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Jon Ham
Arkansas Fan
Member since Jun 2011
23789 posts

re: Took a dive into Hex crypto
Richard Heart is going to be on Making Money with Charles Payne on Fox Business at 1:35 CT today. Just FYI.


boomtown143
USA Fan
Merica
Member since May 2019
5679 posts

quote:

Richard Heart is going to be on Making Money with Charles Payne on Fox Business at 1:35 CT today. Just FYI.


Just starting man.

Watch what happens over the next 6 months


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12
whodatigahbait
LSU Fan
Uptown
Member since Oct 2007
1634 posts

quote:

really? I'd argue the stock market is just as much a ponzi as crypto is.



Laziest analogy ever, you miss the part where stocks have underlying value, cash flow, earnings etc.


boomtown143
USA Fan
Merica
Member since May 2019
5679 posts

He just finished on FoxBusiness Charles Payne show.

He did great.

Plenty more to come



Watch what happens when pulse and pulseX launch
This post was edited on 7/6 at 1:56 pm


j1897
Arkansas Fan
Member since Nov 2011
2623 posts

This guy's show?


Where he promoted the dumbest pump and dump to date?


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32
Jon Ham
Arkansas Fan
Member since Jun 2011
23789 posts

Here’s the interview from today: LINK

He killed it if you have a basic understanding of crypto. For people who don’t have that basic understanding though I’m sure they had little idea what he was saying.


whodatigahbait
LSU Fan
Uptown
Member since Oct 2007
1634 posts

quote:

Here’s the interview from today: LINK

He killed it if you have a basic understanding of crypto. For people who don’t have that basic understanding though I’m sure they had little idea what he was saying.


He barely said anything and came across terribly.


FnTigers
LSU Fan
Member since Sep 2021
890 posts
 Online 

quote:

He barely said anything and came across terribly.
He barely had time. He was efficient with what he was given. No he didn't come across terribly.


Jon Ham
Arkansas Fan
Member since Jun 2011
23789 posts

When it’s a three minute interview and the guy is rapid firing questions that are 50% stupid there’s only so much you can do.


whodatigahbait
LSU Fan
Uptown
Member since Oct 2007
1634 posts

quote:

He barely had time. He was efficient with what he was given. No he didn't come across terribly.



He came across flippant and annoyed with any question - as if no one should be questioning him or his platform.
This post was edited on 7/6 at 4:06 pm


tenderfoot tigah
LSU Fan
Red Stick
Member since Sep 2004
8765 posts
 Online 

quote:

He came across flippant and annoyed with any question - as if no one should be questioning him or his platform.


Or tired because he lives in Europe.


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22
FnTigers
LSU Fan
Member since Sep 2021
890 posts
 Online 

quote:

He came across flippant and annoyed with any question - as if no one should be questioning him or his platform
If only you knew. That old stupid article and spam king are early day fud and has been dispelled for 2 years. It's the same ole bullcrap from people who don't research. He answered the questions well. OA has never sold a coin. Spam king section is straight bs over a $500 small claims across the country. Vitalik, ETH foundation, Charles H, all dump on their users heads. Richard Heart is a billionaire and doesn't need to ever sell a single Hex. He probably won't ever sell one either.


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11
cwill
Member since Jan 2005
50013 posts

quote:

The only actual thing that makes one cryptocurrency better than another is people holding it.


Greater fools.


Jag_Warrior
Virginia Fan
Virginia
Member since May 2015
2811 posts

I agree. I believe that he should rethink that statement.


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Jon Ham
Arkansas Fan
Member since Jun 2011
23789 posts

quote:

quote:
The only actual thing that makes one cryptocurrency better than another is people holding it.


Greater fools.



He made that statement in an interview 2 years ago, since then there has been a growing number of crypto applications. When he said it, it was pretty true that crypto had little real world utility and the only thing that made one worth more than others was people holding it. I don’t think that statement holds as much water today, but his point still stands that HEX is pretty much bitcoin but that it rewards people who hold and we’ve seen what bitcoin’s done.


tenderfoot tigah
LSU Fan
Red Stick
Member since Sep 2004
8765 posts
 Online 

I thought you were joining the crypto Discord group?


