06-29-2011 06:27 AM
#1
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FTP just went down... Hard. |
06-29-2011 06:32 AM
#2
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All games stopped | |
06-29-2011 06:33 AM
#3
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My FTP client can't connect to the server. I'm in Germany. | |
06-29-2011 06:35 AM
#4
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Ya, they're completely down. | |
06-29-2011 07:11 AM
#5
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Oh bugger! | |
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06-29-2011 07:14 AM
#6
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Wonder if Howard's ready to comment yet: | |
06-29-2011 07:22 AM
#7
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06-29-2011 07:36 AM
#8
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06-29-2011 08:06 AM
#9
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This is so fucking terrible for what is left of online poker. | |
Last edited by oskar; 06-29-2011 at 08:17 AM. | |
06-29-2011 08:22 AM
#10
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makes me sick | |
06-29-2011 08:38 AM
#11
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wheeeeeeeeee. was getting used to the positive news that was coming out and then wake up this morning to play and see that. wp alderney, wp. | |
Last edited by andy-akb; 06-29-2011 at 08:44 AM. | |
06-29-2011 09:18 AM
#12
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^^With FTP's current license in Alderney in suspension do you really think that ANY other jurisdiction will even consider granting FTP even a temporary licence until after the decisions in Alderney have been finalized? If so, then I'd like some of what you're smoking.. | |
06-29-2011 09:25 AM
#13
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http://www.gamblingcontrol.org/userf...n%20290611.pdf |
06-29-2011 09:29 AM
#14
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Lol, yes. Do you know how sketchy many of these island tax havens are? UB/Absolute havent lost their licenses for all the shit they pulled and are definitely in a worse financial position than FT currently is in. So yea, I am sure that there are some "regulatory" bodies out there that dont act with as high standards as others. If there arent, FT could send some cash to help create one. They may not be able to pay out all players, but they arent broke. | |
06-29-2011 09:36 AM
#15
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While that ^^ may be true, the point that i was trying to make is that Alderney is considered one of the weakest licensing organizations in the UK. If they found enough to suspend FTP's license then I doubt that any of the stronger licensing organizations will consider them for a while. | |
06-29-2011 10:01 AM
#16
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kahnawake poker rooms aren't allowed to advertise in the uk, so guess they are considered weaker regulaters . |
06-29-2011 10:46 AM
#17
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not like this is really any surprise | |
06-29-2011 11:43 AM
#18
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06-29-2011 12:12 PM
#19
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no. i think people are panicking like crazy, and obv it is understandable why, but everybody cashing out immediately does nothing to actually help them cashout. FT is run horribly, we all know that now and if we had known that before then I am sure that less people would be playing there; however, that wasnt the case and we didnt realize this until it was too late. | |
06-29-2011 12:18 PM
#20
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funny how ftp website says its down for maintenance. Jokerstars here i comez. |
06-29-2011 12:35 PM
#21
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Withdrew my BR from FTP after BF as fast as I could. Managed to withdraw everything in a few weeks. With $0 in my account, I converted some FTPs and ironman medals to $50 cash game tickets and ran my roll up to $2.4k. Made a withdrawal request to neteller for the full amount (still pending). Account was at $0 again. Converted more FTPs to cash game tickets and ran my roll up to $2.1k (still on my account). | |
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06-29-2011 12:40 PM
#22
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06-29-2011 12:51 PM
#23
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06-29-2011 01:22 PM
#24
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According to the commission's statement, FTP cannot: | |
06-29-2011 02:00 PM
#25
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I guess this is where we differ. I've never understood why people feel it's a realistic scenario that an investor will swoop in and contribute funds to pay debts that were effectively borrowed in order to burn. What would this individual be buying? Certainly not a brand; it was seriously tarnished even before this. Not a player pool...a not-insignificant percentage of FTP players are just interested in getting their cash and moving it somewhere else or getting out of poker altogether until rosier times. There are no other assets to speak of. | |
06-29-2011 02:02 PM
#26
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06-29-2011 02:18 PM
#27
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06-29-2011 02:37 PM
#28
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06-29-2011 03:07 PM
#29
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I feel kind of shocked that it finally happened, but I agree that it was inevitable. I am honestly surprised that so many people continued to play there even when they knew they weren't paying back Americans. And then people STILL played after Ivey sued his own site. Whatever the case, I hope that Americans and everyone else can still get their money back eventually. | |
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06-29-2011 03:19 PM
#30
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06-29-2011 03:37 PM
#31
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The software likely isn't something that can't be developed or purchased more cheaply (ie. for less than the amount of debt outstanding + risk) from other vendors but you have something with the Rush patent. | |
06-29-2011 03:46 PM
#32
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Right, but how many were still playing because they couldn't get their money out? | |
Last edited by BennyLaRue; 06-29-2011 at 03:48 PM. | |
06-29-2011 04:33 PM
#33
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Benny, how much do you know about software development and the costs associated with it? | |
06-29-2011 04:48 PM
#34
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More than I know about how much FTP owes players in total so the math would be incomplete anyway. The point was simply that the software isn't a unique asset so no reason it should be worth more than the cost of development. | |
Last edited by BennyLaRue; 06-29-2011 at 04:52 PM. | |
06-29-2011 05:28 PM
#35
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Partypoker had $170mm in revenue from poker in 2010 and they are a third of the size of fulltilt poker post-black friday. FT could lose 2/3 of their customers and be about the size of party. Using a conservative multiplier, this would still be a billion dollar company even when figuring in $150mm in debts. When the vast majority of full tilt users have no idea about the issues, I dont know how anybody can say that having an investor swoop in and SAVE the company would cause them to lose more than 2/3 of their users. I can understand people leaving because FT left a bad taste in their mouths, but it would simply not be rational to leave a company once it got new management and became solvent. | |
