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  • #28,681
  • Jan 26, 2024 6:26am Jan 26, 2024 6:26am
Quoting CableJ
{quote} I actually think it's because when the CFTC stated down this rabbit hole 2 years ago... the largest payers were FTMO, Funding Talent & MFF. FTMO was outside their jurisdiction, Funding Talent self imploded... so that left MFF as the lone big fish for the CFTC to target.
TFT was there at the time. But maybe that gives you a hint on how we are here today.
  • #28,682
  • Jan 26, 2024 6:28am Jan 26, 2024 6:28am
Quoting ladder
{quote} I bet the customers' complaints against Angelo and his firms (TFT and others) are at least 100 times, probably 1000 times, the complaints against MFF. But CFTC shut down MFF and have not taken any action against Angelo to 'protect' us. Why? Is it because MFF has more cash that CFTC can get into its pocket?
It was funny reading Angelo's old messages about how TFT was going to revolutionizing the prop industry. And in some way he did. He dragged the "shadying" to another level, that no one had achieved before. And created a legion of followers, mostly kids, that copied the original methods and even improved them.
Thank you Angelo for dragging prop industry to the garbage dump.
  • #28,683
  • Jan 26, 2024 6:38am Jan 26, 2024 6:38am
Quoting montygoldy
Just secured 200k with myflashfunding … total funding reached 600k… not the prettiest graph.. was making higher highs lol.. after every win setback {image} {image}
Now it gets interesting... will a tiny prop like Myflashfunding actually pay you >5% on that 600K?
  • #28,684
  • Jan 26, 2024 6:39am Jan 26, 2024 6:39am
Quoting Capablanca
{quote} It was funny reading Angelo's old messages about how TFT was going to revolutionizing the prop industry. And in some way he did. He dragged the "shadying" to another level, that no one had achieved before. And created a legion of followers, mostly kids, that copied the original methods and even improved them. Thank you Angelo for dragging prop industry to the garbage dump.
Well the good outcome that came from all this new shitty prop firms popping up is that thanks to this we got the unlimited time 2 step challanges, after all Bespoke was the one that first implemented that and the rest followed. Obviously also other benefits thanks to these props competing with eachother. The downside is that you have to dodge the dozens of firms that are complete and utter garbage.
  • #28,685
  • Jan 26, 2024 6:45am Jan 26, 2024 6:45am
Quoting CableJ
{quote} Now it gets interesting... will a tiny prop like Myflashfunding actually pay you >5% on that 600K?
I think he may be saying 600K capital in the combination of all props because Flash only allows 400K maximum (before scaling).
Btw this prop is owned by the kid of Blue Guardian
  • #28,686
  • Jan 26, 2024 7:03am Jan 26, 2024 7:03am
Quoting Takisd
{quote} TFT was there at the time. But maybe that gives you a hint on how we are here today.
As much as I would love to see Angelo hammered... if another top 5 prop gets taken out before a positive resolution to the MFF case, I think the social media FUD will be massive. I think even the Youtube prop affiliates that stay silent about TFT's current shenanigan's would turn negative since one of their largest sources of affiliate income would have been taken down.
  • #28,687
  • Jan 26, 2024 7:08am Jan 26, 2024 7:08am
Quoting Capablanca
{quote} I think he may be saying 600K capital in the combination of all props because Flash only allows 400K maximum (before scaling). Btw this prop is owned by the kid of Blue Guardian
Yea, it's one of the reason's I never considered them, I would just get a BG account.
  • #28,688
  • Jan 26, 2024 7:15am Jan 26, 2024 7:15am
Quoting Takisd
Look with the underfed, diseased, homeless cat dragged in.
-Yes. As per usual, lurking in the shadows, waiting to pounce whenever the opportunity arises, providing no real value to the thread whatsoever...
  • #28,689
  • Jan 26, 2024 7:19am Jan 26, 2024 7:19am
Quoting Takisd
Tradelocker doesnt appear to have any engine and is essentially just a picture with a price on it and no available off ramp and has a basic SQL for data management, a "made in china" platform for lack of a better description.
-It was my understanding that Tradelocker was essentially just a bare-bones interface that was driven by Trading View. Unless I am thinking of something else.

