Quote:
Originally Posted by DontBanMePlz
of course i do considering none of you seem to understand anything, just love to chirp from the sidelines
there are multiple exchanges currently offering higher return on margin funding products similar to flexusd, none of it is guaranteed its a market either the funding rate traders are willing to pay to trade perps or the funding spread between perps and spot markets (can google "what is a basis trade" if you are still clueless). funding rates depend on asset and market, you could have made 10% a day at one point last month supplying luna coins, is that an "obvious scam"? or maybe there is infinite demand to borrow it and short on perps when the whole thing was falling apart. flexusd market yield is basically what the perp traders on the platform are willing to pay for it minus the fee the platform takes to execute the basis trade for you.
like i said in the post, coinflex had terrible risk management with rogers account not defending them there, they should have seen it coming. i don't see where lamb lied though you will have to explain that one, everything was fine on the exchange until the massive position got under water and the position didn't get liquidated.
While I respect your superior understanding of the financial matters at hand and even more, respect that you are being a good friend, you are talking past most of those with issues re DouglasÂ’ actions.
I donÂ’t see too many people claiming to know how Coinflex could meet their obligations. It couldÂ’ve been a scam, but after watching Mark LambÂ’s interview, I think things went pretty closely to what he described. The problem is that once he hitched his brand to Coinflex, Douglas opens himself to the fair questions of:
Where you in on it, or just too ******ed to calculate the high risk of this Ambassadorship after promoting a very specific image? Once you saw things getting bad, what did you do, if anything, to help stop the bleeding? And now that things have really hit the fan, will you face the music and accept your role and offer an apology to the community, or will you take the low road and do what youÂ’re doing now? Namely, claiming DD was done, not answering the tough questions, and failing to take responsibility for your role or offer up a sincere apology. It sucks that he wonÂ’t make any money here. Feels bad man.
Everybody makes mistakes and depending on the severity, should be given a chance at redemption. But that road does not start by putting out a self-serving statement that, denying culpability for his role, agreeing to answer questions but only cherry picking a few of the easiest questions, being opaque, and a lack of remorse.
He has thus far refused to answer questions about Brad Owen, Liv Boeree and their involvement in Coinflex, if any, despite The Lodge hosting the Coinflex crew and CoinflexÂ’s Co-Founder posting a pic of them all playing together as his top tweet and tagging Liv and Brad.
Why havenÂ’t questions about the period between 6/23-6/28 addressed? That was a crucial point when he may have been able to exert some influence over resuming partial redemptions, to the degree to which Coinflex was able with the $90mm they have on hand. Roger defaulting and itÂ’s catastrophic effects are on the risk management team and Mark Lamb. But from the sound of things so far, the only thing Douglas acted on from 6/23 onwards was covering his own ass while neglecting to pursue partial withdrawals to account holders.
After watching Lamb face the music, offer sincere apologies for their poor risk management, and vowing to work around the clock to right the ship, he earned a lot more respect than the guy who just jumps ship, complains he might not make money, and admits no fault. He would skewer another poker pro for doing much less.
As far as “chirping from the sidelines” I’m perfectly willing to chirp in his face with a mic if he’s got the cajones to face an open interview with no questions barred, like Mark Lamb did. He can complain about the Sarah Herring interview with Bryn, but will he even do an interview himself? The guy loved to dish it out; surely he should be able to take it?
I donÂ’t know much about him before the last 10 years. Everybody gets knocked down but he hasnÂ’t gotten back up. Maybe lessons about character and dealing with adversity werenÂ’t a priority in his family.
In mediating a whole lot of bad debt for 2p2ers, there wasnÂ’t much chirping done from the sidelines. And in that same pro-active spirit, I wouldÂ’ve gotten on a flight to Dubai and done everything I could have to convince Coinflex to resume payouts, on some level, before I jumped ship. Because my name wouldÂ’ve been attached to it and I value that more than money.
I wouldnÂ’t call this a scam as much as a failing business and DouglasÂ’ video statement sounded much like the Lederer Files after Full Tilt went down. If you canÂ’t understand why the pitchforks are out, crypto-fi might be in your wheelhouse, but maybe stay away from public relations