Daily reminder: Russ "Dutch" Boyd is a piece of shit.

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Jenna Tellya

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Aug 19, 2003, 3:04:00 AM8/19/03
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Watching the 2003 WSOP makes me sick. I hope he gets tossed somewhere in
the mohave desert soon. The arrogant fucking felon.

_________________________________________________________________
Posted using RecPoker.com - http://www.recpoker.com


arlo payne

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Aug 19, 2003, 4:07:48 AM8/19/03
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You go girl :)

Newgca

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Aug 19, 2003, 4:51:08 AM8/19/03
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>You go girl :)

Do you mean go go girl? :)

Tyler Durdan

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Aug 19, 2003, 6:20:33 AM8/19/03
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What did he do that was so bad?

Mister Poker

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Aug 19, 2003, 7:16:24 AM8/19/03
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A few years ago, I started an online poker site called Pokerspot.com with
a few college friends. It did pretty well for about six months, and then
collapsed. About a thousand poker players had money in the site when it
went down. A few people think that I stole the money and headed down to
Costa Rica where I gambled it all away, but that's not even close to how
it went down.

I actually lost a good deal of money in the endeavor, and definitely
regret the day I thought up Pokerspot.... not just because it was a
disaster for me personally, but more because I genuinely do feel bad that
so many people got screwed over. Hard to keep a contrite spirit, though,
with people posting shit like "your days are numbered, son" and "I hope he


gets tossed somewhere in the mohave desert soon".

As to what I did to most of the louder guys who've been posting "daily
reminders", I don't know. I'd guess that only a small fraction of the
more recent flamers ever heard about pokerspot when it was actually up and
running. I'm pretty sure that if arlo payne, for example, lost any money
at the site he would have said so before now. I do take some small
comfort in knowing that most of the guys who never seem to pass up an
opportunity to badmouth me spend a lot more time festering about me than I
do thinking about them.

Dutch

On Aug 19 2003 5:20AM, Tyler Durdan wrote:

> What did he do that was so bad?

_________________________________________________________________

CSI Minneapolis

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Aug 19, 2003, 8:10:14 AM8/19/03
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Well You heard of the Perfect Storm? This is the Perfect Spin. People would
not be looking for your demise if you would have been honest with them. You
promised everyone they would get pd. You took in players deposits and never
returned the amount of money that was taken in. You had an opportunity to
sell and have all players paid off. You also declined this option. You now
go on another site and pimp your new site. What the hell you think people
are going to get screwed twice? You gave away all the money from depositors
offering all those freerolls and you know it. Now you are going to a
rakefree BS..you will get the money and bail again. You sir are no genius as
portrayed on ESPN.....very f'n sad that you allow them to show you as you
say you are, when we all no you are a pathetic thief. You will always need
to be looking over your shoulder cause believe me when I say your days
stealing from people are over.
Your cocky, arrogant, attitude is gona catch up with you. Start paying off
the people you owe money to. Then worry about investing in another business.
We all know how much it costs to start up a business. Just about what you
owe to previous depositors...Pay em the money they are owed and possibly
just possibly you will regain
some of your lost dignity.

PA


"Mister Poker" <ha...@yahoo.com> wrote in message
news:3f420708$0$131$9a6e...@news.newshosting.com...

Gregory Raymer

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Aug 19, 2003, 8:44:32 AM8/19/03
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If a casino goes bankrupt, and you're holding chips, you expect to lose that
money.

But that's not what happened here.

If the casino goes bankrupt, you do NOT expect to lose the cash that is in
your safe deposit box. You expect that to be beyond the reach of the casino
and their creditors.

That IS what happened here. With Boyd's pokerspot online cardroom. He
accepted money from customers, money that should have never been touched,
money that should have been in accounts separate from operating money, money
that should have continued to belong to those customers no matter what
happened to the cardroom in the long run. But he didn't do that. He
comingled all his funds, and therefore when the site went down, so did the
customer's deposit money.

That makes him either a knowledgable thief, or an ignorant amateur.

Oh, and it really doesn't matter how much money he lost. He still shouldn't
have comingled the funds. Even if he lost 10 million of his own dollars,
that doesn't make it OK to lose 1 million of other people's money that they
did not knowingly put at risk.

