The
DOJ has made the claim that FTP was a ponzi scheme, but I really
don’t think that it qualifies as such considering the fact of what
a ponzi scheme actually is. A Ponzi scheme is essentially a
fraudulent investment operation, that takes from new investors to pay
past investors with a promise of unusual returns.
Just by
looking at the ponzi scheme and what it is will tell you that it was
not in anyway a “ponzi scheme”. While they may have been robbing
Peter to pay Paul; they where not an investment scheme promising
unusual returns. In fact Fulltilt never made any promises that you
was going to get a return.
We can also
look at this another way, when you put money into an online account.
You are putting your money into a money account. An online money
account is nothing less then a bank account. How much of a reserve
does a bank need to operate? The big banks only need a 10% reserve on
all their accounts, In fact they can even loan out money that they do
not have available.
Lets say
you make a $100 deposit with that $100 dollar deposit they are able
to give someone else a $1000 dollar loan. And if you deposit that
loan into another bank it multiples again to 10K. This can go on
indefinitely in fact the banks make money out of thin air. Not that
this is right but it is what goes on in the banking system.
I still
cannot figure out how a bank can literally counterfeit digital money
that is not theirs to begin with, when if anyone else did the same
thing they would go to federal prison, do not pass go to not collect
$200.
So if the
bank is not doing anything illegal, how is what Fulltilt is doing
anything illegal? Was what they doing any different then your
friendly bank. If everyone at the bank wanted to withdraw their money
the bank would not have it. In fact they would only have a fraction
of that amount they would not be able to pay out.
I am really
disappointed in the poker community for not taking a stand against
these accusations. Where is the unity? I understand the anger I
really do I'm pissed, I’m pissed because I do not have my money.
I’m also angry about not being able to play poker a game that I
love deeply. I feel as though my dream has been taken away from me,
just when I was starting to see some light at the end of the tunnel.
Remember
that a person is innocent until proven guilty I think we forget this
sometimes. Until then these are nothing but accusations. Lets
remember who is involved here I personally don’t think that Howard
Lederer or Chris Ferguson two of the biggest names in the poker
world. Would deliberately cheat. These two guys I would trust with
any amount of money and I would know that it would be safe. I’m
also sure a lot of pros out their would feel the very same way.
I
personally think the DOJ is trying to use smoke and mirrors to divert
away from what they did on Black Friday. They know that the accounts
they seized are part of the players funds and they don't care.
Who
would you trust more with your money Howard and Chris or the DOJ? I
know who I trust more and its not the DOJ what about you? Till next
time peace :P
