I Am Bored At Work

[Sheiky 0]

You must really hit it off with the ladies....

Oh no he didn't!

[Sheiky 0]

BAW, i'm completely clueless at economics, so help with with the question:Given that i'm English, my savings are obviously in GBP so they have to be changed to USD when i play online. Now i've been hearing a lot about the credit crunch and the American Dollar being very weak(which i really have no idea what that means either). Do changes in the exchange rate affect the amount of English money i can cash out? This is a terrible analogy i know, but in 1930s Germany loads of people lost their savings because of hyper inflation, is there any sort of danger of this happening on any level if i keep any reasonable amount of money in a poker site for a reasonable amount of time?Crude example being, if i deposited £250 when the exchange rate was $2/£1, then i cash out when the exchange rate is $4/£1, do i lose half my money? Or do they have some sort of protection against this?

[simo_8ball 1]

1) if i deposited £250 when the exchange rate was $2/£1, then i cash out when the exchange rate is $4/£1, do i lose half my money? 2) Or do they have some sort of protection against this?

1) Yes.2) No.

[krup24 0]

i don't know the probability of this but out of the last 78 times i've had AK suited or offsuit I have only flopped an A or K 1x and villian had a set. but i won 9 BIs yesterday!!!!!!!!!!!

[MikeBauer26 0]

BAW, i'm completely clueless at economics, so help with with the question:Given that i'm English, my savings are obviously in GBP so they have to be changed to USD when i play online. Now i've been hearing a lot about the credit crunch and the American Dollar being very weak(which i really have no idea what that means either). Do changes in the exchange rate affect the amount of English money i can cash out? This is a terrible analogy i know, but in 1930s Germany loads of people lost their savings because of hyper inflation, is there any sort of danger of this happening on any level if i keep any reasonable amount of money in a poker site for a reasonable amount of time?Crude example being, if i deposited £250 when the exchange rate was $2/£1, then i cash out when the exchange rate is $4/£1, do i lose half my money? Or do they have some sort of protection against this?

Damn... Simo was quicker :-)My home currency here is the EURO and the problem is even worse for me currently.Still one should see it in perspective:If you only put 10 BI in your BR and manage it that way the daily fluctuations of the exchange rate should not nag away on your winrate in relation to your BR too heavily.Over the last year the $ lost like 14% value vs the euro.Now if you just random guessing that this goes on, you will loose the worth of 1.5 (of your initial ten) buy-ins in during the next year.(I am losing more playing one hour of poker :-p)So of course it becomes lucrative to cash out huge winnings every now and then if you are playing higher stakes.My bankroll is a weak 120$ -> not a level to worry about exchange rates developmentsI guess if you were only playing a certain level and are already "over-rolled" for that level, cashing out regularly is EV+ (that is if the $ remains this "weak")If you believe in a quick recovery of the US$ you might even abuse your $-nominated-poker-account to make some additional cash ;-)No idea about tax issues here though... ;-) probably illegal and I am absolutely denying to have ever mentioned it...Ok... got totally carried away...http://www.oanda.com/ has a currency converter where you can see that GBP vs US$ has not been mouch of an issue over the last year anyway

[Sheiky 0]

Damn... Simo was quicker :-)My home currency here is the EURO and the problem is even worse for me currently.Still one should see it in perspective:If you only put 10 BI in your BR and manage it that way the daily fluctuations of the exchange rate should not nag away on your winrate in relation to your BR too heavily.Over the last year the $ lost like 14% value vs the euro just random guessing this goes on, you will loose the worth of 1.5 of your ten buy ins in a year.(I am loosing more playing on hour :-p)So of course it becomes lucrative to cash out huge winnings every now and then at higher stakes and manage your bankroll "dynamically" (that is having 10 buy ins online and 15 in your home saving accout...I just happen to be an economist btw (my bankroll is a shitty 120$ though -> not a level to worry about exchange rates)

Yikes i never thought this would be a problem.How do you tell when the exchange rate is rising significantly? And, does this mean you can take advantage of it when the rate is going the other way by depositing/cashing out at the right times?(Come to think of it, is this why they have withdrawal limits?)

