wat

wtf kind of stable coin goes tits up if one random loan isn't paid back

point me towards any of CoinFLEX's material that suggests that FlexUSD will only be redeemable if some random loan works out. None of the material I read even mentioned that such loans would take place with the funds backing up FlexUSD. Literally everything I read assured me that the coin was risk-free and I would be able to redeem whenever I wanted no matter what.

I'd be curious to know how much Doug had stuck on CoinFlex, if anything. If he has nothing on that platform, then that'd be well... interesting to say the least.

Considering his conviction I wouldn’t be surprised if he’s balls deep. Other day he tweeted he went allin on COIN / RIOT with his 401k, he’s a crypto zealot.

I think that taking everything that Coinflex CEO Mark Lamb and (former?) business partner Roger Ver have to say at face value is naive and generous.

Lamb said withdrawals would be resumed today. I predicted they would not be honored, while Lamb claimed they would be. They have not been honored. Why should he get the benefit of the doubt with his other stories?

CouldnÂ’t it be more likely that either Lamb and Ver, or Ver alone, conspired to pull this rug from the get go, using Buster Douglas as their prop, for the enormous credibility among their target demographic - gambling degens? Fully realizing that there is little to no legitimate recourse for account holders, they could brazenly collude and conspire to rug everybody, with BusterÂ’s (likely unwitting) valuable stamp of approval. They mightÂ’ve never received enough deposits to make it worth it without having an ambassador of that stature. And the timing was on point, as the deposits had probably swelled to a peak, given the bear market and net outflows from the exchange that come with it. ItÂ’s a well executed con by one or more of the parties within Coinflex, I would think. And there are additional reasons to funnel the investigation in that direction.

Are we to believe there is an actual discrepancy about whether Ver owes Coinflex or vice versa? That’s a little tough to believe lol. But what agency can compel this “exchange” to open the books or examine their communications and trading records?

If this wasnÂ’t a money grab - and IÂ’m not really getting into the semantics of ponzi/pyramid/mlm/etc, because it doesnÂ’t really matter - why wouldnÂ’t withdrawals be honored with the funds they do have on reserve? Buster did say the stablecoin was backed and unless he was either A) lying or B) ignorant, they could and should at least payout those withdrawals.

After working “around the clock”, why can’t some customers’ money be released? If they truly planned to pay and weren’t colluding to defraud investors, with the help of their ambassador, why aren’t they honoring whatever withdrawals they can currently afford? The business obviously cannot ever recover from this, making the rvUSD proposal a disingenuous and ludicrous option, coupled with a coin with a name that effectively trolls investors. Wouldn’t Buster, if he wasn’t complicit, be relentlessly trying to pressure CoinFlex to begin paying out what they can, with the same zeal and vigor that built his brand? Maybe even personally reimbursing the people who invested because of him? Doyle Brunson had a failed business venture (I believe it was a poker site pre-Doyle’s Room) and paid millions of dollars out of pocket, quietly, to make the players whole. But Doyle is no Buster Douglas or Howard Lederer, he’s more like the longtime reigning and defending heavyweight champ.

So now that July 1 is here and to public knowledge, zero dollars have been returned to customers with almost zero recourse, zero evidence of Roger VerÂ’s debt has been provided, and zero credibility can be assigned to Mark LambÂ’s assertions that withdrawals would resume by now, do people really believe this wasnÂ’t a con perpetrated by one or more parties connected to CoinFlex?

The more difficult question is what was the ambassadorÂ’s role in this? OccamÂ’s Razor would lead us to one of the following conclusions: either he was a co-conspirator; or he was too dumb to realize what was happening. Fortunately, itÂ’s not too late yet. He can save his bag, maybe even his freedom, or he can save his reputation and do what Doyle did. ItÂ’s times like this that show somebodyÂ’s character. I hope he gets up off the canvas instead of flopping like Buster Douglas. I have no dog in this fight but would like to see people made whole and the generous acceptance of the versions of the facts purported by Roger Ver, Mark Lamb, and Buster does not serve the community imho.

Want to wish everyone a happy 4th and though itÂ’s a little late, happy Fathers Day to all the dads out there. ItÂ’s gonna be a great summer!

It’s really simple. When you peg a coin to the dollar , you are responsible for the change in value

1CF=$1

1CF= 1/20,000 of a BTC

Now if 1CF changes in value and is now worth 1/80,000 of a btc , coinflex still has to make sure that their 1CF can be exchanged for $1, even if if 1CF is now worth 25% of what is worth before


But now coinflex has to cover the difference in value; and if all of a sudden your assets are cut into 25% of they were before, you now have to make up that difference


And once you can’t make up the difference out of your companies currency/crypto reserves is when you unpeg the 1CF to the $1


Countries peg their currency to the dollar all the time, and when their currency goes to **** and they can’t pay for the difference in value, they unpeg it. Some countries just prefer to use dollars as they are more stable (thank you US govt)



https://www.bloomberg.com/quicktake/currency-pegs


https://www.brookings.edu/research/s...te-regime/?amp


^^very very basic first level international finance stuff. Doug if you’re reading this and nobody told you about pegging and the Asian currency market crises of the 90s, then they failed you.