21JumpStreet
Colorado Fan
Member since Jul 2012
13490 posts

Yikes.


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11
buckeye_vol
Ohio State Fan
Member since Jul 2014
34785 posts

Well that interview was enlightening. I’ve always thought that a lot of crypto/web3 projects and the culture around reminded me of MLMs they just cater more to “bros” and MLMs cater more to “huns.” Both often have nonsensical “business” models that intentionally blur the lines between “consumers” and “investors/owners,” lacking the transparency of other investments, but instead lures people into being part of some community which minimizes/eliminates any accountability.

But worse, it creates an echo chamber & group-think mentality that incentivizes unconditional support, to a cult-like, militant level, that even valid and well-intentioned criticisms and attempts at accountability are either ignored and fought tooth and nail by the supporters to a point the critics are shunned and banished from the community altogether.

But those similarities were already obvious, but the new similarity that I hadn’t seen before is his response to people calling it a “ponzi” scheme. Just like how people call MLMs “pyramid” schemes.

The MLMs respond to those accusations and explain that unlike pyramid schemes they’re not illegal and point out some of the technical/pedantic differences while ignoring the criticism is that they’re functionally similar and still a scam even if they’re a legal scam. But they will even proactively explain the differences without an accusation and even train their “business owners” on the differences, or at least give them a boiler plate example to use.

So not only did Richard do something similar here with his response to the ponzi accusation, the website has a whole section dedicated to “proactively” explaining why it’s not a Ponzi scheme. Like MLMs, having to proactively explain why it doesn’t meet the technical/legal definition of an illegal scam, doesn’t mean it’s not functionally similar or any less of a scam. And it doesn’t bode well for ant business when you have to focus on why it’s not illegal.

Now I don’t think most projects, products, and/or businesses, are meant to be scams. And this is not an exception. I don’t think Theranos, Nikolai, etc. were meant to be either. I even think some actual illegal Ponzi schemes were meant to be either. Charles Ponzi’s scheme started out as a legitimate endeavor before it turned into the scheme. I’m sure most probably would have preferred to get the returns they promised legitimately, just like Elizabeth Holmes wanted her blood test to work.

So I think people have this mixed up notion that about scams/scammers. They think the original plan and sole intention was to scam people, when in reality, it’s often just a response to failing to do what was promised.

But I think there are a couple of conditions that make them more likely, and I think one of crypto’s biggest problems is that the incentives, models/structures, and cultures helps create the conditions (lack of accountability, tcult-like following, and the cult of personality with many of the founders, and big promises that are made, especially financial promises).

I think this is especially true for the products themselves that are specifically financial instruments, not just a product meant to have some non-financial function that is valuable, and it’s financial value is a result of that, but still valuable Independent of the financial value.

Looking into Hex and Richard, I feel like this is, more so than almost any other product/project I’ve seen, creating those conditions for it to turn into a scam. And his comments only reinforce that.

Specifically his earlier comment, that there doesn’t need to be actual utility or independent for something to make money is troubling. And it’s troubling because he’s actually correct, BUT instead of pointing out that it’s a serious problem that needs correct and he wants to create something corrects it, he seems to be using that as some sort of justification of his product instead, as if it’s ok if it doesn’t have any utility to justify its value because other products/projects didn’t either. That’s literally the last thing any legitimate, competent, and credible person would say.

I mean it’s why crypto so similar to the dot-com bubble with companies going public without even a product or even a plan to make money. So it’s like leading up to the dot-com crash saying “you don’t need to have anything of value or utility to make money, like all these other companies, so why not invest in my company even though I’m not trying to address that problem.” That would (and probably did) work, until it didn’t. Yet, google, Amazon, etc., who were actually creating products and services of value ended up surviving.

