Does anyone know if there's an appropriate NVG thread to discuss Doug Polk's involvement in the CoinFLEX scam? or should I make a new one?

He's still silent until 7/1?

Yes. I still want to discuss it though. Pretty crazy stuff, I really thought this Tweet was satire when I saw it:



I'm pretty sure taking new investor's money to pay your previous investors is a Ponzi scheme or something like that.

Also, I always thought that it was very funny that Doug was shilling CoinFLEX so hard at the exact same time as he was relentlessly going after Hellmuth for his Latinum sponsorship. CoinFLEX just seemed like so much of a scam, and Doug was shilling it so hard (as opposed to Hellmuth who made it very clear he wasn't advising anyone to invest in Latinum), that I couldn't believe Doug lacked that much self-awareness. To go after someone else for something that they're not really doing, but that you're 100% doing... It's really insane.

This was my one post interaction with Doug last month, didn't really bother to go further since he will just scream FUD back at me, as all crypto bros do. Using "licensed exchange" as an argument is so laughable considering all the scam exchanges are licensed in a place like Seychelles with 3 employees.

I think this pretty much nails it. I always applauded Polk for calling out and relentlessly going after scams, but his current stance is a giant let down.

BIT-CO-NEEEEEEEEECCCCTTTTT!

First I am hearing about CoinFlex but if what has been said in this thread is true, I am not surprised.

Doug always seemed like the kind of guy who hid behind video edits and his one on one with Bilzerian proved it.

As much of a dbag Dan is... Doug wasn't able to hold his own against Dan in that conversation and Dan made several good points. I never followed up on what Dan said in that video so who knows if Dan is telling the truth about Robl, etc.

I'm sure Doug will publish a highly edited video to make himself look like the good guy if people do indeed get screwed on this crypto.

What's next........asbestos/lead in self-tanner?!!?!

I mean, Amanda already mentioned in Dnegs vlog that the latest batch didn't work, who knows what's next???!!!!

Meh, doesn't sound all that scandalous. Certainly less than idea, but sounds like they ran into an unexpected issue and are taking steps to weather what (they hope) is a temporary storm.

"CoinFLEX is issuing “rvUSD” tokens towards an outstanding debt owed by an unnamed high-net-worth individual, the exchange said.

Under an agreement with the exchange, the longtime customer has personally guaranteed to make up for any shortfall in his account to avoid being liquidated in a market downturn.

The individual is a “high integrity person of significant means” with “significant shareholdings” in several unicorn private companies and a large portfolio, CoinFLEX said. The individual is “experiencing temporary liquidity issues due to a credit and price crunch in markets,” it added.

Investors will be able to swap their tokens into USD Coin (USDC) on a one-on-one basis. If the repayment takes more than 15 months, they can opt to convert their tokens into a mixture of USDC and FLEX Coins or wait for full repayment in USDC.

Token holders will be paid an annual interest of 20% in rvUSD daily, CoinFLEX said.

If the individual defaults, CoinFLEX will pay back token holders out of its balance sheet, with 2.5 million units of FLEX Coins being set aside for this issuance.

CoinFLEX had halted withdrawals due to extreme market conditions and uncertainty involving a counterparty"

FlexUSD is marketed as a stablecoin specifically for people who want to earn passive income unexposed to the risk of a market downturn. It is asserted that FlexUSD holders will be able to convert their FlexUSD into USDC at any point in time they chose (for a fee), or for free three times per day. It is explained that it is impossible to make a negative return on FlexUSD. Nowhere is it mentioned that CoinFLEX might inexplicitly make one loan so big and so risky that it, by itself, is enough to **** up your investment. In fact, no where is it explained that your ability to redeem your coin is contingent on this kind of risky loan.

What you're quoting is that "Investors will be able to swap their tokens into USD Coin (USDC) on a one-on-one basis". That would be great! Except then it says "If the repayment takes more than 15 months..." That's not so great, because holders are meant to be able to be able to be able to reddem their tokens for USDC at any point in time they choose, not only at some indeterminant time, potentially years in the future. It's crazy that you're saying that there's nothing scandalous about this IMO.

