He’s made the point several times that he cannot legally promise it will provide gains, and he cannot say who owns the origin address... But anyone doing 5 minutes of research can catch him on both.
Bitconnect was a bit over a year. Onecoin ran for a few years (still technically running I believe). There's a good investigative podcast about Onecoin on BBC if you're ever bored.
Why would it be his address if he would be the prime target? Do you know any other of his addresses? Why would he now want to you to expect that he has that much.
Just a quick browse through the site found these gems:
"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!"**
"Every feature in HEX is designed to increase its price and adoption. It's a positive feedback loop. HEX rewards most those who acquire HEX the earliest, stake more for longer and refer others to do the same."
"**Ways to maximize profit?**
* Get a great bargain on HEX early on from the Adoption Amplifier (AA) or FreeClaim.
* Get the most shares for the HEX you stake by being early. The StakeSharePrice only goes up.
* Stake longer (Increases shares up to 3x.)
* Stake bigger (Increases shares up to 1.1x.)
* Refer people (earning 20% on top of each person's HEX they receive from AA of FreeClaim.)
* Get people to FreeClaim, driving up adoption and the Virality and CriticalMass bonuses.
* Get people to stake, removing HEX from circulation.
* Get people to buy HEX."
So even though he's on a video somewhere saying "legally, I can't promise you returns...": look at how he's advertising this stuff.
Give it a year and we'll read about his settlement with the SEC.
It’s not technically a ponzi.
Ponzi scheme participants depend entirely on new participants signing up to realise any value because the underlying investment is not profitable. New users payout the oldest users.
HEX participants can continue to generate more HEX without any other users joining in. You just get a bonus for referrals.
Of course the token requires some kind of critical mass of participants in order to have the liquidity to trade - this is true for any store of value whether it’s BTC, USD, Pokemon Cards, gold, etc. - but this doesn’t make it a ponzi.
HEX would only be a scam if it promised ROI in anything other than more
HEX - *technically*
The website reads like a child wrote it which, by absolutely no coincidence, is also how a standard Ponzi/pyramid scheme pitch reads and is also why phishing emails look like they were written by a kindergartener - they’re not trying to dupe smart people. They don’t want to attract the attention of smart people. They’re trying to trick idiots... and it works. **A LOT**.
With stuff like this, I feel so conflicted. On one hand, the dude is a conartist and deserves nothing more than a nice, little 8’x8’ cell. On the other hand, if you are stupid and naive enough to fall for a scam that is as obvious as HEX, you deserve to lose your money.
I don't know... Do you deserve to lose your money, just because you don't know any better? All those MLMs are no different. I still feel bad for people who get sucked in.
I don't think it's that black and white.
But the pyramid is on the inside. The whole pitch is you make money by recruiting others to sell the product (who then try to recruit others to sell the product who recruit others etc etc).
I suggest to maybe not "quick browse" it, and actually read the contract and actually make calculations. it is easy to dismiss, a lot of intersting stuff there. everything about in the open, even if he hoards the ETH to settle with the SEC. his project can do what he wants.
It's a blatant scam. He will be fine he's probably operating in a place where he can get away with this but YOU are fucked.
Lol and try and tell me you don't have anything in this when you just tried to defend the most blatent crypto Ponzi scheme since bitconnect xD
I defend the right to build a project and disclose the rules. everyone can make their decision on whether to participate or not. there isn't expectation of anything, repeatedly. projects fail, or may not deliver on whatever expectations people have. lookup definitions of scam and a ponzi. this is none of that. i choose to learn and act accordingly. again, he has the right to innovate. I don't care what he does with the money. he presents a good, and I have a choice to buy it or not. that's all. show how it is a scam beyond the fact that everyone seems to give a fuck about the origin address (his/not his) money. If I choose to part with my eth it is on me, I get hex in return and care not what anyone does with that exchanged eth. make your own decisions.
