| Posted by: tim5ny at October 4, 2007, 5:49 pm | | Topic: Possible lawsuit against Intrade Forum: Casino Meister |
I got to about the second sentence before I fell asleep, but after scanning down and seeing some key words and names I think I got it now!
He's betting that Osama Bin Laden will not run for president in the next U.S. election.
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| Posted by: same old at October 4, 2007, 12:34 pm | | Topic: Possible lawsuit against Intrade Forum: Casino Meister |
I think he is talking about Election betting with a stock exchange like betting book on it.
It may be better to put the post under SPORTS or ENTERTAINMENT as this is where most bookies put there election books.
Not sure if you will get much help here with that sort of complaint mate.
is this abritration type betting your on about?.
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| Posted by: Slaughtermeyer at October 4, 2007, 10:15 am | | Topic: Possible lawsuit against Intrade Forum: Casino Meister |
If there is a more appropriate area for this thread on the forum, I hereby request that a moderator or administrator move it there.
Here is my reply to Intrade's message in my previous post.
Dear Mr. Wolfenden,
I strongly disagree with your contention that being able to close out my position by buying the Obama contract reduced my risk. It may have appeared to reduce the risk based on what was reported as the change in available balance, but it actually would have increased the amount of worst case loss in my account had a worst case scenario actually occurred at that time.
Very truly yours,
XXXXXX
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| Posted by: Slaughtermeyer at October 4, 2007, 9:32 am | | Topic: Possible lawsuit against Intrade Forum: Casino Meister |
Here's the email that I received from Intrade which basically confirms the way that I allege the margin calculation software operates. Emphasis added. I believe the section in red is erroneous because I was actually increasing risk and not reducing it. Remember, a worst case loss scenario can theoretically happen even if the margin requirements are not set to worst case loss.
In response to your question we would offer the following additional explanation, but would remind you that this email is for informational purposes only and for specific information you should refer to the Exchange Rules that you have agreed to.
By way of attempting to paraphrase what is contained elsewhere we would point out that if your account has a zero or negative available funds balance you cannot place an order if it will increase your margin requirements and thereby increase the negative balance in your account even further. Our rules state “On entering an order, if you have insufficient funds to... | | Read Entire Entry |
| Posted by: Slaughtermeyer at October 4, 2007, 8:45 am | | Topic: Possible lawsuit against Intrade Forum: Casino Meister |
Quote: Originally Posted by tim5ny
I'm just a degenerate gambler and don't understand what this is all about!
I'll try to explain in the form of a parable.
In a universe far away there is a planet known as Oyth that is ery similar to ours but with some differences. One of the countries on that planet, known as the United States of Gringoland, holds a ery important and popular horserace every four years, known as the Freakness. The Freakness lasts for 3 years (horses there have much more endurance there than on this planet) and the horse that wins the Freakness is awarded a magical equine nirvana collar which gives the horse that wears it a highly pleasurable sensation. Only one such collar exists in all Gringoland. It is also believed that the horse wearing the collar often psychically transfers a small portion of his feelings of nirvana to the owner of the horse and even to those who cheer the horse on during the race.
In the latest Freakness which is in ... | | Read Entire Entry |
| Posted by: Slaughtermeyer at October 3, 2007, 10:55 am | | Topic: Possible lawsuit against Intrade Forum: Casino Meister |
I received an answer about the arbitration committee:
The establishment of an Arbitration Settlement Committee whose remit is to consider disputed settlement prices only (e.g. the Exchange settles a market at 100 and a member or members believe it should settle at 0) has not been completed yet.
Intrade still intends to establish a committee to deal with disputed settlements on specific markets in the future.
Please let us know if we can provide any additional information.
Kind regards,
Carl Wolfenden
Exchange Manager
Intrade Exchange Operations
By the way, is anybody here from Dublin and can recommend an attorney from that city? I went to a Dublin law referral website and sent messages to 3 attorneys asking if they would be competent to deal with this type of a case, but I'd be willing to consider others.
http://www.helplinelaw.com/lawyers/ireland/dublin
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| Posted by: Slaughtermeyer at October 3, 2007, 10:19 am | | Topic: Possible lawsuit against Intrade Forum: Casino Meister |
I have suffered serious losses as a result of a problem with Intrade's operational software. If Intrade rejects my settlement offer, I will probably have no other recourse but to sue them, unless arbitration is a possibility. I have not yet received a reply for my settlement offer.
On July 25 2006 the Exchange issued the following statement:
"Accordingly, the Exchange is taking a number of steps including the following
1. The Establishment of an Arbitration Settlement Committee in the near future. Additional details to follow"
I sent an email asking whether or not this Committee has been established and if not whether the Exchange still intends to do so. As of yet I have not received a reply.
I will keep everyone posted of what transpires. I also placed a message about my intentions on the Intrade forum, it will be interesting to see if it is deleted.
Look for the "Arbitration Settlement Committee" topic in the "A... | | Read Entire Entry |
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