I have never used trading view for actual trading, but there seems to be support for it. I cannot speak about any engine, as you say; no technical knowledge about that stuff.
  • #28,690
  • Jan 26, 2024 7:21am Jan 26, 2024 7:21am
Quoting Nsak3y
{quote}-Yes. As per usual, lurking in the shadows, waiting to pounce whenever the opportunity arises, providing no real value to the thread whatsoever...
No kidding, he just pulls things out of his ass at random...

Quoting KarlKraus
{quote} Lol!! Suddenly he's an enthusiast of regulators. {quote} This is what very gradually but almost universally happens, when industries persistently fail to regulate themselves adequately in the face of steadily increasing public (and therefore political) demand for them to do so
Filed under shit that never happened.
Trade with confidence, trade without fear.
  • #28,691
  • Jan 26, 2024 7:42am Jan 26, 2024 7:42am
Quoting CableJ
As much as I would love to see Angelo hammered... if another top 5 prop gets taken out before a positive resolution to the MFF case, I think the social media FUD will be massive. I think even the Youtube prop affiliates that stay silent about TFT's current shenanigan's would turn negative since one of their largest sources of affiliate income would have been taken down.
-I wonder just how badly things would have to become until enough traders finally lose interest and pull the plug on remote props. Probably, there will always be some degenerates holding onto hope and lambo dreams.

Personally, I hope that it does not come to that. The opportunities that the remote prop industry offers is unquestionable and the demand for it remains very high. The issue with MFF has pushed many traders to the sidelines, waiting in limbo, but even that may only last for so long. Eventually, even those traders may start grabbing small accounts with alternative firms again.

I think that the current model is not viable, though. It's too vulnerable and susceptible to abuse, from both sides of the fence. We need more pioneers in this space. I would really like to see new firms enter this space with a subscription-based model. No trailing draw-down, but a reasonable profit cap.

I think that this kind of model might allow firms to move away from the shady crap and payout refusals etc.. Having something like this might reinvigorate this space enough to keep interest from waning. It would likely need to be presented in such a way that places heavy emphasis on moving away from the old, unreliable ways.

Unfortunately, most of the firms in this space are no pioneers, and are just kids with limited imagination, looking for cookie-cutter solutions and lacking any real business acumen and basic integrity etc..
  • #28,692
  • Jan 26, 2024 7:46am Jan 26, 2024 7:46am
It becomes more clear every day, MFF was used as the firm to create the domino effect. It has set the precedent to make everyone run away.....

1. Payment gateways cease servicing prop firms and their customers
2. Metaquotes (ball was kind of rolling anyway) stops issuing new licenses AND will pull anyone offering their services without permission (ie regulation)
3. FTMO stops accepting NEW US clients AND existing who aren't currently in a challenge or funded account

It is exactly the same play they did with the brokers......suffocate everyone out. Those that continue against their authoritarian rule...suffocate the payment gateways.

It certainly appears they do not need to go after any other firms individually. They are accomplishing exactly what they need with just MFF

In both cases, we are blocked from using the good brokers of the world and what will remain in the prop space will be risky, shady firms.

For all you pro regulation folks, how is this protecting or benefiting anyone?
  • #28,693
  • Jan 26, 2024 7:56am Jan 26, 2024 7:56am
Quoting pipmaster77
It becomes more clear every day, MFF was used as the firm to create the domino effect. It has set the precedent to make everyone run away..... 1. Payment gateways cease servicing prop firms and their customers 2. Metaquotes (ball was kind of rolling anyway) stops issuing new licenses AND will pull anyone offering their services without permission (ie regulation) 3. FTMO stops accepting NEW US clients AND existing who aren't currently in a challenge or funded account It is exactly the same play they did with the brokers......suffocate everyone out....
Think about it, they have cut off MFF and FTMO to US traders......the two largest (by huge margin).....what % of the customer base was using one or both of these firms?
  • #28,694
  • Edited 8:13am Jan 26, 2024 8:02am | Edited 8:13am
Quoting pipmaster77
It becomes more clear every day, MFF was used as the firm to create the domino effect. It has set the precedent to make everyone run away..... 1. Payment gateways cease servicing prop firms and their customers 2. Metaquotes (ball was kind of rolling anyway) stops issuing new licenses AND will pull anyone offering their services without permission (ie regulation) 3. FTMO stops accepting NEW US clients AND existing who aren't currently in a challenge or funded account It is exactly the same play they did with the brokers......suffocate everyone out....
The irony of it and what the blind fail to see....it is all designed to force folks back to the futures market........so the regulations to protcet me with the lower leverage, etc is such hypocrisy.......I can trade futures with 400:1 leverage......I guess I don't need "protection" there?
  • #28,695
  • Jan 26, 2024 8:05am Jan 26, 2024 8:05am
Quoting pipmaster77
{quote} Think about it, they have cut off MFF and FTMO to US traders......the two largest (by huge margin).....what % of the customer base was using one or both of these firms?
truthfully, it doesn't matter now. Only the outcome matters. Where to next? There are a lot of rumors going around from prop people about things happening, obviously no one would disclose their emails etc, but UAE authorities are also now stirring as well as EU and UK.