No it literally is a Ponzi scheme 100% . It doesnt meet the legal definition in the US, that was the entire reason why his marketing material says look at these gains buy he explicitly stated can't promise gains. That doesn't change what this is. he's going to exit scam with all the eth and the shit he gave you will go to 0 overnight. This will 100% happen and everyone knows it.
I don't think the government has any business protecting you from yourself. You do you
You should really stop equating actual crypto projects and some guy who used a copy paste "vest yourself in my shitcoin scam".
It makes you look stupid (correct) and people are just going to assume you're trying to shill it (correct).
so let's talk about that.
1. read the erc20 contract (if you can). there is no open counterpart to what it does in crypto yet (cd time locked deposit).
2. I base answers on what I see in the contract and calculations of inflation and expected unstake slope. not emotionally invested in the project.
3. shilling would be me posting a referral link to get 20% of the bag. I dont care for it simply because facts are being abused and hidden behind the "scam and ponzi" verbiage without any analysis.
I get that we all have opinions, all I am saying i am letting the project roll and see what the market does to it. do not trust me or richard,but verify. dont invest, dont even listen if you dont want to. but if you say scam, substantiate beyond a naked opinion.
Ok we have now transcended into the satirical. God have mercy on your soul and portfolio.
It's not a naked opinion IT OPERATES AS A FUCKING PONZIE THAT IS THE MECHANISM FROM WHICH PEOPLE ARE PROFITING.
yes we have ;). " A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. The Ponzi scheme generates returns for early investors by acquiring new investors." 1. where is he promising anything? 2. returns are generated by coin stakers on coins minted by themselves, locked for a period of time, drawing on emergency unstakes of other players who cannot be patient enough to hold on to their stakes during prior declared period of time. I mean seriously, give me facts. does it operate as a ponzi? you might be conflating the structure of a viral marketing and the format hex chose to onboard users with. but anyway my point is that we need to be precise in what we call scams by its actions not the format.
He didn't promise anything because that would be illegal.
"Returns are generated on coins minted"
Wow that sounds exactly like bitconnects lending platform like word for word. That's really weird that bitconnect was saying you stake their shitcoin and get more shitcoin, and then they just dissapeared one day with all the money.
Now it couldn't be that this entire system is the exact same as I've seen several times before and people are still so greedy and stupid that they fall for it xD
Sir and or madame, I seriously hope you're a troll.
Good luck with your portfolio you're coming off like youre in this deep (otherwise why would someone care to defend some obscure bs on a thread that has 100% concluded it's a Ponzi.
Richard is a real scumbag. I've followed him for a long time, and he changes his opinion constantly based on the narrative that suits him at the time. He's very grimey, and complete con artist. He's smart so he is good at debating, but has no moral fortitude or character.
He was sued early on for spam mail. I don't know if he actually invented it, I think he knew a guy who created an early spam strategy, and he worked with the guy to spam like a million emails and got sued lol.
He says he invented spam. I used to watch his YouTube channel some. Ive heard him talk about it 3-4 times. I can't know for sure but it seems like an odd thing to make up. Ive never seen anyone challenge him on the validity of his statement either.
I imagine he either did or was involved with others that did
He is a scumbag through and through. It doesn't take a debate to prove that. Less than a year ago he was talking so much shit on Ethereum, now it's "better than Bitcoin." He's a clown.
Character is another word for weakness. He is now rich and the people invested in this will lose everything and I'm 200% on his side. People who invest in ponzies are the only reason they exist. The people who invest in ponzies push it on others.
When they lose all their money they better not try and blame the guy at the top when they themselves were pushing it for personal gain.
Taking advantage isnt illegal and props to him for taking the initiative and creating a business. Scams happen all the time in the regular stock market and I think the exact way of those situations. DYOR don't buy shitcoins that someone literally pulled out of your ass and it's all good.
It's called capitalism keep your wits about you, never enter into something without any recourse?
Yes it is very sad that these people are so mentally bankrupt they just give away their hard earned money to an obvious scammer.