But like someone pointed out earlier that red an older comment, so it would have been forgivable if now that he had a project, that he had changed his tune. But that Payne interview only reinforced his earlier comment, as he just pointed out that money was created out of thin air for Bitcoin and other cryptos without any utility or fundamentals. But again that seemed like justification, and he neither pointed out that it’s a major problem not that his project attempts to solve that. He just points out that Bitcoin went from a penny to $69k, as if that is a selling point for his project, even though he was criticizing the others.

Worse yet, his economical explanation was nonsense. Because while Bitcoin’s price is based purely on sentiment and the value others are willing to pay for it, not its utility, that’s at least a legitimate justification since it’s purely a market pricing with no promises about returns, yields, or rewards, most importantly none from Bitcoin itself. But his project is making promises of rewards, yields, etc., So money created out of thin air is one thing, but promising money to give people money out of thin air from the money out of thin air, is just nonsense.

And finally, this may seem minor and unimportant, but since his only track record is the whole spam thing and since it’s odd that he’s created pseudonym since he’s unlike say Satoshi, he’s being the exact opposite of anonymous or not drawing attention to himself, I find his little bio in Richard Heart website to be the exact opposite of what I would expect from a credible, non-scammer:
quote:

He owns the world's largest cut diamond, $5,000,000 in watches, and raised $27,000,000 for medical research. He owns a couple of Ferraris, one of which is the quickest model ever made with 1000HP.
I mean raising money for medical research is cool, but it’s not something people normally highlight immediately. But that’s one thing, but this is literally the first thing on his website, and focusing on owning the largest diamond, the millions of dollars of earaches he owns (I see lots of complaints about him on the Rolex subreddit) and owning a couple Ferraris, comes off as a person who cares vanity and an appearance of being rich above all else. That’s not something I would expect to see in Warren’s, Elon’s, Bezos’s, etc. bio at all, let alone in the introduction of it. I wouldn’t even expect that from Trump (I would expect him to talk about his business accomplishments first, not that he has a private jet), and Trump takes vanity to the extreme.

So all in all, I doubt Richard is planning a scam, and maybe he’ll get lucky and, unlike many scammers, never be put into a position where that’s even necessary. But I’m pretty confident that if things go bad and desperation kicks in, he has all of the red flags of someone who would resort to a scam. And unfortunately given many of the replies in this thread, like the MLMers, it’s clear that those who could hold him accountable to prevent that probably won’t until it’s too late and they too have gotten scammed, even if the signs became quite obvious.
This post was edited on 7/7 at 2:46 am


Jon Ham
Arkansas Fan
Member since Jun 2011
23789 posts

Creating a store of value asset made purely of computer code, and allowing owners to gain more of that asset just like a CD does for real world money, throws people for a loop. “How can strings of digital code have any monetary value? He’s promising yield on them? This has to be a scam. The buyers of this product must be misled.”

The market tells us the value of something, or at least the current value of something. The market has shown us that there is an increasing amount of people, and an increasing amount of money, that want digital assets like HEX. We can make arguments that the market is being irrational, but when it comes to investing at the end of the day the market is real and our personal beliefs are just feelings inside us.

HEX is completely transparent about what it is and what it does. HEX’s operation is executed without a single middleman. The yield is programmed into the asset; when the asset is “deposited,” the yield comes from the 3.69% inflation. Once you learn this you know undoubtedly it’s not any scheme, but doubters would rather just question legitimacy than seek understanding.

But don’t get me wrong, just because it’s not a “scheme” doesn’t mean it’s a good investment. I still see it as a gamble, and not something anyone should be putting serious money into. I think one’s investment portfolio should be no more than 5% crypto and within that 5% anything outside of Ethereum and Bitcoin should be no more than 20% of your crypto holdings. It’s a high risk/high reward speculative investment.
This post was edited on 7/7 at 6:26 am


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60
Jon Ham
Arkansas Fan
Member since Jun 2011
23789 posts

quote:

I thought you were joining the crypto Discord group?


I will, I just happen to be one of the world’s greatest procrastinators.


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