| Archive for Tagpoker Forum A friendly place for winning poker players to share their strategy to making money playing poker. |
| kierkegaard1 |
the state of the eurois anyone particularly finance-minded?i have a bunch of my roll currently in euro. is this a bad idea? is the euro going to collapse and become worthless against the pound? someone plz help 
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| icemanv6 |
Its looking more like its going to collapse then not collapse at this rate, so no its not particularly good . Whilst if it did collapse it wouldn't be completely worthless if your a country who currently uses it, you can bet no one would be wanting to buy it which would basically mean exchanging it into pounds would cost you a considerable sum..basically because it would be semi worthless costing you money.
Just spoke to my boss about it as he's quite knowledgeable on this stuff, basically if it crashes your euro will be worth not a lot too the pound so yea pretty much worthless. For now you should be fine but be careful. Bottom line is if it crashes your euros are going to be worth not a lot in pounds..or any other strong currency for that matter. Watch out about news with Greece if they have to default in regards to there debt..basically means they'll be dejected from the euro. And that will be bad. Can't imagine it collapsing for maybe a year even if it does but the more bad news in regards too this situation then the more the euro will likely weaken against other currencies. |
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| U Cook Socks |
Pftt, just started playing Euro games on Stars,
Worth just going back to $ games ? |
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| icemanv6 |
It won't just go crash bang wallop without any kind of notice and as said before should be fine for now and probably for least a year. If worried keep funds in euros to an absolute minimum possible
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| kierkegaard1 |
surely if euro weakens v pound that means i get more pounds for my euro.
ie if 2euro = 1pound, and it weakens to 1.5euro = 1pound, thats good for me when i withdraw? am i being stupid? |
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| The Angler |
Moving from 2 to 1.5 Euros to the Pound would be strengthening of the Euro and yea you'd get more when you withdrew. | ||||
| U Cook Socks |
I am utterly confused now (It doesn't take much) | ||||
| BetMagicMoney |
what you have to remember is that it would become weaker! so in this case the pound:euro ratio would increase so that in an extreme case the £1 could be worth €100 which would be bad if you going from € to £ and the tends right now do say its crashing, also this graph show that crash pretty well imo 
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| icemanv6 |
Basically if the euro dropped from 2euros = 1pound too 1.5euros = 1 pound then the euro would strengthen. If it weakens it'll increase, effectively meaning you need to spend more euros to get A POUND. Think of it the other way, 1 pound would buy you a shitload of euros but a shitload of euros would only get you a pound.
Your thinking correctly but from the wrong way round kierk kierk
That's why its cheap to go to places like Thailand compared to them to go to the UK as the pound is stronger then there currency. As you'd be exchanging from euros to pounds you dont for example want 1 pound worth 20 euros..that's BAD for you if you hold euros and want to exchange it for pounds. Quick example. If 2euros = 1 pound now and you have 100 euros that's 50 pounds. If euro collapses and lets say 20euros is now worth 1 pound,100 euros will only translate to 5pounds. Hopefully this clears it up for you guys. |
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| U Cook Socks |
Yeah, thanks for that, much clearer. |
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| blsmur |
Re: the state of the euro
the Euro peaked in april last year at about $1.49 usd per euro it has fallen ever since with the current climate in Ireland and in Greece dont be keeping more in the the euro than you need to play, my gut feeling is it will continue to drop until it is below the $ the other possibility is it will become dissolved in some way and not exist at all there has been talk of this happening as the countries that joined the euro all have different economies and it just cant be good to have strong economies trying to support weak economies poker stars has an auto conversion option but I suspect we be taxed each way by them . So as you will have a substantial amount to win or lose with this I would be keeping the minimum you need in the euro and only convert when the there are pull backs or highs in the euro value against the gbp or usd depending on what your converting to usd is set to rise again for sure since announcing the pullout of iraq also the gbp has fallen against the usd since april last year about 13 cents drop this is my long term forex forxast and no one can predict the future of money regards Ron |
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| JamEaze |
Presumably a lot of the above depends on the policies of the respective governments of the strong eurozone countries - most notably Germany - in whether to continue with the ECU or reintroduce national currency? | ||||
| sausage |
No reason whatsoever to hold a PS balance in € or $. All my PS roll is held in Sterling. You can set an option to hold your balance in £, € or $.
The currency you play in is irrelevant, other than it determines the total stake amount you are playing for. |
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| chesslw |
I don't know too much about financial stuff- but this site is pretty good for non-technically trained people to understand:
http://www.intrade.com/v4/markets/?eventClassId=23 Basically the above is a prediction market (where people place bets vs each other on future events by selling "shares" at different prices)- and it gives a rough probability of certain events happening. It's surprisingly accurate (based on wisdom of the crowds- the scientific version, not the pseudo one that Derren Brown said he used to predict the lottery). In 2004, when all of the opinion polls and even exit polls showed a close run election between Bush and Kerry, this site predicted the correct winner in every single state- and obviously predicted a (correct) landslide victory for Bush. You can see that Greece has a high chance of defaulting atm (over 70% chance of default at the time of me writing this), although by some definition they already defaulted. Last year the predictions of whether Germany/France etc pulls out of the Euro had fairly high probabilities (over 10%) until the market closed when they had their meetings. I'm not a member of the site- but I often use it as a guide to basically arbitrage when betting on some event in the future irl .