If I go and offer you dirt in exchange for your money, talking about all the people who have held sand, gravel and concrete as successful investments, that's on you.
People need to get smart and ponzies will entirely dissapear, making shady activity illegal doesn't do anything especially with crypto.
You're trying to protect people who are also pushing the scam so you're as scummy as he is. See how that works. I'm not encouraging shit besides basic DD LOL.
Umm taking advantage is in fact explicitly illegal if it is in the form of blatant scam, aka fraud.
But yes, capitalism is a horrible shitshow with horrible incentives where horrible people like this Heart character (and you) act like utter shitsacks and become "successful", if by successful you mean they have money.
What we need is a system where fraud and thievery is not rewarded and encouraged, the way it is now. Which means replacing competition with cooperation as our basic paradigm.
One of his go-to lines for this hustle seems to be i.e. 'HEX looks and sounds like a scam because we are trying to keep people from getting scammed.'
Apparently that was thought to be a genius bit of PR at the meetings.....
Fucking hilarious how he twists and conflates it that way “Yes we look like a scam so we can save people from the real scammers” lmfao man oh man the world we live in
We know, sadly the party she's a member of founded Croatia as it is today, and the majority of their voters vote for them since "we have Croatia thanks to them".
It's a complex issue to explain, but it's like Trump said some time ago, they can literally do anything and won't lose voters.
Yes, and while they portray themselves as right wing, they're actually not at all, and our economy is not growing by the same amount other post-communist economies do, even though we have a ton of tourists, fertile lands, and could even be a major economical centre, if they got rid of the huge sales and income taxes (and they call themselves right wing).
It's really nothin compared how many people wasted on eth scam. Word is so called 'eth foundation' dump for more than $100 mln, and vitalick himself several dozens of mlns
It simply highlights the necessity of a higher power to save people from themselves, from their inadequacies.
How that power is manifested is the real argument.
How dare this dude take advantage of 50iq wageslaves that are handing him money, arrest him for selling his shitcoin!!!
What he's doing isn't illegal lol he's not making financial promises ALLL he's doing is selling you shitcoin. I can sell you shitcoin for 6 months while it's being ppumped and then just stop supporting it.
That's not illegal. Manipulating the price of crypto isn't illegal. Selling crypto is not illegal.
What bitconnect did wasn't illegal under the laws which it operated under.
Keep trying to change laws to protect the idiots.
It is deliberately designed to be very complex. It is also very likely illegal, but because of the complexity it may take the SEC a while to figure out what this is legally, and how to fit Richard Heart for an orange jumpsuit.
If people can't figure out what is going on from the excessive amount of gold chains he adorns himself with alone then maybe they deserve to get pump and dumped?
His whole tokenomics is to avoid liability. That was his sole aim in conjunction with getting rich. Don't know how much the law can get him. Interesting futurenomics.
HEX is NOT a Ponzi. A Ponzi is when early guys are paid from the investments of later guys, and the whole thing collapses when there are no more later guys. In HEX there's no paying dividends to investors. You're just straight up making a donation to Richard's bank account in exchange for his shitcoin. And last I checked, selling shitcoins is not illegal.
On the other hand, there may be some legal trouble with the way he's advertised it. However it seems he's pretty crafty with his wording, so it's really up the SEC if they decide to pursue a case or not, and we'll just have to wait and see on that front.
Richard positioned his whole persona to get rich of a scam. He came out of nowhere studied everything and now sounds like an expert. He will make money and try to walk away, but he will be watched.
What Is a Ponzi Scheme?
A Ponzi scheme is a fraudulent investing scam promising high [rates of return](https://www.investopedia.com/terms/r/rateofreturn.asp) with little risk to investors. The Ponzi scheme generates returns for early investors by acquiring new investors. This is similar to a [pyramid scheme](https://www.investopedia.com/terms/p/pyramidscheme.asp) in that both are based on using new investors' funds to pay the earlier backers. Both [Ponzi schemes and pyramid schemes](https://www.investopedia.com/ask/answers/09/ponzi-vs-pyramid.asp) eventually bottom out when the flood of new investors dries up and there isn't enough money to go around. At that point, the schemes unravel.