[mtdesmoines 2]

BAW, i'm completely clueless at economics, so help with with the question:Given that i'm English, Why does that make me smile?my savings are obviously in GBP so they have to be changed to USD when i play online. Now i've been hearing a lot about the credit crunch and the American Dollar being very weak (which i really have no idea what that means either). It means that, given the choice of currency between American dollars and random worthless seashells, most people are picking seashells right now. Do changes in the exchange rate affect the amount of English money i can cash out? This is a terrible analogy i know, but in 1930s Germany loads of people lost their savings because of hyper inflation, is there any sort of danger of this happening on any level if i keep any reasonable amount of money in a poker site for a reasonable amount of time?Americans are cunning. They've been loading up on debt in anticipation of this period of inflation. Won't we all come out smelling like roses now?Crude example being, if i deposited £250 when the exchange rate was $2/£1, then i cash out when the exchange rate is $4/£1, do i lose half my money? You didn't lose it -- that value of money is all relative. All it says is that the pound buys what four dollars buys, when it used to only take 2. Economists all over the world debate the true meaning of this. You and I are just along for the ride.Or do they have some sort of protection against this?Quite the opposite; if the sites have smart enough bankers, I'm sure they are making millions in currency markets. With your money. And you're not. Congratulations.

[mtdesmoines 2]

I just happen to be an economist btw (my bankroll is a shitty 120$ though -> not a level to worry about exchange rates)

See? WTF do economists know anyway?

[MikeBauer26 0]

Yikes i never thought this would be a problem.How do you tell when the exchange rate is rising significantly? And, does this mean you can take advantage of it when the rate is going the other way by depositing/cashing out at the right times?(Come to think of it, is this why they have withdrawal limits?)

Exchange rates are normally available at your local bank's website or any stoxx traders website.www.oanda.com works fine for me but consors or hsbc could probably offer a charting toolAgain... in relation to an average-szied bank-roll it's really not that much of an issueThe withdrawl limits should have other reasons.-> calculatable financial situtations for the sites-> (probably) preventing money laundering-> keeping you ON the site...Additionally yes one could theoritically take advantage of that if the site would NOT put fees on cash withdrawals AND your forecast of the exchange rate is correct :-)

[MikeBauer26 0]

See? WTF do economists know anyway?

:-p

[Sheiky 0]

my savings are obviously in GBP so they have to be changed to USD when i play online. Now i've been hearing a lot about the credit crunch and the American Dollar being very weak (which i really have no idea what that means either).It means that, given the choice of currency between American dollars and random worthless seashells, most people are picking seashells right now.This is something i don't get about the value of currency, people say that the American dollar is completely weak and worthless, but what does that mean in pratical terms? Using my exmaple of the hyperinflation in Germany, the price of bread rose by like a billion %, so instead of having 1mark notes to pay with they used 1billion mark notes, if everything rises equally surely it doesn't matter whether you're paying a billion or a cent? Or do people call it weak because people like me may lose out when exchaning curreny?Do changes in the exchange rate affect the amount of English money i can cash out? This is a terrible analogy i know, but in 1930s Germany loads of people lost their savings because of hyper inflation, is there any sort of danger of this happening on any level if i keep any reasonable amount of money in a poker site for a reasonable amount of time?Americans are cunning. They've been loading up on debt in anticipation of this period of inflation. Won't we all come out smelling like roses now?I think i kind of get this, the amount of debt people have doesn't change relative to inflation so if the dollar goes down in value their debt's get correspondingly easier to pay? Does this mean that some money/value is lost in between somehow?Crude example being, if i deposited £250 when the exchange rate was $2/£1, then i cash out when the exchange rate is $4/£1, do i lose half my money?You didn't lose it -- that value of money is all relative. All it says is that the pound buys what four dollars buys, when it used to only take 2. Economists all over the world debate the true meaning of this. You and I are just along for the ride.Don't get this, in practical terms i deposit 250 GBP, two years later i cash out 500USD for 200GBP, i've lose 50GBP, I@VE LOST IT GOD DAMIT. For this to work, wouldn't the pricing rates in England have to be at the same levels they are in America?

