how virtual transfer of money in online poker affects the world economy?

    • YinYangS
      YinYangS
      Bronze
      Joined: 09.10.2010 Posts: 1,077
      hi,

      i'm a business graduate and had this thought for a while now.

      basically, a country's economy will grow when more money is flowing in and more money is circulating, and the reverse is also true.

      in online poker, money is virtually being transferred in an instant and the government has no means to basically track how much money is virtually coming in or out of its country.

      at one point, the world will eventually notice how much impact online poker has on the world economies.

      i just read here in one of the posts that last year, US has lost $320 million in online poker. this means, $320 million has basically left the US economy and is now flowing in the hands of other countries.

      on the other hand, i, a filipino, for instance would win $1 million in some big online tourney. for the philippines, we have been relying heavily on overseas remittances to fuel our economy and to strengthen out currency value. which means, if by chance, i win $1 million, does that mean i had just contributed $1 million in remittances to our economy which is likely a big help?

      for these reasons, i foresee that online poker might really be seriously regulated in the future. because such big amounts of inflow and outflow of cash will affect one's economy.

      your thoughts guys?....

      .
      .
  • 11 replies
    • i5bet72o
      i5bet72o
      Bronze
      Joined: 17.06.2010 Posts: 1,615
      but 320 million is more or less nothing to the US economy
    • tokyoaces
      tokyoaces
      Bronze
      Joined: 01.04.2009 Posts: 1,883
      Like i5bet72o says:

      php:
      14,000,000,000,000 US GDP
             320,000,000 US Poker Outflow (Alleged)


      .
    • YinYangS
      YinYangS
      Bronze
      Joined: 09.10.2010 Posts: 1,077
      Originally posted by i5bet72o
      but 320 million is more or less nothing to the US economy
      i know it's not that big for their economy but what about for others?

      online poker is a billion dollar industry and i think the country who would win a lot of money from this would benefit a lot.

      as an example, when you go travel to other countries, you are limited to a certain amount of money you could bring to that country. immigration would stop you if they find out you're bringing more than what their limit is. that's because if a large number of travelers would bring large sums of money in a certain country, the additional circulation of money would have an effect in their economy in the long run.

      in online poker, you are basically bringing money to your own country when you win., and there's no limit to it.

      ........ comments?
    • shivas80
      shivas80
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      Joined: 24.12.2008 Posts: 573
      Imho... if u win something that by itself doesn't bring any money to the country.. unless u cashout and invest in your economy by urself, buying something, building something, investing in something.

      Say I have $100 in my PS account, or I have $1000000 in my PS account, that really means nothing for economy of my country.

      Now as we all know that poker is game of ZERO sum. (if we don't count RAKE) Point is when you cashout, someone will make deposit and in long run that cancels each other.

      Most profit from poker is made not by players, but for poker rooms.
    • YinYangS
      YinYangS
      Bronze
      Joined: 09.10.2010 Posts: 1,077
      Originally posted by shivas80
      Imho... if u win something that by itself doesn't bring any money to the country.. unless u cashout and invest in your economy by urself, buying something, building something, investing in something.

      Say I have $100 in my PS account, or I have $1000000 in my PS account, that really means nothing for economy of my country.

      Now as we all know that poker is game of ZERO sum. (if we don't count RAKE) Point is when you cashout, someone will make deposit and in long run that cancels each other.

      Most profit from poker is made not by players, but for poker rooms.
      when you win something, of course, eventually, you will cash it out and spend it at your country (unless you migrate)
    • tokyoaces
      tokyoaces
      Bronze
      Joined: 01.04.2009 Posts: 1,883
      Originally posted by shivas80
      Now as we all know that poker is game of ZERO sum. (if we don't count RAKE) Point is when you cashout, someone will make deposit and in long run that cancels each other.
      Why even discuss that side of it? The DOJ is interested in the rake the most! This is the part that has no chance of ever coming back to the economy.
    • bohemiagrove
      bohemiagrove
      Bronze
      Joined: 28.03.2011 Posts: 393
      Originally posted by tokyoaces
      Originally posted by shivas80
      Now as we all know that poker is game of ZERO sum. (if we don't count RAKE) Point is when you cashout, someone will make deposit and in long run that cancels each other.
      Why even discuss that side of it? The DOJ is interested in the rake the most! This is the part that has no chance of ever coming back to the economy.

      ahaha you guys warch to much movies.\the ideas is to rob amerinans from there rights and make every body pay 38.5% income tax.Don't you get it America is broke they own so much money and on top of that they buy EVERYTHING IN CHINA :D .So the media hype is useless is about the make americans slaves.
    • ihufa
      ihufa
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      Joined: 18.03.2008 Posts: 3,323
      The only country winning on online poker is Isle of Man,
    • Tavbi123
      Tavbi123
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      Joined: 16.04.2010 Posts: 46
      Originally posted by ihufa
      The only country winning on online poker is Isle of Man,
      top countries
      isle of man is 149.
    • skiffcz
      skiffcz
      Bronze
      Joined: 27.03.2011 Posts: 229
      Im puzzled, how on earth flow of virtual numbers can affect anything. The actual goods, resources and products are not going anywhere, right? Since the end of the Gold standard "cash" doesnt mean anything, coz "we print as much money as we need, eh chaps?"

      Just my PoV though ;)

      I strongly believe, that recent FBI boohoo is not about control over money, but rather control over people. Uncle Sam just wants his fellow Americans to go to the casino, get drunk and fuck the waitress, or watch moar TV, not sit on the internet whole evening being "entertained" by something "we dont control omgomg11!!!12!". China anyone? ;)
    • ihufa
      ihufa
      Gold
      Joined: 18.03.2008 Posts: 3,323
      Originally posted by Tavbi123
      Originally posted by ihufa
      The only country winning on online poker is Isle of Man,
      top countries
      isle of man is 149.
      stars and ft operate from Isle of Man ;)