Intrade forced to cease US operations

Discussion in 'Politics' started by Goo For You, Nov 26, 2012.

  1. Goo For You

    Goo For You New Member

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    http://marginalrevolution.com/marginalrevolution/2012/11/cftc-cracks-down-on-intrade.html

    "We are sorry to announce that due to legal and regulatory pressures, Intrade can no longer allow US residents to participate in our real-money prediction markets.

    Unfortunately this means that all US residents must begin the process of closing down their Intrade accounts. We strongly urge you to begin this process immediately"

    Jesus f. christ, first online poker and now this. Why does regulating these industries always involve destroying them?!:pissed:
  2. DawgShed Ads

    DawgShed Ads

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  3. SiriusDawg

    SiriusDawg New Member

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    http://dealbook.nytimes.com/2012/11/26/after-regulatory-sanction-intrade-closes-to-u-s-investors/

    Bet on wars? Check
    Lied to regulators? Check
    Continued activities after being told not to by a Court? Check
    Went around regulators to offer illegal bets? Check

    Gee....I can't see why Intrade is not being allowed in the US.

    It must be the regulators that lied, cheated, and had people betting on wars.
  4. Goo For You

    Goo For You New Member

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    Count me out of all gop/dem shit-throwing contests.

    My point was that prediction markets have the potential to offer an invaluable service to the society; and now, because the two sides couldn't reach a compromise, the whole industry may be doomed (as was somewhat the case with poker) or at least be set back years.

    It's nothing but a shame, really.
  5. MatthewT

    MatthewT Awaiting The Rapture VIP

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    do you really think there is regulation/oversight on global wars? :facepalm:
  6. SiriusDawg

    SiriusDawg New Member

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    Maybe not but when you lie to regulators and/or disobey a Court order, you have no argument when the hammer comes down.

    Do you not agree?
  7. Goo For You

    Goo For You New Member

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    ^ I don't. I think that's uncomfortably close to saying "he broke the law so he deserves [insert your definition of a harsh punishment]".

    The thing with these types of companies (that operate in these "gray area" industries) is that they may not even be offered a reasonable way to become regulated:

    A company gets started --> no one complains --> company grows --> regulators become interested --> fighting starts --> everyone loses.
  8. SiriusDawg

    SiriusDawg New Member

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    I actually agree that the less regulations, the better. I also have no issue with gambling on virtually anything. If people want to bet, I say go for it. The states could use the money.

    But, I think in most political arguments today, people vastly, vastly over-estimate actual regulations in most business sections. My goodness, Wall Street is a perfect example. The idea that most firms are "heavily regulated" is a joke.
  9. Goo For You

    Goo For You New Member

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    How do you then explain the huge size of law and accounting industries? To me it seems that compliance costs are exorbitant (this would help to explain many things, such as the low number of IPOs).

    But even before complaining about regulation, per se, I'd like to see more companies being allowed into the sphere of regulation. In the case of online poker, the whole industry was suddenly outlawed by a very shady last-minute amendment to an act concerning maritime and cargo security.:pissed:

    "......the games...certain..people play", as a certain individual in this forum likes to say.;)
    Last edited: Nov 26, 2012
  10. SiriusDawg

    SiriusDawg New Member

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    Well, a few ways.....first, I think the sheer size of the country in terms of its land-size, economy-size, etc....is one reason and the other is....well again, it depends on the type of law or accounting. For example, I am a Tax Attorney. I have worked for the Government and am now (and have been) working in Private Practice for some time. Friends of mine who work in Oil & Gas or Insurance Defense or other areas may not agree with my take on their rules/regulations.

    I think that everyone would agree that the Tax Code is an utter fucking mess and is way too long. Yet, I would also argue that the Tax Code is so insanely lax about certain areas and fields. This allows for many big businesses to skirt around their tax payments at the end of the year with little to no worry about the IRS due to the IRS-size being so damn small (compared to private businesses) and the Code being silent on many, many parts.

    So, while many claim the Code and Tax Laws are very over-regulated and I would argue the opposite.....that the Code is incredibly light on specifics and filled with so much irrelevant junk.
  11. MatthewT

    MatthewT Awaiting The Rapture VIP

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    so, in so many words, you are in favor of a one world government
  12. MatthewT

    MatthewT Awaiting The Rapture VIP

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    :shit:
  13. SiriusDawg

    SiriusDawg New Member

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    Where did that come from?
  14. HeinousMark

    HeinousMark Creepy-Ass Cracka VIP

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    Thanks libtards....there goes more American jobs out of the country.
  15. HeinousMark

    HeinousMark Creepy-Ass Cracka VIP

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    Damn right there is. That's one issue I thought we might agree on.
  16. MatthewT

    MatthewT Awaiting The Rapture VIP

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    you've piqued my curiousity :munch:
  17. Goo For You

    Goo For You New Member

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    I was trying to make a point about compliance costs going way up in recent decades (that's kind of the received wisdom in my circles) but when I tried to google some graphs I came to the conclusion that I may be wrong:

    http://en.wikipedia.org/wiki/Sarban...g_the_cost-benefits_of_Sarbanes.E2.80.93Oxley

    (Even the number of IPOs is rising!)

    Yeah we're on the same page with this one. I think the slogan should be "better regulation instead of less or more regulation".
  18. MatthewT

    MatthewT Awaiting The Rapture VIP

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    scrap it and start over, i say :coffee:
  19. Goo For You

    Goo For You New Member

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    The sad truth about real world politics is that it's almost always better to live with a somewhat shitty system than incur the risks and costs that come with a complete overhaul.
  20. MatthewT

    MatthewT Awaiting The Rapture VIP

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    actually, the sad truth is that the upcoming one world government, its alliances, its downfall, and its inherent evil has been written about for millennia, yet most people don't seem capable of connecting the dots

    millennia
  21. SiriusDawg

    SiriusDawg New Member

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    Link? Let's delve into this

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