enforce1973 0 Posted January 18, 2007 Share Posted January 18, 2007 I might be way off base here but this is my opinion on the events over the last few months. I would think that the online poker sites would have created a way for people to transfer money alot easier than whats available now by starting there own online money transfering sites. They must have attorneys (high priced ones at that) looking at every angle to come up with solutions for these issues. If the online sites dont have a way of getting it done for US customers then I guess it must be real. It would be nice to hear from the pros on this matter who have stakes in online poker sites and possible solutions for all of us to continue to play. Link to post Share on other sites
mx957 0 Posted January 18, 2007 Share Posted January 18, 2007 But it hasn't been defined yet. The Internet Gambling act is a law but still under it's "Definition/Implementation" phase. Stars and Tilt can't find a work around yet because they don't know what they are up against.The Neteller boys weren't arrested for the October Law, this was for "Money Laundering" Link to post Share on other sites
Pot Odds RAC 23 Posted January 18, 2007 Share Posted January 18, 2007 Ok. Not an expert, but I have worked with many large Financial Services institutions in developing systems, including international cash transfer systems and processes. Contrary to popular belief, the US Federal Reserve System CAN tell international banks and other financial services institutions what they can and cannot do. If companies want to have their systems and processes certified to interact with Banks and Federal systems, then they MUST comply with laws and regulations. All intra and international transactions eventually go through the Federal Reserve System. If any link in the chain is not certified and accepted by the Federal Reserve System, the transaction WILL NOT be processed. This includes peer Bank to Bank transfers of $. So when you hear people state that the US cannot tell a non-US institution what to do, they're wrong. Link to post Share on other sites
enforce1973 0 Posted January 18, 2007 Author Share Posted January 18, 2007 Ok. Not an expert, but I have worked with many large Financial Services institutions in developing systems, including international cash transfer systems and processes. Contrary to popular belief, the US Federal Reserve System CAN tell international banks and other financial services institutions what they can and cannot do. If companies want to have their systems and processes certified to interact with Banks and Federal systems, then they MUST comply with laws and regulations. All intra and international transactions eventually go through the Federal Reserve System. If any link in the chain is not certified and accepted by the Federal Reserve System, the transaction WILL NOT be processed. This includes peer Bank to Bank transfers of $. So when you hear people state that the US cannot tell a non-US institution what to do, they're wrong.Here it is in a nutshell thanks for the info and as I stated above it must be real. As for me I'm quite dissapointed about all that is happening with the online poker sites. I dont have a problem finding a game as I live in Las Vegas but I do enjoy the ability to just sit at my house and play without going to the strip every night. Link to post Share on other sites
enforce1973 0 Posted January 18, 2007 Author Share Posted January 18, 2007 Pot odds rac here is something that you might be able to comment on. What if these offshore poker sites were to create with their local bank a reloadable card. If we were to reload the card at there bank with funds from our banks here in the US it would show as a bank to bank transfer and completely remove the poker sites from any affiliation. And it would be a bank we would feel safe doing business with as it is the bank the poker sites use. I dont see how the goverment could stop us from using a card or can they...........Again just a thought. Link to post Share on other sites
mtdesmoines 2 Posted January 18, 2007 Share Posted January 18, 2007 Pot odds rac here is something that you might be able to comment on. What if these offshore poker sites were to create with their local bank a reloadable card. If we were to reload the card at there bank with funds from our banks here in the US it would show as a bank to bank transfer and completely remove the poker sites from any affiliation. And it would be a bank we would feel safe doing business with as it is the bank the poker sites use. I dont see how the goverment could stop us from using a card or can they...........Again just a thought.My impression is that cards are just another banking tool, and as such, are subject to the same banking regulations as any other financial tool. (I know I'm not saying that right). Link to post Share on other sites
