mistergrin posted on December 08, 2019 17:15:00
People are enriching Richard Heart's pockets by falling into greed. This is just like the ppl who knew Bitconnect was a ponzi but participated anyways... we all know what happened there. If you invest into this ponzi coin, you're part of the problem.
So far Richard has gotten >$3 million in ETH sent to the token address he likely controls.
Also, I don't care what kind of logical gymnastics he uses to claim that HEX isn't a security. I'd be willing to bet my Bitcoin that HEX is an illegal security and will get chased down by the SEC for such. Not sure if Richard plans to never step foot in the U.S. again or maybe he'll just retire in a non-extradition country with his millions.
HEX literally does not besides be a fancy sounding ponzi - "certificate of deposit on the blockchain", lol Richard is an amazing marketer and very eloquent debater. Doesn't mean that he's right that this isn't a security at the end of the day like the lawyers on Tone Vay's live stream explained.
Dr. Doom posted on December 03, 2019 23:14:40
So this shady shitcoin finally launched and there has been a lot to do about it; Heart has been promoting it all and everywhere the last couple of weeks. Btw it is not called Bitcoin HEX anymore, just HEX. And indeed it is just an ERC20 token, just like all the rest of them, but somehow this is supposed to be better than Bitcoin! May I remind everyone that Mr. Heart previously was a bitcoin maximalist and even went as far as trashing Ethereum as being a worthless unreliable project; yet now apparently he is launching his "better than bitcoin" coin on it.
Richard Heart appears to be a very crafty snake oil sales man that is very skilled in manipulative discussion techniques to make it seem as if he is dominating the conversation with his often word salad and evasion techniques. I used to find him entertaining personally in the past and he could bring up interesting points to think about, in the space generally; but since he is actively promoting his shady HEX project, I can't take him seriously anymore.
In fact the project does have an interesting smart contract with could be defined as a DeFi product: essentially it is a CD (Contract of Deposit or Time Deposit), which will give you an interest on staked tokens. After the first year of distribution, there will be an infinite inflation of almost 3.7% per year, to be divided over all stakers proportionately. In terms of store of value and scarcity it is most certainly not better than bitcoin.
It also has a very complicated structure (especially in the first year) of distributing coins, of which the 2 most important ones are: straight up buying with ETH from the smart contract (similar to an ICO, with some tweaks) and claiming free tokens for BTC holders by signing a message with your btc wallet (the process is fairly safe, although doing this will link ownership of your bitcoin to your claimed HEX addresses, so you can be compromising the privacy of your bitcoin).
So beyond the poor quality and overall uselessness of the token itself, let's look at some more red flags:
- First of all: tokens are factually being sold to the public via the smart contract and the raised Ether is "flushed" to another Ethereum address of which Richard claims he doesn't know who has access to that address (yeah right, very credible). First 24 hours the smart contract raised $3 million worth of ETH. Richard also denies that he knows what that money is going to be used for.
- Richard says he isn't involved in the launch of the token, while he has been working on it for 2 years and won't get a benefit. I am suspicious because of the sale of HEX for Ether. Also he is probably one of the biggest btc whales to claim HEX for free for himself, making him a HEX whale too (although large btc addresses get less HEX to give you the impression that he is doing it for the small people).
- It seems quite obvious that this project is very centralized and that Richard has very likely a lot of control over the project, which also makes him very liable to regulators crack down (unless he exit scams to a country that has no US extradition treaty). Because the code is not on Github and devs work closed source, it is hard to see what's going on.
- One of the very big no-no red flags for every project are the blatant profit predictions, which is very common in the HEX communications and by Heart himself, by making a lot of references to bitcoin's price increase in its early years, relating it to the "pumpamentals' of HEX, which should also produce 10,000x returns and that it is "programmed to pump".
Basically all his BS shittalking is geared towards misinforming his audience making them believe in his silly ERC20 token with infinite 3.7% inflation and appeal to greed of non-sophisticated investors and crypto holders. Please be aware of the snake oil sales man and don't get fooled. It seems quite obvious to be a moneygrab and I am going to stay away from this as far as I can. And no, I don't even consider claiming the free tokens simply because it could be "free money". Other caveat: your claimed free tokens based on your btc balance (per snapshot), are forcibly staked for 50 weeks, so you can't even "dump" them, only after 1 year and who knows how "much" it will be worth by then.
2 articles for more background information:
From Jan 2019: https://currencyjournals.com/bitcoin-news/bitcoin-scam/why-richard-hearts-bitcoin-hex-is-a-scam-crypto-insider/ (some of the info in this article is outdated, but most still applies)
From 2 years ago, early days of HEX development, talks about the personal experience with the character of Richard Heart: https://steemit.com/cryptocurrency/@isacoin/the-truth-about-richard-heart-aka-richard-j-schueler
Then there was a 7.5 hr Law Review episode on Tone Vays' Youtube channel, where Richard Heart also appeared and defended his project 3-4 hours long (gotta admit that he has strong debating skills and had the balls and character to come on it to be scrutinized heavily, but as said most of it are evasive and manipulative tactics). In the last part a former coder of the project also appeared to clarify some ins and outs on the code level of the smart contract to find out the things Richard was evading to explain or made it much more complex than needed: https://www.youtube.com/watch?v=KYFfWqmzz5M.
All and all; this has all the elements of a classic scam and I don't trust it for 1 single bit!
anon48 posted on February 10, 2019 04:44:43
Everytime Richard is asked why do we need HEX or what is it used for, or what problem does it solve, he comes up blank, has no answer and tells the asker you don't understand game theory. This coin smells like a scam, walks like a scam and looks like a scam. I think Richard has been destroyed by the bear market and is now trying to print his own scam token to make a shit load of money. Problem is I don't think Richard has quite worked out how alts actually make money THEY NEED THE BACKING OF BINANCE or they are dead. Richards pockets aren't deep enough to pay Binance to list his shit token. So HEX is dead before it even began. Don't be giving out your bitcoin details to claim this garbage no use coin.
Jason T. posted on February 05, 2019 12:21:36
Incredibly shady. Richard Heart used to hate on all altcoins with a superior smugness about him. And now he's created his own, ladies and gentlemen. Stay far away and don't give his tokenized version of Bitcoin any attention.
Fiat Daily posted on January 29, 2019 20:55:35
I thought this guy Richard Heart was supposed to be a bitcoin maximalist type of guy. And now disappointing with creating his own coin that doesn't seem to have any underlying or fundamental or any technological value. This shitcoin has nothing whatsoever to do with bitcoin and better be avoided.
stellarowl12 posted on January 29, 2019 11:20:39
This is Richard Heart's shitcoin if you don't know him, just look him up on YouTube... also the basic gist of this is to give all Bitcoin holders an airdrop as an ERC20 token. But if you don't claim your BHX then they go into an unclaimed pool which gets distributed over time to all HODLers. Heart says that all the unclaimed ones like Satoshis or Mt. Gox funds wont be dumped on people in his coin. Sounds to me like he wants to dump on ppl with his own new coin...
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