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When the US Market crashes
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luvofthegame
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10-22-2008, 12:26 AM
Post subject: When the US Market crashes
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#1 (permalink)
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Join Date: Sep 2008
Posts: 31
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There has been alot of talk about an economic depression coming to the US lately. I'm not saying that it is coming, but if it did, would my money be safe? I'm currently playing out of fulltilt poker, where my money is in US currency. At the moment, I'm quite happy it is in US dollars, as the canadian dollar is at a 3 year low, about 82 cents american. But say in three years a depression hits america and the US dollar drops. I'm not sure what it would drop to, maybe someone can help me out here, but say if it dropped to 10 cents canadian. Would that mean everytime if I took 1000 dollars out of fulltilt that it would come out as only 100 dollars canadian? I know that these big poker companies don't really belong to a specific country, at least I think. I also know that some of these sites ban US players altogether. Bottom line, I guess i'm just being paranoid and looking for some sort of answer. Your thoughts and feedback are greatly appreciated.
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luvofthegame
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Join Date: Sep 2008
Posts: 31
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sorry guys, i realize this is under the wrong topic. I meant to put it under Online Poker Rooms and i'm not sure how to move it.
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Burt2004
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Join Date: Oct 2008
Posts: 12
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I'm not an expert, just a finance major senior, so take my opinion for what you think it's worth.
Currently, you're actually making money because the US Dollar is gaining value. I also read today Canada cut rates and the Can. Dollar plummeted as a result.
A couple of things to think about:
1. Even if the dollar does lose value, it follows the same rule as poker: in the short term you may lose money, but in the long term the value should return to an equilibrium point. By playing poker in a different nation's currency, you are in effect investing on two fronts: the poker game and the currency exchange market.
2. More often than not, as our economy reaches a recession other country economies are affected in the same way, so decreases in dollar value should be hedged *somewhat* by decreases, in your case, of the Can. dollar.
3. If you're playing for a large sum of money you should be Ok. The percentage loss shouldnt eat into your profit margin % in a significant way. However, if you are playing for a small amount of money, then exchange fees and small flucuations of the dollar will really eat into your profits. (I have a hard time defining 'small amount' because I haven't looked into exchange fees, but its best to use your best judgement)
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