Intrade Out - Online Betting Service Shuts Down

Tyler Durden's picture

Just a few short months from the CFTC's initial 'enquiries' into Intrade (and the election HFT malarkey), the online 'prediction' site appears to done.

To Our Customers:

With sincere regret we must inform you that due to circumstances recently discovered we must immediately cease trading activity on www.intrade.com.

 

These circumstances require immediate further investigation, and may include financial irregularities which in accordance with Irish law oblige the directors to take the following actions:

  • Cease exchange trading on the website immediately.
  • Settle all open positions and calculate the settled account value of all Member accounts immediately.
  • Cease all banking transactions for all existing Company accounts immediately.

During the upcoming weeks, we will investigate these circumstances further and determine the necessary course of action.

 

To mitigate any further risk to members’ accounts, we have closed and settled all open contracts at fair market value as of the close of business on March 10, 2013, in accordance with the Terms and Conditions of our customers’ use of the website. You may view your account details and settled account balances by logging into the website.

 

At this time and until further notice, it is not possible to make any payments to members in accordance with their settled account balance until the investigations have concluded.

 

The Company will continue the maintenance and technology operations of the exchange system so that all information is preserved properly.

 

We are not able to provide telephone support or live help services at this time, please contact the company by email at: accountservices@intrade.com

 

We appreciate your custom and support over the years. We are committed to reporting faithfully the status of things as they are clarified and hope you will bear with us as we do all we can to resume operations as promptly as possible.

Sincerely,

The Board of Directors of Intrade the Prediction Market Limited

 

(h/t Wealth.net)

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zorba THE GREEK's picture

Intrade provided a real measure of public sentiment. The government can't afford to allow

the public to have access to any form of reality as it may contradict government propaganda. 

Ergo, goodbye Intrade.

Half_A_Billion_Hollow_Points's picture

That's the value of bitcoin right there.

 

here's to http://betsofbitco.in/

francis_sawyer's picture

Goddammit I had all my BITCOINS invested in that!

strannick's picture

CFTC? Hey Inspector Clousea-Chilton.

HOWS THAT SILVER INVESTIGTION COMING??

2.5 BILLION OUNCES SOLD IN A DAY STILL NOT ENOUGH PROOF OF MANIPULATION FOR YOU?

KEEP 'STUDYING THE MATTER',

KEEP COLLECTING YOUR BUREAUCRAT SALARY.

KEEP HAVING LUNCHEONS WITH BLYTHE AND JAMIE, WHO NO DOUBT DESPISE YOU COMMISIONERS.

rehypothecator's picture

Good thing I didn't have any paper predictions on that website.  I have stacked hundreds of thousands of actual, physical, predictions and they're all secure in my house, except for a few unfortunate predictions that I lost in a tragic boating accident.   And a few in a bank safety deposit box, just in case I get robbed and the robbers demand my predictions at gunpoint.  No physical predictions outside the country yet, have to get working on that.  What jurisdictions are safest for predictions, and furthermore, how many predictions is the right number to have?  

sitenine's picture

Wow. That deserves an explanation. How do you figure?

El Oregonian's picture

No, I believe the "Idiot" is all yours...

seek's picture

In that context, this is somewhat of an ominous sign. While I still think "the big one" happens 2015-2018, things sure look like they've sped up recently.

Quinvarius's picture

Your avatar adds mysterious credibility to your statements.

Ghordius's picture

in the same way as mine is quite a... handicap?

Hopium Dealer's picture

Intrade wasn't rigged enough to keep operating.

madddmaxxx's picture

who could have predicted that!

 

lolmao500's picture

http://english.yonhapnews.co.kr/news/2013/03/11/0200000000AEN20130311001...

(URGENT) N. Korea severs communication hotline with S. Korea

We're all so scared! In other news, the USS Ronald Reagan just left home port yesterday.... going to Korea perhaps?

JLee2027's picture

No one is allowed to control markets except COMEX.