Ball’s in Tommy’s court now.

Looks like Doug has removed his tag as CoinFlex ambassador from his twitter page.

I find the whole timing of Celsius essentially going under then a few days Doug has Mark on to assure people CoinFlex was above board rather humurous. Including Mark saying that CoinFlex was fully collateralized with crypto assets. Then only a few days later they go under from being completely over-leveraged from supposedly one person which MacauBound has rightfully called into question as if they only let one person do that (if they did even do that).

Sucks that people got duped into this, but hey this is crypto. If a prominent influencer is promoting it, it's a near certainty to get dupes out of their money.

https://twitter.com/0x_b1/status/1542535921630941185

I feel the opposite. When Hellmuth went on Polk's podcast here and he talked for half an hour about Bitcoin Latinum and I still had no f-n idea what they did, I didnt think it must be good, I thought it must be a scam. I'm one of those over-educated nerds, card-carrying math degree owner amongst others, and I knew PH was talking out his ass and was prepped like a champ to spew out sentences that even he didnt really understand. If you cant explain your investment thesis in 5 minutes or less and have the common man understand its legitimacy, then it's a scam. "Buy apple since they sell the best tech products the world uses and in facts relies on, and they sell those gadgets at insane profit margins" It shouldnt be that hard to do.

how tight must that sponsorship contract be for him to keep that hat glued to his head? He must be embarrassed to be seen with it.

I've said it for years now, crypto, a made-up currency, better yet, entirely online, what could possibly go wrong?
In the fall of 2017 when BTC was reaching it's, at that time, peak of $19K my students told me I needed to get into bitcoin,
and I knew then we were at a top, BTC went from $19K to $3K in under a year
If 17 year olds were thinking it was a great idea, the easy money was made.
Like that phrase "when the shoe shine boy . . . "

Then it ramped up again and went parabolic luring in more idiots and now it's down from $70K to $20K
In the history of markets, no parabolic spike has ever ended well.
Look at TSLA for another example, $50 in November 2019, $1250 two years later during an economic SLOWDOWN
Now, it's down 40% from it's peak in just months, and if we do go into a full fledged recession . . .

I feel awful for those who lost a ton, but the best lessons are learned the hard way.
Those 20-somethings who lost everything will become the "me's" of the world who post about how stupid the young are to say something is "guaranteed"

I am happy for those who made a mint on it, but I always said "guard those profits, one day you'll wake up and it'll be wiped out" and every 25 year old ignoramus says, "you're too old, you dont get it, put your life savings in bitcoin and you'll thank me 5 years from now, it's GUARANTEED" and that last word was the key to knowing they had no idea what they were dealing with.

Nothing is guaranteed in life and especially the markets.
Oil went from $150 to $30 after 2008, remember "peak oil" was gonna send oil to $250 forever?
As if there is some limited supply of oil under the surface when we might have probed as deep as 1% of it depths and 1% of the surface area?
Oil went from $100 to literally zero during covid (although that was an outlier expiration day issue)
Nasdaq went from 5000 to 1200 from 2000-2002
Split adjusted AMZN went from $5.30 to .30 a share in the tech crash of 2000

But this stupid-a$$ made up currency, one of which is literally called "cum rocket" is a sure thing?
Unhackable? Some 28 year old tried to tell our table how this new coin was unhackable and we all laughed.
One idiot on this site tried to tell me that bitcoin isnt "money" it's "currency"
and my head still hurts trying to figure out how someone could type those words in that order and believe it

I can not wait for the documentaries on the "Rise and Fall of Crypto".
At least Martin Shkrelli sold meds that worked.
Sure he jacked up the prices to insane levels, but he wasnt selling meaningless crypto coins
Between the two Shkrelli looks like a saint.
And he went to jail.

Polk got sucked in on the idea like endless other 20-somethings, particularly in the poker community.
I've had students show me on their phone their dogecoins accts when they are having a good day. Never on the bad days.
I've traded options for most of my adult life and when about 8 years ago all these poker guys started talking about how they were into crypto I knew it was trouble
They didnt talk about using technical analysis or hedging strategies or anything that is used by the pros, they just talked about how it would change the world.
And they were right for quite some time, but you always knew this was a house of cards and that it would get destroyed at some point
Trillions of dollars with no legal oversight and no central controlling authority and all of it can be potentially hacked and stolen?
What could possibly go wrong?
As I've always said, I hope you crypto guys all made a mint AND KEPT IT.
But you had to know you were always standing on the thinnest of ice.
The vast vast majority of crypto owners are well underwater and if you're hoping for another wave to send BTC to new all time highs . . . good luck.
You do realize there are living human beings who bought BTC at the top tick of $69K since they were told by you crypto cult members that "it's guaranteed, one guy says it's going to $250K get in NOW"


Go ahead shred me, tell me I'm just an old fart and just doesnt get it.
Should I go buy more cum rocket coins?