[MikeBauer26 0]

Don't get this, in practical terms i deposit 250 GBP, two years later i cash out 500USD for 200GBP, i've lose 50GBP,

Totally correct. Example1. A year ago you gave another person/bank/whatever 250 GBP and "bought" 500$ for that2. Assume that in the last year the "price" of the US$ dropped.3. Now today this same person/bank/whatever will buy 500USD back from you but will only pay you 200 GBP for that.You have "lost" 50 GBP trading currencies then. (the money is with the other person)It's kinda simple actually and only get's intransparant when more than two people are involved. Oh... and when the US slips into hyperinflation the rest of the world will surely have other things to worry about than playing poker anyway ;-)

[mtdesmoines 2]

my savings are obviously in GBP so they have to be changed to USD when i play online. Now i've been hearing a lot about the credit crunch and the American Dollar being very weak (which i really have no idea what that means either).It means that, given the choice of currency between American dollars and random worthless seashells, most people are picking seashells right now.This is something i don't get about the value of currency, people say that the American dollar is completely weak and worthless, but what does that mean in pratical terms? Using my exmaple of the hyperinflation in Germany, the price of bread rose by like a billion %, so instead of having 1mark notes to pay with they used 1billion mark notes, if everything rises equally surely it doesn't matter whether you're paying a billion or a cent? Or do people call it weak because people like me may lose out when exchaning curreny?It means that one US dollar bought a candy bar yesterday. Today it takes one US dollar and twenty five US cents. Yeesh, why would you want to have US dollars? Think of holding currency/money as an investment -- an investment that yields a consistent loss. You wouldn't want to have that investment for very long, would you? Do changes in the exchange rate affect the amount of English money i can cash out? This is a terrible analogy i know, but in 1930s Germany loads of people lost their savings because of hyper inflation, is there any sort of danger of this happening on any level if i keep any reasonable amount of money in a poker site for a reasonable amount of time?Americans are cunning. They've been loading up on debt in anticipation of this period of inflation. Won't we all come out smelling like roses now?I think i kind of get this, the amount of debt people have doesn't change relative to inflation so if the dollar goes down in value their debt's get correspondingly easier to pay? Does this mean that some money/value is lost in between somehow?As long as wages inflate. Crude example being, if i deposited £250 when the exchange rate was $2/£1, then i cash out when the exchange rate is $4/£1, do i lose half my money?You didn't lose it -- that value of money is all relative. All it says is that the pound buys what four dollars buys, when it used to only take 2. Economists all over the world debate the true meaning of this. You and I are just along for the ride.Don't get this, in practical terms i deposit 250 GBP, two years later i cash out 500USD for 200GBP, i've lose 50GBP, I@VE LOST IT GOD DAMIT. For this to work, wouldn't the pricing rates in England have to be at the same levels they are in America?You should play better poker. Besides, it depends on what you deposited in US$ if your 250GBP deposit was equal to 500 USD, then yes, you lost money. Like I said, the sites, if they have smart bankers, should be making a killing on the currency markets, because of all the cash they hold. Having $ is like printing $ if you're smart.

[shinzilla 0]

You should've made a forward or future contract when you first deposited!

[Temporary Nuts 1]

The Legend:Once upon a time there were several cave dwelling goat farmers who lived in a far off land in the mountains. They hadn't much despite their wealth of liquid gold, and were very faithful to their religion. One day theirGod spoke to them: "Oh faithful disciples, a powerful and mighty enemy has arisen in the far West. You must travelto this land and strike the very heart of their society; thereby crippling thine God's enemies."The disciples heeded unto their Lord and traveled many moons to reach the land where the Heathens dwelled.They spent much time preparing to strike the very heart of this very prosperous land. They learned manynew technologies, and partially learned to control the most sacred of horses in this land: The giant flying unicorns.These unicorns could carry thousands of people at a time, and they learned to guide them gracefully through the air,although never got the hang of having them touch down upon the earth with equal grace.The day had arrived. Armed with nothing but materials to groom themselves, they fought off a small army of 1200civilians and took one of the giant flying unicorns into their captivity. They set forth towards the heart of society,luckily avoiding detection from the oracle of the land; for the land of their Lord's enemies had thousands upon thousandsof dragons at their command that could strike them from the sky at any moment. As they reached the society's heart they rammed it full speed with the unicorn's horn. Unfortunately for the Lord's heroes society's heart was strong. Indeedthe blow did pierce the evil heart, and in a couple of hours it had bled dry, but the heroes and unicorn were killed instantly upon collision.NAME THE STORY!

