Quote:
Originally Posted by chasepoker
Can someone just explain in simple terms what is wrong with the situation that is being described as occurring.
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If they give preferential treatment or put non backed players at a disadvantage within the rules if the game then yeah that's bad but it seems they are not.
-On April 15th 2018, on the 7 year anniversary of Black Friday, Party launched a new promo: PPL$ Leaderboard
-PPL$ is short for Party Poker Live Dollars, a currency intended to be used only for live tournaments, or Online Millions. As per the T&C: PPL can't be sold, can't be transferred, can only be used for Party Live Events. PPL$ won can't be used to play more PPL$ satellites. All PPL$ expires within 24 months of being won
-They also released a $1,000,000 leaderboard promotion to encourage players to play the game. This created a lot of hype and drove players like myself into the grind, where I have devoted the last 3 months of my life to satellites, where I have accumulated $215,000 in PPL$ (175k balance). I currrently sit 2nd on the leaderboard that would award me $80,000 in additional prize money if the contest were to end now. This has injected a ton of immediate cashflow in Party Poker where they have full custody over our funds
-Myself and others have pumped a lot of money into this system, under the assumption that all parties were playing by the same rules. I liked the design of the PPL$ system, since PPL$ could only be used for live and couldn't be transferred, I assumed this would make near impossible backed players to be able to compete. As someone who does/has done a lot of backing and investing myself, the liquidity required for a backer to put players in these games when you realize none of the immediate returns is staggering. It was hard enough to fund myself.
-I was always aware of BRS backed some UK players in these games. I also suspect there is another stable of players. That's fine with me, I never really suspected collusion among them, and if I did, I could just report that to support. I have no issue with stables playing the same format. I always wondered how could someone afford to back multiple people in these game until now, lol. I was happy they were in the games, and I couldn't wait to get to play with some of these same guys live. PPL$ in design was great, because in theory, it should be providing a ton of forced liquidity into Party's live games.
-Theory and reality are 2 very different things though. It came to my attention through a 2p2 post in this very thread that BRS players were able to transfer their PPL$ out of their account to a Main BRS fund. This main BRS fund could also be used to put whoever they want in live games, even if that PPL$ wasn't won by the player themselves. The players who actually won the PPL$ have no obligation whatsoever to use this money for the intended purpose. I have proof to corroborate these claims, some of which has already been posted here, and other via PMs from people
(While there are rumors that players have been also able to use PPL$ for online tournaments, I have yet to receive proof of this. I am offering a $100 bounty if anybody can send me proof of this claim. There are other accusations as well which don't exist beyond hearsay, so I won't mention them)
For now I can only speak to the facts of the things I've seen and confirmed. That PPL$ was transferred amongst BRS players through a central fund, with no obligation for the player won actually won the prize to use it.
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-Why does this matter?
For me, I feel like I have been a victim of fraud. I have invested my money in what appears to be a ponzi scheme where select group(s) of individuals have been given special administrative privileges by Party to use PPL$ winnings for purposes not allowed as per the T&C. In my opinion, this devalues my illiquid investment greatly as it jeopardizes the duration/success of the promo. Party shouldn't be able to choose when/when not to be the custodian of funds. and who gets to play by what rules when it comes to PPL$. Who gets the non-transferrable, expiring money...and who gets to just send it to their fund to do whatever they want with it?
What I would like is to be given those same privileges. I'd like to be able to transfer my PPL or use them to buy other players into live events since I've seen several examples of this happening, at least 20+ people. It's hard to undo the damage already done as so much money has been cycled through for others. The system can't sustain for another 6 months in its current form. Given the information we already know, I feel this is the fairest solution and puts everybody on a more equal footing
Looking back through Party's history, they also doesn't have the greatest track record when it comes to custodial services in year long promos gone wrong. In 2006 they ran the Monster Promo where rake was increased in all games to provide freerolls throughout the year. With UIGEA happening they had to cancel the promo and payout based on equity. As per:
https://www.tightpoker.com/news/part...-monster-1080/
While this was a bit before my time, I have to agree with their conclusion. The industry has evolved over the last 12 years. Players have learned a lot of costly lessons from the past, and the advent of new technologies opened our minds towards what is possible moving forward. Players today value transparency, communication and security now more than ever. As we continue to grind into the future, any site that doesn't cater to these growing values and instead relies on backroom, under the table deals will be fighting a losing battle when it comes to customer acquisition/satisfaction/retention