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. The site is a complete scam, and flushdraw has a nice update, but the idea behind the site is pretty neat.
The reason an idea like this works so well with Bitcoin is that everything is public ledger, so you know exactly how the players are gambling and where the money is going. This is very important. Of course, since PokerByProxy was a scam, they never revealed their Bitcoin addresses, but someone who actually wants to do this well, could theoretically be open, sharing in the losses and gains.
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.
99% Lost in a day over paypal frustration. Hits all users! Basically scam at this point, because THEY fucked up.
So, they said you can lose only 5% a day and now everyone lost 99% a day. Anyone suing the scammers already?