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Thread: Intrade DD for U.S. customers

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    Intrade DD for U.S. customers

    http://livewire.talkingpointsmemo.co...r-us-customers

    Intrade, a website dedicated to online trades and bets, announced on Monday that it would no longer allow U.S. customers to participate in its exchange. The announcement comes following a lawsuit filed earlier today by the U.S. Commodity Futures Trading Commission, which regulates the trading of futures contracts. The agency took issue with the fact that Intrade offered trading to U.S. customers on the future prices of commodities such as gold and crude oil, despite a previous agreement not to do so.

    Read Intrade's full announcement below:

    ATTENTION U.S. CUSTOMERS

    Monday, Nov 26, 2012

    We are sorry to announce that due to legal and regulatory pressures, Intrade can no longer allow US residents to participate in our real-money prediction markets.

    Unfortunately this means that all US residents must begin the process of closing down their Intrade accounts. We strongly urge you to begin this process immediately:

    Step 1: Close out open predictions

    You must close out all open predictions before 8:00am GMT (3:00am ET) on December 23, 2012. Instructions on how to close out an open prediction can be found HERE.

    If this is not done then by the deadline noted above, Intrade will close out your predictions for you at what we consider to be fair market value as of the daily session close of December 23, 2012.

    Fair market value will be determined using current and historical price information, including daily close prices and recent trades. Values will be set at the absolute discretion of Intrade and will not be open for review, discussion or argument – our determination of fair market value is final.


    Step 2: Withdraw funds

    Please note, no customers will be charged the $4.99 monthly fee due on December 1, 2012.

    Members have until December 31, 2012, to withdraw all funds from their account. Instructions on how to request a withdrawal can be found HERE.

    To help you receive your funds as quickly and easily as possible, the $20 fee normally charged by Intrade for processing a bank wire withdrawal will be waived. Please be aware however that any fees charged by the sending and receiving bank, plus any intermediary bank the transfer is routed through will NOT be refunded by Intrade.

    We understand this announcement may come as a surprise and a disappointment, and we apologize for the short notice and haste required to deal with this. We would like to sincerely thank all US customers for their custom, support and loyalty over the years.
    PLOL has been on a twitter rampage the entire day, kid might seriously lose it here soon.

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    Diamond PLOL's Avatar
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    Basically what happened is InTrade had markets related to Gold and Oil prices. The CFTC asked them to take them down and in June of 2012 that's exactly what they did. They blocked Americans from trading in those markets. And InTrade was very open about why they were no longer allowing Americans to trade those contracts. The CFTC is now suing InTrade for what they used to do. The whole lawsuit is totally egregious. If the CFTC wanted InTrade to do something, all they had to do was ask and they would have done it. No honestly, they would have. The CFTC is just being the bully here. InTrade said today that they had received no communication from the CFTC regarding the lawsuit and were just learning about it as we were learning about it. InTrade is a very small operation consisting of 4 people, all of whom are upstanding human beings. They will likely lose their jobs. I just don't see how InTrade can possibly stay in business unless they radically change their fee structure.

    We have until the end of the year to withdraw our money. And they want us to close out of our open positions by December 23rd. If we're not out of our position, then InTrade will close it for us at "fair market" value. Which, I have no idea how they're going to do that. First off, it's very difficult to determine "fair market" value. Second of all, there may be an imbalance of long/short shares between American and non-American customers, making it impossible to cover. You can't force somebody else to buy/buy short their position. I guess InTrade could just assume those shares, but now they're taking on a ton of risk.

    The only way InTrade makes money is by charging a $5/mo fee to have a seat on the site. Okay, they also sometimes sell data to universities, but that's a very minor revenue stream. On December 1st they are waiving that fee for US customers. And to expedite withdrawals, they are not charging the normal $20 wire fee to withdraw via wire (which means they are taking a loss for letting people withdraw). That's what I call a class act. InTrade, it's been an honor trading on your site and being an advocate for your site. I have the utmost respect for you and wish you the best of luck in your future endeavours.

    Pretty good timing though. If this was September or October, I would literally kill somebody.

    Side note: SrslySrs, I will donate $50 to you if you make a song about this. "Part at the FTFC" obv. Make it so!
    TRUMP 2024!

    Quote Originally Posted by verminaard View Post
    Just non-stop unrelenting LGBT propaganda being shoved down our throats.

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    Diamond PLOL's Avatar
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    Okay, I'm getting word now that Intrade is going to completely revamp and start offering sports contracts now that they're out of America. I really think this will be a enormous success.

    And here's a good article on why the suit is bogus:
    http://www.buzzfeed.com/chucksrq/the...l-intrade-69fc

    InTrade has literally complied with everything the CFTC has requested.
    TRUMP 2024!

