Even he should understand why Lock is cracking down on P2P transfers.
My take on why Lock is cracking down on P2P transfers.
Withdraw via lock, and they take a small fee to do the withdraw, so they get cash to keep the site up, P2P transfers and they get small fee for withdrawing.
20 withdraws at a fee of say $20.00 20 x $20.00 = $400.00
20 P2P transfers and one withdraw = $20.00 1 x $20.00 = $20.00
Which way is making Lock more money, Money they need to stay afloat!!
No actually they refund one fee/month and it costs them FAR more than the fee they charge to process an American withdrawal. For most people who transfer, it is an alternative to withdrawing. If they are legit, they have all the money from player balances in a safe place somewhere. So if 20 people want to each withdraw $20, they would have to pay to process 20 different payments of $20 each. If those 20 people just transfer to one person and he then withdraws $400, they're paying the same amount out and it probably costs less to process. Processing deposits costs money too so let's say the person actually wouldn't withdraw it. Eliminating p2p creates a situation of 20 people withdrawing $20 each and someone depositing $400. Net cash flow is 0 but they have to pay the fees to move money. If they just allow p2p now they have to pay $0 in fees and the net cash flow is exactly the same and everyone is just as happy.
The real reason any site at least claims to have a play-through requirement is to prevent money laundering. Money laundering does not hurt the site in the slightest but is usually required by regulatory agencies because governments tend to not like
poker sites being places for terrorists to launder money. But let's be real if anyone is laundering money on Lock Poker right now they're just downright retarded.
Literally the only logical reason for a site to not want p2p transfers to cash out is if they don't have the money on hand. They only have to pay out 2k every 6 months or so, and lately they've been waiting 3-4 months only to deny NON-US cashouts. As long as they keep deposits incoming they can just rob peter to pay paul. But now that it's getting out on 2p2 and some poker media Lock is going to see traffic and deposits plummet, and unless they actually are solvent and just really really retarded, they're going to crash and burn in the somewhat near future. fwiw stinger aka Brian Hastings has offered to bet his 100k to someone else's 50k that Lock is insolvent. That equates to him thinking there is a 66%+ chance that they are insolvent and he's willing to put money on the line for it.