Are we allowed to post reddit links on 2p2? Never tried before.

If so, some increasingly wonky CoinFLEX stuff going down. If not, no ban plz.

The Lodge Live put out one of their daily videos today with Doug Polk, nothing unusual. The top comment on the video was about Doug and Coinflex. Anyway, I look back later to see if there are new comments and can't find the video. I guess they deleted the video to avoid comments?

What are the chances Coinflex was dipping into client funds to play LUNA/Anchor && other defi ponzis?

Doug: Meemes Dnegs about 'more rake is better' for 5+ years
Also Doug: Opens high rake live poker room

Doug: Meemes/Attacks every crypto project under the sun
Also Dough: Shills crypto exchange every 15 minutes live streams and every youtube vid

Geezus this is beyond degen && HOW the phuck could 1 whale's margin trading take down an entire exchange (especially one that can afford to sponsor poker rooms && youtubers)?

Doug really hitching his boat to a team that can't even stay solvent from one rogue whale (50 million is small in whale terms)?!

You forgot ..

Doug: I quit poker
Also Doug: I bought a poker room

https://youtu.be/QvGGQY49GKo

FlexCoin gang, where are they now?

You guys probably know more about this FlexCoin thing moreso than I. I don't really care to dive into this topic...

But I will offer this view.

I think Doug has stretched himself way too thin in terms of his expertise and that's what's going to burn him.

Doug's a great poker player, Doug's training site had some great content and Doug's original social media presence existed to promote his training website.

Everything Doug has done outside of that box has set himself up for unnecessary exposure.

If the CoinFlex commentary in this thread is true (as well as the OP, such as opening an unlicensed poker room in Texas due to a loophole and charging high rake)

Doug's rollin in the dough... but as they say, Mo money, mo problems... and all of this unnecessary exposure is going to lead him to more problems.

If Doug had just kept it simple... and trolled guys like Dnegs into gifting him $1M or just buying crypto when no one is talking about it and selling it when everyone is talking about it. Dude could have made a ton of cash with very little exposure.

Easy for me to monday morning QB on this, but just putting this out there for folks who are inevitably going to follow in Doug's footsteps.

Jm2c

The Coinflex story is interesting because itÂ’s a national media finance/crypto story. ItÂ’s incredible that just a couple weeks ago they had that poker stream with all the CoinFlex guys, including someone in the booth pimping it.

Doug and people like Doug (including a lot of HS poker players) like to pretend they are experts in everything. Poker players were positioned well to take advantage of the crypto/NFT boom, but that doesnÂ’t mean they are experts.

I got Dnegs in my most recent spoof video, got one I did for Polk that I'm releasing tomorrow. Going to be comedy gold

The CoinFLEX thing sort of reminds me of this scene (go to 1:15 or hit the 5 key to skip the drum solo):



Doug firing back with "Hellmuth is pushing a coin, this is an exchange, so it's different" struck me as a specious argument. Yes, CoinFLEX is an exchange. No one doubts that. But it's still a company, and as such, it absolutely has the potential of being unsustainable, insolvent or even shady. I'm not saying it's the latter, mind you. And I fully acknowledge that a legit company running into some issues is still quite different than a coin that is crooked from the start. I just find the implication that being an exchange means deposits are safe struck me as odd.

Their stable coin, the one that Doug was willing to bet 100:1 on for being 100% backed: https://www.coingecko.com/en/coins/flex-usd

It’s now trading 35 cents on the dollar.

Some enterprising individual should acquire 300 flex's and go to Doug's poker room and try to buyin for $300 at 1/3 and post the video.

After all, if Doug really did vouch for it, shouldnt the tokens be good for $1 in his poker room?

Source?

Doug knows saying "Suckers keep your money so you can invest in my scams" generates less favorable publicity than "Don't invest in that scam". He knew what he was doing.