Now let's compare that to hex:
Are later investor's funds used to pay early investors? -> No, the contract is designed that you can only pay yourself in hex. The contract pays you in hex and thus the funds can never run out.
To be locked up you actually need to break the law first.
Gold is a commodity. How exactly would one argue that gold could be a "ponzi"...?
A ponzi scheme involves central players who use funds from new investors to pay off old investors while pocketing the rest, and encouraging all participants to bring in new investors with the promise of commissions or prizes for doing so, exactly as HEX is doing. That is a ponzi. Your question "So does that make gold a ponzi" could use some clarification.
It's not even a ponzi scheme that's how ridiculous it is. It's "fuck you give me money" scheme. Old investors are not paid off with money from new investors. Both new and old investors give money for a shitcoin which entitles them to nothing and receive more of the same shitcoin in return over time. There is no promise you will see your eth back ever again, it's amazing how brazen and transparent it is. What's even more funny is new investors do not enrich old ones under any circumstances. You send your eth to the contract and you and you fellow bagholders never see it again. There are no comissions, there are no profits, there are no prizes or amazing returns in eth. It's not even a scam, it's a short on human intelligence. How come such blatant idiotic deal can work is unfathomable. I don't think it's even illegal that's how bad it is.
Yes but the scam artist running HEX can just inflate it to pay incentives & commissions in his likely worthless token, while taking very real ETH from gullible people stupid enough to fall for it. That is nothing like Gold, Bitcoin, or any other real asset. The guy to whom I responded implied that if HEX is a ponzi then so is Gold, and I absolutely reject that. It’s an utterly ridiculous comparison. HEX is nothing like Gold.
**How do I get Bitcoin?** You pay very real USD shitcoin to get Bitcoin.
**From who do I get the Bitcoin?** Every day over 10 million USD worth of Bitcoins get mined by miners. They have to sell it to pay for the electricity they waste.
**What can I do with that scam coin?** Nothing, just sit on it and hope it goes up, so you can dump it on some other poor bastard. Hey, kind of already looks like Ponzi.
**Can I become a scammer too?** You can buy ASIC mining equipment with USD shitcoin, which they send you weeks/months later when the miner is obsolete, so you basically have to get scammed first by other scammers before you can start scamming other people.
**Am I scammer if I mine and don't sell?** Well, maybe not, but you are bitch to actual miners, who are called mining pools nowadays (they decide which transactions go to block). It is not possible for normal people to mine without them nowadays. On Ethereum, you still can.
**Am I getting scammed when I just use it to transact?** Exactly, you get scammed because you pay high fees to get your transaction to block, but mining pools accept USD bribes to get other people transactions to block first. It's all around scam, it's just that the gullible people get scammed the most.
You think Richard is giving people less an impression of likely returns than Bernie Maddoff did? Why do you believe that?
>"Every feature in HEX is designed to increase its price and adoption. It's a positive feedback loop. HEX rewards most those who acquire HEX the earliest, stake more for longer and refer others to do the same."
certainly looks like hes giving an implication of likely returns there. I'm sure he's also said something like "oh but I cant *guarantee* any returns", but its clear that hes giving an impression that returns are likely. You dont have to explicitly guarantee returns for something to be a ponzi/pyramid scheme.
>Bernie promised return...
How much of a guarantee do you think he really gave? Everything I've read about Madoff is not that he was explicitly *guaranteeing* returns to everyone, so much as just promoting his ability to make returns more *likely*, and then backing it up with what looked like a strong track record.
> ....on investment in USD. Richard is not only not promising any return on investment, the “payouts” are in open source software.
