So scammy

    • Targetme
      Targetme
      Bronze
      Joined: 04.05.2009 Posts: 1,888
      So im lookin to cash out 25k. Right now the us dollar is at .98 but its obviously crashing on monday. But Partys only offering it at .93 now. It should be my money and I should be able to cash it out when I want when the time is right wtf is this garbage its like a huge beat if the us dollar falls more. Anyone know whats going to happen I just got back from a wedding and now I gotta help plan a funeral so I have no time to even google stuff would rather vent my anger here.
  • 20 replies
    • Targetme
      Targetme
      Bronze
      Joined: 04.05.2009 Posts: 1,888
      So do i cash out now or wait it out?
    • hoit90
      hoit90
      Bronze
      Joined: 02.08.2008 Posts: 34
      I´d cash out. We have not even seen the beginning of the market turmoil that is about to be unleashed in the coming weeks.
    • extpan
      extpan
      Bronze
      Joined: 17.11.2007 Posts: 289
      they will always calculate with margin to prevent "forex" exchange in platform if you have account in another currency :D
    • EagleStar88
      EagleStar88
      Bronze
      Joined: 06.10.2008 Posts: 7,359
      Originally posted by Targetme
      ..... and now I gotta help plan a funeral so I have no time to even google stuff would rather vent my anger here.
      Sorry to hear that Targetme, this does kind of puts everything else into perspective though.

      The trouble with the exchange markets as you know is that they can be volatile. Who knows which way they will go and how long it will last.

      I don't know if this is even feasible, but I'm thinking an account somewhere where you can hold multiple currencies might help. You could then continue to hold any surplus until a more favourable rate.

      Best regards,


      Bart
    • THESHade
      THESHade
      Bronze
      Joined: 25.03.2010 Posts: 5,418
      Lol ....
      Dude who lucked up 30k+ in a promo is moaning :D Sick life
    • Targetme
      Targetme
      Bronze
      Joined: 04.05.2009 Posts: 1,888
      lol well there offering like .93 and its like .99 atm
    • Targetme
      Targetme
      Bronze
      Joined: 04.05.2009 Posts: 1,888
      aka a few thousand!
    • Targetme
      Targetme
      Bronze
      Joined: 04.05.2009 Posts: 1,888
      aka a few hundred buyins
    • THESHade
      THESHade
      Bronze
      Joined: 25.03.2010 Posts: 5,418
      AKA tripple-rage post :D


      Well yea, I get ur point and thats why when its possible I always create an account in a currency I use in my country (EURO for me) so I wont lose 10+BIs at any withdraval
      U can always use MB( Is tit allowed in CAN?) get VIP and lose less
    • Krasi53
      Krasi53
      Bronze
      Joined: 06.02.2011 Posts: 67
      wtf, in other words think ahead next time, you are a poker player, you need to have those things in your mind, the long run you know...
    • MarcPS
      MarcPS
      Moderator
      Moderator
      Joined: 09.11.2010 Posts: 1,077
      Hey Guys,

      I'm going to get our Forex expert, Marple, to drop by and maybe he can provide some insights here.

      Best,

      Marc
    • THESHade
      THESHade
      Bronze
      Joined: 25.03.2010 Posts: 5,418
      We have a forex expert? Weee :D

      So is my logic all right? (keep as much money as possible in the currency u use so u wont lose in ixchange rates?)
    • Marple08
      Marple08
      Bronze
      Joined: 13.03.2008 Posts: 3,869
      As we experience very hectic times economy wise, it is really hard to give a clear answer here.

      Every currency has its peculiarities. The CAD where OP is talking about largely depends on the price of oil, as Canada is a large oil producing country. When the economy of the United States and Europe (Germany) will go back into a recession, oil prices will drop (as we have seen) and CAD will go down against USD. But since oil already slipped quite a bit I have the feeling that it won't slip that much anymore and that we see USD/CAD hovering around parity in the longer term.

      Europe (Germany) on the other hand is depending heavily on export. When US slides into recession, China's economy will most probably as well, or at least slow down and so will Germany. This is of course bad for the USD and EUR alike.
      Normally EUR gets hit harder in a crisis than USD, which supposes that EUR will fall, but with the current downgrading of the US by Standard and Poor and Moody's we have to see how investors are taking that. Personally I think central banks will take more Euro as reserve money and that this will have an upwards effect on EUR/USD.

      In uncertain times as those we are in now people flee into CHF, JPY and Gold, however these are not currencies you can have your poker Bankroll in.

      Therefore as THESHade already said and what I am saying to all proker players as well.

      Originally posted by THESHade

      [..] thats why when its possible I always create an account in a currency I use in my country (EURO for me)
      Having your bankroll in any other currency than your own would be speculating, especially when you are talking about large sums of money.


