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(The Verge)   CoinFlex: Jesus owes me money   (theverge.com) divider line
    More: Interesting, Debt, Finance, Investment, Hedge fund, Short, CEO of CoinFlex, Loan, Integrity  
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832 clicks; posted to Business » on 28 Jun 2022 at 5:30 PM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



10 Comments     (+0 »)
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2022-06-28 5:59:16 PM  
i.insider.comView Full Size
 
2022-06-28 6:02:19 PM  
LOL!

Decentralized, bro. Blockchain. Off the grid.

You'll never see that money again, you stupid f*cks.
 
2022-06-28 6:21:13 PM  
CoinFlex's tokens, called rvUSD, promise a 20 percent APR, which is awfully high. (That already seemed unbelievable even before Ver denied he owed anything at all.) They are not available to investors in the US. Still, the token - the "rv" in rvUSD theoretically stands for "recovery value" - seems to refer to his initials.

"Notably, the individual had consistently met every margin call before this incident," the paper says. It referred to this person as a "high integrity person of significant means, experiencing temporary liquidity issues due to a credit (and price) crunch in crypto markets (and even non-crypto markets) who has significant shareholdings in several unicorn private companies and a large portfolio."

Those interested must purchase a minimum of $100,000, paying for rvUSD in USDC. People who hold rvUSD will theoretically be able to convert to USDC, another stablecoin worth a dollar, as the debt is repaid. Well, okay, but what if it isn't repaid? Then, in October 2023, investors will be paid USDC from CoinFlex's balance sheet or in a mix of USDC and Flex coins, which CoinFlex calls "the cornerstone of the CoinFlex ecosystem."


What a steam pile of nonsensical bullshiat.  Short everything these people touch!
 
2022-06-28 6:21:29 PM  
Begun, the Coin Wars have.
 
2022-06-28 6:36:55 PM  
Should have used a hardware wallet.

Really, CoinFlex brought this on themselves.
 
2022-06-28 7:33:06 PM  
You had me worried there for a bit.
 
2022-06-28 7:46:27 PM  
This is the same scam being used to prop up the ruble. And the same scam used to get people to make longshot bets at the horse track.

"Sure I know it is risky, but that 20% interest rate is a sure thing! No stocks offer a dividend this high! And no bonds either! This is a great return!" Guaranteed!

What interest rate would be high enough to get YOU to loan money to a crook or an idiot? Well, 20% seems to be enough for a lot of people. And you know there is some guy in a steamy summer-break frat house telling his buddy, "but that is IN ADDITION TO the capital appreciation when the price recovers!"

What kind of cracks me up is these bros using all the jargon and saying, "Well, we could do this, or we could do that..." ... and every single idea sounds so fake and made up. There is absolutely no regulation or structure, or transparency. At what point does risk, multiplied by risk, point to unrecoverable loss by fraud? I bet there is no paper trail of decisions for accountability. It is a clown show.
 
2022-06-28 7:56:39 PM  
"How did you become homeless?"

"Well, just before the pandemic, I was eating ramen every day. I sold the Tesla my dad bought me for getting into BU and bought bitcoin. It was a great run up, but I figured I could do better. I kind of stopped going to classes, but I was still eligible for loans and aid, so I put that into bitcoin too and got up to almost a million dollars. But it wasn't all parties. I got some part time jobs and put that into coin too. Eventually, I had 8 different coins and all of them were going to the moon. By late 2021 I was worth millions. Every time this guy on Fark warned people to sell, I just bought more. It worked every time. Almost.

Well, you know what happened after that. I didn't lose it all. I held on, and now the coins are worth about 1300 dollars. I figure if I just keep holding it, it will come back. It always does. Not enough for rent or a car, and they won't take bitcoin anyway. I don't even have a place to shower. I still have the student debt, but I got kicked out of school.

You know. Just bad luck. Someone should have warned me. Society should take care of homeless people better."
 
2022-06-28 10:21:43 PM  
Fark needs a crypto tab.

Along with a Musk tab or topic.
 
2022-06-29 7:06:45 AM  

2fardownthread: "How did you become homeless?"

"Well, just before the pandemic, I was eating ramen every day. I sold the Tesla my dad bought me for getting into BU and bought bitcoin. It was a great run up, but I figured I could do better. I kind of stopped going to classes, but I was still eligible for loans and aid, so I put that into bitcoin too and got up to almost a million dollars. But it wasn't all parties. I got some part time jobs and put that into coin too. Eventually, I had 8 different coins and all of them were going to the moon. By late 2021 I was worth millions. Every time this guy on Fark warned people to sell, I just bought more. It worked every time. Almost.

Well, you know what happened after that. I didn't lose it all. I held on, and now the coins are worth about 1300 dollars. I figure if I just keep holding it, it will come back. It always does. Not enough for rent or a car, and they won't take bitcoin anyway. I don't even have a place to shower. I still have the student debt, but I got kicked out of school.

You know. Just bad luck. Someone should have warned me. Society should take care of homeless people better."


Getting a kick,
My nephew recently ended an "opportunity" to learn crypto day trading from a crypto millionaire.  In reality he was a minimum wage maintenance worker at the guys investment apartment complex he bought in US dollars.
 
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