It took longer than I thought it would but watching where the cards will fall to see what exists when the smoke settles is a good approach I think. Likely some form of licensing in EU will occur that will remove a large portion of the marketplace (still no US) and the US will either openly ban entirely or make a pathway to a version of the RFED registration and limit the number of participants just like brokers did. Canada likely won't do anything but ban the activities because their regulation has a broad stroking brush but extremely defined rules and the grey area exists enough to make it complicated. So rather than make new regulation its easier to just remove the activity from the province, in MFF case its ontario but Quebec has also huffed about props already and FT was BC i think, maybe i am wrong on that one.

The likely places for offshore will be the carrib, african island nations or the oceania island nations. Another user commented previously that a crypto only solution might be the pathway. It could be, but most of the worlds governments now seem to have a fairly negative stance on crypto.
  • #28,696
  • Jan 26, 2024 8:05am Jan 26, 2024 8:05am
Quoting pipmaster77
For all you pro regulation folks, how is this protecting or benefiting anyone?
-Unfortunately, the types that advocate so heavily for regulation, regardless of what that regulation may look like, often look at firms like MFF as obvious crooks that lied and cheated traders, while completely ignoring the benefit, gain and opportunities that so many traders were able to avail from.

They have tunnel vision and cannot be reasoned with. They will continue worshiping their regulatory gods until one day, they realize that they have no freedom or privacy to do anything. Even then, they will probably blame it all on the 'crooks'.
  • #28,697
  • Jan 26, 2024 8:13am Jan 26, 2024 8:13am
Quoting pipmaster77
{quote} The irony of it and what the blind fail to see....it is all designed to force folks back to the futures market........so the regulations to protcet me with the lower leverage, etc is such hypocrisy.......I can trade futures with 400:1 leverage......I guess I don't need "protection" there?
I mean, the Commodity FUTURES Trade Commission and The National FUTURES Association....they couldn't possibly have an agenda of "protecting" the futures market, could they?
  • #28,698
  • Jan 26, 2024 8:15am Jan 26, 2024 8:15am
I've already made my 2.5% this week, so taking the day off from trading........so it's debate day.
Although, it seems 99% are in 100% agreement with me and the debaters don't have a valid argument.
  • #28,699
  • Jan 26, 2024 8:17am Jan 26, 2024 8:17am
Quoting Rado-FX
{quote} Update on my post: Their reply to Trustpilot reply is probably just a crafter template response they use so it would look like they care. They were asking me to reply in Trustpilot (with further replies disabled though, so that's not possible. I emailed them with the link reference and my account logins, but no response. To be honest I did not expect another answer. On the original email thread in which they terminated my accounts, they sent one more email with a vague answer. Over the days, I sent 3 more replies to them wanting an explanation...
Basically if you win big they close your account. Their business model is based on ponzi. Maybe you can start a case against them and demand the payment.
  • #28,700
  • Jan 26, 2024 8:20am Jan 26, 2024 8:20am
Quoting Takisd
{quote} truthfully, it doesn't matter now. Only the outcome matters. Where to next? There are a lot of rumors going around from prop people about things happening, obviously no one would disclose their emails etc, but UAE authorities are also now stirring as well as EU and UK. It took longer than I thought it would but watching where the cards will fall to see what exists when the smoke settles is a good approach I think. Likely some form of licensing in EU will occur that will remove a large portion of the marketplace (still no US) and the US will...
Props relocating to offshore broker locations + crypto only payment solutions are possibilities. However, would regulated brokers Purple, Thinkmarkets, Blueberry & 8cap still be interested in their business? Metaquotes would still be a big problem.. are you a prop running offshore openly accepting US citizens with your face & ID on record with Metaquotes to get a license? Good luck with that.
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