If Black Friday didn't happen, Full Tilt would still be taking in deposits and spending it. That was the goal, anyway.

It sounds like you think spending player funds is fine so long as x>y>z where x=player deposits, y=penthouse condos, and z=player withdrawals. If you put in a few different sets of numbers in there, you should be able to see what the problem is.

You brought up Russ Hamilton. Do you think he didn't think he was cheating, but rather he just thought UB had a form of NLHE where everyone could see the other players' holecards and he figured he just consistently had the best eyesight at the tables because he used the 4-color decks and a 30" monitor?

Why am I not hearing about all the people who were gutted by this clown? With Madoff that seemed to be the most effective approach to getting the guy behind bars and maybe some of their money back.

And FWIW Madoff's victims got 80% of their money back. I doubt anything close to that will happen in this case.

The deep state **** going on right now is legit scary af regarding SBF. The long reach into numerous outlets and professions, along with the lock-step softening of literal theft and fraud of billions into a teaching moment for a youngster(of 30) who just made a mistake,
while that Ross guy got insta-lifed into supermax.

We really have no idea what we are dealing with. Scary af to me, when you consider the coordination involved.

is this a satire account?

https://www.youtube.com/watch?v=cKrT9Jae4No

oof

Both his parents are lawyers (professors but still) and he should still be able to afford good lawyers, and this is what he is doing?

The trial is gonna be comical but a lengthy prison sentence will follow.

Most aren't filing tax returns on their crypto gains and losses.

Source?

Bloomberg: Crypto Investors Are Likely Paying Less Than Half the Taxes They Owe

Cryptocurrency investors are collectively not paying the IRS at least half of the taxes they owe on their virtual-currency trades, according to new analysis from Barclays Plc.

A research note by Joseph Abate, a managing director at Barclays, paints a picture of an exploding new industry that the Internal Revenue Service is struggling to hold to account.

The U.S. tax agency hasn’t released any recent estimate of its own on the difference between the levies owed and those paid on a self-reported basis. So Abate, a veteran analyst of money markets and Treasury Department funding, extrapolated from a 2017 IRS calculation to find the current tax gap would be around $50 billion per year -- accounting for about 10% of all unpaid taxes.

https://www.bloomberg.com/news/artic...taxes-they-owe

So that's based on data from 5 years ago. I'm not really aware of many tax rulings related to this. Is it similar to FTX and SBF, where the government just doesn't care and doesn't enforce against it?

...

"Opinion

FTX’s Collapse Was a Crime, Not an Accident

"Sam Bankman-Fried is a con man and fraudster of historic proportions. But you might not learn that from the New York Times, CoinDesk's Chief Insights Columnist David Z. Morris writes."

https://www.coindesk.com/layer2/2022...t-an-accident/




"Hollywood insider and Clinton ally could lose $300 million in FTX debacle: insiders"

https://nypost.com/2022/12/01/michae...acle-insiders/


https://www.marketwatch.com/story/ft...ne-11668715451

"You Lost Everything on FTX? Good."




https://www.reddit.com/r/CryptoCurre...g_on_ftx_good/

This is a somewhat good explanation.



You could also explain: Banks were going broke in the past and people took off with all the money until regulations kicked in, nobody trusted banks.

Did washoe change from "He's a good kid running a business with a complex corporate structure that only a genius from MIT could understand, so of course he's oblivious to basic fraud" to dude's a scammer?

No, you'll need to read it more carefully. The baseline treasury data for conformance on income tax is from 2017. The crypto tax evasion projection is based on current data.

I can't read it since there's a paywall

Penny wise and pound foolish.

I never said he is a good kid.
It might have seemed that I flip-flopped and that was bc I didn't have all the information that I have now.

the huge irony to me is that he is a major in altruism. it was theft. comparing him and FTX to full tilt and Lederer was not the best anology, probably. I tried to find excuses for him and now, after thinking it all though, there aren't any. I probably got played by the media, who try to find excuses, too.
again, there aren't any.

didnt black friday happen bc full tilts shenanigans? idk
I probably shouldnt have brought up Lederer or Hamilton in a poker forum. The parralels are there though. look at this thread if you do not believe me:
https://forumserver.twoplustwo.com/2...tdown-1815131/

Shocker.

lol

Black Friday happened because the feds busted an owner of a bank and the owner of a payment processor - both located in the US and serving several sites. I forget what the processor dude did that screwed the pooch, but it was a pretty good **** up.

When the DOJ told the sites they can give their players the money in their accounts and Stars told us to withdraw, I had my entire balance wired to me within hours. Fastest wire I ever received from them, courtesy of the DOJ.

The players from Fulltilt got wired Lederer's pubes. That is why you thought it was their fault for Black Friday - because the biggest poker site turned out to be insolvent when the **** hit the fan and then that becomes the actual issue.

aahahahaaaa!! although not so funny if you consider many people here lost some money.

isnt this kinda what happned now with ftx? I see big similarities, do you think if bitcoin and all would still be up, markets didnt crash, ukraine didnt happen etc. etc. deposits would still flow into FTX, inflation didnt happen..., FTX would still be up and running and SBF would still be compared to Warren Buffet and be on the cover of Forbes magazine, again?