      Please not that these are my personal views of the current situation. What you do with your money is your responsibility and yours alone. No responsibility for any losses shall be accepted.
    • Gerovit
      Gerovit
      Bronze
      Joined: 16.01.2011 Posts: 1,308
      Originally posted by Marple08
      As we experience very hectic times economy wise, it is really hard to give a clear answer here.

      Every currency has its peculiarities. The CAD where OP is talking about largely depends on the price of oil, as Canada is a large oil producing country. When the economy of the United States and Europe (Germany) will go back into a recession, oil prices will drop (as we have seen) and CAD will go down against USD. But since oil already slipped quite a bit I have the feeling that it won't slip that much anymore and that we see USD/CAD hovering around parity in the longer term.

      Europe (Germany) on the other hand is depending heavily on export. When US slides into recession, China's economy will most probably as well, or at least slow down and so will Germany. This is of course bad for the USD and EUR alike.
      Normally EUR gets hit harder in a crisis than USD, which supposes that EUR will fall, but with the current downgrading of the US by Standard and Poor and Moody's we have to see how investors are taking that. Personally I think central banks will take more Euro as reserve money and that this will have an upwards effect on EUR/USD.

      In uncertain times as those we are in now people flee into CHF, JPY and Gold, however these are not currencies you can have your poker Bankroll in.

      Therefore as THESHade already said and what I am saying to all proker players as well.

      Originally posted by THESHade

      [..] thats why when its possible I always create an account in a currency I use in my country (EURO for me)
      Having your bankroll in any other currency than your own would be speculating, especially when you are talking about large sums of money.


      Please not that these are my personal views of the current situation. What you do with your money is your responsibility and yours alone. No responsibility for any losses shall be accepted.
      All predictions about currency rates in future are already built in current ex rate there is no possible way to predict rates even within 12 hours because it is perfect information market.

      On those sites where you cant open your preferred currency keep as litlle br as possible and use moneybookers/neteller (yesterday i withdrew everything from microgaming and everest and put in on mb)
    • Marple08
      Marple08
      Bronze
      Joined: 13.03.2008 Posts: 3,869
      You are absolutely correct Gerovit that is called the efficient market theorie. But are the markets not as efficient as people would believe, how would trends otherwise exist, it is not that every time the price goes up/down new information has become available.

      Therefore you can make assumptions on what the market is most likely to do, this analogue as putting your opponent on a certain range in poker, sometimes you will have it wrong and lose money, but if you are more often right than wrong you will make money. With good money management you can even be wrong more often than right and still profit. :)

      But we might be getting off topic here.
    • VorpalF2F
      VorpalF2F
      Super Moderator
      Super Moderator
      Joined: 02.09.2010 Posts: 8,901
      I'm also in Canada, and lately, I've seen my US$ value of my Party BR drop and rise daily.

      I have a bank account that is linked to Party, and my Party funds are recorded in $CA and this amount changes only as I win/lose.

      In can transfer money in/out of the linked account without fees. There is a slight lag coming out of Party, but no lag at all going in.

      But the huge benefit is that my BR is unaffected by currency fluctuations.

      For protection, I never leave money sit in the linked account.
    • Jackalof
      Jackalof
      Bronze
      Joined: 08.06.2008 Posts: 1,462
      I´d cash out. We have not even seen the beginning of the market turmoil that is about to be unleashed in the coming weeks.


      Wrong. Sell gold, buy oil.
    • PkrPlyr2k11
      PkrPlyr2k11
      Bronze
      Joined: 13.06.2011 Posts: 10
      @VorpalF2F - do you recommend using $CAD on Party and withdrawing direct to your account in $CAD instead of $USD on Party and having my bank convert to $CAD?
    • VorpalF2F
      VorpalF2F
      Super Moderator
      Super Moderator
      Joined: 02.09.2010 Posts: 8,901
      I have only deposited -- it was relatively fast.
      A withdrawal takes 2-3 business days apparently, but it goes directly into your account, there are no fees either from the bank or from Party.

      I chose this way, because with the $US changing so rapidly, your bankroll can drop in actual value if the $US tanks (or the $CAD goes up).

      The upside:
      When I look at my balance on Party, I know exactly what I have in $CAD. If I want to cash it, there is no exchange differential to be paid.

      The downside:
      You win in $US. This means that if you win a $100 pot, you only win .99
      However, you don't care at that point, because the exchange rate never manifests itself until you cash.

      Your perceived $US BR fluctuates with the exchange rate, your $CAD BR fluctuates only as you win/lose.

      Party's exchange rate is the "official" exchange rate (I check here: http://www.x-rates.com/) rounded off to the nearest cent.

      Party's exchange rate lags by several hours, so if you are cashing on a day that has a large change, it may cost you.

      MY BR on Full Tilt was in $CAD, but I chose this way on Party.

      I recommend that you pick the method that works best for you.
      If you use a transfer service, you may be able to get the best of both ways, but since they're banks, you're gonna get screwed somehow.
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