Later, Greg Raymer (FossilMan)

"Mister Poker" <ha...@yahoo.com> wrote in message
news:3f420708$0$131$9a6e...@news.newshosting.com...

CSI Minneapolis

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Aug 19, 2003, 9:04:30 AM8/19/03
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That's essentially the crux of the matter with Boyd.Well stated Greg. He
took peoples deposits and used the revenue to operate. Another online room
did the same...DragonPoker..Henry Foo also owes hundreds of depositors.
Ignorant amateur is an excellent analogy for this scum. The report of Mr.
Boyd's demise is not greatly exaggerated....it is required.

PA


"Gregory Raymer" <ray...@worldnet.att.net> wrote in message
news:QYo0b.105672$0v4.7...@bgtnsc04-news.ops.worldnet.att.net...

NWBurbsCouple

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Aug 19, 2003, 9:53:59 AM8/19/03
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>but more because I genuinely do feel bad that
>so many people got screwed over. Hard to keep a contrite spirit, though,

Mr. Boyd,

Can you tell us what you are doing to make sure the "so many people who got
screwed over" (nice use of the passive voice there instead of saying "that I
screwed over" or "that my compnay screwed over") get the money you rightfully
owe them?

You say you're contrite, but as any theologian will tell you, contrition is
meaningless if it's just words. What matters are the actions we take to right
the wrongs we have done in life.

Until you take meaningful actions that right the wrongs you have done, please
don't insult us with your crocodile tears of contrition.

Chuck Humphrey

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Aug 19, 2003, 10:15:12 AM8/19/03
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"Mister Poker" <ha...@yahoo.com> wrote:

I do take some small
>comfort in knowing that most of the guys who never seem to pass up an
>opportunity to badmouth me spend a lot more time festering about me than I
>do thinking about them.
>
>Dutch

Now THAT's the truth.
Chuck Humphrey

NWBurbsCouple

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Aug 19, 2003, 11:03:08 AM8/19/03
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Boyd..

> do take some small
>>comfort in knowing that most of the guys who never seem to pass up an
>>opportunity to badmouth me spend a lot more time festering about me than I
>>do thinking about them.
>>
>>Dutch
>
>Now THAT's the truth.
>Chuck Humphrey
>
Exactly, Chuck. Any scoundrel like Boyd can't afford to spend much time
thinking about the people he's ripped off. If he did, how could he live with
himself?

AlwaysAware

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Aug 19, 2003, 12:12:10 PM8/19/03
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>From: "Mister Poker

various snips:

>I actually lost a good deal of money in the endeavor, and definitely
>regret the day I thought up Pokerspot....

Russ, I find this very surprising (perhaps telling) .... Pokerspot was the
first online card room to offer viable online tournaments (IIRC). Though I
didn't play there, I benefited from practicing on a leased version to
PokerPages. I can understand how you could be sorry you started being
underfunded, or how funds were co-mingled or about stating mistruths or the
spinning and disinformation,.. but to be sorry you thought of Pokerspot and
the concept on online tournaments WOW,, there are a lot of thing you could
feel sorry/bad about but I am surprised the "idea" is the one you mention,.

>not just because it was a
>disaster for me personally, but more because I genuinely do feel bad that
>so many people got screwed over. Hard to keep a contrite spirit, though,
>with people posting shit like "your days are numbered, son" and "I hope he
>gets tossed somewhere in the mohave desert soon".

Russ, iirc you made a post something to the effect it's not like anyone lost
their houses (concerning the money lost by players). Other posts you told
people to "fuck off" I would suggest if people want to gage "contriteness vs
this spin" they go back to the archives and read your words for themselves.

(Snip of rest of post revealing character)... but, I will say one thing for you
Dutch, you were always upfront about owning Pokerspot,, unlike a majority of
the online card rooms where the principals behind them are a mystery.

Joan

P.S. I might have missed it, did you every answer my question concerning using
information you gathered through Pokerspot to hone your tournaments skills and
if it played a factor in you placing in the WSOP?