A currency exchange is asking people to trust them with their money, meanwhile they're so exposed to one debtor that this person can single-handedly sink their business? Of course that's their fault.

All that being said, I think Polk had no idea the company was so leveraged to one acct, I mean, why would the top guys ever tell him that?

Polk is going to get destroyed by many people and I believe wrongfully so.

Not to insult him, but really?
You got into coinbase/crypto based on a guy who wasnt even 35 and had ZERO experience/education in how markets work,
much less this brand new one that NO ONE has a firm grasp on since it's in its infancy?

Hey, I love the guy too, but I'm not about to put my hard earned money in anything because a poker pro told me it was safe.

If Polk did know the company was about to fail, do you think his contract would allow him to tell everyone that?
What was he supposed to do?

I'm sure he will be fine financially, but he does have pride, the guy built himself up from nothing to having many income streams of real money coming in, he is a great success story of what hard work can do for you. I'm sure what is happening now is pissing him off terribly.

He aint perfect though, and if you blame him for your losses, you're an idiot.
When it is YOUR money, you do your OWN research, and not just think, "hey this guy with the funny poker videos says it's a great idea!"

I mean if there were only some warning signs that crypto may be just a minefield of financial danger . . . oh, read my post above!

Or just realize these coinbase guys are issuing, or are trying to, a NEW coin to try to fund their losses on the OTHER coin or some other crazy garbage like that.

I'm sure this time it will all work out fine.

20 years from now 40 somethings at poker tables are gonna laugh while telling stories of how stupid they were to buy into crypto, "so ya, they even had a coin made up as a joke called dogecoin and I bought into it! Lost $5K back then thinking I was gonna get rich, and then, get this! I doubled down on it when it crashed!! Oy vey, cant believe I did those things" then another guy will say, "I can one-up you, I bought, get this "CUM ROCKET" coins!!!" and the table will burst into laughter, "no, I'm not kidding, I figured the name would get it so much publicity that it would skyrocket . . . like the name!!!"

This is a brilliant angle and take on the situation.
Given the "there's no central controlling authority" idea that crypto people said was a BENEFIT of crypto,
this seems vey plausible. This whole area has been an absolute "wild west" of finance. Nothing would suprise me.

The guy is a Denace the Menace lookalike ****ing scumbag.

Anyone with any intelligence knows that Bitcoin cannot offer a yield as it doesn't produce anything, but this piece of **** promoted yield farming to all of his followers anyways.

If there was any justice he would go to prison, but because crypto is unregulated the scum bag will probably get away with it.

This guy is worse than Howard Lederer and Chris Ferguson combined.

An absolute scumbag piece of thrash.

This is a great example of how often amazing poker players are terrible at business. When doug first tweeted about this site It was obviously a scam. Surprised Doug was so easily conned.

Why do you think he was conned? I assume his ambassadorship involved him getting paid, not him investing his own money in the company as a consumer.

As an old fart myself, I met Mr Ver way back in the early days of BTC. I'm not surprised at the highly leveraged position take by Bitcoin Jesus Someone lending against BTC as collateral could easily have secured a significant position to protect its own business.

Of all the asset classes that can be easily traded however, I think BTC may be the widest, deepest market. I would hte like hell to see it regulatedhowever, investors assume risk, let them bear it stoically.

I've heard for years that this or that asset "will only go up in value". That a business failed to secure its position is bad management, the bankruptcy courts around the world are designed to sort out bad management messes through either rehabilitation or liquidation.

(In my opinion a lot of altcoin values are probably at similar risk of price collapse.)

He claims to have done extensive research but still invested and shilled CoinFlex after he knew Roger Ver was an investor.

He should just admit he sold out for the bag and move on.

Agree. He went after BitConnect and other scams and saw them for what they were. Yet he ended up shilling this so hard when all alarm bells should’ve gone off. He basically lost all credibility to (publicly) call out anyone ever again. Sold his reputation for a quick buck that ironically will end up a net loser as well.

Doug said it’s not his fault because the website said they had assets and someone else told him the same.

Did he verify the assets

I haven't watched Polk's videos so you all can inform me. To me, whether Polk should get 'destroyed' depends on how he promoted this. You talk about Polk's lack of knowledge/credentials, was he up front with this? Like, 'hey guys, Coinflex is cool, you should check it out, but be aware I know nothing about crypto and I know nothing about this company, how stable/solvent they are' ? Or did he imply far more expertise than that?

So I half-watched the video, did he even take any responsibility or apologize? He didn't sound even contrite in the slightest. If another famous poker player had this issue he would have destroyed them on social media.

Good job

Hey guys, going to answer some questions here if you have them.

He did say he was sorry and apologized. He also said he did proper due diligence. I guess you can’t expect one to go after themself in a similar way he’d do with others, but in the light of intellectual honesty this video came of as very weak imo.