This Poker by Proxy review is to look at this new Bitcoin gambling site, where instead of gambling directly, you ‘invest’ in a poker team, who then go out and play and either make or lose money in the process. The reason you would pay the team and not do this yourself is because the team is supposed to be better poker players than you. Before I proceed with this article, please note that like any gambling, you can lose money and don’t put your rent money into this program please (on that note, why is your rent money in Bitcoin?)
The site is fairly new, a few months old, and recently started accepting Bitcoin, which is how I chanced upon them in the first place. The idea is intriguing: invest in poker, add poker to your investment portfolio. Here are some features of poker by proxy:
- A team of 6 (and hiring, so if you’re one, consider applying!) professional poker players pool the day’s money and play poker with it. The returns are distributed to the ‘investors’.
- Stop loss for the day is at 5%, so you will never lose more than 5% of your portfolio value in a day.
- Daily report that details how and where the plays were made. Most of these are online, but they play in certain well known offline tournaments where you can go and meet them in person (sorry folks, they’re Canadians, not Americans!)
- You can withdraw your remaining balance anytime, processed within 24 hours manually, even for Bitcoin withdrawals (I think this is fair, considering automated payments run the risk of being hacked).
So far this month, the results posted were: 2.03%, -2.45%, 2.20%, 2.40%, 3.06%, 1.17%, 2.00%, -3.98%, 2.07%, 4.05% which has been pretty good so far even with a couple of down days.
The only thing I don’t like much about the whole endeavor is the opacity on the actual games themselves. That’s where I believe a concept like Bitcoin can really help. If you’re playing on a site, then all the ins and outs can be seen on the blockchain and all the ‘investors’ can see how the players are performing and how much each win and loss is for. This is far greater transparency than can be afforded with traditional currencies.
The protocol of Bitcoin can open doors to economies that hadn’t existed in the past. Imagine companies like Poker by Proxy coming up or even individuals doing this in a fully transparent way, so that everyone benefits. I am glad the company has expanded into using Bitcoin as a source of funding, and hope to see other developments by this company in the crypto-currency space.