Zorak

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Aug 19, 2003, 12:23:08 PM8/19/03
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On Aug 19 2003 2:04AM, Jenna Tellya wrote:

> Watching the 2003 WSOP makes me sick. I hope he gets tossed somewhere in
> the mohave desert soon. The arrogant fucking felon.


You Dutch haters need to let it fucking go! I neither know nor have
played with Dutch nor was I anywhere around this Pokerspot issue, but from
what I have gathered whether he was at fault or not for the
co-mingling/loss of funds there was no malicious intent anywhere. The guy
was trying to start up a dot-com business catering to YOU! How many other
dot-coms have gone belly up? Look folks, if you hang around posting here
you are either by nature or by profession a gambler. You lost. Get over
it.

I could see hating on the guy if he gave you a bad beat, treated you bad
at a table, or behaived in any way like Phil Helmuth, but you want him
dead over this. Please.

Keep doing what you're doing Dutch. Your great to watch and someday I
hope to take a big pile of money from you.

RTN4

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Aug 19, 2003, 1:15:13 PM8/19/03
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On Tue, 19 Aug 2003 12:44:32 GMT, "Gregory Raymer"
<ray...@worldnet.att.net> wrote:

>If the casino goes bankrupt, you do NOT expect to lose the cash that is in
>your safe deposit box. You expect that to be beyond the reach of the casino
>and their creditors.

Tell that to those people that had money in their player's banks at
the Crystal Park Casino a few years back.

CSI Minneapolis

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Aug 19, 2003, 1:22:07 PM8/19/03
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There were some that lost close to there house 46k for sure :)

PA

"AlwaysAware" <alway...@aol.com> wrote in message
news:20030819121210...@mb-m22.aol.com...

CSI Minneapolis

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Aug 19, 2003, 1:24:15 PM8/19/03
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OMG No malicious attempt. He promised to pay everyone back that he took
money from in an open forum. He is a thief...not a dotcom casualty. He also
could have sold the operation to pay all back and he decided against it. He
is an arrogant f'n felon.

PA


"Zorak" <anon...@mchsi.com> wrote in message
news:3f424eec$0$137$9a6e...@news.newshosting.com...

lvdlrs

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Aug 19, 2003, 1:26:54 PM8/19/03
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Zorak wrote:

> Keep doing what you're doing Dutch. Your great to watch and someday I
> hope to take a big pile of money from you.

Zorak, that's what these other people want to do. You, you're starting
even with him. They aren't. I think your empathy is misplaced. Think
hard on this one. How would you feel if you lost a good chunk of your
entire bankroll? Place the empathy where it belongs and not with this
sleezeball.

Gary (Never lost a dime to online) Philips

OrangeSFO

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Aug 19, 2003, 1:34:05 PM8/19/03
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"Mister Poker" <ha...@yahoo.com> wrote in message news:<3f420708$0$131$9a6e...@news.newshosting.com>...
> A few years ago, I started an online poker site called Pokerspot.com with
> a few college friends. It did pretty well for about six months, and then
> collapsed. About a thousand poker players had money in the site when it
> went down. A few people think that I stole the money and headed down to
> Costa Rica where I gambled it all away, but that's not even close to how
> it went down.
>
> I actually lost a good deal of money in the endeavor, and definitely
> regret the day I thought up Pokerspot.... not just because it was a
> disaster for me personally, but more because I genuinely do feel bad that
> so many people got screwed over. Hard to keep a contrite spirit, though,
> with people posting shit like "your days are numbered, son" and "I hope he
> gets tossed somewhere in the mohave desert soon".
>
> As to what I did to most of the louder guys who've been posting "daily
> reminders", I don't know. I'd guess that only a small fraction of the
> more recent flamers ever heard about pokerspot when it was actually up and
> running. I'm pretty sure that if arlo payne, for example, lost any money
> at the site he would have said so before now. I do take some small
> comfort in knowing that most of the guys who never seem to pass up an
> opportunity to badmouth me spend a lot more time festering about me than I
> do thinking about them.
>
> Dutch


Russ--

Can you possibly grasp the offense people take at seeing you turn up
in the WSOP, cashing large, howling about "taking over the poker
world," and then acting incredulous that people are offended?

