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Jon Ham
Arkansas Fan
Member since Jun 2011
23902 posts

Took a dive into Hex crypto

Over the last few days, I’ve watched probably 10+ hours of interviews and debates featuring Hex’s polarizing founder, Richard Heart. The following is my summary of Heart’s basic pitch for Hex and his response to what I believe are the two most fundamental questions about Hex. Heart’s answers to the two questions below are not whole word for word quotes, but the substance of the assertions were all made by Richard and the majority are word for word statements he made. I took the liberty of slightly re-organizing and adapting his various statements so they are more concise and make sense in this context.

I welcome all thoughts / questions / criticisms in response.


My Summary of Hex founder’s “pitch” for Hex:

The market has shown a cryptocurrency does not need utility to achieve growth in price. It needs a story and good marketing. Hex’s pitch is that it’s Ethereum’s “bitcoin” but with the feature of allowing you to “deposit” it and earn yield similar to a certificate of deposit. You can stake your Hex (stake = deposit) for as little as 1 day and up to 15 years. When you “unstake,” you get your staked Hex back plus interest. The interest is your share of Hex’s 3.69% inflation. The longer you stake, the bigger your cut. This feature in theory should also support Hex’s price, as the more people hold the higher the price should be. The staking feature is built into Hex and does not rely on trusting any middle men.



Question: When you make a time deposit you actually give those funds to the bank, they become accessible to the bank. If you stake something in Hex, who are you making it accessible to? Why should you get any interest on something you don’t loan out?

Heart: You could call it virtual lending and that you’re lending it to everyone who is not staked because it holds the price of the non-staked coins up. So in theory, everyone who isn’t staked has an increased value.

Banks let your deposit sit there and act as a “reserve” to get leveraged up 10 fold and get 10 times the free money from the government, and what is that money the government gives them? Inflation. So when you put your money in the bank, anyone who gets yield gets it from inflation. Where do bitcoin miners get their yield? Inflation. Where do Hex stakers get their yield? Inflation. Staking your Hex is like getting free bitcoin mining machines that run without electricity.



Question: Why would there be demand for Hex?

Heart: Have you seen the coin market cap top 100? Nothing has adoption, and yet everything is worth billions. So it turns out in crypto, you do not need to have utility. You need to have a good story and good marketing.

In bitcoin and all other cryptocurrencies no one has replaced the time deposit, the certificate of deposit. We don’t have a cryptocurrency to replace the $7.2 trillion in time deposits just in the United States and China alone. That’s larger than printed money, that’s a larger market.

Everyone thinks that what makes one crypto better than another is some bull shite narrative. Bitcoin was peer to peer digital currency – it didn’t work out and it didn’t matter, price went from $1 to $20,000 with no adoption. The narratives just changed – “it’s programmable money.” Ok well who programmed it to do anything ever? No one. So why does the price keep going up? Because the market is smarter than the dumb narratives that you guys think matter. The reason the price is going up is because people are buying it and holding it, and the excuses why they’re doing that are irrelevant. What matters is the buying and holding, so let’s reward the buying and holding. The only actual thing that makes one cryptocurrency better than another is people holding it.
This post was edited on 6/20 at 10:41 pm


rocksteady
Member since Sep 2013
711 posts

“The market has shown a cryptocurrency does not need utility to achieve growth in price”

I am not a crypto guy by any means but I’m also not naive enough to completelyyyy disregard it, but I smiled at this first sentence and stopped. Will read the rest tomorrow because it seems like I could learn something. Thanks in advance


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62
FnTigers
LSU Fan
Member since Sep 2021
903 posts

quote:

Jon Ham


What are your thoughts on Hex?

What are your thoughts on Richard?

I commend you for actually taking a dive in.

This post was edited on 6/20 at 10:50 pm


Jon Ham
Arkansas Fan
Member since Jun 2011
23902 posts

quote:

What are your thoughts on Hex?

What are your thoughts on Richard?


Richard is a savvy brander/marketer. He’s like Trump in that regard. I also think he knows his shite technically speaking. Not because I know anything about creating crypto, but I’ve seen him get challenged by people who do and he holds his own.

He’s highly intelligent. I think he’s driven to be the biggest name in crypto, the leader in crypto. I think his ambitions lie beyond dumping his Hex for some easy money. While all that may but true, that doesn’t mean Hex is a smart place to put my money, although in this space a technically excellent product backed by strong marketing and nothing else can result in huge gains, so if you have an appetite for buying an expensive lottery ticket that may have better odds than the actual lottery it’s worth considering.


FnTigers
LSU Fan
Member since Sep 2021
903 posts

quote:

Richard is a savvy brander/marketer. He’s like Trump in that regard. I also think he knows his shite technically speaking. Not because I know anything about creating crypto, but I’ve seen him get challenged by people who do and he holds his own.