06-29-2011 05:36 PM
#36
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Even after the black friday, how much do you assume that FTP earned each day on rake? Based on player pool of 80k players during peak 8 hours, I would assume that at least 1M$ of rake is generated each day. Or that seems too bold of an assumption? |
06-29-2011 06:33 PM
#37
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Investing in FTP and keep playing on FTP are two different things. I'd be way more likely to invest in FTP at buy the company at a sick price on a gambool, than to keep playing and possibly only getting a fraction of my dollars earned. So ofc it's likely someone will step in and buy it at a discount, but that doesn't mean I should keep playing there and expect to get just a fraction of my earnings. It's just not worth it imo, and it means putting a lot of faith into head management of FTP which are clearly crooks. To keep on playing on FTP just to make it look like an attractive investment for anyone willing to save it is a bit naive imo. | |
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06-29-2011 08:10 PM
#38
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06-29-2011 09:57 PM
#39
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Meh, I mean I dont disagree and think I am being overly optimistic, but at the same time, if you cannot cashout and really cant play at other sites [certain draw games, rush poker, superturbos, etc], i dont see what other options you have | |
06-29-2011 10:05 PM
#40
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Yes, but how many deal in saving internet-based businesses with few tangible assets in an oddly regulated and somewhat shady environment, no liquid cash to pay debts, a current inability to operate and earn revenue and pending legal bills out the wazoo? It's a unique situation. | |
06-29-2011 10:42 PM
#41
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06-29-2011 10:46 PM
#42
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06-29-2011 10:46 PM
#43
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06-29-2011 10:48 PM
#44
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06-29-2011 11:01 PM
#45
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obv depends on the conditions, raise capital is pretty vague | |
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06-29-2011 11:02 PM
#46
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and no deal yet doesn't mean there isn't interest in it | |
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06-29-2011 11:13 PM
#47
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buying out distressed companies is a very interesting topic actually, and i'm sure none of us even come close to understand the factors involved. | |
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06-30-2011 12:19 AM
#48
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i doubt anyone spending their time in ftr commune has sufficient knowledge on mergers and aquariums | |
06-30-2011 01:43 AM
#49
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06-30-2011 02:03 AM
#50
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06-30-2011 02:17 AM
#51
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06-30-2011 04:28 AM
#52
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Brand still has value to the fish (the people who really matter.) That's still got to be worth a few million. You could bring in someone to clean up the credibility problem (like Lee Jones.) | |
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06-30-2011 05:50 AM
#53
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06-30-2011 05:55 AM
#54
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I suppose we should start ratholing poker sites: buy chips, grind, withdraw at end of the session. Rinse and repeat. |
06-30-2011 07:33 AM
#55
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06-30-2011 08:31 AM
#56
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06-30-2011 09:15 AM
#57
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06-30-2011 09:23 AM
#58
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Strange how rush poker still advertizez here. |
06-30-2011 10:21 AM
#59
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as someone pointed out somewhere else, tracerouteing to Full Tilt Poker - Learn from the Pros takes you past mohaw.ca addresses, so I'd say they're more than considering being licensed by kahnaspellingnightmanrewake and it's underway. | |
06-30-2011 10:43 AM
#60
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06-30-2011 12:20 PM
#61
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You're right. I did a second google search and it turns out that my initial research was false. Although, wtf is with POTRIPPER still running UB? | |
06-30-2011 12:20 PM
#62
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The problem is that either last year or in 2009 the KGC signed an agreement with AGCC to honor each other's rulings. If FTP gets a license from the KGC then is that license, or any of the other KGC licenses, really worth anything since they don't recognize their previous agreements? | |
Last edited by Shotglass; 06-30-2011 at 12:32 PM. | |
06-30-2011 02:18 PM
#63
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Cereus is never paying out. Never. They lost like 97% of their business, they're in debt several times over, and nobody will buy them out. I'd be lucky to get my money off there within twenty years. The DoJ are the biggest thieves the world ever knew |
06-30-2011 03:58 PM
#64
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06-30-2011 06:53 PM
#65
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06-30-2011 08:18 PM
#66
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On a slight upside, lot of skins have upped their rakeback. Everyone's battling for FT's ex-playerpool. | |
Last edited by oskar; 06-30-2011 at 08:26 PM. | |
06-30-2011 10:17 PM
#67
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06-30-2011 11:38 PM
#68
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that's good news. |
07-01-2011 02:45 AM
#69
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weeeeeeeeee looks like we may have just hit runner runner perfect. | |
07-01-2011 10:29 AM
#70
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Two Plus Two Poker Forums - View Single Post - New player in town | |
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07-01-2011 04:47 PM
#71
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Class action suit against FTP: Scribd | |
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07-01-2011 05:10 PM
#72
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pretty sick that they are rico'ing it, inb4 team full tilt flees the country | |
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07-01-2011 05:14 PM
#73
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I wonder if I can Cereusly do this? Think of the threads I can start! | |
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07-04-2011 01:25 PM
#74
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07-04-2011 02:26 PM
#75
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Yes, "a poker platform" can be whipped together... but a quality one? I mean, PokerStars is probably the second best software, and it is lightyears behind FTP. | |