The Credit Crunch and Poker - how to lose your whole bankroll in one click!

[maxward]

Apologies if everyone is sick to death of hearing about the CC. But I had a thought last night which left me a little concerned.

In summary, poker sites are a cash intensive business, with large deposit holdings manipulated behind the scenes often with the cooperation of third party cash handling facilities. Now I work in the banking sector, so I know first hand how preacrious things are at present. What had me concerned was that I have thousands splashed accross a variety of sites but I have no visibility to who they bank with and how cash cycles through the business.

This to me seems a patently critical issue, with potentially large sums on deposit at risk if the banking framework is not sufficiently robust.  Anyway, I emailed a couple of sites and have yet to hear back but I am wondering what other people think about this? Maybe (probably quite likely) this issue has already been raised and resolved and I can now sleep better at night. The last thing I want is to suffer exorbitant fees by withdrawing and reposting my monies on a more regular basis.

[Robert HM]

I was thinking about the strength of Neteller the other day, in light of the banking situation. Please let it be ok!

[Karabiner]

I was thinking about the strength of Neteller the other day, in light of the banking situation. Please let it be ok!

Neteller's funds are ring-fenced thus secure, at least that is my understanding.

[kinboshi]

I'd guess that the major poker sites are more stable and secure than many of the banks at the moment.

[The-Crow]

I advise my pals to buy Euros, get em, hide 'em, put 'em away ,somewhere safe.

France and Germany have not followed UK and Spain lending unlimited amounts of money to all

Even better, put  Euro's in a Euro bank in Swizerland, earning Euro interest

In the next year euro's will soon be equal to the pound in value, get'em quick

[lazaroonie]

I advise my pals to buy Euros, get em, hide 'em, put 'em away ,somewhere safe.

France and Germany have not followed UK and Spain lending unlimited amounts of money to all

Even better, put  Euro's in a Euro bank in Swizerland, earning Euro interest

In the next year euro's will soon be equal to the pound in value, get'em quick

respectfully disagree. the euro is the currency of some historically weak economies (greece, italy, ireland). I expect the euro pound and dollar to have similar fortunes over the next couple of years.

[maxward]

I'd guess that the major poker sites are more stable and secure than many of the banks at the moment.

Not quite the point. They maybe lucrative operations but their bankers (who hold the monies) may not be and if they collapse then we have a problem.

[maxward]

I advise my pals to buy Euros, get em, hide 'em, put 'em away ,somewhere safe.

France and Germany have not followed UK and Spain lending unlimited amounts of money to all

Even better, put  Euro's in a Euro bank in Swizerland, earning Euro interest

In the next year euro's will soon be equal to the pound in value, get'em quick

respectfully disagree. the euro is the currency of some historically weak economies (greece, italy, ireland). I expect the euro pound and dollar to have similar fortunes over the next couple of years.

Off on a tangent ...

But I agree with the above, the notion of a single currency and central monetary policy was flawed with the original member states. When you factor in the weaker new entrants, the long term prospects of the Euro dont look hot. I know a number of high-end currency speculators that tend to agree also.

[Jon MW]

...
Off on a tangent ...

But I agree with the above, the notion of a single currency and central monetary policy was flawed with the original member states. When you factor in the weaker new entrants, the long term prospects of the Euro dont look hot. I know a number of high-end currency speculators that tend to agree also.

The economic differences between the North and South of England can cause problems with Sterling as a currency - the fact that the Euro ever went ahead over such a wider and more diverse area is the ultimate triumph of political ideology over common sense, intelligence and basic economics.

[Karabiner]

I advise my pals to buy Euros, get em, hide 'em, put 'em away ,somewhere safe.

France and Germany have not followed UK and Spain lending unlimited amounts of money to all

Even better, put  Euro's in a Euro bank in Swizerland, earning Euro interest

In the next year euro's will soon be equal to the pound in value, get'em quick

Would the Swiss franc not be a better option on two counts ?

[maxward]

To update,

My cyrpto sites have come back and confirmed they use Natwest as their holding bankers and Ecash (along with 3rd parties such as neteller) as their own payment handling software.

Given that Natwest is part of the wider RBS group, which itself seems realtivley well positioned. In this instance I feel a bit more comfortable.

The other sites have yet to come back to me....