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| U Cook Socks |
So you just convert everytime you play? Cos it wont let me play Euro games, unless I have money in my Euro account. |
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| sausage |
Happens automatically. My entire balance is in £ and I only play € games. | ||||
| U Cook Socks |
Not for me it doesn't, unless there is a setting on Stars somewhere that needs ticking, or whatever. *edit* I have just found these settings ! |
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| kierkegaard1 |
not on .fr 
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| U Cook Socks |
Just keep most of it on Neteller/Moneybookers or whatever? Keep a minimal amount on Stars? Or is that no good ? |
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| kierkegaard1 |
is not an option, can only withdraw to my bank. its fine, not in any rush | ||||
| blsmur |
every time we play a game in a different currency other than what we hold we pay for the conversion and from my bank roll it really doesn't matter
however when playing with $200 per game and the auto conversion fee each time I am thinking this will ad up to a considerable amount over time So i would recommend hold 2 separate currencies and convert every time it is more favorable to your desired currency as for what will happen in greece I think somewhere down the track it is going under as it has no produce or anyway to make money other than tourism , so it is to dear to go there which is why it is in trouble, whether or not this will happen is speculation but something has to burst eventually. Greece is bankrupt and has no way to pay it bills. I think the prop up its , been getting is so the rich and powerful can get their affairs in order before the shit hits the fan any way we can only wait and see , so put the majority of money in your native currency btw dont go putting it on the swiss as they had a major sell off because to many were doing just that and I suspect they will again if it climbs to much this year with all international currency speculation it is just that,no matter who is telling the story |
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| YATHINNK |
2/3 of the way through an degree in economics and even I can't tell you what it could do next.
So erratic it really depends on the decisions made by individual men rather than any patterns emering. It is crunch time for the currency now, though. But then again that has been the general consensus for months now. Past few days the Euro has been pretty weak against the pound though, more so than usual. |
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| hifishys |
Does it really matter?I mean ur going to deposit in € £ $ aslong as u make profit in the currency u deposit in its all good. | ||||
| YATHINNK |
That definitely shows ignorance to the dynamic of exchange rates then. A crash in GBP could potentially be damaging to someone playing in Euros, the balance between the different currencies at the moment is rickety at best. But as I mentioned, it's really hard to make a judgement as to which currency might hedge another. |
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| hifishys |
Yes if your a financial trader my point is deposit €10 play in euro games cash out €50 it doesnt matter the value ur still in profit.
This is not stock market trading it doesnt matter in poker the value against each other if u play in the currency in which u deposit. |
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| YATHINNK |
By definition, you are right. You do have more EUR than you deposited. But if you deposited £10 and spun that to £100, but GBP suddenly got weaker against other currencies, the games would essentially cost you more to play as you get less $/EUR/Whatever for your £. However, if you held your bank in EUR and the current Euro crisis affected the EUR drastically, I would much rather have my currency set as one that won't be devalued. Which is the only point I was trying to make. Basically, you do make more cash and by definition you ARE in profit, but if the currency you have spun up suddenly can't buy you a loaf of bread, then you were much better off with your initial deposit. Sorta waffling, but its late, soz if I've totally mashed up my wording, but the logic is sound. |
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| hifishys |
Yes i get you. | ||||
| blsmur |
it might be a good time to transfer those excess euros into gbp
see image below [img]  [/img]
as you can see it on a pullback and I doubt it will go much further but it is forex and it does the strangest things |
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| icemanv6 |
Looks like a new resistance line there :p | ||||
| blsmur |
I rest my case[img] [/img]
as you can see last week would have been a good time to move your euro to gbp no we wait for the next one |
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| nitid1 |
Here is a very interesting video announcement about the current state of the Euro and $, our international money system. It may come in handy for some of you.
http://www.jsmineset.com/2012/01/...ared-default-of-5-major-us-banks/ I do not know if this link is allowed so if not add me to skype and i will mail it to you. Good luck |
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| blsmur |
scary stuff |
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| blsmur |
would there be any interest if i start a thread in the lounge about FOREX trading , what it is and how to go about it etc | ||||
| YATHINNK |
Depends on how much you know? |
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| icemanv6 |
Id be interested about it, even if I probably won't attempt it but as I do sports trading im sure there'd be some similar'ish crossover parts/things that would interest me. | ||||
| blsmur |
2 interested is hardly a mandate
i wil wait a few more days |
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| icemanv6 |
Why not just start a thread anyway, im sure it'll generate interest.
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| icemanv6 |
Why not just start a thread anyway, im sure it'll generate interest.
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| blsmur |
ok i will 
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