Doug's best bet is to transition back into Vanessa

coinflex is trying so many scams at once in a bid to keep it going.

this lamb guy has more ideas he feeds the press weekly. a true hustler

i’d bet this major exchange he is going to soon partner with, doesn’t exist. heh

Yeah, agreed, like saying they'll ask clients to take equity in the company in exchange for debt.

And you're right, everything from Lamb is just words, and never supported by hard evidence.

(Still think he might be staying in a Travelodge/Ibis Budget/Premier Inn. I've been in a few myself, well about 75 actually,
because that room he's in, in a few of his recent interviews, looks just like one of those cheap budget hotels!)

While it is possible that the only error they made was with Roger Ver's losing, ballooning, ever collapsing position, at this point I wouldn't put a penny of money into saving CoinFlex, nor a penny's worth of trust in them, unless they are prepared to 100% open up their books/accounts/audit trail for inspection.

They need to come totally clean.

Their conduct over the last couple of weeks has a distinct smell of stalling.

10%?!

What a slap in the face.

Coinflex: "you know that 154 million of yours that we were supposed to have?"

Investor: "yes"

Coinflex: "well, we have around 15 million right now. Split it amongst yourselves if you want, or you can let us use your funds for this newer better coin."

Investors: ... ???

As a tangential, but appropriate I think, post here, Matt Taibbi just wrote a great article about the Crypto bubble burst. It is behind a paywall and doesn't mention Coinflex, but it doesn't matter. A lot of the discussion is comparing this to the 2008 banking crisis and the prior dotcom bubble.

He did mention Coinbase, the exchange I think that most "regular" people trust. My huge $140 stake in Bitcoin is in there. LOL. A quote:

"That wasn’t the only factor. Just days after TerraUSD lost its “peg” and started its freefall in early May, financial observers found an eyebrow-raising passage in the already-disappointing quarterly 10-K report of a crypto market leader, Coinbase. In addition to reporting a $430 million loss and a 19% drop in users, the company stated:

In the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors."

The concluding paragraph says it all. I would add that Doug Polk was one of those pushing "regular" people into crypto and, as with all things, when that happens, the big money has already been made by the few and more will be made off the regular people. I recall the gold/silver thing in the late 70s, that comes to mind, as well.

Quote:

"The tragedy of a corrupted crypto universe is exactly the same story, of a “bespoke” financial market grown to fantastic dimensions in a regulatory dead zone, with a cash-fattened congress keeping questions to a minimum, and the same old insiders extracting billions before a crash that will inevitably be paid for by the rabble again. In fifteen or twenty years, maybe, crypto will evolve to revolutionize finance and eliminate insider corruption in the way its adherents hoped, much as the Internet eventually really did change everything from commerce to communication. But we’re still at the stage of clearing out the phonies, the Pets.com and eToys equivalents, and there are a lot still out there."

https://twitter.com/dankness3/status...iJFy8jdjw&s=08


Is there talks of lawsuits anywhere? These dudes just gonna make people money disappear with the help of a big investor, blame him and walk away free from consequences?

How the **** are there not more people talking about losing money in this? Haven't seen anyone admiting to it besides some dude on twitter who says he lost 20k but its no big deal for him.

Agreed. If all else fails, he can then play the LGTBQI+ card.

There'll be a helluva lot of people who put their money on CoinFlex but are too ashamed to admit it, and the bigger the name player the more ashamed they'll be, because most of these big name poker players think they're hyper intelligent when the reality is they're only hyper intelligent in a very narrow field, and have a lot of blind spots in many other areas, so they won't want to admit to themselves that they are dumb, let alone to the poker community.

There may well also be a lot of players who have some sort of past or present poker backing arrangement or similar with Doug Polk so think it's more -EV to point the finger at him and to confront him than it is just to take the loss on the chin and stay quiet.

Rug Pullk

The way I see it there are two possible scenarios:

1. Polk never cared about anyone but himself and making money.

2. Polk cares about others, but had excessive hubris. However, he ripped on so many people for doing things far less worse. Doug promoted the most obvious scam that anyone with any degree of financial literacy could see. Dnegs parking in a handicapped space is probably not as bad as that. People lost their hard earned money and will now have to suffer as a result. This is why people in glass houses should never throw stones, and pretty much all of us live in glass houses.

wait, aren't you throwing stones ?

