May 13, 2013

Iminra Shutdown

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Almost exactly 3 years ago I published Iminra, to calculate implied interest rates on Intrade. However, Intrade is no more, so I have removed Iminra. That app was an exericse in maths and learning the Google App Engine system. It has served it’s purpose and there is no benefit to keeping it up – there was only one visitor so far this year.

The bigger issue is the news that another online “betting” site has discovered a shortfall in customer funds. The other one being FullTilt poker (although that site has since been acquired, and the new owners have reportedly paid back the money owed – abeit over a year later). Luckily I never had any money on either site, but it could have easily been the opposite – I strongly considered using both.

I can’t imagine of any reason why a customer funds shortfall could occur – other than fraud. These sites should keep customer deposited funds completely separate and ringfenced from corporate funds. Only removing money at customer requests or for commission (where the site’s make their money). Indeed, this is exactly the promise made by both these sites before it became clear they weren’t doing what said they were doing. When two big and well-known names collapse under these circumstances, it really makes one wonder how many others are playing a little too fast and loose with their own rules. You could say that people should only use such sites located in juristrictions with tough regulators and laws. However, both these sites were headquarted in Ireland (although FullTilt was regulated in the channel islands). I thing the best bet is to never have more money on one site than you would be happy losing (not a bad idea considering the purpose of these sites).


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