Quote:
Originally Posted by rickroll
thanks for doing this, obviously there's a bunch of silliness going on here like declaring you should have personally verified assets lmao and you being here can help clear things up
how did they pitch/approach you?
what was your specific role beyond blurbs in your videos?
were you personally invested in this and/or put your own money on the site?
on a 1-10 scale how well did you understand the business model? how does that compare to other things you've labeled scams (ie how deep was your knowledge on say bitconnect compared to this)
your resignation feels like a simple pr move in the sense that they likely weren't going to continue paying for an ambassador for a defunct business and almost feels like washing your hands of this now prevents you from helping people reclaim funds?
do you feel like there were signs that were ignored/not recognized at the time?
what did they communicate to you when they first paused withdrawals - what were the follow up conversations regarding this?
you mentioned legal advice when resigning, was this just being extra precautious or were there other things where a resignation could harm you?
in general, what are your thoughts on the whole manner - i don't think you've done anything more other than perhaps had some poor judgement over what was pretty clearly a rug pull (ie you offered prop bets against this when you signed up - that should have been a red flag to you imo that it was even a discussion at all)
the thought of watching a monetized video of you explaining this isn't very appealing so i hope you'll do your post mortem of the event here instead
I met coinflex through mutual contacts through poker.
My role at coinflex was to promote them via my content/social media. I played no role in the company outside of that whatsoever (as I recall).
I have never owned part of coinflex, I have had my own money on the site in some of their products.
The 1-10 scale is a good question. I am admittedly not a trader. I have however done a good bit of research on defi. As they are an exchange/focus more on derivatives, it was a little tough for me to understand a lot of the different aspects of the business. I would say I understood most of their offering in the 7-8ish range, I spent a good portion of time trying to learn a lot of it, but I also do not think I have the mind for trading and am not familiar with the lingo (which makes it more tough).
Bitconnect, by comparison, was a clear scam. This is a cryptocurrency derivatives exchange, that is nothing inherently wrong/scammy about that. I still think some of their ideas were good in theory. The problem was they allowed someone to have a massive uncollateralized position that has put into jeapordy the solvency of the business, and they currently cannot processpayouts.
My resignation came into play the moment they paused withdrawals. I dont think thats an acceptable action for an exchange to take, regardless of whether they would pay me or not, I am not going to represent companies that, in my opinion, are not coming through on their stated advertisements (in this case, a fully collateralized stablecoin issuing yield).
The sick thing is, I cant think of a single sign along the way. We had CoinFlex for an event at the lodge just a few weeks ago, and I got to meet the entire team. People were really excited and nice, and we spent a couple of days together. Its hard to believe it has gone this direction just a few short weeks later.
The first communication we had about paused withdrawal: One day in the afternoon I recieved an avalanche of messages from different people saying coinflex withdrawals were paused. At this point I asked them if this was true, they said yes. They did not give me even a warning this was going to happen. There were a few followup conversations, I dont want to get into exact messages and things of that nature, but I can say that I did my best to try and understand the situation fully before making my statement. That said, I still learned the vast majority of information through the exact same public channels as everyone else. I primarily got to hear about the why aftewards, not the what beforehand.
As for the legal side of things, I just wanted to make sure I did things right here. I wanted to resign in accordance to my contact, and then make sure what I said was not going to land me in any trouble. Past that I just wanted to be able to speak honestly with my audience, the most important thing for me is to be able to share what happened. I care a lot about my name in this community, and even though it is -ev to make a statement, I felt it was worth it.
My video is monetized? Ill take that down asap. Appreciate the good well thought out questions.