Jazz,
First almost always, even in a worst case planned ponzi scheme, the first people in always get paid, it is key to the scheme.
But more importantly you would never open anywhere unless they provided a product that was of use to you,
obviously in this business it is pretty easy to figure out how much that product is worth, is it worth more in the aggregate than the chance of default?
Chance of default is obviously a very difficult or impossible thing to calculate.
But we know it is between 0-100% over any given time period.
Sometimes the benefits you will derive will be over 100%. As soon as the amount of whatever utility you derive reaches a reasonable level,who cares if you get ass ****ed? You have already derived more of a benefit by using them and getting ****ed then had you not used them at all.
AcesGold is the best example of this, how much $$$ do you think avg guy took them for before they went belly up? given their ineptitude at properly pricing their NFL product. I would assume an enormous amount and further I would assume that alot of people netted out way, way ahead even with the stiff,(I do not mean they merely won more then they got stiffed for, I mean they won more including the stiff then they would've elsewhere)
so should they have never played there?
This has nothing to do with the particular book in question, Rick has shown on repeated previous occasions to be very dilligent abt protecting his customer's money and an extremely hard working professional, I think that outweighs the fact that he has been with a few places that have not done well and if they had anything I could use I would most likely be using them with a very modest amount of concern.
[This message was edited by Sodium Pentethol V on March 27, 2004 at 12:33 PM.]