JustObserving's picture

Exists there a financial market that is not a fraud?  Speculate in rigged casinos at your own discretion.  

digitalhermit's picture

 

 

Indeed the prediction markets continue, now in Bitcoin:

http://betsofbitco.in/

http://bitbet.us/

You can only play with Bitcoin!

francis_sawyer's picture

Thanks for the links to the 'gambling' virtues of bitcoin...

~~~

Now where are the porn & the hash linkups?

RideTheWalrus's picture

The bitcoin crackdown begins. Any legit business will be forced to stop accepting bitcoins or get investigated for financial fraud and organised crime money laundering. Sooner than later the MSM will be telling the world how evil bitcoins are by acting confused at how all the evil crime bosses were able to start up such a system in the first place, expect their reports to feature all the nasty things that bitcoins have been used for to really paint them as the prefered trade of drug dealers, pedo's and money launderers.
The sheeple will be told to hate bitcoin and fear their use.

All Out Of Bubblegum's picture

The MSM painted Bitcoin as evil. Chuck Schumer screamed about Bitcoin on TV two years ago. The price shot up. TPTB have been trying to wreck Bitcoin for two years. They can't do it, thus far.

Bitcoin was designed to resist attack from banks and governments. So far, so good.

RideTheWalrus's picture

But when the only places you can use bitcoins is on illegal drug websites and dodgy bookmakers then it's going to find it hard to 'shoot up' in price as a blackmarket currency. 
While they may have a very practical use as an alternative, it doesn't mean that's where they'll end up when all is said and done.

Have you seen the video that shows the huge increase in bitcoin pricing lined up perfectly with Gawker articles showing how you can buy LSD and weed from a drug dealer website by paying in bitcoins? That can be looked at as 'proof' bitcoins are being adopted by financially savy people and it's fast becoming the 'people's alternative' or it can be seen as a bunch of young drug takers thinking 'holy shit, i can use these to get my weed delivered, it's worth a shot'. A classic tulip moment.

Paypal very quickly pulled it's payment services from hundreds of websites with just the slightest whiff of illegal filesharing or buy/selling of blackmarket goods. If bitcoins only outlet is to fill that vacuum then it's really not something that's going to last long. 

I see a critical mass coming towards bitcoins where the lack of honest uses means it can't go anywhere but down. You can't just trade them around in circles amongst yourselves for ever. Those who bought in early will still make money if they get out early but anyone enetering now is the bigger fool these early adopters are looking for.

It was a good idea but it needs more work to not just become something dodgy places adopt. It's not easy enough for the average idiot to use so it's never going to break into a mainstream alternative. Hopefully that is worked out in bitcoins 2.0

 

fiftybagger's picture

Anyone who buys illegal drugs online and then has them shipped to their house is a moron.  What does that have to do with Bitcoin?  You can buy gold with bitcoin right now.  What's not to like?

Coinabul

The Bitcoin Channel

sessinpo's picture

Bitcoin is just another medium of exchange which unless its supply is strictly defined, can be manipulated. My guess is it will eventually be manipulated because of the following scenarios below.

 

Yes, I know and have read (from them) that bitcoins would have a limited amount of circulation, 21 million bit coins.

If you read further, Bitcoins also admits at some point there would be severe deflation. At the early stages of deflation, it is perceived as good as many people benefit from price decreases (or increased purchasing power). The big problem occurs in two areas:

1) prices drop to the extent that producing products is unprofitable, thus creating a supply shortage that isn't alleviated because it isn't profitable to produce that product - you get empy shelves at stores.

2) For the end user, scarcity occurs in actually having the currency (in this case bitcoins).

 

 

Half_A_Billion_Hollow_Points's picture

yes, that's on the agenda.  

yet, as the hyperinflations start, the sheeple will, one by one, realize what everyone here realizes: "the game is rigged; it's a big club, and you ain't in it." 