Every dollar you won at the WSOP should have been turned over to
customers who got hurt by your business--even if they only received
pennies on the dollar. Even if it wasn't "your fault."

A small act of humility would have bought you a truckload of goodwill,
but you clearly don't have the foggiest notion of what humility is.

Show us another amazing chip trick..."Dutch."

Siam

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Aug 19, 2003, 1:42:17 PM8/19/03
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>Subject: Re: Daily reminder: Russ "Dutch" Boyd is a piece of shit.
>From: "CSI Minneapolis" poke...@comcast.net
>Date: 8/19/2003 10:24 AM Pacific Daylight Time
>Message-id: <33t0b.152215$It4....@rwcrnsc51.ops.asp.att.net>

>
>OMG No malicious attempt. He promised to pay everyone back that he took
>money from in an open forum. He is a thief...not a dotcom casualty. He also
>could have sold the operation to pay all back and he decided against it. He
>is an arrogant f'n felon.
>
>PA
>
>
>"Zorak" <anon...@mchsi.com> wrote in message
>news:3f424eec$0$137$9a6e...@news.newshosting.com...
>> On Aug 19 2003 2:04AM, Jenna Tellya wrote:
>>
>> > Watching the 2003 WSOP makes me sick. I hope he gets tossed somewhere
>in
>> > the mohave desert soon. The arrogant fucking felon.
>>
Was he ever convicted?

Banks co-mingle funds. That is exactly what happened with the S&L. We just had
the US government to bail us out.

A lot of businesses go BK. And the owners start afresh again and again. Tha
is the American way. The people that do go BK are risk takers and we want them
to try again. We don't want them to be ostracized. Most successful
entreprenuers had 3 or 4 failed businesses before they find the formula.

Have you ever worked at a company that is going downhill? I worked as Director
of Finance for a dotcom and it is absolutely terrifying. Desperation to make
ends meet. You tell creditors that you will send out a check knowing full well
you can't do it. You beg for extensions on every bill. You put up a good face
to employees because you don't want them to freak out.

Where this schmo screwed up was telling his customers they were going to get
paid.

And I hope he realizes that it we all talk about what is going on in the poker
world to keep abreast of developments like that. The sharing of that
information protects us all.

I personally would never put a dime in his business.

Cheers

Lou Krieger

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Aug 19, 2003, 1:48:15 PM8/19/03
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>> "Siam" <siami...@aol.com> wrote in message
news:20030819134217...@mb-m28.aol.com...

Have you ever worked at a company that is going downhill? I worked as
Director of Finance for a dotcom and it is absolutely terrifying.
Desperation to make ends meet. You tell creditors that you will send out a
check knowing full well you can't do it. You beg for extensions on every
bill. You put up a good face to employees because you don't want them to
freak out. <<

And when is it the right time to be honest and honorable, or does one's
desperation to make ends meet override all sense of ethical behavior? This
is not an accusation, merely a question.


Edward Hutchison

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Aug 19, 2003, 2:23:56 PM8/19/03
to
Siam writes:

>The people that do go BK are risk takers and we want them to try again. We
don't want them to be ostracized. Most successful entreprenuers had 3 or 4
failed businesses before they find the formula.<

My reply:

I have never had the thrill of filing bankruptcy and so can not speak from
personal experience of its merits.

But I don't think most of the anger expressed in this thread is at the concept
of bankruptcy. The wrath seems directed at Mr. Boyd and his actions.

There would be no problem with him starting again, if he did it with his money
and not ours.

He can take all the risks he wants to, but with his money and not ours.

He can open all the wonderful new sites he likes, but with his money and not
ours.

I don't mean to be unfair with Mr. Boyd. After all, avarice and greed are
common failings. But life calls upon us to make certain judgements. If it
makes sense to reject girls with bow legs from chorus lines, and non-believers
from the missions, it must make sense to reject any plea of his for more trust.


