A new breed of scam coin may be upon us in the form of HEX - a cryptocurrency that critics say is designed purely to enrich its founder.
A new cryptocurrency is attempting to pick up where BitConnect and OneCoin left off – enter HEX (formerly BitcoinHEX).
According to the HEX.win website, HEX has been “designed for 10,000x returns”. While you ponder why your own favorite cryptocurrency wasn’t designed for such returns, cast your eyes on the “opportunity of a lifetime”.
HEX is the Opportunity of a Lifetime. Designed to do over 10,000x returns in under 2.5 years.
HEX is the brainchild of former bitcoin maximalist, Richard Heart – real name Richard J Schueler. Self-described as a “bitcoin thought leader”, Heart claims he expected the current wave of HEX criticism. He suggested via his Twitter feed that, like bitcoin, HEX will eventually win in the end.
HEX is now entering the phase where people will start attacking it with new vigor. I remember when the regular media did this to Bitcoin years ago. Saying it was illegal, a Ponzi, a scam. Bitcoin won.
The following spiel is typical of scam coins. Notice the slippery manner in which the price pumps of bitcoin and Ethereum are framed.
Bitcoin went up 26x from $750 to $20,000 in only 378 days. Ethereum went up 233x from $6 to $1,400 in 403 days. If you got in at $1 you made 7 times more. Imagine how 1,400x returns feel. Some people got in 3 times cheaper than that! Had you put in $223 when you first could, it would have gone up 4,500x to $1 Million, in only 3.5 years. Life changing. Most of the wealth in the world is made by those that get in first!
No mention of the fact that both cryptos are two of the most utilized, most developed blockchain ecosystems in existence. No mention is made of the years that both the No. 1 and No. 2 cryptocurrencies put in before their big price pumps finally arrived.
A Medium article titled “Under a HEX” was published this past weekend, and it attempts to show how HEX is actually much worse than a typical Ponzi or pyramid scheme. According to its writer, Goldman Sats, this is a new breed of scam coin, designed wholly to enrich its founder:
Not only will Richard control close to half of all HEX after the first year, but it is the first token I have seen to have its founder’s perpetual self-enrichment baked into the protocol.
Goldman Sats describes how the coin’s staking system works to return a huge percentage of coins to their creator.
Richard not only possesses the Origin Address but will also comprise at least 45% of all the HEX in the staking pool after the first year. So say someone ends their stake early and is penalized 1 million HEX, Richard receives 775,000 HEX himself, leaving only 225,000 coins to be divided amongst the thousands of other stakers.
Heart has remained bullish in the face of criticism, regularly inviting his critics onto his YouTube channel for debates. A “HEX positive”, anti-FUD Telegram channel has been set up to offer HEX loyalists shelter from the incoming barrage.
This article was edited by Sam Bourgi.
Last modified: January 22, 2020 11:41 PM UTC