Crypto is a scam but it has helped limit asset inflation as the US printed trillions of additional dollars.

At first I didnt know if i agreed with your statement... but then I thought about it... and you really can not compare crypto any other market.

Maybe Forex is the closest thing... but it's really not. If you watch CNBC's American Greed, they have multiple episodes about people who touted their forex skills who basically said "Give me money, let me trade with my forex hedging system and I'll give you 10+% dividends in perpetuity." How different are those scams than what CoinFlex is trying to pull off?

But anyways, what other market loses 1.8 trillion dollars in equity (nearly 70% total market cap) in 6 months? These boom and bust cycles in crypto are nothing more than people hyping up a coin, FOMO setting in and whales dumping their coins. Rinse and repeat. It's like the Litecoin founder who dumped nearly all his LTC at the ATH of LTC and LTCs never come anywhere close to the ATH since then.

When I know people in real life who refuse to buy a lottery ticket or place a wager, but then they are telling me to buy Dogecoin, that's when I know this isn't a De-Fi revolution. This is the greater fool theory in action and unfortunately, Doug's promotion of CoinFlex victimized people who did not understand this.

Prove me wrong: To truly embrace "De-Fi" you have to completely ditch the traditional financial system.

My evidence for that statement? When 1.8 trillion has flowed back into the traditional financial systems, that's evidence that people aren't ready to give that up and I'm personally skeptical, that this is ever going to happen... unless something crazy like world war 3 happens and all currencies issued by governments are worthless.

I don't want to go offtopic but I have followed crypto ever since I started buying ETH at like $8 back in the day when people on Reddit were saying the next version of the internet will be built on ETH. Here we are, nearly 10 years later. Still no mainstream ETH based apps. The only thing mainstream about crypto is exchanges who are doing ads on TV to get you to deposit your money.

The thing is.. most people who trade crypto don't give two craps about the technology side of it... and the tech side, is often over promised and under delivered. 95+% of crypto projects are dead on arrival.

But I digress, back on topic.

Did Doug's due diligence include inquiries about whether or not the tokens he was promoting could sustain a 1.8 trillion USD outflow from the overall crypto market cap?

I don't care who you are... How do you hedge against that and never get left holding a bag while still promising a dividend? That seems impossible. Atleast with the US stock market, there's a constant inflow of money with 401k funds... and when people cash in the 401k, it's not like they are cashing it out in USD and exchanging for EUR.

In the cryptoworld, it seems like you may have a few instruments to hedge against down swings and bear markets for a while... but then the market craters and all of the fiat liquidity is gone.... It makes you ask the question if the term "Bear market" can even be used when talking about cryptocurrency --- because the whole thing was built on speculation to begin with. Atleast with NYSE and NASDAQ, you have real companies, who employ people, who provide valuable services to everyday people all around the world.

To be clear, I'm not saying BTC and ETH don't have value. They do.

But for Doug to say that his own personal due diligence clears him of any responsibility is non-sense. If he did any DD, he would have never signed on to be their spokesperson.

People make tons of money in forex cause of politics affecting countries


Due diligence can be as simple as “you say you have $50million in segregated protected accounts? Can you show me $15million of that? Oh you can’t?”

Lol @ a whole team checking Coinflex and giving it a green light. So not only Doug was moron enough to believe in 20% returns, there was actually a whole team behind it. Well that makes it a lot better.

For 25 pages already we are just looping through option A) Doug was a moron and B) he was part of the scam.

This thread possibly sets a record for the highest number of tldr posts!!

I still cannot say Doug is a moron so I go with the second choice. He was part of it. He definitely knew there was no way CoinFlex guaranteed 20% returns but shilled it anyways.

He might lose money on that too then.

You should see some of the replies to his tweets. There’s going to be a worldwide lube shortage if the dickriders don’t stop soon.

I’ve had a frantic week, personally and professionally so haven’t really had the time to be completely across this.

But, your summary of my posts are correct.

My “clean up operation” comment is something I still believe. If Doug knew the profile was fake and that he (or his legal team) were in contact with LinkedIn to remove the profile it would be incredibly easy to add that to his post.

It also wouldn’t be hard to provide the created date to the LinkedIn profile that he linked.

I do have a couple of avenues of further research that I’m going to go down.

But at the moment, all I can safely say is: At BEST Doug got scammed just like everyone else that bought into Coinflex.

But, based on his behaviour when he’s confronted with evidence and simple questions, and, his current MO to portray himself as “just another victim” I genuinely don’t believe that to be the case.

It's not the case.

I think you might be right.

Greed clouds judgement.

Makes sense here

Can you elaborate? I don't think I saw that when it happened.

hi buddy i think this linkedin profile is the most important part of this thread that most people are ignoring

i am very interested to see what your research discovers

first off there are TOO many coincidences in that profile for it to be some random scammer, in my opinion...

then we have doug creating a new profile... we know it's new because it didn't turn up in the SERPs... and saying "oops that other one is just a scammer profile"... which disappears and gets taken down within hours!!!... and the associated companies also update their pages to remove doug??? within hours??? all pretty unbelievable

i think you're onto something here and i will be checking back to see if you have posted again with results

The plot thickens

Why do people build brands? So they can use that brand to make money. Crypto was and is a much bigger game than poker and Doug saw his chance. You hear a lot of whining about not making money by him but for some strange reason we never hear how big his upside was. Nor whether he was an actual investor with what they were paying him or simply had to keep the pay on Coinflex for a certain amount of time before he could cash out. If he ever had a choice and kept his money on Coinflex he likely was a fool. If he never had a choice he likely hoped the scam would survive until his cash out date.

Well he certainly invested his time, and that has a lot of value.

[QUOTE=Elizabeth5579;57744006]hi buddy i think this linkedin profile is the most important part of this thread that most people are ignoring

i am very interested to see what your research discovers

/QUOTE]

This. Totally agree.

has his shill value dropped enough to make him less likely to keep posting those engagement traps on twitter that just make everyone dumber

Gonna really hurt when you get hit with that W-9. The fact is, you DID make money, you just left it on the site trying to make that magical internet money. Your first Mark Lamb pod implying that banks are a scam and that flexusd was risk free was pretty irresponsible of you.

https://www.youtube.com/watch?v=UxEDxuLNI70&t=326s

Clear as day he didn't invest ****. Scumbag move to come on twitter and write he LOST MONEY in caps, when it is a couple of hours of editing work. Dude is revealing himself as an human garbage.

We need a new Doug to come after Rug Polk, this has gone to far. Absolute disappointment. How tf does he have the gall to go to WSOP after this fiasco.

Well, Rug Polk is trying to deflect by calling out Vertucci on Twitter. Pretty hilarious. Especially the fact that Doug has not realized that he has lost all his credibility and associated trust.

Yup. I unfollowed him. I don't want to read any of his bullsht anymore.

He's just testing the water. Did the same thing with his initial statement stating there would be a statement. And then in his actual statement. And then his q&a on here and reddit/twitter the same. He just wants to get a consensus read before next steps. His legal team green lighted the q&a's so nothing in that regard that wasn't considered. Not that he would ever admit that after the fact if they did tell him to can it.

Him and Vertucci arguing on twitter is too funny. Vertucci went on a twitter rant yesterday on how ethical he is and how he did nothing wrong in his real estate scam. The best part was that none of his tweets got even 1 like lol.

Vertucci and Polk deserve each other.