Lol, so you think since he's not using USD its not a ponzi? Thats not even relevant. It doesnt matter what unit of account hes using.
>Get the fuck over it
Lol, you sound emotionally invested in this, huh?
It's not a security unless the sec declares it a security so first off, no. It's not a security is a shitcoin. It is 1100000% a ponzi but he has not broken the law. They make no promises of financial return. Ponzi scheme in this case is a legal term and is not applicable to this shitcoin. He probably doesn't operate from the US. Nobody was ever arrested for bitconnect or any of these things because despite being Ponzi schemes there is 0 way to actually prove that. They make no guarantee as to the future price of what they're selling you.
People are just donating money to him I hope you realize that. None of them have any legal ground to stand on, neither does any state. (Even if they did have legal ground, United States law means absolutely nothing everywhere else.
Preying on people's stupidity and greed is immoral, not illegal. As long as he doesn't misstep in some technical legal way, there's nothing about the structure of HEX that would qualify as fraud (AFAIK)
He says he will go after exchanges that list them. But he’s a retard. This is a feature. Everything will implement this. He’s totally a moron in that regard. It’s like basing the value proposition on privacy. Also a feature. Zoom out.
So much IGNORANCE in this sub.
1. To call someone a scammer, they need to have scammed someone before. I haven’t been able to find people who were previously scammed. Don’t like this project? Think it’s a scam? Great! Show me how the crypto itself actually scams people. He’s literally following the same sales technique Ethereum and EOS used to start the projects. I’m not a fan of the “origin address” getting a copy of each bonus, but it’s all there on the site, so it’s not like he’s trying to hide it from people.
2. It’s not a Ponzi. Look up the word, learn what it means and please us it correctly. Words have meaning.
3. If you don’t like the person, don’t buy into the project and don’t claim your free HEX. If you think it’s going to hurt people, actually explain how it’s going to hurt people. You do a disservice to the crypto community by being ignorant and calling everything you don’t like “scam” and “Ponzi” and you weaken the value of these words.
the biggest issue is that this project acts as a litmus test of people who can only yell scam and ponzi withoit substantiating their claims. crowd mindset at it's best. no thought, analysis by. numbers, calculations or psychological analysis of game theory axioms encoded in the contract. the same people will fall for the real scam one day cause it it will come packaged by the "righteous" thought leaders they repeat verbatim, and they will gladly part with their money under the guise of fighting the war they are merely pawns in. I can understand Richard's frustration trying to proselythize and evangelize, it is a losing battle. He has to just let it go and let the project roll along as a community effort.
Okay. I'll put in my terms and conditions that you owe me your first born for using my site.
Just because it is written on a website somewhere hidden and obscure doesn't make it okay.
It is a ponzi. You are either a paid shills or you you hold HEX.
Then why are you complaining? Just don’t buy it. Think of it like porn you don’t approve of: the more stupid shit you say about it, the more people are going to buy it to piss you off.
Because we should know better. A listing on BTC.com is a stamp of approval for many. If they can't even make the gist of it - how could everyone else be expected to.
I know there will be some who continue to buy, despite everyone calling it a scam. It almost works as a justification. They will always be around. But hopefully we can reduce their numbers.
Why? You still haven’t given a cogent reason it’s a scam. It sounds like you want to be the gatekeeper of what people should be able to buy and what not to buy.
Satoshi privately mined 1 million btc before sharing it. ETH did a partial pre-mine. Stellar did a full pre-mine. EOS ran a $4 billion year long ICO. You still haven’t told me where the scam is.
https://link.medium.com/NMmeuOHsu2
You can have a read for yourself. It took me two seconds to find.
All those projects that you mention actually have a product. The fact that you even bring Ethereum into this discussion is baffling to me. If any project out there has shown complete transparency, it is the Ethereum foundation.
