This weeks poker news is the typical bowl of slightly good news, fudging and “why hasn’t it happened already” updates. On the upside Euro Vegas looks like it could be amazing, on the downside Lock buries head in sand and why Bitcoin still makes my head hurt.
I Still Don’t Get Bitcoin
The too good to be true virtual non-currency currency Bitcoin (yep I still don’t understand how bitcoin works) has had a bit of a wake-up call as a Texas judge has deemed the non-currency transaction method is in fact –
Bitcoin is now a thing, bitcoin poker sites are definitely a thing and it has been punted as a way round any currency regulations because it’s an incomprehensibly operated non currency that is traded like – well currency. Yet apparently somehow it wasn’t a currency due to the completely unfathomable way Bitcoins are valued and the crypto-currency is moved between holders didn’t involve trading or something – WTF
“The limited inflation of the Bitcoin system’s money supply is distributed evenly (by CPU power) to miners who help secure the network.”
In the non surprise of the century the “if it looks like currency, it must be a currency” judgement has pleased and displeased bitcoin fans in equal measure.
None of this takes away from the fact that I still cannot work out how the fu*k the whole thing works, and I doubt I’m the only one.
The value of bitcoins may as well be inexplicably linked to the price of turnips in Kazakhstan divided by the combined inside leg measurement of all bitcoin holders at the time multiplied by the amount of clubbed seals playing poker with Satoshi Woo-Wah III last Tuesday.
OK so here is the official explanation of Bitcoin which makes nothing much any the clearer.
The bottom line I can’t figure is you could be playing poker on a bitcoin site and end up a winning player but by the end of a long session the value of Bitcoins could have changed so much that you could just as easily find your worth a fortune or next to nothing regardless of your efforts at the table.
Afaiks the changing value of Bitcoin pretty much makes playing poker online with the volatile currency pointless, or at the very least a big gamble.
Bold Euro Vegas Plans
The simply stunning plans for Euro Vegas just outside Madrid are magnificent in it’s proportions and vision. The idea that Europe could have it’s own gambling resort to rival that of Vegas and Macau is both tantalising and much overdue.
The EuroVegas venture is projected to cost $35 billion and includes 12 resorts, six casinos, three golf courses, nine theatres and a stadium.
The plan is to build it in 6 phases (each in a self sufficient casino block) eventually building into something approaching the strip in Vegas but in Valdecarros or Alcorcón near Madrid, Spain.
For anyone who saw Top Gears recent foray into the unsold and unfinished developments of Spain the Euro Vegas idea either looks like another white elephant or a possible saviour for wide tracts of mint but unoccupied housing developments in the outer Madrid area.
It’s just a shame that the man behind it – Sheldon Adelson (Las Vegas Sands) is so anti online gaming and the target of a recent boycott of the Venitian poker room.
Adelson claims EuroVegas could create over 250,000 jobs, a huge tempter give there are at least 600,000 people are without work in the Madrid area. However it’s worth noting that it was big land and building speculation that got Spain into the pickle they’re in so lets hope it can help to get them out again.
Lock Poker in Denial Mode
Lock Poker have battened down the hatches in what can only be described as a yet another poorly conceived damage limitation exercise. The flagship site (and owner) of the Revolution Network has closed it’s “sponsored / paid for” player support forum on the well known 2+2 forum. Instead opting to reopen their internal forum on Lock to deal with player requests, questions and issues –
“This will enable us more effectively deal with player concerns in a more direct way with all posts linked to the player’s Lock account. This will be available to active players with a minimum GGR requirement.
All future questions and concerns should be directed to Lock’s forums.
We have advised the owners of 2+2 of our departure and let them know we will no longer be participating in this forum.”
Or as most players would prefer to view it – Lock Poker is tired of trying to cover their a**es in public, tired of trying to explain away late / slow / no payments to players. Instead of addressing the issue publicly is opting to bury their heads in the sand in the hope less savvy players will continue to deposit and maybe just maybe plug the hole that likely exists on player balances.
No excuse really – They should have been able to manage the money better and not dipped into the player funds at any point. They shouldn’t have courted a disproportionate number of net winning and rakeback grinding players while ignoring the importance of recreational and net depositing players.
Just don’t play there, don’t deposit and let’s hope for those with money still stuck on the sites that player cash-outs start to happen before Lock bail completely.
In other Revolution Network news, Cake Poker has re-branded to a more generic gambling name “Win Cake” with the intention of releasing casino and betting products. Honestly I don’t see how this changes very much as they still plan to remain part of the Revolution Network.
To me a move into casino and betting looks more like an opportunity to get more net depositors to keep the show on the road – Sigh.
At some point soon something is going to have to give, whether it’s the honest Intertops (with separate paying cashier) moving network or other skins finally jumping ship or the network completely imploding remains to be seen.
We are not the only ones who see this all as increasingly ridiculous –
see BCPoker – WinCake actually giving out real cake instead of real cash
Nevada & New Jersey Consider Compact
In the “why hasn’t it happened already” update category – Nevada and News Jersey have announced that forming a compact between the two states for legal online poker & gambling is very likely sometime soon in the future.
No real surprise, given that California is faffing around the idea that the two states might be able to compete against each other for other states joining one or other compact looks less likely. If the two join then it looks more likely that a state by state opt in or out to gaming is likely to become the defacto approach.
Gold Sells WSOP Bracelet – Well Almost
The gold WSOP bracelet belonging to Jamie Gold (the not so popular WSOP 2006 winner) has been sold at auction this week. Although it turns out it wasn’t Gold selling his bracelet this time so it’s likely he flogged it off at an earlier date or even more possibly never got to keep it in the muck slinging fest that was his post win prize settlement with others who did / didn’t have a share in him.
Andy Busey Behaves Like A Moron
I always read a handful of bloggers that are really enjoyable – Nolan Dalla being one of them. This week he recounts playing poker with actor Gary Busey and what an a**hat he was at the table.
It’s a shame really as I really like him as an actor particularly in Point Break but then that film was brilliant for a whole host of reasons, the skydiving, the surfing, lori petty, a great plot, lori petty – Was it really back in 1991 ? Anyway I digress – read Dalla’s blog.