Quote:
Originally Posted by tightplay123
"Tough to pay players out when no more people are depositing." really......hes taking rake which im sure is set to the maximum amount for the app........wouldnt he be making thousands a day just with the rake alone without the additional theft??
Keep in mind, the "currency" used on the PPP app are play chips. He is only removing "Chips" from play. The Chips are not backed by "currency." The last people who "deposited" did not necessarily make payments to Adnon directly, they sent payments to people wanting to deposit in exchange for "chips." We don't know who actually sent money to Adnon, but most likely it was mainly first initial depositors and others...
Example:
Joe wants to cash out $500
Bill wants to deposit $150
Chuck wants to deposit $200
Fred wants to deposit $250
Bill sends $150 to Joe and gets issued chips
Chuck sends $200 to Joe and gets issued chips
Fred sends $150 to Joe and gets issued chips
Fred ALSO sends $100 to Adnon (or someone else) and gets issued chips
But here is what I think may have happened for some of the funds. Since it is "Adnon's" club, and he uses the "diamonds" to purchase "chips" in play... There is a possibility he may have issued himself $XX,XXX in "chips" and lost it all. So those "chips" that he used never actually had funds behind them. Eventually those who won these funds either from him directly or from someone else, he needed to find a way to cover those losses. Yes he is "raking" but it may not be enough to make-up the chips that were lost.
The "self issued" chips in combination of actual player "deposited" funds that may or may not have been misused by Adnon or his "agents" only add to the insolvency of the club.