Yeah, and also my understanding here is that coin Flex

is a privately held company.
And so privately held companies are are typically depends on the jurisdiction,
but they're typically allowed to post their asset sheets and say, hey,
we have these assets. We have these liabilities, and even for the the stable coin balance,
the flex USD stablecoin balance. The last that I saw on the statistics page,
it said that there was 137 million of this coin or something like that.
and it was advertised as fully collateralised well even if roger did let's just
say again theoretically default on a $47 million position well there still should
still be substantial collateral behind it right because that would still only be
like a roughly a third or so of that balance not to


And it was advertised as fully collateralised. Well, even if Roger did, let's just say again, theoretically default on a $47 million position. Well, there still should still be substantial collateral behind it, right? Because that would still only be like a roughly a third or so of that balance. Not to mention the smart PCH funds, not to mention potential user deposits, so I I I think for I think for a lot of people that are currently on the platform or have tokens in the platform. My myself inc
really we just kind of want to know what is going on what is the potential
loss what what yes some like real transparency on the the the numbers
i think would go a long way i i do understand like not wanting to pay out some
people and not other people because then you might have some legal risk as to like
well you paid them out not me like i i can see you now because like basically this
person basically you're prioritising payments so

Really, we just kind of want to know what is going on.
What is the potential loss, what? What, yes, some.
Some like real transparency on the the the numbers I think would go a long way.
I I do understand like not wanting to pay out some people and not other people
because then you might have some legal risk as to like well you paid them out not me like
I I can see you now because like basically this person, basically you're prioritising payments.
So even the smart even the smart vch bridge, like
It does feel very strange to me that it it falls under the under the jurisdiction of a company,
but at the same time, this isn't the same bridge as people might use on like.
Let's just say like avalanche or on arbitrum or any of these types of things.
It's like it's a centralised bridge, right?
Like you're going through a centralised party,
so I'm not going to sit here and pretend to be an expert enough to say like ohh those people
should are not clients or our clients.
I think there's been some
Regardless, there are still a lot of funds in theory that cornflex should have,
and I think people would like to know like, OK,
worst case scenario can't raise the money like where.
Where are we at here and what are the net sort of assets minus liabilities?

Did you transcribe the whole thing? What's the part where he mentions the double bluff

The twitter space transcribes automatically

It's not clear to me if the 1/3 he references is the 47mil to the 137 mil, or if the substantial collateral referenced is relative to the $47 mil. Could be read either way imo

Oh, cool

Doug Polk @DougPolkVids I I would be I would be purely speculating, uh, frankly, my main source for information on this story has been people tweeting, so I have no inside knowledge of the workings of you know what went on behind the scenes at Coin Flex and or what the thought process was. There. I I learned about it on Bloomberg like everyone else, so I would be purely speculating as to why it was named that. It did get brought up on social media. Why is this RV USD? And then people were asking like is it Roger and and. i actually said i i Daniel Kelman @danielkelman Ohh Doug Polk @DougPolkVids i actually said i i would assume not because that would just be too obvious but then but then they said you know someone told me maybe it's a double bluff and i really don't know man i i Daniel Kelman @danielkelman but Doug Polk @DougPolkVids i actually said i i would assume not because that would just be too obvious but then but then they said you know someone told me maybe it's a double bluff and i really don't know man i i i don't know what to say Daniel Kelman @danielkelman but it sure seems Doug Polk @DougPolkVids I actually said I, I would assume not, because that would just be too obvious, but then, but then they said you know someone told me maybe it's a double bluff and I really don't know. Man, I don't know what to say on that one.