Edward Hutchison
Madison, MS

Point systems for evaluating poker starting hands:
http://PokerProfessor.homestead.com/links.html


Chris Cavalier

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Aug 19, 2003, 2:28:43 PM8/19/03
to
I work as financial controller for a company where things haven't always
been peachy. When your expenses are more then your revenues you cut your
expenses. If that doesn't do it, you go out of business or look for
another investor and find a way to make positive cash flow. But the one
thing you never do is take money up front for work you cannot complete or
services you can't provide.

_________________________________________________________________

recoilmag.com

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Aug 19, 2003, 2:41:43 PM8/19/03
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> And when is it the right time to be honest and honorable, or does one's
> desperation to make ends meet override all sense of ethical behavior? This
> is not an accusation, merely a question.

Exactly. It's the true test of one's character, how you react under that
pressure. When I was in a 14-month struggle to keep my business alive, it
was difficult to return a check to someone who thought he owed my business
money. I could have just cashed it. I instead chose to sell my motorcycle
and other things I loved in order to pay the bills.

People like Boyd who screw people and then have no trouble looking at
themselves in the mirror are truly the ugliest of our species.


On Aug 19 2003 1:48PM, Lou Krieger wrote:

_________________________________________________________________

recoilmag.com

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Aug 19, 2003, 2:43:11 PM8/19/03
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> And when is it the right time to be honest and honorable, or does one's
> desperation to make ends meet override all sense of ethical behavior? This
> is not an accusation, merely a question.

Exactly. It's the true test of one's character, how you react under that


pressure. When I was in a 14-month struggle to keep my business alive, it
was difficult to return a check to someone who thought he owed my business
money. I could have just cashed it. I instead chose to sell my motorcycle
and other things I loved in order to pay the bills.

People like Boyd who screw people and then have no trouble looking at
themselves in the mirror are truly the ugliest of our species.


On Aug 19 2003 1:48PM, Lou Krieger wrote:

_________________________________________________________________

Siam

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Aug 19, 2003, 4:07:56 PM8/19/03
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>Subject: Re: Daily reminder: Russ "Dutch" Boyd is a piece of shit.
>From: "Lou Krieger" loukr...@dc.rr.com
>Date: 8/19/2003 10:48 AM Pacific Daylight Time
>Message-id: <zpt0b.10662$Wo1.5...@twister.socal.rr.com>
Well, in a company you ususally want to take care of the employees first.

You try to delay contractors and suppliers as much as you can. They do have a
built in bad debt reserve. It doesn't mean that you should use it.

Most companies experience a cash crunch at one time. Management has a vested
stake in trying to make the company survive any periods. Sometimes though the
company should just fold completely but management would never admit it. So
they go on and on trying to survive.

The problem that the companies have to then pay a higher cost to borrow money
but they are the in the worst position to be able to afford the higher costs!
So it becomes an expensive cycle.

Look at credit card debt in this country. It is astronomical. Many people
won't be able to pay it off, yet they borrow anyway.

Unethical? I don't know. Credit card companies are charging 20% when interest
rates are 5% are so. There is a lot of credit card fraud and it is the honest
person who is subsidizing the cheats, not the companies.

Cheers

AJohn808

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Aug 19, 2003, 4:12:08 PM8/19/03
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>From: ehutc...@aol.com (Edward Hutchison)

> If it
>makes sense to reject girls with bow legs from chorus lines,

this is outrageous! i hope the BLGA is down at Radio City right now protesting.

Siam

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Aug 19, 2003, 4:15:23 PM8/19/03
to
>Subject: Re: Daily reminder: Russ "Dutch" Boyd is a piece of shit.
>From: ehutc...@aol.com (Edward Hutchison)
>Date: 8/19/2003 11:23 AM Pacific Daylight Time
>Message-id: <20030819142356...@mb-m14.aol.com>

>
>Siam writes:
>
>>The people that do go BK are risk takers and we want them to try again. We
>don't want them to be ostracized. Most successful entreprenuers had 3 or 4
>failed businesses before they find the formula.<
>
>My reply:
>
>I have never had the thrill of filing bankruptcy and so can not speak from
>personal experience of its merits.
>
>But I don't think most of the anger expressed in this thread is at the
>concept
>of bankruptcy. The wrath seems directed at Mr. Boyd and his actions.
>
>There would be no problem with him starting again, if he did it with his
>money
>and not ours.
>
>He can take all the risks he wants to, but with his money and not ours.
>
Rule #1 in Hollywood --- Never invest your own money.