He’s highly intelligent. I think he’s driven to be the biggest name in crypto, the leader in crypto. I think his ambitions lie beyond dumping his Hex for some easy money. While all that may but true, that doesn’t mean Hex is a smart place to put my money, although in this space a technically excellent product backed by strong marketing and nothing else can result in huge gains, so if you have an appetite for buying an expensive lottery ticket that may have better odds than the actual lottery it’s worth considering.
Fair enough. Keep diving in. Once again, thanks for actually doing some research. It's refreshing. RH is a good dude working hard to be a light in a sea of darkness. He does it for his glory and to help people. He's a billionaire but truly cares about the little man.


CarRamrod
USA Fan
Spurbury, VT
Member since Dec 2006
55916 posts

quote:

I’ve watched probably 10+ hours of interviews and debates
pull out a red bull can for the next 10 hours.


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90
tenderfoot tigah
LSU Fan
Red Stick
Member since Sep 2004
8802 posts

quote:

He's a billionaire but truly cares about the little man.


One of the few.


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58
Upperdecker
US Space Force Fan
St. George, LA
Member since Nov 2014
27093 posts

Welcome to the cult. I am also an indoctrinated member


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51
TigerTatorTots
LSU Fan
The Safeshore
Member since Jul 2009
79797 posts

I am pretty impressed that someone who is very outspoken on crypto as a whole actually took the time to read up on one of the topics/coins he was speaking against. Very few like you on this board in that regard so I commend the effort you put forth in doing so.


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101
UltimaParadox
Alabama Fan
Huntsville
Member since Nov 2008
28686 posts

quote:

He's a billionaire but truly cares about the little man.


Lol the guy who built his fortune spamming email, that sells anti aging pills and get rich quick schemes. Richard Schueler is just another con artist in this space. He was so blatant he was actually sued successfully for violating anti-spam laws in Washington.


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Chuckiee
USA Fan
Member since Jan 2007
2420 posts

quote:

get rich quick schemes


what schemes are you talking about?

quote:

another con artist in this space


who has been scammed by him in this space?


WDE24
Yale Fan
Member since Oct 2010
52225 posts
 Online 

quote:

what schemes are you talking about?


quote:

The market has shown a cryptocurrency does not need utility to achieve growth in price. It needs a story and good marketing.


quote:

who has been scammed by him in this space?
That remains an open question, but it isn’t hard to make a case that those who buy and hodl HEX.


Chuckiee
USA Fan
Member since Jan 2007
2420 posts

quote:

The market has shown a cryptocurrency does not need utility to achieve growth in price. It needs a story and good marketing.


that doesn't point to a Richard Heart get rich quick scheme. He's just making a statement about the crypto space in general.

quote:

That remains an open question, but it isn’t hard to make a case that those who buy and hodl HEX.


I think it's easier to say the opposite.


WDE24
Yale Fan
Member since Oct 2010
52225 posts
 Online 

quote:

He's just making a statement about the crypto space in general.
And that statement should be worrisome to those heavily invested in crypto if it is true.



Chuckiee
USA Fan
Member since Jan 2007
2420 posts

quote:

And that statement should be worrisome to those heavily invested in crypto if it is true


Most of us know and understand that 95% of crypto is/are scams. We see the rugpulls and liquidations. We are willing to take on the risk. But like anything, most of us have put in research and feel comfortable with our investment in hex and other Richard Heart projects (pulsechain and pulsex).

ETA: that's why we engage with people that are quick to call hex a scam. there still hasn't been one person that has proven that someone was scammed and 99% of the people on this board that call it a scam haven't done even the smallest of research. Kudos to you Jon Hamm
This post was edited on 6/21 at 10:04 am


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52
CarRamrod
USA Fan
Spurbury, VT
Member since Dec 2006
55916 posts

quote:

And that statement should be worrisome to those heavily invested in crypto if it is true.

really? I'd argue the stock market is just as much a ponzi as crypto is.
This post was edited on 6/21 at 10:07 am


CarRamrod
USA Fan
Spurbury, VT
Member since Dec 2006
55916 posts

quote:

He was so blatant he was actually sued successfully for violating anti-spam laws in Washington.
quote:

the guy who built his fortune spamming email,
this goes to show you dont know anything about him and just regurgitating hit piece articles with half truths and false extrapolations.


ETA: I did know know twitter bots have made their way to TD. because this is their script.
This post was edited on 6/21 at 11:36 am


FnTigers
LSU Fan
Member since Sep 2021
903 posts

quote:

guy who built his fortune spamming email
it was a $500 small claims court you moron. He wasn't going to fly across the country for that.



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80
UltimaParadox
Alabama Fan
Huntsville
Member since Nov 2008
28686 posts

quote:

ETA: I did know know twitter bots have made their way to TD. because this is their script.


Lol yes I'm a Twitter bot... However wouldn't it make more sense if I was pushing a product you know to actually make money.

Good luck to you guys, even most in the permabulls on r/cryptocurrency stay away from hex.


Chuckiee
USA Fan
Member since Jan 2007
2420 posts

quote:

even most in the permabulls on r/cryptocurrency stay away from hex


and they bought Luna, Celsius, etc. and got fricked.


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