The High Stakes Rail – 3/29/10-4/4/10

Phil Ivey and durrrr lit up the nosebleed stakes last week by winning $288,594 and $144,172, respectively. They are even featured in one of the three biggest pots of the week. ZeeJustin, Brian Townsend, and Daniel “KidPoker” Negreanu were the biggest losers losing $222,166, $152,619, and $122,796, respectively. The three biggest pots of the week were all played at Full Tilt crypto gambling $500/$1000 pot-limit Omaha tables. This week’s High Stakes Rail will feature hands between durrrr, Phil Ivey, and Ziigmund.

Last week’s biggest pot was between Ziigmund and Tom “durrrr” Dwan with effective stacks at $211,460 with Ziigmund having Dwan covered. Ziigmund began by raising on the button to $3,000. Durrrr three-bet to $9,000 with Ts9s7c6h. The flop came Jh5h4s with $18,000 in the pot giving durrrr an open-ended straight draw. Durrrr checked and Ziigmund fired a $13,000 bet into the pot which durrrr called. The 6s turn gave durrrr additional outs to a higher straight (it also gave him second-pair). The pot was $44,000 on the turn when durrrr check-called a pot-sized bet from Ziigmund. The 8d river gave durrrr the ten-high straight. He got the rest of his $145,460 stack into the $132,000 pot when Ziigmund made a pot-sized bet and durrrr raised for the rest of his stack. Durrrr took the mammoth $422,920 pot and Ziigmund mucked his cards.

The next largest pot was played during the same session between durrrr and Ziigmund. Ziigmund was in position again and raised to $3,000. Durrrr called with AcQs7c4c. The flop came Qh4h2c with the pot at $6,000 giving durrrr top-pair, top-kicker. He check-called Ziigmund’s pot-sized bet and saw the Ah turn give him two-pair, but leave three hearts on the flop. He check-called Ziigmund’s pot-sized $18,000 bet and hit the As river hard. The As gave him a full house. He check-raised Ziigmund’s pot-sized $54,000 bet and put Ziigmund all-in. Ziigmund called and saw the bad news. He mucked his hand and durrrr won the $265,043 pot.

Phil Ivey went head-to-head against durrrr in a late session Sunday night with $97,996 effective stacks with durrrr having Ivey covered. On the button, Ivey raised to $3,000 with AsAhTc7c and durrrr three-bet to $9,000 with QcTh9c8s. Ivey four-bet to $27,000 and durrrr flatted out of position. The 8h5d3c flop gave durrrr top-pair, queen-kicker but Ivey still had him beat with his overpair. Durrrr donked a $54,000 pot-sized bet and Ivey got his stack all-in. durrrr called and saw he was beat. The 7d turn gave durrrr outs to a straight but the 2d totally missed durrrr and Ivey took the $195,993 pot.

It was an interesting week at the High Stakes Rail. It will be interesting to see the online play after Isildur1’s appearance at PartyPoker’s Big Game IV. Please visit next week for another update of the High Stakes Rail.…

Major VC-Backed South Korean Exchange Launches Ripple Support for Crypto Gambling

Korbit, one of the three leading South Korean bitcoin exchanges alongside Bithumb and Coinone, has officially integrated support for Ripple trading.

In an email to its customers and traders, the Korbit team wrote:

“KORBIT IS PLEASED TO ANNOUNCE FULLER SUPPORT FOR TRADING RIPPLE (XRP). RIPPLE IS ONE OF THE LEADING CRYPTOCURRENCIES AND RECENTLY EXPERIENCED A SURGE IN PRICE. YOU CAN NOW BUY AND SELL RIPPLE ON KORBIT BY PLACING LIMIT OR MARKET ORDERS.”

Over the past three years, Korbit secured $3.6 million in investment from South Korea’s most prominent investment firms and conglomerates including the $17 billion telecommunications giant SK Telecom, the South Korean arm of the Japanese investment company Softbank, and billionaire angel investor Tim Draper.

Although Korbit currently falls behind Coinhumb in terms of user base and market capitalization, it has a significant influence over the South Korean bitcoin industry and exchange market due to its strong line up of investors and supporters. Thus, the validation of Ripple by the Korbit team is likely to trigger a rise in demand toward Ripple in the South Korean exchange market, which already is the second and third largest market in the global Ethereum and Bitcoin exchange markets.

On May 11, Koji Higashi, the project leader of ORB and co-founder of IndieSquare, released an analytical blog post entitled “New wave of Japanese investors are fueling the great altcoin bubble.” In it, Higashi explicitly described the explosive growth of Ripple in the Japanese exchange market and his concerns over the decision of casual and beginner traders to invest in altcoins such as Ripple and NEM without obtaining actual knowledge in the purpose, structure and philosophy of the abovementioned altcoins.

Higashi emphasized that the vast majority of traders are relying on exchanges’ chatrooms to receive investment advice, which he describe as unreliable. Higashi’s description of Japanese and South Korean investment and exchange chatrooms is rather accurate, as last year, many traders advised bitcoin users to sell the digital currency because Apple was developing its own cryptocurrency with advanced technology.

Quite evidently, anyone with the slightest understanding of cryptography and the structure of cryptocurrencies would understand that there exists many components such as hash power that are necessary for a cryptocurrency to evolve, which cannot be replicated overnight by companies like Apple, regardless of the resources they may have.

“Another thing to note about this new trend is that the general lack of understanding or appreciation of the technology by many of new users. This is no surprise and all of us have been there at one point but the new wave of Japanese investors seem to be exhibiting a whole new level of incomprehension and misguided decision making in my opinion. Many of them don’t bother researching what those coins do nor what they are useful for but rather follow whatever they hear in exchanges’ chatrooms,” said Higashi.

Expounding upon Higashi’s concern, Korbit’s justification behind their decision to add Ripple trading and support is also quite questionable for Crypto Gambling, as they …