How do you know that Mr. Boyd took money? He says he lost money. I have no
access to his finances.

It seems the worst mistake he made was promising people that they would get
paid back and then having the nerve to come on here and promote his site. For
someone like myself who has only read about it he comes off as arrogant and
uncaring.

Also, he is a bad seed for the whole online poker industry that bothers me.
People who may try poker online have a reason to be worried.

The best thing about putting your money in a bank in America is that it is
fully insured. You don't have to check on the ability of a bank to pay you
back because even if they invested your money in the worst company in the
world, the US government will step in. That is why so many countries invest in
America. A situation akin to Argentina would not happen here. (Side note -
you should then research the ability of the US Gov't to pay back. I don't
think they would ever default because that would send investors fleeting).

All this shows about how much is on faith. You dollar in your pocket is only
good because someone else is willing to take it to buy goods and services some
place else. People rightfully so have little faith in Mr. Boyd because he has
demonstrated once that will not pay back.

Cheers

Andreas

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Aug 19, 2003, 4:15:47 PM8/19/03
to
> Watching the 2003 WSOP makes me sick. I hope he gets tossed somewhere in
> the mohave desert soon. The arrogant fucking felon.

Reading so much about him lately, I was curios what he looked like. Did an
image search for "Russ Boyd" at Google, and came up with this image:

http://www.ballooninvasion.com/russberr.gif

Is that right?

arlo payne

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Aug 19, 2003, 5:02:08 PM8/19/03
to
My problem with you is a simple one!

Number one : You are bad for poker.
Number 2 you just really don't seem to give a fuck about the people you
burned!

I for one want the crooks out of poker and in my book you would be a good
starting place!

PBae

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Aug 19, 2003, 5:39:20 PM8/19/03
to
Actually, it's not the federal government, but an private corporation that
backs your money in the bank. Don't let the F in FDIC fool you. And last I
heard, they have the funds to cover about 6 cents to the dollar of
everyone's deposits.

-PB

Siam

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Aug 19, 2003, 5:50:40 PM8/19/03
to
>Subject: Re: Daily reminder: Russ "Dutch" Boyd is a piece of shit.
>From: "PBae" pete...@hotmail.com
>Date: 8/19/2003 2:39 PM Pacific Daylight Time
>Message-id: <bhu5di$64b$1...@gladiola.noc.ucla.edu>

>
>Actually, it's not the federal government, but an private corporation that
>backs your money in the bank. Don't let the F in FDIC fool you. And last I
>heard, they have the funds to cover about 6 cents to the dollar of
>everyone's deposits.
>
>-PB
>
You are correct. But the US gov't would never let a bank fail. They did not
have to clean up the S&L debacle, but the know faith and confidence is so
important for the banking system that there was little question the investors
would be reimbursed. The issue though is that this allows these banks to make
wild investments.

Cheers

Lone Locust of the Apocalypse

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Aug 19, 2003, 6:48:10 PM8/19/03
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lvdlrs <lvd...@midsouth.rr.com> writes:
>Zorak wrote:
>> Keep doing what you're doing Dutch. Your great to watch and someday I
>> hope to take a big pile of money from you.
>
>Zorak, that's what these other people want to do.

I'd just like to clarify that this Zorak, <anon...@mchsi.com>, is not me
(nor does it appear to be Derek).

Until recently anon...@mchsi.com went by "tallcooldj."

FWIW.

wayne crimi

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Aug 19, 2003, 6:46:50 PM8/19/03
to
It is inconceivable to me that accounts set up by players for playing
purposes only could be lost in any business venture. The funds for gambling
and the funds for business operations would be separate in all but a scam
operation - PERIOD END OF STORY. The money was stolen!


"Mister Poker" <ha...@yahoo.com> wrote in message
news:3f420708$0$131$9a6e...@news.newshosting.com...

