Question about the US Dollar and keeping it in sportsbooks...

beenlosing4ever · Nov 8, 2007

I've consistently had a lot of money spread across a lot of sportsbooks and Neteller over the past few years. They are all in US Dollar currency accounts. I know that Neteller and many sportsbooks out there allow you to open accounts with other currencies such as the Euro.
Being that the US Dollar is, and most likely will continue to be shaky, my question is whether or not it would be wiser to have all that money offshore in another currency rather that the dollar.
The one obvious setback that I can see is that, because I use so many sportsbooks, I'm sure there are many that only allow you to choose a Dollar based account. That means that if I have a Neteller account that is set to Euros, I'd have to pay the ridiculous exchange fee that Neteller charges when depositing and withdrawing from the book.
Would it still be worth it?

HerzvanRentle · Nov 8, 2007

You've said it. You have to stay in the dollar because you'll get hit every time you move your money in or out.

MrJ · Nov 8, 2007

To how much of your funds would you need immediate access?

BC-Eagles · Nov 8, 2007

They'd smash you on the exchange...now's the worst time to convert Dollars to Euros

TTinCO · Nov 8, 2007

You guys are probably right about the fees, but beenlosing is on the right track.

Our almight US dollar is turning into one big piece of shit-and it's going to continue in that direction for a while.

MrJ · Nov 8, 2007

Too bad I earn US dollars and spend Aussie dollars.

beenlosing4ever · Nov 9, 2007

Mr J said:
To how much of your funds would you need immediate access?

I don't actually need to have any immediate access as of now. I got more than enough to live off of after Neteller paid the US players their balances. Since then, I've established residency elsewhere and am currently working hard to build my bankroll. It would just kinda suck if I build a bankroll that I would be ready to leave this game with and the Dollar is 10% weaker than it is now relative to a currency such as the Euro, Pound/Sterling, etc. that I may be able to use now with many sportsbooks and Neteller. The US Dollar is far from the currency that I'd want to hold onto longterm.

TTinCO · Nov 9, 2007

beenlosing4ever said:
It would just kinda suck if I build a bankroll that I would be ready to leave this game with and the Dollar is 10% weaker than it is now relative to a currency such as the Euro, Pound/Sterling, etc.

Yeah....like in the next 3-12 months, at least vs. the Euro.

1cheater · Nov 9, 2007

If everyone keeps bailing on the dollar it only makes it weaker.

Santo · Nov 9, 2007

I use Moneybookers and neteller and keep one in sterling, the other dollars

xpanda · Nov 9, 2007

I changed the denomination of my offshore accounts (where I could) several months back, thankfully. Had I not, any profits I'd earned would have been wiped out by the 20% depreciation that's happened since.

To answer your question, if you live in the US, and will be withdrawing off your winnings frequently, leave your accounts in USD. If you don't live in the US, or can afford to leave your $$ offshore for a while, change them asap.

xpanda · Nov 9, 2007

#1cheater# said:
If everyone keeps bailing on the dollar it only makes it weaker.

But what can you expect people to do at this point? The Fed is hinting at another rate cut next month. If they aren't going to change their inflationary/monetary policies, you can't expect people to sit back and watch their savings go into the shitter.

Wait until countries start bailing on the dollar wholesale. Individual runs on the bank will be nothing by comparison.

WVU · Nov 9, 2007

xpanda said:
But what can you expect people to do at this point? The Fed is hinting at another rate cut next month. If they aren't going to change their inflationary/monetary policies, you can't expect people to sit back and watch their savings go into the shitter.

Wait until countries start bailing on the dollar wholesale. Individual runs on the bank will be nothing by comparison.

The feds hinted that the last rate cut would be the last so you never really know with those hints.

xpanda · Nov 9, 2007

MSNBC reported Wed that if growth in this quarter is lowered, a rate cut is a possibility. Certainly, Wall Street will be clamoring for it, as will retailers, in light of the Xmas spending season and traditional slowing of real estate markets at that time of year. I think it's safe to say that Xmas spending will be significantly reduced from last year with consumer confidence as low as it is.

Me, I'm bracing for another 25-point cut.

http://www.msnbc.msn.com/id/21678205/

texansfan · Nov 9, 2007

I just read today in the paper that Bernanke is open to hiking rates. Higher borrowing costs could rein in inflation, offsetting a rise in gas prices. I don't see a change in the current 4.5 % rate anytime soon.

Dawoofdaddy · Nov 9, 2007

texansfan said:
I just read today in the paper that Bernanke is open to hiking rates. Higher borrowing costs could rein in inflation, offsetting a rise in gas prices. I don't see a change in the current 4.5 % rate anytime soon.

Bernanke does not control the long term interest rates in the world.

The market is larger than the players and that includes the federal reserve and Ben Bernanke.

The fed and wall street created these bubbles and kept them going along too much and for too long.

Now someone is going to eat crow and during this huge print, borrow, spend party, the crow has gotten awfully fat, so I hope Bernanke has a large apron to wear.

People should read their history books to see what happens to a nation when its currency implodes.

Timetopay · Nov 9, 2007

DAWOOFDADDY said:
People should read their history books to see what happens to a nation when its currency implodes.

They definately dont do this...

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MrJ · Nov 9, 2007

If you don't live in the US, or can afford to leave your $$ offshore for a while, change them asap.

Not possible for some.

SteamDaddy · Nov 9, 2007

You guys should have gotten out of USD and into CND or Euro long time ago.

USD will collapse as designed.

The longer you wait the more you will lose.

If the books were smart they would buy lots of gold as hedge for coming fiat collapse but not to be.