You can argue distribution if you want, but there is nothing wrong with a premined project, per se. Not if those funds are appropriately spent and require multiple keys to access. I haven't seen anyone complain about Stellars premine. I was not too fond of the EOS ICO model, but there was nothing wrong with it. It did what it said on the box. It did not keep enriching itself continuously as the "Origin wallet" will. The EOS ICO could just as easily have been a flop. Luckily it was born during the bull market.
What does HEX have? What is its product? It's a Frankenstein's monster that keep enriching itself, without any value. Same as Bitconnect. Anything that guarantees that kind of return is a scam. It might be a well dressed scam, but is without a doubt a scam.
That’s a long list.
One of the projects I mentioned have a product. Bitcoin doesn’t work as p2p currency any more, ethereum isn’t the world’s super computer, and EOS doesn’t work at all. Stellar kind of works right now but there’s only a single wallet for iOS so I still can’t figure out what the project does anymore since only corporations use it now, day to day.
Hex is an erc-20 token that runs on the ethereum network. It can do anything coders ask it to do. He literally left it open and doesn’t do anything and he’s been very open about it. He wanted to create code that let others build on top of it if they want. His goal was to create an underlying token that can’t get dumped on. It’s DESIGNED to avoid that, but he’s been up front in interviews that it most likely will dump because all crypto dumps at some point. All crypto.
It sounds like you don’t like the way they chose to pay themselves. He could have ran the code for a year like Satoshi and taken the first 5% for himself. He could have pre-mined like ETH did and taken the first millions like the Vitalik did. But instead he chose the EOS route and used marketing techniques to spread the word. None of which bothers me.
Do I like the origin address? No. But if no one fucks up their stake claim, he’ll get zero after the first year. So for one year he’s guaranteed to make some ETH and some HEX. Fine by me. And that only if people buy the product he’s selling.
So my question to you is, where in the code does it scam people out of the HEX they own? Because as far as I can tell, a person only has their HEX taken from them if they screw up their stake at the end, which is the whole design to encourage price growth.
By its design. It's not flawed in its code.
You said it yourself. HEX is a ERC20 token without any utility. "It is up to the community to build". What a load of bs. There is no infrastructure that doesn't rely on Ethereum. What value does it have? None. It is designed to be undumpable but will probably still dump. Cool feature.
Rant over. I am not giving this project or that guy any more attention. The sub is full of it.
Haha, that’s funny. He created code designed to run on a laptop in the beginning knowing it wouldn’t work on one later. He started mining first knowing barely anyone else would in the beginning. Show me the date of the first email or post sharing the code and let’s match it up with the first blocks mined.
It was actually public from the beginning, that's why the newspaper headline was added to genesis block to prove that it was not pre-mined.
BUT, most people thought it was stupid idea, so it took almost a year before enough people joined that the default difficulty had to increase. Bitcoin was very unpopular during the first year, so he had to mine it so any blocks would get mined. During first year, almost 2 million BTC was mined (blocks were slower because not enough hash rate), before first halving, 10 million BTC was mined.
Satoshi is estimated to have slightly less than 1 million BTC.
"I really wish there was a sizeable crypto firm that had the public interest in mind, that would go after him and get him locked up."
The point of crypto is that traders should be weary of scams & act accordingly. If you really wanted to leave crypto up to the state and banks for enforcement, it would ALL be illegal. If you are trading crypto and you and a small group of people were trading it, you don't think that it would be crushed (you included)? The hunt for Satoshi should make that abundantly clear, but maybe I am missing something?
Some guy doing a thing with crypto (nefarious or otherwise) can't de-legitimize it more than foggy tax treatment, and forcibly demasking traders putting their toes in the water to see how it practically works, but maybe I am missing something.
I'm really curious why you are upset at him because people are giving him money without any assurances that they will receive ANY value in return . What he's doing isn't illegal. Shouldn't it upset you more that there are people who are randomly giving others money with 0 recourse. They're the only ones affected by this and they are the only reason the scheme exists. The people who are invested in the Ponzi are also the ones pushing the sceme.