DutchBoyd

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Aug 19, 2003, 7:08:56 PM8/19/03
to
Why dont you guys stop crying. You guys got f@cked 2 bad

** Posted via RGP ACCESS at http://www.LiveActionPoker.com

** $100 Deposit Bonus at http://www.FabulousPoker.com

RussTheThiefBoyd

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Aug 19, 2003, 7:15:32 PM8/19/03
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I didn't do it, nobody saw me do it, you can't prove anything.

RussTheThiefBoyd

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Aug 19, 2003, 7:17:58 PM8/19/03
to

OrangeSFO

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Aug 19, 2003, 7:34:04 PM8/19/03
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"Zorak" <anon...@mchsi.com> wrote in message news:<3f424eec$0$137$9a6e...@news.newshosting.com>...

> Look folks, if you hang around posting here


> you are either by nature or by profession a gambler. You lost. Get over
> it.


Uhhh...right. Tell me: When you buy chips in a casino and, upon
going to the cage to cash out, find the shade pulled and a sign saying
"Sorry-Out of Business," can I tell you to get over it?

No? I can't? Really?? OK, you can shut up and run along now.

MSA1213

unread,
Aug 20, 2003, 1:17:20 PM8/20/03
to
Greg
You're from New England. Does the name PONZI ring a bell with you? He certainly
didn't segregate funds either!

He would have been proud that someone else has now picked up on his old method.
And they called it Pokerspot. Clever to disguise a Ponzi scheme as an "online
poker site".

Makes me really want to send my funds to rakefree.com ASAP!

marc

>From: "Gregory Raymer" ray...@worldnet.att.net
>Date: 8/19/03

>
>If a casino goes bankrupt, and you're holding chips, you expect to lose that
>money.
>
>But that's not what happened here.


>
>If the casino goes bankrupt, you do NOT expect to lose the cash that is in
>your safe deposit box. You expect that to be beyond the reach of the casino
>and their creditors.
>

>That IS what happened here. With Boyd's pokerspot online cardroom. He
>accepted money from customers, money that should have never been touched,
>money that should have been in accounts separate from operating money, money
>that should have continued to belong to those customers no matter what
>happened to the cardroom in the long run. But he didn't do that. He
>comingled all his funds, and therefore when the site went down, so did the
>customer's deposit money.
>
>That makes him either a knowledgable thief, or an ignorant amateur.
>
>Oh, and it really doesn't matter how much money he lost. He still shouldn't
>have comingled the funds. Even if he lost 10 million of his own dollars,
>that doesn't make it OK to lose 1 million of other people's money that they
>did not knowingly put at risk.
>
>Later, Greg Raymer (FossilMan)


NS <nshadle@

unread,
Aug 20, 2003, 1:49:06 PM8/20/03
to
That's not the end of the story.. that's just Siam's point:

A bank is a business venture.

They do not seperate your funds from operating funds.

Unless you're a doomsdayer, it's not a scam.

So quick... you better go make a withdrawl and hide it under your mattress...

Siam

unread,
Aug 20, 2003, 6:12:20 PM8/20/03
to
>Subject: Re: Daily reminder: Russ "Dutch" Boyd is a piece of shit.
>From: "NS nshadle@"<"removethetag cisco.com">
>Date: 8/20/2003 10:49 AM Pacific Daylight Time
>Message-id: <1061401822.688354@sj-nntpcache-3>

>
>That's not the end of the story.. that's just Siam's point:
>
>A bank is a business venture.
>
>They do not seperate your funds from operating funds.
>
>Unless you're a doomsdayer, it's not a scam.
>
>So quick... you better go make a withdrawl and hide it under your mattress...
>

Thank you. I do not think it is criminal to use the funds at all.

A smart businessman would use the funds to expand his business. Here he is
getting in essence a free loan!

Use just need an amount to cover withdrawals. After awhile, you will have a
trends and can figure out how much you need on reserve. Add a significant
buffer (maybe 2x) to cover unusual events. Have a line of credit available in
case it goes significantly over the buffer because the last thing you want to
do is not be able to cover withdrawals (and set up a bank run).

Obviously, I would only recommend this if the business was generating a profit
and you were confident of future profits as well.

Cheers

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