Doug Polk CoinFlex Discussion - Poker News

Recently CoinFlex halted cashouts and Doug Polk had been a brand ambassador promoting their site heavily in his videos. It's been overtaking his "The Lodge" thread so creating a separate discussion to help those more interested in this topic

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06-30-2022 , 09:38 AM

TampaKn1sh

adept

Join Date: Dec 2020 Posts: 1,123

Doug has stated July 1st he'll be releasing a video on the topic. In the interim, I compiled a spoof video to try and give Doug Polk the Doug Polk treatment

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06-30-2022 , 09:49 AM

Nocturnity

NVG Prognosticator

Join Date: Dec 2013 Posts: 417

^ ❤

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06-30-2022 , 09:58 AM

Rahm93

grinder

Join Date: May 2012 Posts: 466

Turns out you lost less buying into Hellmuths crypto scam than Dougs.

Go figure.

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06-30-2022 , 10:15 AM

TampaKn1sh

adept

Join Date: Dec 2020 Posts: 1,123

Quote:

Originally Posted by Rahm93

Turns out you lost less buying into Hellmuths crypto scam than Dougs.

Go figure.

plus that Latinum hat is fire compared with the CoinFlex logo

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06-30-2022 , 10:24 AM

Reggie Steer

banned

Join Date: May 2021 Posts: 1,939

Time for Negreanu, Bilzerian, Berkey, Durrr and others (whom Polk has marketing exploitation trolled in the past) to form Team Revenge. No holds barred vengeance. lol

Can't wait!

Important Question: Will Joe Ingram do an investigation or will he take it easy? I think this is actually a test for Papi.

Last edited by Reggie Steer; 06-30-2022 at 10:39 AM.

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06-30-2022 , 10:37 AM

LimpDitka

Pooh-Bah

Join Date: Jun 2010 Posts: 4,024

My prediction:

Doug Polk: "I had no idea coinflex was a ponzi scheme. You can't blame me for promoting it."

Also,

Doug Polk criticizing others in the past:

"I don't care if you didn't know or pretend like you didn't know... you're a piece of scum for promoting this product, you should have done your due diligence and known better"

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06-30-2022 , 10:44 AM

BrickMMA

grinder

Join Date: Apr 2016 Posts: 656

From the other thread discussion:

It's getting somewhat ugly in a very public manner.

https://www.cnbc.com/2022/06/29/cryp...lion-debt.html

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06-30-2022 , 10:54 AM

TampaKn1sh

adept

Join Date: Dec 2020 Posts: 1,123

Quote:

Originally Posted by BrickMMA

From the other thread discussion:

It's getting somewhat ugly in a very public manner.

https://www.cnbc.com/2022/06/29/cryp...lion-debt.html

Can you repost the link. The one you shared is coming up as "not found"

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06-30-2022 , 11:36 AM

#10

BrickMMA

grinder

Join Date: Apr 2016 Posts: 656

Quote:

Originally Posted by TampaKn1sh

Can you repost the link. The one you shared is coming up as "not found"

Hmm, link didn't work for me either. Here is another. If this doesn't work (as in they don't like links from forums or something), you can go to CNBC and search "coinflex" and find it.

https://www.cnbc.com/2022/06/29/cryp...hterm=coinflex

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06-30-2022 , 11:41 AM

#11

theskillzdatklls

Pooh-Bah

Join Date: May 2008 Posts: 4,916

Quote:

Originally Posted by LimpDitka

He did make a public 100:1 odds offer to anyone that it wasn't a ponzi on Twitter for what it's worth. And no one (to my knowledge) took him up on his bet. Honestly, knowing the history of crypto exchanges, it was probably an incredibly good bet to make against since well over 1% of exchanges meet their maker in some dramatic blow up kind of fashion just going off base rates alone. But I think anyone has to admit that he's as close to as real as you can get with his money where his mouth was on that one.

I don't think similar can be said for the others in this scenario.

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06-30-2022 , 11:49 AM

#12

wreckem713

old hand

Join Date: Apr 2019 Posts: 1,395

https://youtu.be/8lrOjNsPzww?t=250

they explain what's going on with these types of "exchanges" pretty well in this podcast. Doesn't look good for Cflex

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06-30-2022 , 11:55 AM

#13

Polarbear1955

adept

Join Date: May 2022 Posts: 952

Quote:

Originally Posted by theskillzdatklls

Since most crypto frauds are pump and dumps not Ponzi schemes I note his offer wasn't that it wasn't a scam but that it wasn't a particular type of scam.

