Cake Poker - Transfer for Profit Crackdown

Creative withdrawals hit a snag.

Player was "buying" cake $ for $.77 on the dollar. Cake first upped his play-through requirements for withdrawals then took away his transfer privileges completely.

Cake Poker Cracks Down on “Transfer for Profit” Operation

Whatever, he gets what he deserves for being dumb enough to play on Cake...

This is obviously against cakes rules and regs. But at the same time, this player was trying to help out others, (of course charging a fee) that was looking for a way to recive money faster. IS this in itself a crime "? (( not taking into account that it was against cakes policies. ))

Crime or not, it's a scummy way to vulture the real victims while not really doing anything himself. I'm sure Cake's real objection doesn't have much to do with protecting their players, which they should be doing, but having to pay that money out when they normally wouldn't have to. Unfortunately for that thinking, Cake did end up paying his money without even having to playthrough at all. The guy still got his money.

WOW I read the thread on this and over 14K in a few months for playing a bank. DOnt see the big deal, I wouldnt pay that much to this dude for the service but either cake should be paying out right away (kind of a joke with such a high min withdrawl) or let others do the job cake cant do. Amazing my lack of foresight, when cake said Ok to xfer, I was thinking OK I can get someone to get me money on there if need be, while others were figuring out how to make profit off of it.

This ^ is way too funny by someone who has 'Bodog' written above here ^

How do ya figure? The guy is providing a service for players who don't want to forever for a withdrawl or because they don't have in excess of the min. required to withdrawl. He's not victimizing anyone.

I agree. Besides the fee he charges, ( you could say it is steep ) if he has the means and the money to do so, then he is helping himself, and others.

I would def use his service anyday. And his exchange rate is almost like turning USD into Euro, 1 USD = .75 Eruo, so he was charging a fair price if he was from the UK.

all in all, I dont see anything wrong. ONly that he did break cakes rules and for that he is punished for it.

If you guys have questions it was me that was doing that, lol.

Read better... where did I say he was victimizing anyone? He's just picking the bones of those victimized by the sites, the collective US gov'ts and the current state of online poker. That's what vulturing means, which is why I previously said that instead of victimizing. Clear enough for you now?

However, I could easily amend that to include his 23% markup as victimizing and further preying on the desperate and victimized. It's a gross amount more than necessary. If you lived in this country and had to go through this, you'd think the same.

Perhaps I misquoted you but here you write that you do feel he's 'victimizing & further preying on the desperate & victimized'.... so maybe I wasn't too far off the mark with what I said??
Now you're telling me that I would think the same? How do you know what I'd think?
Pretty sure anyone who was interested in making that deal 'had a choice' (they didn't have to accept what he was offering... just as I don't have to play $1500 for a laptop at local puter store if I don't want to).

I knew I recognized the name from somewhere.
Cool business idea imo.

You are king at taking things out of context or not reading very well, huh? I said the rate he charged was victimizing, not the act itself. The act itself is just profiting off others' misfortune. That's just how global capitalism works, unfortunately.

You can't know how we feel until you're under the constraints and pressure we're under. Our country is running out of money. The fractures grow larger every day. Many of us are unemployed, or know friends and family members which are unemployed. We lost a main way for us to make income at the very least while others lost significant portions of their net worth and have no idea whether we can get to the rest of it.

This isn't the same as a laptop, whether it costs $300 or $3000. Think about how desperate someone has to be to give up 23% of what they worked hard for to someone who gives up nothing of his own to gain that. At least for $1500, I'd get a damn laptop!

5% fine... I could even stomach 10%... but 23% is just plain scummy.

I didn't victimize anyone. I paid the fair market price for Cake at the time. If anything, me purchasing Cake was a good thing for everyone because it brought competition to the marketplace driving up the value of Cake dollars. People made the conscious choice to trade with me because they valued money immediately over having to wait 3-4 months, even then with the possibility of their checks bouncing.

I'm not claiming to be philanthropic here because I clearly profited, but to call me a vulture or whatever demeaning words were used there clearly do not suit the situation as others have argued.



While it may seem true to the observer, I did have to move out of the United States myself to Mexico (and absorb these costs, mind you) while they were able to stay in the United States themselves. In addition to that luxury, I had to upgrade several accounts to give myself the ability to move this much money which cost me roughly $750 and 15 spread out hours to obtain.

Its not like anyone can just do this ordinarily. So saying that I should have given a better rate, isn't fair, especially when I brought competition into an open marketplace which dictates the fair price naturally as people value time and convenience over money. Its important to understand here that I didn't come up with that price - that's already what it was selling for before I entered.

I think the 5% is ridicilous if you take in account he has to make 1 FPP for every $ of transfered money. I would think at least 15% to cover that up and because he wanted to make some profit, who of us doesn't want that, he made it slightly higher.

But more I think your government and as well cake poker are the ones to blaim in this matter.

Crack dealers should lower the price for regular customers cuz it's just not fair!

you should get 35% just for having to live in mexico.......unless you dont look like a gringo...c

You mean your dealer doesn't?

I sold some of my hero poker money for .85 on the dollar. It was well worth it to get my money with an a hour. I still have a $315 withdraw pending approval that I requested on 11/18. I also bought some Juicy stakes money; $37 for $50, also received a deposit bonus with it when I emailed support. Its a good way to go if you can find a reputable person to transfer with.

Yea i see no problem with it, Its your money, do what you want with it, What right does a poker site have to say WHA you do with your money?

^^^ look up money laundering

i'll take 77 cents on the dollar for my full tilt 1000 ...anyone???

if he broke cakes rules fine
but we live in a world of free enterprize he can charge what he wants for his service u dont have to use it

This

Drug Free since '93

Say NO! >

I have no problem with what he did. No one had to use his services. If it wasn't for the DOJ and Cake's ridiculous $500 w/d minimum for a check, it wouldn't be necessary.

What's really criminal is the $25 minimum deposit versus the $500 minimum withdrawal.

Yep anyone in their right mind would be doing this if they got money on cake especially now lots of players need their cash to live..cmon cake you have the transfer button out there.You guys dont need to know what players transfers deals are.They are already using ur crappy low traffic software.Let players use their money freely.

I presume the $500 minimum is for US players only????
When I look at cake withdrawal the minimum is $50.
$500 is outrageous.

I see no problem offering what he did, no one forced anyone to make that deal.

i blame cake, its taking people months and months for a wd- if you want transfers to stop how about not taking months to process a wd.

Agreed

$500 minimum is for a check-that's pretty much the only option for US players I think.

I'm hoping this doesn't become a widespread trend. I really depend on using P2P transfers to move my money off Cake......

When I look at other skins on the Cake network, using their own cashier, not Cake's, and see $100 minimums and check arrival within two weeks it becomes obvious, once Cake has your cash they don't want to give it up

Concerns me, obviously. Does this mean many of the skins that use the Cake cashier are underfunded??