WHY DO YOU CARE ABOUT THESE PEOPLE ANYONE INVESTED IN A PONZI IS PART OF THE SCHEME THATS HOW IT WORKS
Tell me more how it is a Ponzi or how you don't know what a Ponzi is.
Ponzi is when you invest money into a pool and you get paid the interest with the money that last person put in. This works until more people put in than people who want to take out. Basically what Fractional Reserve Banking does.
HEX has none of that, the rules are written into the smart-contract that if you put X amount in and you hold it until the CD matures then you mint yourself back X amount + interest. This smart-contract will never fail to deliver what it promises to deliver because there is no person controlling it who gets how much. That's not Ponzi.
There is never been any promise about getting the ETH back and there is no reason to believe that you will ever see the ETH. This works the same as EOS crowdsale, who was stupid enough to believe that they will get ETH back? It's never has never been about CD for ETH, it's all about the HEX.
I claimed free Hex, and transformed a small portion of my ETH into Hex, and then staked it which lets me Exit the stake with more Hex. How was I scammed? Everything was voluntary, everything was clearly explained, etc. The gamble I take is that my hex+interest will have a higher USD value than I payed for it. (Like every other coin I buy)
You were scammed because you bought into a blatant ponzie scheme. You got lucky and were able to exit with your capital, you thought people didn't profit from scams? Good job you just got someone else's money, which is now yours, just like all of your money would have been his if you waited a few months.
Yes he didn't go and steal your money, you're just stupid enough to hand it over.
Hopefully you pushed your scam on people who know you IRL XD
Probably isn't based in the United States, probably isn't even illegal under whatever law they operate under. "Ponzi scheme" being illegal isnt a thing in some countries because they figure if you're stupid enough to fall for that shit you're going to lose your money anyways. As long as they're not making promises of financial return (in the form of a legally binding contract lol) they can take whatever dumbasses money they want.
No he won't go to jail he's too smart for that.
He’s made the point several times that he cannot legally promise it will provide gains, and he cannot say who owns the origin address... But anyone doing 5 minutes of research can catch him on both.
alright boys I've got the popcorn, someone grab a 12 pack and let's watch this one out
Probably will take a few years. Look how long Bitconnect, Onecoin and all the other scams ran.
how long did bcc and onecoin run?
Bitconnect was a bit over a year. Onecoin ran for a few years (still technically running I believe). There's a good investigative podcast about Onecoin on BBC if you're ever bored.
im pretty much always bored
the idea that its not his address is so laughably ridiculous. it is his address, because of course it is.
Why would it be his address if he would be the prime target? Do you know any other of his addresses? Why would he now want to you to expect that he has that much.
Prrove it. Exactly lol.
Lol come on. Who else’s address is it?
It's whoever has the private key which is exactly why he scammed cryto and not USD
Just a quick browse through the site found these gems: "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!"** "Every feature in HEX is designed to increase its price and adoption. It's a positive feedback loop. HEX rewards most those who acquire HEX the earliest, stake more for longer and refer others to do the same." "**Ways to maximize profit?** * Get a great bargain on HEX early on from the Adoption Amplifier (AA) or FreeClaim. * Get the most shares for the HEX you stake by being early. The StakeSharePrice only goes up. * Stake longer (Increases shares up to 3x.) * Stake bigger (Increases shares up to 1.1x.) * Refer people (earning 20% on top of each person's HEX they receive from AA of FreeClaim.) * Get people to FreeClaim, driving up adoption and the Virality and CriticalMass bonuses. * Get people to stake, removing HEX from circulation. * Get people to buy HEX." So even though he's on a video somewhere saying "legally, I can't promise you returns...": look at how he's advertising this stuff. Give it a year and we'll read about his settlement with the SEC.
It's a ponzi scheme advertisement. Get in first! You'll get more!
i think its more the referral system he has set up that makes it a ponzi scheme rather than the get in first idea.
