Quote:
Originally Posted by YALLIGNENT
Do you think we have to worry about a possible black fridayish event to happen on global?
Sure. The day the feds decide to close the loophole, its over. They don't announce intentions, they announce made decisions. They know it exists, but its small potatoes. They know US citizens are playing at Merge and WPN, but it isn't a priority to them. They were never after the players, just the networks. Of course, their actions crushed the players and left the networks alone.
Given that almost two dozen states either have or are considering online poker, I cannot see the feds acting further. If they did, states like Nevada and Jersey would file a law suit within 24 hours. The only real concern is they collect their rake, taxes. If that was a lock, they could careless if people lost their life savings. It doesn't prevent them from closing the brick and mortar casinos.
I know there is paranoia buy some of the industry rags like PokerSnooze Daily, but it is a joke. The government is obviously aware of bitcoin. They know most transactions, if not all, are to circumvent some law or regulation, if only taxation. They could seize all the .com sites related to digital currence tomorrow. The answer is they just aren't concerned with it much. Are they really going to prosecute me for sending or receiving a thousand dollars to a poker network? Now multiply that by tens of thousands. It is why they never went after a single depositor. Even the government isn't stupid enough to spend 10K to collect 800 in taxes. Bitcoin is anonymous, except they have been able to arrest people for buying quantities of illegal goods via coin. If they want to really find it out, they can.
Global is an approved PayPal merchant and it is with advice of their counsel, according to papers on file. PayPal is no harbinger of high morals. They could careless what you do, buy, or sell through their network as long as the government cannot screw them for it. If you fill the loophole smoothly, then they forward the money. You can use PayPal prepaid card to deposit on WPN. It shows up as some foreign oddball named seller. As long as it doesn't say poker, gambling, drugs, firearms, etc... out goes your money. To suggest that they would be concerned of any actual business underlying the transaction is folly. As long as they can say that they had no idea, "Payment sent" is the message you get. The verbiage VGW uses gets around some of the provisions of the UIGEA. They state how in their filed prospectus with other governmental agencies. They could connect the dots if that was their goal. Their goal is to collect the fees.