Re: Theft by Pokerspot
Yes, if the money never made it to Pokerspot at all, then my theory is inapplicable.
However, there were plenty of people who played on Pokerspot and then never got their money, which indicates either the money made it to Pokerspot, or Pokerspot let them play on credit pending the arrival of the money (and didn't tell them about the problem).
I've seen Dutch address the Pokerspot scandal on rgp but I've never read anything from him that excuses the situation to my satisfaction. And that suggests that he's either lying or failing to tell all. If he had done the right thing all the way through, it should be explainable, and he should be capable of explaining it properly.
I'd love to hear his business plan for his new scheme, rakefree poker. If there's no rake or time charge, then I don't see how he can make any income unless one of two things is happening. First, you're subjecting yourself to some form of advertising, and he makes money by charging a fee to the advertisers. Second, he takes the money and invests it between when you deposit and when you withdraw, and he makes his profit from the "free" use of your money.
Of course, if it were the latter, we'd be facing the same problem as Pokerspot, i.e., the money is not in trust and therefore the possiblity of losing it all if the company were to fold exists.
Later, Greg Raymer (FossilMan)
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