From their press release:

NEW YORK, NY – (August 14, 2013) – Tired of playing online poker against lackluster competition? Bored of spending hours grinding through drawn out tournaments in hopes of winning a prize that doesn’t even excite you?

Welcome to your online poker salvation: LiveAce.com. LiveAce allows you to win real money every day, increasing the quality of the gameplay experience and bringing back the excitement and fun associated with real money poker.

You can play No Limit Holdem, Limit Holdem and Pot Limit Omaha with no rake. No 10-hour tournaments. No satellites for elusive prizes. No more "no fold'em holdem." Log on and jump right into a game. You can play for free. You can also purchase additional chips starting at just $2.49 and for only $19.99 per month you can become a premium member with access to exciting features such as custom avatars, real-time odds calculator, hand history and more. Best of all, you have the chance to win tens of thousands of dollars every month. LiveAce is based in the United States and is legal in 31 U.S. states plus the District of Columbia.*

LiveAce lets you cash in the chips you win through unique daily auctions. Cash redemptions are processed quickly via Dwolla or check. No more wondering when overseas payment processors will deliver your winnings or waiting the dreaded 6-8 weeks for a check to arrive.

Plus, because LiveAce is browser-based, you can play on any computer or mobile device with no software to download, giving you access anytime, anywhere.

"Social poker sites are plagued with poor play because the chips have no value. Tournaments sites have their place but most players don't like being told when to show up and don’t like playing all night to win a prize they might not be able to use," said LiveAce CEO Adam Stein-Sapir. "Our chips have value because of our daily cash giveaways so people play to the best of their ability. Our focus on ring games allows you to play on your schedule and win cash."

See the full release here: https://www.liveace.com/press/

Support thread: http://forumserver.twoplustwo.com/28...thread-1362162

Currently available in: Alaska, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Hawaii, Illinois, Indiana, Kansas, Kentucky, Maine, Maryland, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oregon, Pennsylvania, Rhode Island, South Dakota, Texas, Utah, Vermont, Virginia, West Virginia, Wisconsin, Wyoming.

I'm interested to see how these auctions work.

Edit...there is a video of them in the support thread.

Check the intro video in the support thread.

Hmm interesting

interesting. I see lots of problems with the bidding payout tho, at least for people who play for a living. Still the fact its a different "Structure" I think could be a massive benefit in the long run if it catches on, given the elimination of rake and instead the profit structure of subscription and ad based revenue.

OMG THIS IS AWESOME

(lol, so broke I am)

I think the price to sell the chips will become so low that it will take hundreds of thousands of chips to make pennies. Maybe not now, but eventually that's what will happen. The only buyer for the chips is the site itself (LivaAce). The live chip price will only have one place to go (down) with so many players scrambling to get a piece of the cash giveaway. One buyer and thousands of sellers.

What does everyone think?

IDK apparently you get a free daily allocation of chips to donk off...

In b4 5000 Russian emigres chip dump to the same guy who then wins all the auction moniez.

I think its a little more complex. The site is the only seller of chips as well, with the cash auctions creating a demand for chips. Since the chips are removed from the economy at the conclusion at the auction, there is some scarcity maintained.

Also, you use a different currency in the auctions ("live chips") than you get, so the only way that you get this currency is by "winning". This also maintains scarcity since you can't have everyone win.

I believe buying chips from LiveAce and the cash auctions are 2 different things. The live auction is where you can cash in your chips and in this case LiveAce is the only buyer of chips. Scarcity isn't maintained because everyone gets one daily reload of free chips that can be used to luckbox there way to some live chips for auction. Right?

Perfect business case. Its what other games do like Diablo. Instead of swords u buy and sell chips in the auction.

Nice!

This is my point. I don't think players can buy chips in an auction, they can only sell to ONE buyer. Players buy chips at a fixed price from the site or win them at poker. If it was an auction where players can only buy and sell from each other in a market, then there would be potential for long-term profit.

Let's see. I just won some live chips. I'm going to see if I can win $5 from the $500 auction that's coming up.

Since the auction is all based on chips/$, there's incentive to bid more chips for fewer dollars, which means it's going to be incredibly inflationary. Might be worth playing the first few days though, if you're in one of those states and have a bunch of time right now.

looks interesting. people keep us posted if you end up auctioning off xhips

No play for Floridians

I predict they'll be getting a letter and/or phone call from the Texas AG in the near future.

Presumably, if this thing takes off, then the prize pool would increase. Otherwise I agree, it seems like inflation would be crazy.

and I hope they tell the Texas AG where they can stick it.

New York Yes????? North Carolina NO?????

Can someone explain it to me like a 5 yr old ? I have no clue what you guys are talking about . Chip auction ? Huh ?

the super short version is:

You play poker like normal, except whatever chips you win arent worth actual money, they are used to bid on a cash prize auction.

no muck hands that sucks.

Have you tried Options----> [x]Muck Winning [x]Muck Losing

ty.

Sigh..Florida