anonaconda’s profile 10
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Member since: August 27, 2020
Review Date: August 27, 2020 00:44:44
The idea of a time deposit on the blockchain intrigued me from the get-go. I just like the idea of putting money away for a time and getting a nice return on my principle. Time deposits are a massive business all over the world, and by massive, I mean trillions of dollars. HEX is clearly tapping that popularity and earlier this year actually went over $1B market capitalization, though it has come off a bit recently. The reason people are drawn to it is because it is a finished product--no promise-filled whitepapers-- and it has been working flawlessly since its launch last December. The code has been audited three times by an independent agency, which is more than can be said for the vast majority of other cryptocurrencies. There's a lot of game theory to spice it up as well, and what is really cool is that it is fully transparent on the ETH blockchain. What's more, you can actually check when big whales plan to end stake, and adjust your stake length accordingly! Finally, laddering your stakes is fun, pure and simple, and what could be better than trustless interest?? Are there any negatives? The only thing that irks me bit is that Emergency Endstaking penalties are split 50/50 with stakers/central origin address. This was dumb in my view and will attract the wrath of naysayers. It's great that he wants to reward stakers with inflation instead of miners who sell the price down to pay utilities. So why not give it all to the stakers? If it is so decentralized, why should a single "anonymous" origin address benefit the same as the entire HEX community? Rewarding one address with such a huge and continuous stream of funds seems antithetical to his argument. Many are upset about the origin address. "What happens to the ETH that investors use to buy HEX in the AA?" they want to know. Well, HEX is like a product, so the ETH that you are buying it with in the AA is forfeited as it is when you buy on any exchange. You don't ask CZ what Binance did with the ETH you used to buy any other coin, do you? You don't ask a money exchange what they did with the dollars you used to buy baht. HEX is the best defi product out there at present and it's very easy to use. Not only that, even with the high gas fees, it still ends up much cheaper investing in HEX than say, Synthetix, AAVE or Compound. What is a bit concerning is that HEX is being gatekept. One wonders why it needs to be added to Uniswap instead of being supported natively. Kyber, Ox and other gatekeeping decentralized exchanges won't even list it citing some lame excuse. Most marketcap statistics sites pretend they can't figure out the total market cap or some other required metric accurately and therefore list it way down the rankings. Andreas Antonopolous who receives hundreds of shill requests and doesn't tweet about them, tweets about a shill request presumably from a HEXican. Why would he single out HEX? There seems to be a concerted effort to undermine HEX, but this seems to be having only a negligible effect. The HEX community is incredibly resilient and unified. I'm looking forward to the end of the launch phase and BPD. The AA will be gone, much to the naysayers dismay, and it will only be trading on exchanges. At that point, real price discovery will happen. I've invested heavily in HEX, but I'm not going to tell you to do the same. You need to do your own research and make your decision based on that alone. Don't trust the raving, anti-HEX loonies who repeat the same misinformed nonsense ad nauseum. Don't trust -- verify the information for yourself. In most cases, they are just protecting their own bags . . . in fact, that's 95% of cryptotwitter. Good luck!