Intrade shuts down
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Author Topic: Intrade shuts down  (Read 1211 times)
Mr. Morden
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« on: March 10, 2013, 10:57:26 PM »
« edited: March 10, 2013, 10:59:38 PM by Mr. Morden »
Not sure which board this thread should go in, but Intrade was most famous for its betting markets on US politics around here, so I'm putting it here.

Intrade has suspended all betting, and posted this ominous announcement which suggests that the site may never be coming back:

http://www.intrade.com/v4/home/

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etc.....

Note that last sentence that I bolded.  They're "settling everyone's accounts", but not actually paying them the money from those accounts just yet, pending the investigation.  Makes you wonder if they actually have enough money to pay everyone in the first place.
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Atlas Has Shrugged
ChairmanSanchez
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« Reply #1 on: March 11, 2013, 03:17:52 PM »
They mentioned Irish law. I was unaware intrade was an Irish website. RIP to a true Freedom Site none the less.
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Queen Mum Inks.LWC
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« Reply #2 on: March 11, 2013, 03:22:22 PM »
What are the rumors for what happened?
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minionofmidas
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« Reply #3 on: March 11, 2013, 05:12:45 PM »
Good.
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Queen Mum Inks.LWC
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« Reply #4 on: March 11, 2013, 05:14:42 PM »
Why is this good?
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Wrong about 2024 Ghost
Runeghost
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« Reply #5 on: March 11, 2013, 07:59:32 PM »

I've seen no real information yet beyond what's on Intrade's homepage.  If you want sheer speculation, I've seen the following scenarios on the Internet:

-banning U.S. customers as a result of the CFTC lawsuit basically killed them, because the vast majority of their users were in the United States.

-the original board members looted the company after the death of the founder  on Mt. Everest, leaving a complicated financial mess that is only now beginning to unravel.

-Intrade ran afoul of some detail or details of Irish financial law and had to shut down while they tried to deal with it.
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King
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« Reply #6 on: March 11, 2013, 08:15:14 PM »
Shocker considering "Intrade Shutting Down" was only trading at 0.4 when it happened.
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Beet
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« Reply #7 on: March 12, 2013, 02:49:50 AM »
They're finished. With the freezing of customer money, they've lost a trust they'll never be able to regain. What a pity.
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minionofmidas
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« Reply #8 on: March 12, 2013, 04:28:00 AM »
Because I did never approve of its existence?
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Wrong about 2024 Ghost
Runeghost
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« Reply #9 on: March 12, 2013, 05:48:47 AM »
There's at least one site running a prediction market in bitcoins.

http://betsofbitco.in

They do have a politics market. So far the site seems rather limited compared to Intrade, and I have absolutely no idea about their volumes or trustworthiness. Given the volumes of trades Intrade did around election time, I expect someone will try to fill their niche, somehow.
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Grumpier Than Uncle Joe
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« Reply #10 on: March 12, 2013, 09:46:11 AM »
The internets will never be the same again.  Sad
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Mr. Morden
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« Reply #11 on: March 12, 2013, 10:03:06 AM »
Quote from: Runeghost on March 12, 2013, 05:48:47 AM
There's at least one site running a prediction market in bitcoins.

http://betsofbitco.in

They do have a politics market. So far the site seems rather limited compared to Intrade, and I have absolutely no idea about their volumes or trustworthiness. Given the volumes of trades Intrade did around election time, I expect someone will try to fill their niche, somehow.

Oh, there are plenty of political futures markets out there, include some that cover US politics:

http://www.oddschecker.com/politics-and-election/us-presidential-election-2016/winner

Intrade wasn't even the highest volume US political market.  I think Betfair had higher volume than they did during the 2012 election campaign.  But Intrade had a higher profile among US politicos.
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© tweed
Miamiu1027
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« Reply #12 on: March 12, 2013, 12:26:14 PM »
aw sh**t.  this has been a long time coming, of course, and volume is way down from what it was at its peak (and the TradeSports heyday). 
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Queen Mum Inks.LWC
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« Reply #13 on: March 12, 2013, 09:59:28 PM »

Well I figured that, but why?
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Small Business Owner of Any Repute
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« Reply #14 on: March 12, 2013, 10:02:22 PM »
Quote from: King on March 11, 2013, 08:15:14 PM
Shocker considering "Intrade Shutting Down" was only trading at 0.4 when it happened.

Perhaps because, if Intrade shuts down, how the hell are winning bets going to be paid?
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greenforest32
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« Reply #15 on: April 06, 2013, 05:10:54 PM »
http://www.nytimes.com/2013/04/07/business/online-betting-site-intrade-faces-liquidation.html

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