In theory this works, but practically it is hard to set up. I agree with timex there is a lot of overcharge make up in the marketplace. I hope timex succeed with this concept thus lowering the markups.

Sorry if this has already been posted, but, good breakdown for those who are still wondering exactly how it works.

http://www.pokertips.org/weekly.shuf...ves/2013-06-09

I think you are horribly wrong and misinformed. It's your reasoning that puts us all in danger and we all are much poorer because of you and your ilk sticking your nose in other people's private business. POS

For those who think this is bad for the community overall ur wrong. By timex doing this he is saving stakers money who invest in these guys with mark up too high. Every time a person puts a MU too high timex gets to profit and stakers get a better price. Players are not entitled to a certain mark up and they must overcome all competition. This is helping keep the players more honest.

This is just another form of sports betting and Timex is playing the house.

Great idea unfortunately it's pretty illegal as haralabob inferred. See intrade as major example.

So he is basically a bookie offering better prices than you would get if you actually bought a piece of a player in the marketplace. Seems stupid to be doing this through twitter/the internet.

I don't think that's his long game at all, just a byproduct of his operation. Also, it's likely there is a small overlap yearly in the tourneys he shorts and the tourneys he actually plays. Note he's not even at the WSOP right now.

I think overall it's a cool idea. I'd be interested in his methodology when quoting prices for players. I saw him make a pretty big mistake earlier on Twitter quoting a player's Main Event.

I also agree that doing it on a public forum like Twitter isn't that smart.

I don't think that is correct or why it'd be illegal.

Much more likely to be illegal due to not having the proper licensing or certification for offering the investment products he's offering on the scale he's offering.

Pretty great idea.

wp

lol thats not what markup is, scammer

this could easily be viewed as illegal as he's acting as a book to book action on an event (especially from multiple people)...its not like you and me just betting on game 3 of spurs-heat or having a last longer in a tourney...

Whatever about regulations.

Timex is filling a market gap before the market closes in. He is a innovator. He will win in this. It's simple but really brilliant.

You mean the make up grinders that basically suck at poker and whose real value is nowhere close to anything above face value?

And.............. it's over: (Start at bottom and read up)

Tweets
Mike ‏@BankOfTimex 4m
Most people believe in rushes and the confidence you get after big scores. I doubt that justifies 1.28 here http://forumserver.twoplustwo.com/18...vents-1341030/ …
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Mike ‏@BankOfTimex 7m
Here's a nice 1.7 markup assuming no rake/hotels etc http://forumserver.twoplustwo.com/16...t-gtd-1341314/ …
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Mike ‏@BankOfTimex 33m
I guess one good thing that came from this is now I don't have to feel as guilty posting terrible value packages before they're sold out
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Mike ‏@BankOfTimex 45m
I'm happy to keep this account to voice opinions on unfair markups and while I think its +$EV to put my $ where my mouth is, its not +LiveEV
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Mike ‏@BankOfTimex 45m
I wanted to do my part to fix how stupid the marketplace is but I guess I can't really try to fix poker's problems without being penalized.
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Mike ‏@BankOfTimex 45m
and can't really justify keeping this going. It'd get too big too quick and I doubt I'd even get to keep the money I win from you guys.
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Mike ‏@BankOfTimex 46m
Congratulations marketplace idiots, you guys win again! I've spent the evening learning more about the legality of online gambling
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he should start a website.

wow timex sounds like such a negative grump-a-roo.

sounds like its already over RIP.

I would have thought that some butt hurt guy who has lost his package due to this might take retribution by reporting this to someone ( no idea to whom as i am not from the US ).

I like Timex and the idea but i would be worried about this if i were him.

I punted on his (obv -EV for me) Sunday Million bet and was even concerned for him then as he was basically operating a sports book.

Does he still do his sunday million bet. Or is that over and done with?

pretty cool concept

Shut it down since I was in Europe + scoops are more complicated. Was thinking I might start it back up after WSOP but may just be done for good or possibly seek out a legal way of doing bets like these

Great idea, shame it looks like it won't work out.

Both what Timex is selling, and the packages people sell would be deemed a "security" under US law. Whatever that means practically speaking. It's a very broad definition. I've always been curious if anyone would try to go that route to settle a dispute.

If you're a backer who provides coaching/other support, then you're probably outside the scope of securities laws. Maybe someone who is actually (still) a lawyer can provide a real answer

Such a great idea, too bad it had to be shut down. Someone should hook up with the Seals with Clubs guys and run this using Bitcoins.

ya seriously. how the **** did u come up with that idea?

Cheers for this.