#53: Problems - CoinFlex, Maximalism or Banks

Sunday, 10th July 2022

Following Bitcoin Cash on its rise to global reserve currency.

Positive bulltrap week but now flat

• USD $106.14 and 1 BTC buys 196 BCH https://coinmarketcap.com/

Txs still flat

https://cash.coin.dance/blocks/transactions

Still waiting for sent in USD to settle

https://bitinfocharts.com/comparison/sentinusd-btc-bch.html#1y

The story so far…

https://coinflex.com/blog/coinflexs-solution-to-resume-withdrawls/

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• CoinFlex halted all withdrawals
• Claimed Roger Ver owes them 47 million, which he denies
• Plans to crowdfund via an rvUSD token to fill the deficit
• CoinFlex fail to meet their self imposed deadlines
• Community waiting on updates from Roger Ver and Mark Lamb…

3rd July - Roger restates his position

https://twitter.com/FiendishCrypto/status/1543297187072835584

• During the Bitcoin Cash Hangout space, Roger gave an “exclusive statement” which was a big nothingburger, restating his “I don’t owe any counterparty” line
• ~~
• He then introduced Daniel “an experienced lawyer”, who turned out to be previously employed at Bitcoin.com.
• Daniel compared it to Mt Gox, and got some discussion flowing with a surprisingly vocal Doug Polk
• Mark Lamb declined to comment
• Roger hasn’t said anything since

9th July - CoinFlex mega update

https://coinflex.com/blog/coinflex-update-july-9-2022/

• $47m has escalated to $84m after liquidating Roger’s FlexCoin collateral and slippage
• Arbitration started in Hong Kong International Arbitration Center - 1 year timeline
• After 1 week for implementation, CoinFlex account holders get 10% of their assets available to withdraw, and the rest “locked” to USDC value for withdraw later (maybe??)
• Large US Exchange / ATS platform supposedly interested in a tech buy in
• To his credit: Mark is still communicating with the community
• To his detriment: Talk is cheap. Deadlines have already been missed. Community on-chain analysis is not favourable.

CoinFlex Drama - Bridge

https://coinflex.com/blog/coinflex-update-july-9-2022/ plus Telegram messages

• CoinFlex says SmartBCH bridge still locked.
• CoinFlex clearly unsure how to handle US SmartBCH holders they don’t have a relationship with.
• SmartBCH holders represented by SmartBCH Foundation / Eric Wong in CoinFLEX Stakeholder Working Group, a guy from Hong Kong seemingly only a couple of people have heard of before.
• Supposedly large CF account holders will be asked for permission to treat SmartBCH separately and return to the community
• Unlike other assets, the SmartBCH supposedly might not be sold to USDC since the liability (community’s BCH) will always be denominated in BCH
• We haven’t heard anything new from Kui Wang about BODAO bailout

Mt Gox coin release coming up?

https://cointelegraph.com/news/bitcoin-faces-mt-gox-black-swan-as-trustee-prepares-to-unlock-150k-btc

• Of 850k BTC, 150k have been recovered.

BTC tries to throw out “Maximalism”

https://medium.com/@nic__carter/setting-the-record-straight-b4e1b415e7d9

https://twitter.com/PeterMcCormack/status/1545011847069401088?s=20&t=5TjD257XOS1dDh-zeWN0ew

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• In the face of failing “store of value”, it becomes the trending topic to say “I’m not a maximalist” and try get out of the blast zone
• Nic Carter publishes “Setting the Record Straight: A Eulogy for Bitcoin maximalism”
• He also went on Bankless to disavow the whole movement
• Like all the lies and bullshit in BTC, what has to come to an end eventually does

Peter Schiff rugs his customers

https://twitter.com/PeterSchiff/status/1543729010278113281

• The greatest of ironies
• Claims he spent $7m on keeping it alive, great entrepreneur there

Meme of the Week

Kallisti on BCH Telegram

Message to the community

Open platform to speak to the Bitcoin Cash community, with any thoughts, advice, feedback, criticism, encouragement, story or point of view you feel should be more prominent or appreciated�

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