Doug Polk promoted Coinflex stablecoin might be going donkdown

[Dan Druff]

I've thought more about Mark Lamb's claim that Roger Ver owed Coinflex $47 million and wouldn't pay, and Ver's response that they owe HIM money and won't pay.

It's possible that both are true. How?

Recall that Ver basically had his $47 million investment in Coinflex on credit. They knew he was so crypto rich that he didn't actually have to put up the funds to back it. Basically they gave him credit for being good for it, which he probably is. I'm guessing that was also the only way he was going to invest in this project, as otherwise he was opening himself up to get scammed for $47 million.

Recall that Coinflex investors earned interest "every 8 hours". Think of how much interest Ver must have been earning on his $47 million worth of flexUSD.

Well, Coinflex probably chunked off all or most of their assets, and likely could no longer cover withdrawals. At that point, they might have gone to Ver and said, "Hey bro, we need some of that $47 million to cover the withdrawals."

And Ver might have said back, "Fuck no, something is fishy here. In fact, it pisses me off that I can't withdraw the interest I made on my $47 million investment! So fuck off. Not only am I not sending over that $47 million, but I expect you to cash out my interest immediately!"

And there you have it. Both can truthfully claim that each "owes" the other.

Obviously this is all speculation, but I think it's a pretty good guess. They've never explained why they need Ver's $47 million right now if they're supposedly already holding $90 million from others. (They also won't comment on that $90 million, and if it exists anymore!)


Anyway, I think there's about zero point zero chance that Coinflex recovers from this.

[JeffDime]

People are being able to cashout 10% apparently. But the real good news is that 10% is enough to make Doug whole for all his work. JFC…You really can’t make this shit up. Polk rationalizes that he is in the right on everything.

Embedded Tweet

https://twitter.com/DougPolkVids/status/1547976865431752707

Embedded Tweet

https://twitter.com/DougPolkVids/status/1547978101233135622

Two things. In what world does this show their resolve to make things right? A small payment doesn’t mean you are going to get one penny more. This more likely is a move to buy time and keep people placated for crumbs. I also take issue with the word “mistake”. Doug stepped down so he should not in any way be assisting spin from Coinflex.

[ftpjesus]

People are being able to cashout 10% apparently. But the real good news is that 10% is enough to make Doug whole for all his work. JFC…You really can’t make this shit up. Polk rationalizes that he is in the right on everything.

Embedded Tweet

https://twitter.com/DougPolkVids/status/1547976865431752707

Embedded Tweet

https://twitter.com/DougPolkVids/status/1547978101233135622

Two things. In what world does this show their resolve to make things right? A small payment doesn’t mean you are going to get one penny more. This more likely is a move to buy time and keep people placated for crumbs. I also take issue with the word “mistake”. Doug stepped down so he should not in any way be assisting spin from Coinflex.

For the record Doug is getting destroyed on Reddit over his Twitter posting about the 10%. It ain’t pretty.

[FRANKRIZZO]

See Marc Klang posted, he was the guy they tried to rip the 500k from no?

[Dan Druff]

See Marc Klang posted, he was the guy they tried to rip the 500k from no?

Yes, and he listens to PFA Radio now.

[aayjay]

I've thought more about Mark Lamb's claim that Roger Ver owed Coinflex $47 million and wouldn't pay, and Ver's response that they owe HIM money and won't pay.

It's possible that both are true. How?

Recall that Ver basically had his $47 million investment in Coinflex on credit. They knew he was so crypto rich that he didn't actually have to put up the funds to back it. Basically they gave him credit for being good for it, which he probably is. I'm guessing that was also the only way he was going to invest in this project, as otherwise he was opening himself up to get scammed for $47 million.

Recall that Coinflex investors earned interest "every 8 hours". Think of how much interest Ver must have been earning on his $47 million worth of flexUSD.

Well, Coinflex probably chunked off all or most of their assets, and likely could no longer cover withdrawals. At that point, they might have gone to Ver and said, "Hey bro, we need some of that $47 million to cover the withdrawals."

And Ver might have said back, "Fuck no, something is fishy here. In fact, it pisses me off that I can't withdraw the interest I made on my $47 million investment! So fuck off. Not only am I not sending over that $47 million, but I expect you to cash out my interest immediately!"

And there you have it. Both can truthfully claim that each "owes" the other.

Obviously this is all speculation, but I think it's a pretty good guess. They've never explained why they need Ver's $47 million right now if they're supposedly already holding $90 million from others. (They also won't comment on that $90 million, and if it exists anymore!)


Anyway, I think there's about zero point zero chance that Coinflex recovers from this.

I think your very close to what actually happened.