> I had a decent chunk of cash locked up for almost a year
This isn't a judgement, but a real attempt to understand: why would you lock up a significant amount of money someplace like that?
This isn't a judgement, but a real attempt to understand: why would you lock up a significant amount of money someplace like that?
Where do you keep your cash? If your business deals in dollars and cents, you probably keep it in a bank account. Your clients pay you, making its way into your account, and you pay bills out of that account.
Poker players do all their business with their poker accounts. Rakeback sites deposit directly into the accounts, player transfers are often used to facilitate real-world transactions between friends, and things like concierge service can even be provided by the poker sites themselves.
For a poker player, their online accounts are both their cash and their capital. There's really no way around having a large amount of money tied up on these sites if you're a high stakes player.
And it's not irrational. These sites make so much money in rake every day that it would never make sense for them to run off with everyone's money. At least not until the government steps in, seizes their cash, and threatens their business model when it's not even clear that the act of hosting poker games is against the law.
Keeping money online or in a "Neteller" account was a good way to keep a bankroll outside your regular "spending money."
Most professional (or serious) players keep a bankroll as a running tally of gains/losses and for tax purposes (yes, it's true).
When the UIGEA passed, neteller had all it's assests frozen.
This is common practice though.. poker players will have a huge chunk of their networth on poker sites. Keeping money online just made sense, that's where you would use it to make more money.
So I didn't get it locked up from a poker site itself (as far as I know no one lost money that way), but from the payment processor. Everyone got their money back, it was just a long time.
I had a couple months worth of living expenses (I was small time).. but others had dozens to hundreds of 1000's locked up.
... making it just as vulnerable as virtually anything, right? So...
And until they exchange it, it's in a currency that's only recognized by a single "bank" - the Poker site - so in my mind (and this might just be me being insane) it's not really real.
If I can't buy a sandwich or a beer with it, it doesn't feel like real cash.