar is not a fiat currency? Or that fiat currencies have historically been immune from inflation or hyperinflation?

I didn't ask the question about the UK pound because I wanted the answer, but to make a point: status quo is not guaranteed.

Re: Would major sites like PokerStars ever stop using the dollar?
 

the primary reason that the US dollar is commonly used is that it is commonly used.

much like a telephone network, there's no value in having the thing if you're the only person who uses it. you need people to exchange with.

the idea that "fiat currencies" have "not worked out so well" seems to be a denial of economic growth in the 20th and 21st centuries. that is self-evidently false.



poker sites use the $US because it is known and broadly accepted by their customers. if customers want to use other currencies for their balance, they can (eg, party) and if customers want to use other currencies for play, they can (eg, crypto).

of course, in a free market, the dominant player will not always be dominant. that seems a bit obvious to me.

Re: Would major sites like PokerStars ever stop using the dollar?
 

About that 15% market gain - bearing in mind that the Dow is priced in dollars, go to the link Phill posted: http://news.bbc.co.uk/1/hi/business/7069087.stm

and whip out a calculator.

Versus the pound, the dollar has lost some value this year... by my figures, about, oh,...16%.

Ooops.

Re: Would major sites like PokerStars ever stop using the dollar?
 

[ QUOTE ]


the idea that "fiat currencies" have "not worked out so well" seems to be a denial of economic growth in the 20th and 21st centuries. that is self-evidently false.



[/ QUOTE ]

You seem to be assuming that the story has finished. I think it may just be getting to the interesting parts.

Re: Would major sites like PokerStars ever stop using the dollar?
 

I just wonder what it would cost them to get an EU license, as they are so close anyway. Now the people in the EU need to pay taxes from the poker winnings, while if they would get the correct license (EU) there would be no lose to the US players as they are paying taxes anyway. I don't like PS too much because of that, not to mention they are rigged and rather tight though that has never bothered me as for some reason the players (the US players perhaps) are so predictable or/and easy to feel.

Adding euro tables would also be rather easy but it seems they are too poor for that too. Great software however, and the cards come out of the deck basically normally, till it gets rigged (then mainly the fish will start to get extra luck). Very different from e.g. FullTilt (that's also rigged), like form an another planet in about every way.

Re: Would major sites like PokerStars ever stop using the dollar?
 

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I just wonder what it would cost them to get an EU license, as they are so close anyway. Now the people in the EU need to pay taxes from the poker winnings, while if they would get the correct license (EU) there would be no lose to the US players as they are paying taxes anyway. I don't like PS too much because of that, not to mention they are rigged and rather tight though that has never bothered me as for some reason the players (the US players perhaps) are so predictable or/and easy to feel.

Adding euro tables would also be rather easy but it seems they are too poor for that too. Great software however, and the cards come out of the deck basically normally, till it gets rigged (then mainly the fish will start to get extra luck). Very different from e.g. FullTilt (that's also rigged), like form an another planet in about every way.

[/ QUOTE ]<sigh>

Re: Would major sites like PokerStars ever stop using the dollar?
 

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Party should go to Euros. European player base and it's the defacto world currency now.

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I vote for flooz

Re: Would major sites like PokerStars ever stop using the dollar?
 

Poker sites should be denominated in fractional ounces of gold.

Problem solved.

Except for those who prefer grams, of course.

Re: Would major sites like PokerStars ever stop using the dollar?
 

1.)Euro is a great currency and I have nothing against, but I think it is slightly overvalued.

2.) Same thing with the pound. Not a coincidence that all things in Europe are getting more and more expensive.

3.) Dollar is so cheap now and is still used primarily in the Americas that it is extremely undervalued now and when the U.S gets a better president (Bush is bad from either Republican or Democratic viewpoint) that the U.S dollar will return to its former rate.

4.)List of presidential candidates I think would help U.S dollar

Mitt Romney
John McCain
Ron Paul
Mike Huckabee
Hillary Clinton
Joe Biden
Barrack Obama

P.S even though Canadian dollar is higher now they sitll have to pay more for same products...lol

Re: Would major sites like PokerStars ever stop using the dollar?
 

I changed my account currency at Party from $ to £ today and can confirm they exchange money from account currency to game currency with no vig.

Interesting thing is that the rate used to convert my balance to a new currency was better than the rate used to cash out.
You can check the deposit/cash out rates clicking on
Cashier->Cash Out and for example Wire Transfer.
Today they are 1 USD = 0.4682 GBP 1 GBP = 2.0095 USD .

Now if you go to My Account->Your Profile->Currency Converter the rates are
1.00 USD = 0.48 GBP 1.00 GBP = 2.07 USD.
And these are used to convert money from account currency to game currency and also when converting your balance to your new currency when you decide to change your account currency.

Only one change of account currency is allowed.

Re: Would major sites like PokerStars ever stop using the dollar?
 

[ QUOTE ]
I changed my account currency at Party from $ to £ today and can confirm they exchange money from account currency to game currency with no vig.

Interesting thing is that the rate used to convert my balance to a new currency was better than the rate used to cash out.
You can check the deposit/cash out rates clicking on
Cashier->Cash Out and for example Wire Transfer.
Today they are 1 USD = 0.4682 GBP 1 GBP = 2.0095 USD .

Now if you go to My Account->Your Profile->Currency Converter the rates are
1.00 USD = 0.48 GBP 1.00 GBP = 2.07 USD.
And these are used to convert money from account currency to game currency and also when converting your balance to your new currency when you decide to change your account currency.

Only one change of account currency is allowed.

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Can anybody confirm that their is also no vig for tourney entry/prize amounts too?

Juk [img]/images/graemlins/smile.gif[/img]