(I believe that stones can certainly be thrown under some circumstances, not sure how the criteria can be spelled out. I spent a number of years working on any Chapter 11 reorganizations, representing affected workers' interests. The biggest whiners in Chapter 11s were generally not employees, but rather secured creditors who recently came into distressed securities at a steep discount. They REALLY threw stones at everyone/everything to collect a liquidation-now value, rather than support reorganizing an ongoing business for everyones' long term benefit.

I've known Doug from a few years back, I met Roger Ver long ago during early BTC days, I've never met Coinflex management. I do have an opinion whether financial derivatives of any sort are ever understood by most retail investors or their promoters....

My opinion is that there is no f**king way retail investors or even most advisors can adequately determine and monitor the associated risks. Derivatives are "next risk level" sh*t. Think of buying them like playing seven stud, but never looking at more than one of your down cards or your opponents' up cards during betting rounds. Don't buy financial derivatives you don't understand and can't readily monitor; Aren't cryptos themselves risky/rewarding enough without adding in leverage PLUS trading through an entity which depends upon the good will of other investors. When you invest through an entity you are no longer in a decentralized market.

OTOH, if you really value a poker player's acumen, buy a stake on StakeKings and sweat that player in what he/she presumably really does best.

Just my two mBTCs' worth.)

It’s a crime to let a sucker keep his money. Can you really blame Doug? He’s just out here grinding and hustling.

I mean if you’re just blindly taking financial/investment advice from a poker YouTuber, you kinda deserve to be separated from your money.

Sorry to those who are personally affected by this, but I’m sure you all knew the risks associated with the current crypto space.

OMG this take is so damn awful.

Yeah, but Doug also has set himself up as a crypto expert, too. That makes a difference. He is not just a celebrity schill for Nike or something.

People might find it awful but quite frankly if you let infomercials on YouTube determine where you invest the question isn't will you be swindled but who is going to swindle you.

The actual quote from Rounders was, "It's immoral to let a sucker keep his money".

I think the take's fine. If someone's stupid enough to put money into something blindly (aside from a celeb endorsement), they're going to lose their money eventually anyway because they're too stupid to keep it.

Think about it though, some dude tweeted to Doug he invested $20,000 because of Doug and his shameless promotion of Coinflex.

That's crazy!

This might explain why the situation never made any sense with respect to solvency. In theory, as Doug pointed out, there should have been another $90M out there based on CoinFlex's initial claims.

"It's a crime to let a sucker keep his money" is a real slippery slope lol. What is wrong with people today? No wonder society is so F****d.

and I have thought about it and guess what, it isn't Doug's fault the guy made a mistake. Doug's bringing eyes to a product. He's not responsible for what people actually do with their money. People who can put money on these coins are adults. They should be responsible for themselves and their decisions.

edit: I have said earlier that he deserves some blame for putting eyes on the product but it's just not deserving of your (ECB) ott reactions.

Right. And now Doug will face the repercussions of his actions.

Think it is very clear Doug did not have bad intentions with accepting this ambassadorship / promoting it, just made a very poor choice / calculations in not foreseeing this or something equivalent being the end result a very high % of the time and staking his reputation + followers money on it.

He has not done himself any favours in how hes responded in the aftermath shifting blame away from himself completely / saying he is also a victim etc but theres also a lot people making bad faith arguments acting like Doug himself is a scammer or that he wanted people to lose money for his gain etc / seeing scumbags who Doug has called out over the years or others have called out very deservedly who are now trying to pile on Doug as if its just as bad as them which is beyond ridiculous.

At the end of the day everyone will forget about this and we move on anyways and people who lost money should have done their own research in seeing this was a very very speculative / poor choice in investing to put significant amounts of their networth into

Great, another Doug fanboy in this thread.

Or just a bit of logic inserted instead of your "OMFG DOUG DID SOMETHING BAD!!! I CAN NEVER TRUST THIS MOTHER****ER AGAIN!!!! I'LL NEVER STEP INTO THE LODGE AND PLAY POKER!!!!!!!!!!!!!!!!!!!!".

And if you think I'm a fanboy, you should look earlier in this thread at me calling Doug out. Not everyone thinks he needs to have his head chopped off for this as you do. And let's be honest, you were already a Doug hater from the tournament structure, to operating in the first place, and whatever else before that that lets you rage because you're bored or jealous or whatever it is.

I think at this point it would be safe to not trust Doug Polk again. He proved his incompetence.