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06-30-2022 , 12:00 PM

#14

LimpDitka

Pooh-Bah

Join Date: Jun 2010 Posts: 4,024

Quote:

Originally Posted by theskillzdatklls

He would have just made some excuse as to how it wasn't a ponzi scheme and it was some other series of unfortunate events. That would have been a dumb bet for anyone to accept.

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06-30-2022 , 12:01 PM

#15

ejames209

veteran

Join Date: May 2016 Posts: 2,698

Get your crypto off exchanges and into cold storage wallets and ESPECIALLY don't put your crypto into these stupid yield farm things that are clearly ponzi schemes (where is the yield even coming from??)

not your keys, not your coins!

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06-30-2022 , 12:17 PM

#16

Gzesh

Carpal \'Tunnel

Join Date: May 2011 Posts: 7,643

Quote:

Originally Posted by Rahm93

Turns out you lost less buying into Hellmuths crypto scam than Dougs.

Go figure.

You should recall Decent Bet, DBet, also promoted by Phil ?

https://www.youtube.com/watch?v=62yw76BfuSc

"one person who can do this stuff in the whole world"

A 2018 over the top introduction of Phil as the "ambassador"

It is perhaps the most cringeworthy video you could imagine .... all about how Phil was blown away by their "be the house" crypto gaming offering

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06-30-2022 , 12:49 PM

#17

Rahm93

grinder

Join Date: May 2012 Posts: 466

Quote:

Originally Posted by Gzesh

If you got the impression that my post was in any way an endorsement of Phil Hellmuth that was not my intention. Is there anything he has been involved in that was not a scam?

Just saying losing 90% is better than 100%.

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06-30-2022 , 12:50 PM

#18

mcc3504

Pooh-Bah

Join Date: Feb 2008 Posts: 3,889

lol great video

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06-30-2022 , 12:58 PM

#19

Gzesh

Carpal \'Tunnel

Join Date: May 2011 Posts: 7,643

Quote:

Originally Posted by Rahm93

I understand, my post was to illustrate that this was not Phil's first rodeo as a crypto "ambassador".

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06-30-2022 , 01:08 PM

#20

Gzesh

Carpal \'Tunnel

Join Date: May 2011 Posts: 7,643

Quote:

Originally Posted by mcc3504

lol great video

I recommend it for Phil's classic over the top shill performance.

(I had attended an event hosted by Decent.bet at Aria announcing their launch, before Phil was named "ambassador". I walked away absolutely amazed at the completely obvious cash-grab that ICO was going to be.

There clearly "was no there, there" in terms of the online gaming premise for their "be your own casino" offering )

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06-30-2022 , 01:24 PM

#21

theskillzdatklls

Pooh-Bah

Join Date: May 2008 Posts: 4,916

Quote:

Originally Posted by LimpDitka

He would have just made some excuse as to how it wasn't a ponzi scheme and it was some other series of unfortunate events. That would have been a dumb bet for anyone to accept.

I'm almost positive you are wrong. I think he would surely lose to that in arbitration. If withdrawals are frozen indefinitely because they are insolvent because they either lent out money to 3AC or lent out money to Roger Ver or whatever the situation is (I really don't know, haven't kept up to date / don't care), that's enough ponzinomics for him to lose.

If Coinflex wasn't backed on their own assets, that's kind of gg.

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06-30-2022 , 02:09 PM

#22

TampaKn1sh

adept

Join Date: Dec 2020 Posts: 1,123

Quote:

Originally Posted by BrickMMA

That one worked. Hilarious that the guy responsible is "Bitcoin Jesus" and on the tubes I'm "Poker Jeezus"

I WISH I was "Bitcoin Jesus" as I'd be living on my own private island right now not taking river beats in PLO

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06-30-2022 , 02:26 PM

#23

SenatorKevin

veteran

Join Date: May 2007 Posts: 2,905

Joey was asking Doug some questions about CoinFlex on his podcast a month or two ago and Doug didn't really have the answers to how they operated which was another red flag for Coinflex.

He responded to Doug's tweet with this which gave me a good laugh: https://twitter.com/Joeingram1/statu...67525031354368

Even if CF isn't a ponzi at the least it had extremely poor management of risk. Having one loan or counter party go tits up shouldn't wreck your entire business.