Monday, July 25, 2011

Fuck FullTilt

Somebody had to say it. It is pretty clear that there is no money left, and FT players are not going to get any of their money back. FullTilt was just a ponzi scheme with the player funds raided by the owners and the indirectly by all of the name pros who made money by recruiting players into the scheme. If the pros were paid with player account funds, which no doubt happened, they are complicit even if they were unaware. It really looks like they were just keeping enough cash around to support day to day operations and systematically drained away the player funds. There is no way ALL player funds disappeared through government seizure. If they had any sizable amount of cash on hand, they would allow for withdrawals now and process all they could on a first come first served basis. There are tens of thousands of accounts with funds who would not even make the request, so they only really need the funds to cover active players first. They simply don't have the funds and never will. No investor is going to cover the losses from a ponzi scheme.

FullTilt was good to the poker bloggers in the past, providing income and added funds for blogger MTTs, but that does not excuse the fact that we basically were sucked in as well into promoting a ponzi scheme. I feel pretty bad for anyone who discovered FullTilt through my blog, and then lost funds because they were unethically stealing player deposits. If I am wrong about this I am willing to eat crow, but I really doubt anyone from FullTilt will ever see their money again. I personally only had a few hundy there, and it has already been written off in my mind.

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