It is only after that that bitcoin will really shine.

km4's picture

Damn I was just going to make a bet that The Fed Has To Print Money Just To Print Money

http://www.zerohedge.com/news/2013-02-23/when-fed-has-print-money-just-p...

the second the Fed enters open deleveraging mode, everyone will sell everything they can to lock in the profits generated from the past 4+ years of Fed balance sheet expansion. Furthermore, at that moment, the market will begin pricing in the unwind of some or all of the $15 trillion in central bank liquidity which is the only reason the S&P is where it is today. The result would be a market crash so epic it would make the market response to Lehman and AIG's failure seem like a walk in the park by comparison.

WTF_247's picture

Hence the reason it will never happen.

Fed monetizes trillions.  Then all a sudden Congress will get some balls and "disolve" the fed.  No unwinding necessary.  It is all planned out in advance.  The duties fo the Fed will be taken over by a global backed central bank that will be in charge of supporting all economies.  Dollar will be dust - rolled into global currency.  It will be preceeded by an "emergency" first to get the sheeple on board.

 

fiftybagger's picture

You might want to ask China about that.  I think they have other plans.

nonclaim's picture

"... accordance with *Irish* law oblige ..."

So NYSE, NASDAQ and others can continue the unregulated betting.

cristo's picture

"At this time and until further notice, it is not possible to make any payments to members in accordance with their settled account balance until the investigations have concluded."

 

A lot of folks just got MF'ed

nmewn's picture

Its like some Mayan-Irish prophesy/prediction thingy no one could have ever forseen...completely unpredictable in its predictability.

Just bad luck. 

knukles's picture

Aye, kiss me Balrney stones, lassies.

willwork4food's picture

Aye, and pass me that pint whilst yur at it dear. W'all need a touch o' calm or two these days.

http://thechive.files.wordpress.com/2013/02/kcco-irish-10.jpg?w=500&h=407&crop=1

sitenine's picture

...another victory for Fascism.

ebworthen's picture

Great.  So when does the almighty S.E.C. shut down the HFT algo's, LIBOR rigging drug money laundering HSBC, and the NYSE itself?

Oh wait...I just woke from my nap dreaming I hadn't slipped into an alternate universe where the rule-of-law is dead and fucking over old people and future generations is encouraged,

sitenine's picture

You know the answer to that. They're only concerned with anything competing with their ponzi. Anything contributing to the ponzi is a sacred cow. Fascism marches on - FORWARD, bitchezz!

ebworthen's picture

You are correct.  I go to sleep and dream of being able to believe in a U.S.A. of sound money, un-rigged markets, and seniors who worked and saved for 50+ years not being sold out for mammon lusting societal leeches.

WTF_247's picture

The problem is InTrade is not TBTF - hence the laws are actually enforced.

They should have aggressively expanded into derivatives long ago.  Then gotten into drug money laundering, collusion, robo signing, fraud, bribery and they would be totally fine.

Since they are not in the "in" they are out.  See ya later - everyone goes to jail.

 

If Your Gonna Play The Game, Go Big Or Go To Jail.

alentia's picture

Ancle Sam has long reaching hands...

Half_A_Billion_Hollow_Points's picture

"Bread in one hand, a stone in the other."

Manipuflation's picture

Now how am I supposed to make any money by gambling?  AAPL?

Conman's picture

Thats so stupid..

 

Everyone knows you should always bet on wesley snipes and AMZN.

MoneyThangs's picture

this is why I joined OBama's liberation army

sitenine's picture

WTF? Is it just me, or did it just start raining trolls?

Teamtc321's picture

It's not just you. I about puked on my boots.

While I was holding back the spew a flash thought blew by, saying OboMao Turn Coat Army, en-abling finacial terrot card ism since 2008. All in the name of FreeeeeeeeeeDooooooooooM!!

 

Forward Bitcheez.........

 

Shit like that is why Viagra was invented.

 

I have to go brush my teeth now.    

Downtoolong's picture

When was the last time anyone saw Corzine?