[No_Neck 0]

Econ 101 with a retard... everyone gather round.Your country had a fixed amount of worth. It use to be gold but now you can back a country with anything worth something. So we have our country's value... well recently the dollar has become weak has to do with the 2 trillion (this number is a guess) dollars in bad housing loans. Which makes our money worth less because we counted that 2 trillion as money in the bank, and it is isn't.Also the amazing amount of spending on the war in Iraq, our net worth has not increased but they have been sending a million dollars a minute to Iraq.As basically the US has been like the friend you have that spends all his money until he is broke :)Crypto sites let you keep your money in euros, or pounds I think.

[Sheiky 0]

Econ 101 with a retard... everyone gather round.Your country had a fixed amount of worth. It use to be gold but now you can back a country with anything worth something. So we have our country's value... well recently the dollar has become weak has to do with the 2 trillion (this number is a guess) dollars in bad housing loans. Which makes our money worth less because we counted that 2 trillion as money in the bank, and it is isn't.Also the amazing amount of spending on the war in Iraq, our net worth has not increased but they have been sending a million dollars a minute to Iraq.As basically the US has been like the friend you have that spends all his money until he is broke Crypto sites let you keep your money in euros, or pounds I think.

Now this i can understand!

[No_Neck 0]

The Legend:Once upon a time there were several cave dwelling goat farmers who lived in a far off land in the mountains. They hadn't much despite their wealth of liquid gold, and were very faithful to their religion. One day theirGod spoke to them: "Oh faithful disciples, a powerful and mighty enemy has arisen in the far West. You must travelto this land and strike the very heart of their society; thereby crippling thine God's enemies."The disciples heeded unto their Lord and traveled many moons to reach the land where the Heathens dwelled.They spent much time preparing to strike the very heart of this very prosperous land. They learned manynew technologies, and partially learned to control the most sacred of horses in this land: The giant flying unicorns.These unicorns could carry thousands of people at a time, and they learned to guide them gracefully through the air,although never got the hang of having them touch down upon the earth with equal grace.The day had arrived. Armed with nothing but materials to groom themselves, they fought off a small army of 1200civilians and took one of the giant flying unicorns into their captivity. They set forth towards the heart of society,luckily avoiding detection from the oracle of the land; for the land of their Lord's enemies had thousands upon thousandsof dragons at their command that could strike them from the sky at any moment. As they reached the society's heart they rammed it full speed with the unicorn's horn. Unfortunately for the Lord's heroes society's heart was strong. Indeedthe blow did pierce the evil heart, and in a couple of hours it had bled dry, but the heroes and unicorn were killed instantly upon collision.NAME THE STORY!

ummm i like unicorns...

[Temporary Nuts 1]

ummm i like unicorns...

Hint: George Bush

[NoBBiR 0]

Yay, one hour until I go get my face raped by the Dentist via my Wisdom teeth.

[Sheiky 0]

Yay, one hour until I go get my face raped by the Dentist via my Wisdom teeth.

Good luck!

[cwik 0]

Yay, one hour until I go get my face raped by the Dentist via my Wisdom teeth.

ugh that sucks. When I got my wisdom teeth pulled, I guess the dude hit a nerve in my mouth and basically for the next 4 months I had no feeling in the right side of my tounge. This was quite wierd, much like novicane, so I would just chew on my tounge all day cause I couldn't feel it (or taste anything). Then when the feeling started coming back, it REALLY hurt.

[mtdesmoines 2]

Yay, one hour until I go get my face raped by the Dentist via my Wisdom teeth.

I have wisdom teeth stories. I'll save them so that you actually go get this done.

[CobaltBlue 662]

http://www.fullcontactpoker.com/poker-foru...howtopic=121949...wth?So the Florida girl somewhat spontaneously came up for a visit for a couple of days. I finally "taught" her to play poker. Basically, I just let her watch me play 5/10 6-max for half an hour while explaining. There's always that fear when you're showing it to someone for the first time that you're going to lose cause you want to make a good first impression. I won $600 on the first hand...so that was helpful.

[Sheiky 0]

If i spontaneously turn up do i get a lesson too?