Given the recent fiascos with unreliable check processors and the departure of the major e-commerce solutions, sites are in desperate need of creative innovations. A funding method that once would seem absurb, might now be considered a substantial improvement. Of course, I'm mainly referring to Americans, but my suggestion could be applicable to players in other countries with a similar repressive atmosphere.

Here is what I'm suggesting. Many of you probably aren't familiar with the precious metals markets so I will give you minimal background. There are four main metals that are traded: silver, palladium, gold, platinum. These can be bought conveniently as bars or coins. Since most of us seem to experience more difficulty receiving our cash-outs, this could consitute a relatively fast and consistent means of payment.

The shipping costs might seem prohibitive, but this is less of an issue given the recent skyrocketing prices for bullion. For example, one troy ounce of gold currently trades at $984.30! An ounce is a miniscule amount. If you're paranoid about receiving 'fake' gold you could request your payment in coins (such as American Eagles or South African Kruggerands). If you're a high stakes player and find it difficult to receive very large amounts of money you could request payment in platinum, which trades at 2,022 per ounce. This is not the same thing as E-gold. Under this system you receive real, tangible units of precious medals.

There are several downsides to this scheme. However, as the opportunity cost for receiving payment increases, many players would welcome the drawbacks. Some drawbacks include volatility in the prices of precious medals, paying money to insure the shipments, transaction costs associated with selling the medals, questionable value to small stakes players, vehicle use or postage fees, paperwork, tax reporting requirements, etc. For somebody like me, who is actively involved in selling and trading investment rarities (rare or older coins with numismatic value) and precious medals, this would be a welcome addition to the limited options for withdrawing funds. This could be especially useful during crisis periods like the one at FT. With a little bit of instruction and knowledge, this might be a useful option for a significant number of online poker players.

Feedback would be appreciated,

Jeffrey

Based on spot prices of July 15th, 2008 07:40 AM New York Time

Gold $ US 984.20
Silver $ US 19.41
Platinum $ US 2,022.00
Palladium $ US 458.00

epic fail

New Iron Man Metals?

Maybe next payout should be gas or food stamps.

The problem is not the reliability of the currency used (USD, EUR, GBP, etc), nor the ease vs. lack of ease in moving it from one player to another. Not even from one site to another, given the player-to-player transfers in this, and other, forums.

The problem is liquidity, in cash. That problem exists in all non cash assets, to some varying degree, with houses, horses, and jewelry being at the top of the list, stocks in the middle of the list, autos a little farther down, and online poker money, and bearer notes and checks being very near the bottom of the list of 'Non Liquid Assets'.

You want to get rid of your house, horse, or jewelry, you have to find a buyer who wants it, and that can take time, and there can be huge variance in pricing and value. Stocks are better, but the time delay is significant. Checks written to you, and online poker chips are far more liquid, the time delay is much less, and well recognized market procedures are in place and reliable. There is still, however, a time delay, much like depositing a check at your bank and waiting for it to clear. Maybe two, if you count the first delay in getting the check, and then your delay in waiting for the check to clear at your bank.

All the US players miss Neteller. All the Euro players still have Neteller. The time delay issue was solved, but US players ran into a huge 'reliability' issue two years ago, didn't they? Various methods have developed for reducing the time delay inherent in turning PS chips and FTP chips into cash, but each has a cost.

None of those problems will be solved by introducing a new currency, such as precious metals, into the market for poker chips. None.

And while the previous post 'Epic Fail" might have seemed a little harsh, and even dismissive, I have to agree, I hope more conversationally, with his assessment. Your idea will go absolutely nowhere. But it's good that you are thinking about the market as a whole, because the market needs that. Please work on the concept of getting cash to chips, and chips to cash, over online methods, with strangers. A good idea on that area of the market will go a long way.

I would love that option! I am so skeptical of the dollar, I wish I could find a site, where I could play games denominated in something other than dollars. Euros or francs would be cool - I would much rather play 2-4E than $3-6. Getting paid in Silver or Gold would be fantastic

Did this dude just suggest that poker sites start paying in "Kruggerands"???Classic.

One eye

I just withdraw back to my Visa. Couldn't think of an easier way to get your money out.