Online Poker 2006 = Daytrading Stocks 1999

[Gotmilk]

[ QUOTE ]
... except that 'Day Trading' wasn't actively targeted by the US Congress/DOJ as something evil that citizens needed to be 'protected' from. If the entries in the 2007 WSOP decrease it is not because the 'poker fad' is over, it is due to litigation and brute force. Hooray American Taliban!

[/ QUOTE ]

yeah. american internet poker players got bad beated by the government. day traders got bad beated by the market direction changing from up every day(where a monkey throwing darts could make money) to down every day. doesn't matter what the cause is, the end result is the same. a huge cash cow suddenly disappearing.

this is like the great depression of poker, and as far as i can tell neteller might well fall victim to a run on the banks like the banks of the great depression did. hopefully they are just in the process of liquidation of investments to pay everybody. did everybody here think they just had cash just sitting around ready to pay off 2/3 of their customer base?

[excession]

'did everybody here think they just had cash just sitting around ready to pay off 2/3 of their customer base?'

the listing rules on their stock exchange/regulating FSA mean they have to have cash cover for 110% of their deposits, so er 'yes' actually..

[viper930]

lol im glad the few thousand you made made a difference in "your business." must be one hell of a profit machine.

[Chapter7]

[ QUOTE ]
Oh, and I pay my taxes.

[/ QUOTE ]

Congratulations on this tremendous accomplishment. Thank you for sharing this informative insight with the community. We greatly appreciate the value you have added to this discussion today and wish you well in your future endeavors.

[mmbt0ne]

Man, I remember how great that 1999 World Series of Daytrading on ESPN was.

Pets.com had the OESFD on the flop but bricked against Amazon's AK.

[Gotmilk]

[ QUOTE ]
'did everybody here think they just had cash just sitting around ready to pay off 2/3 of their customer base?'

the listing rules on their stock exchange/regulating FSA mean they have to have cash cover for 110% of their deposits, so er 'yes' actually..

[/ QUOTE ]

yes, corporations in the past 10 years have really shown they can be trusted 100% in financial reporting regards and in following regulations to a T

[Benal]

[ QUOTE ]
What about the Pattern Daytrading Rule, which restricts the number of day trades that can be placed in accounts under 25k? Decimalization?

M

[/ QUOTE ]

Decimalization - This still pisses me off to this day.

[sg23]

[ QUOTE ]
Man, I remember how great that 1999 World Series of Daytrading on ESPN was.

Pets.com had the OESFD on the flop but bricked against Amazon's AK.

[/ QUOTE ]

lol, best post in this thread by a mile

[JAY SPRING]

You were write about people getting mad at your post Math...
Its amazing how two plus two-ers hate those "sky is falling" posts so much.....How close to the ground does the sky need to be before people start listening??

[The Don]

[ QUOTE ]
[ QUOTE ]
... except that 'Day Trading' wasn't actively targeted by the US Congress/DOJ as something evil that citizens needed to be 'protected' from. If the entries in the 2007 WSOP decrease it is not because the 'poker fad' is over, it is due to litigation and brute force. Hooray American Taliban!

[/ QUOTE ]

yeah. american internet poker players got bad beated by the government. day traders got bad beated by the market direction changing from up every day(where a monkey throwing darts could make money) to down every day. doesn't matter what the cause is, the end result is the same. a huge cash cow suddenly disappearing.

this is like the great depression of poker, and as far as i can tell neteller might well fall victim to a run on the banks like the banks of the great depression did. hopefully they are just in the process of liquidation of investments to pay everybody. did everybody here think they just had cash just sitting around ready to pay off 2/3 of their customer base?

[/ QUOTE ]

The only similar aspect of the situation is that both parties were screwed. Poker players got screwed and day traders screwed themselves, however.