Pot Odds RAC 23 Posted January 18, 2007 Share Posted January 18, 2007 Pot odds rac here is something that you might be able to comment on. What if these offshore poker sites were to create with their local bank a reloadable card. If we were to reload the card at there bank with funds from our banks here in the US it would show as a bank to bank transfer and completely remove the poker sites from any affiliation. And it would be a bank we would feel safe doing business with as it is the bank the poker sites use. I dont see how the goverment could stop us from using a card or can they...........Again just a thought.There may be a way to isolate the transactions, sort of like using a Starbucks stored value card. However, I believe that even the stored value cards ultimately use the same peer to peer networks that credit cards use - the cash and authorizations are often using the same systems that a Visa card uses. Unless they are going to build an entirely internal proprietary system, those transactions will hit a regulated system eventually and get trapped. Link to post Share on other sites
Pot Odds RAC 23 Posted January 18, 2007 Share Posted January 18, 2007 My impression is that cards are just another banking tool, and as such, are subject to the same banking regulations as any other financial tool. (I know I'm not saying that right).You're saying it close enough to be correct! Link to post Share on other sites
enforce1973 0 Posted January 18, 2007 Author Share Posted January 18, 2007 There may be a way to isolate the transactions, sort of like using a Starbucks stored value card. However, I believe that even the stored value cards ultimately use the same peer to peer networks that credit cards use - the cash and authorizations are often using the same systems that a Visa card uses. Unless they are going to build an entirely internal proprietary system, those transactions will hit a regulated system eventually and get trapped.Thanks for the info Pott Odds. Just out of curiosity what city in Michigan are you from. I lived in Clinton Township and moved to Vegas last August. Link to post Share on other sites
Pot Odds RAC 23 Posted January 18, 2007 Share Posted January 18, 2007 Thanks for the info Pott Odds. Just out of curiosity what city in Michigan are you from. I lived in Clinton Township and moved to Vegas last August.I am in the Northern 'burbs. Link to post Share on other sites
ScreenDreams 0 Posted January 18, 2007 Share Posted January 18, 2007 one last shot at this here on FCP:I Withdrew my Funds on Jan 15th and The remaining portion on Jan 16th. (BEFORE THE NETELLER BAN)Would I still be receiving my funds in 2-3 buis days?!? Anythoughts? Anyone?Thank you in advanced! Link to post Share on other sites
enforce1973 0 Posted January 18, 2007 Author Share Posted January 18, 2007 There may be a way to isolate the transactions, sort of like using a Starbucks stored value card. However, I believe that even the stored value cards ultimately use the same peer to peer networks that credit cards use - the cash and authorizations are often using the same systems that a Visa card uses. Unless they are going to build an entirely internal proprietary system, those transactions will hit a regulated system eventually and get trapped.Thanks for the info Pott Odds. Just out of curiosity what city in Michigan are you from. I lived in Clinton Township and moved to Vegas last August. Link to post Share on other sites
mx957 0 Posted January 18, 2007 Share Posted January 18, 2007 one last shot at this here on FCP:I Withdrew my Funds on Jan 15th and The remaining portion on Jan 16th. (BEFORE THE NETELLER BAN)Would I still be receiving my funds in 2-3 buis days?!? Anythoughts? Anyone?Thank you in advanced!Best answer...wait and see. Mine is still "Pending" so I hope it's done pending tomorrow. Link to post Share on other sites
Robert_Eaves 0 Posted January 18, 2007 Share Posted January 18, 2007 I might be way off base here but this is my opinion on the events over the last few months. I would think that the online poker sites would have created a way for people to transfer money alot easier than whats available now by starting there own online money transfering sites. They must have attorneys (high priced ones at that) looking at every angle to come up with solutions for these issues. If the online sites dont have a way of getting it done for US customers then I guess it must be real. It would be nice to hear from the pros on this matter who have stakes in online poker sites and possible solutions for all of us to continue to play. Very simple for them as far as I am concerned. Either they have an out of U.S property/ Adress or know someone who does and they use it Link to post Share on other sites
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