    Quote Originally Posted by verminaard View Post
    Just non-stop unrelenting LGBT propaganda being shoved down our throats.

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    Quote Originally Posted by PLOL View Post
    Okay, I'm getting word now that Intrade is going to completely revamp and start offering sports contracts now that they're out of America. I really think this will be a enormous success.

    And here's a good article on why the suit is bogus:
    http://www.buzzfeed.com/chucksrq/the...l-intrade-69fc

    InTrade has literally complied with everything the CFTC has requested.
    I read that the suit was just an easy excuse to dump americans and get into the sports game.

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    Quote Originally Posted by PLOL View Post
    Okay, I'm getting word now that Intrade is going to completely revamp and start offering sports contracts now that they're out of America. I really think this will be a enormous success.

    And here's a good article on why the suit is bogus:
    http://www.buzzfeed.com/chucksrq/the...l-intrade-69fc

    InTrade has literally complied with everything the CFTC has requested.
    This is what Tradesports used to be (http://tradesports.com/)...It was a really cool site where you could buy/sell sports futures contracts as the season went on...You could even buy/sell contracts during a game, basically a live betting proposition...WSEX did this, but took a shitton of vig and contracts on WSEX settled at $100 while Tradesports settled at $10 so it was obviously a better proposition because you weren't getting fucking raped on the bid/ask spread and it was more affordable for a lot of people...

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    Quote Originally Posted by GambleBotsChafedPenis View Post
    Quote Originally Posted by PLOL View Post
    Okay, I'm getting word now that Intrade is going to completely revamp and start offering sports contracts now that they're out of America. I really think this will be a enormous success.

    And here's a good article on why the suit is bogus:
    http://www.buzzfeed.com/chucksrq/the...l-intrade-69fc

    InTrade has literally complied with everything the CFTC has requested.
    This is what Tradesports used to be (http://tradesports.com/)...It was a really cool site where you could buy/sell sports futures contracts as the season went on...You could even buy/sell contracts during a game, basically a live betting proposition...WSEX did this, but took a shitton of vig and contracts on WSEX settled at $100 while Tradesports settled at $10 so it was obviously a better proposition because you weren't getting fucking raped on the bid/ask spread and it was more affordable for a lot of people...
    TradeSports was run by the same people as Intrade.
    TRUMP 2024!

    Quote Originally Posted by verminaard View Post
    Just non-stop unrelenting LGBT propaganda being shoved down our throats.

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    Quote Originally Posted by PLOL View Post
    Quote Originally Posted by GambleBotsChafedPenis View Post

    This is what Tradesports used to be (http://tradesports.com/)...It was a really cool site where you could buy/sell sports futures contracts as the season went on...You could even buy/sell contracts during a game, basically a live betting proposition...WSEX did this, but took a shitton of vig and contracts on WSEX settled at $100 while Tradesports settled at $10 so it was obviously a better proposition because you weren't getting fucking raped on the bid/ask spread and it was more affordable for a lot of people...
    TradeSports was run by the same people as Intrade.
    i wondered why those guys folded up shop so quickly post UIEGA...glad to see theyre back at it...its a great business model...

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    Quote Originally Posted by GambleBotsChafedPenis View Post
    Quote Originally Posted by PLOL View Post
    TradeSports was run by the same people as Intrade.
    i wondered why those guys folded up shop so quickly post UIEGA...glad to see theyre back at it...its a great business model...
    Yeah, I never understood why they didn't just segregate the sites and only allow non-Americans on TradeSports. No joke, I considered buying the software from InTrade and setting up shop. But it would've been too much of a hassle to move to Europe to start a company. Best of luck GambleBotsChafedPenis.
    TRUMP 2024!

    Quote Originally Posted by verminaard View Post
    Just non-stop unrelenting LGBT propaganda being shoved down our throats.

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    In the CFTC press release, Dennis Holden names himself as the point of contact. Phone #: 2024185088. If he doesn't get a call on the next radio show, I'm leaving this site for good.
    TRUMP 2024!

    Quote Originally Posted by verminaard View Post
    Just non-stop unrelenting LGBT propaganda being shoved down our throats.

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    Quote Originally Posted by PLOL View Post
    In the CFTC press release, Dennis Holden names himself as the point of contact. Phone #: 2024185088. If he doesn't get a call on the next radio show, I'm leaving this site for good.
    Shit just got real!!!
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    Quote Originally Posted by PLOL View Post
    In the CFTC press release, Dennis Holden names himself as the point of contact. Phone #: 2024185088. If he doesn't get a call on the next radio show, I'm leaving this site for good.
    Name:  ba12c8dd-c23f-428a-821a-63b73083808b.jpg
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