A bunch of well-known analysts in the crypto world are raising red flags about this investment thing called HEX. It's pitched as the first high-interest blockchain certificate of deposit, promising crazy returns, especially for those who hop on early.
Richard Heart is the guy behind it all. He's a serial entrepreneur, a marketing whiz, and a strong advocate for crypto. He’s been pushing HEX hard, which used to go by the name Bitcoin HEX.
Last time I posted, I talked about that showdown between Craig "Faketoshi" Wright and Richard Heart at the Malta AI and blockchain summit a month ago.
Now, it looks like I can call both of them scammers.
Why? Well, Richard Heart is getting tagged as a potential scammer too, thanks to this Bitcoin ponzi scheme called HEX.
Honestly, I’m torn here. I can’t pick a side between these two. What do you guys think? Are you on anyone’s side or just done with both? Share your thoughts or reactions here. Enjoy your weekend!
I knew from twitter that Richard Heart is planning to launch something, but I didn't pay much of attention.
Today everywhere I read only about HEX. I see I've missed the launch by a week. The price has already fallen to dust.
The interests it's promising looks fabulous. Together with the look of the website, it makes me stay extra cautious (although at 6 satoshi / HEX it may be a good business to buy now and sell it when it rises, if ever).
Although indeed it looks too good to be true, I'll stay in the middle and won't call it Ponzi. With the low price of HEX and a possible FOMO rush for Bitcoin, those promises have a chance to be achievable. (But in that case Bitcoin itself will be a much better business.)
Edit: I like a lot the "there is no real basis for value" part in the next post. It explains it best.
I always figured Richard Heart was building up to something like this. He always seemed like a marketer intent on monetizing his position as an influencer on Crypto Twitter.
It reads like an "honest" ponzi scheme. In theory, you can make obscene profits, but there is no real basis for value and everybody is just openly waiting for greater fools to drive the market up.
All such schemes eventually collapse under their own weight. Richard Heart will profit handsomely, though, I'm sure. He's already up more than $3 million just from printing tokens out of thin air.
I thought he had previous scamming/criminal experience pre crypto under a different name. I seem to recall something about Panama.
As ever in cryptoland who knows what's true and what isn't but actions speak louder than words and his recent ones are rather vocal.
He strikes me as someone with a rather towering superiority complex so would regard relieving peons of their money as a personal favour to them.
When it comes to money, I don't trust anyone. If you want to make a change, give me a mechanism, program or algorithm that everyone can benefit from. As for financial advice and the promise of profits, they come from scammers or people who take advantage of being famous to make profits.
I haven't read much about HEX, but it just seems to be a new shittoken that Richard Heart is promoting him to get richer.
Right, and now he is the toast of the twitter world because of the way he build his character, but at the end of the day, he was exposed as a scammer.
The thing is that he also was able to enticed other personalities such as TPB:
https://twitter.com/cipher_blade/status/1201585861764288517
Someone's breakdown of it here - https://medium.com/@TooWumboToFail/under-a-hex-396847b86e57
All a bit grubby but no one should be surprised at what people attempt to pull. I wonder how many other people have been building their rep with similar end goals.
imagine if satoshi distributed bitcoin with an ICO, accrued half of all mining rewards to an address he controlled as a "founder's reward", then took control of the majority of lost coins on the network.
that's pretty much what HEX's distribution is gonna look like:
It's hilarious (not in positive sense) to see "Bitcoin maximalists" like Tone Vays and Peter McCormack attempt to make his project look like a scam, while in reality they make themselves look like imbeciles donating free exposure to Richard. It's obviously a scam, why do people feel the need to point that out by debating him? All Ether tokens sent to the contract are his. Currently that's +$5 million worth.
How did CSW grow his popularity? By having people so desperately trying to expose him as fakesatoshi. Richard's popularity grows the more people are trying to expose his scam.
Not the kind of popularity that many persons will want to have, and if proven 1005 scam it's easy to prosecute him because he is a very popular and well-known guy, this guy has no conscience for making himself popular by scamming people, people really don't care if they lose their reputation for the sake of getting rich.
In crypto so called influencers don't lose reputation unfortunately. Even if that would be the case, I don't think many of them mind exchanging their 'good' reputation for millions worth of crypto. From a rekt bitch Richard became a multi millionaire.
Ethereum has POS coming up where people can stake and earn actual Ether, yet they sell that Ether for HEX, lol. You buy a pile of poop and after a year you have a bigger pile of poop. That's the best way to describe HEX staking.
I haven't claimed any airdropped HEX myself and won't do it for privacy reasons even though the idea of dumping poop on imbeciles in return for Bitcoin sounds really good.
I 101% agree on this tweet. lol
Its only purpose is to hopefully go up in value by attracting new suckers.
Its obvious to be a ponzi scheme but people who are aware of would tend to blindfold themselves and invest no matter what. I wont be surprised
if they would cry later on if this thing would collapse.
a lot of the early investors know it's a scam. they don't care, either because they're taking no risk (they are claiming based on BTC holdings), or because they know the cycle will play out just like bitconnect and other ponzi-like schemes.
the early money knows the risk is low because the crypto market is gullible, greedy, and swimming with disposable capital. they'll cause the initial explosion in price, which will in turn cause the dumb money to flood in. and that will build up the house of cards.
it's sad watching this stuff play out in real time.
He very well knows what HEX is about (a scam btw) but he insists on as if it is legit. He is pretty smart for that kind of shit.
He might be running a social experiment.
I remember in one of his older videos in 2017, when he still was a bitcoin maximalist, he was pretty jealous of the people which made quite big profits by investing in ethereum.
He was hating eth at that time. He was calling it a big scam (which is true btw). And now he is coming up with his own shitcoin. Printed on the ethereum blockchain which is the master shitcoin printer.
He knows there are way too many greedy retards in this space and he wants to take advantage of it.
He doesn't care if you call him a scammer of not.
He is just after the money.
He doesn't want to wait for the next bitcoin ATH. Nah. He wants that sweet quick riches.
Well you got it right even on todays doublers there were still people who do jumped in and trying to get the fastest profits as they can before the site closes.They do initially payouts on round 1 or 2 then ran away
and as said they do know the risk but they do think off way more heavier on making money to those opportunities.Same goes to this scenario and i cant really forget on what happened to that Bitconnect, lots of people telling that its a ponzi but big money still flows into it. People never ever learn no matter how you do tell them.
I always remember the adage that when something is too good to be true then in most probability it is not. When a program or project is appealing to our innate sense of greed, the most likely scenario is that it will really end up bad. This happened with many similar programs promising great returns of investment (ROI) as the most effective way to lure in investors or token buyers. Who would not want the highest profits, anyway? I am not really familiar with this man named Richard Heart but judging on what I am reading right now, he seems to possess no "heart" for the many possible victims of his own scheme. I am now starting to believe that the cryptocurrency industry is now being trampled by many scam artists out to get as much money as they can from innocent people.
You've only just started thinking that way? I admire your stoicism.
It has and probably always will be a paradise for the immoral and predatory. Perhaps when it becomes boring that'll lessen but there will always, always be the 'next Bitcoin'. The idea is just too simple and too compelling.
the greed i've seen in the crypto markets......it's unparalleled. every newcomer i've ever seen is trying get rich quick, putting their money into riskier and riskier investments. cloud mining, shitcoins, ICOs, HYIP, whatever. there is a never ending stream of fish for the taking. that attracts a certain element, to be sure.
not to mention that irreversible and pseudonymous payments = a dream come true for internet scammers. they can find victims across the globe and once the money is in their hands, it's not tied to their identity and it's easy to liquidate.
I wonder if Heart is attracting attention from the SEC. I don't see any restrictions on investment from US persons. Despite this humorous disclaimer --
-- it definitely reads like a common enterprise with an expectation of profits from third party efforts. Why are people buying HEX from him, if they didn't believe his promises about the returns? He's even suggesting predictable returns by presenting HEX as a "certificate of deposit." This is how most people view CDs:
I follow a couple of crypto-aware lawyers on Twitter. I think it's safe to say they're rather less confident than he is in the future success of his wonderful project - https://twitter.com/jchervinsky/status/1204628002979667969
Then again he strikes me as a right slippery git so may know something we don't.