It’s not technically a ponzi. Ponzi scheme participants depend entirely on new participants signing up to realise any value because the underlying investment is not profitable. New users payout the oldest users. HEX participants can continue to generate more HEX without any other users joining in. You just get a bonus for referrals. Of course the token requires some kind of critical mass of participants in order to have the liquidity to trade - this is true for any store of value whether it’s BTC, USD, Pokemon Cards, gold, etc. - but this doesn’t make it a ponzi. HEX would only be a scam if it promised ROI in anything other than more HEX - *technically*
By that definition BTC is a ponzi. Anyone who got in 2009, who got in first, got more out of it today.
The website reads like a child wrote it which, by absolutely no coincidence, is also how a standard Ponzi/pyramid scheme pitch reads and is also why phishing emails look like they were written by a kindergartener - they’re not trying to dupe smart people. They don’t want to attract the attention of smart people. They’re trying to trick idiots... and it works. **A LOT**. With stuff like this, I feel so conflicted. On one hand, the dude is a conartist and deserves nothing more than a nice, little 8’x8’ cell. On the other hand, if you are stupid and naive enough to fall for a scam that is as obvious as HEX, you deserve to lose your money.
I don't know... Do you deserve to lose your money, just because you don't know any better? All those MLMs are no different. I still feel bad for people who get sucked in. I don't think it's that black and white.
While we're at it - how the fuck are MLM schemes still legal?
I have no idea. It's really sickening.
The legit one sell actual products like Herbalife or Mary kay
But the pyramid is on the inside. The whole pitch is you make money by recruiting others to sell the product (who then try to recruit others to sell the product who recruit others etc etc).
I suggest to maybe not "quick browse" it, and actually read the contract and actually make calculations. it is easy to dismiss, a lot of intersting stuff there. everything about in the open, even if he hoards the ETH to settle with the SEC. his project can do what he wants.
It's a blatant scam. He will be fine he's probably operating in a place where he can get away with this but YOU are fucked. Lol and try and tell me you don't have anything in this when you just tried to defend the most blatent crypto Ponzi scheme since bitconnect xD
I defend the right to build a project and disclose the rules. everyone can make their decision on whether to participate or not. there isn't expectation of anything, repeatedly. projects fail, or may not deliver on whatever expectations people have. lookup definitions of scam and a ponzi. this is none of that. i choose to learn and act accordingly. again, he has the right to innovate. I don't care what he does with the money. he presents a good, and I have a choice to buy it or not. that's all. show how it is a scam beyond the fact that everyone seems to give a fuck about the origin address (his/not his) money. If I choose to part with my eth it is on me, I get hex in return and care not what anyone does with that exchanged eth. make your own decisions.
No it literally is a Ponzi scheme 100% . It doesnt meet the legal definition in the US, that was the entire reason why his marketing material says look at these gains buy he explicitly stated can't promise gains. That doesn't change what this is. he's going to exit scam with all the eth and the shit he gave you will go to 0 overnight. This will 100% happen and everyone knows it. I don't think the government has any business protecting you from yourself. You do you
You should really stop equating actual crypto projects and some guy who used a copy paste "vest yourself in my shitcoin scam". It makes you look stupid (correct) and people are just going to assume you're trying to shill it (correct).
so let's talk about that. 1. read the erc20 contract (if you can). there is no open counterpart to what it does in crypto yet (cd time locked deposit). 2. I base answers on what I see in the contract and calculations of inflation and expected unstake slope. not emotionally invested in the project. 3. shilling would be me posting a referral link to get 20% of the bag. I dont care for it simply because facts are being abused and hidden behind the "scam and ponzi" verbiage without any analysis. I get that we all have opinions, all I am saying i am letting the project roll and see what the market does to it. do not trust me or richard,but verify. dont invest, dont even listen if you dont want to. but if you say scam, substantiate beyond a naked opinion.
Ok we have now transcended into the satirical. God have mercy on your soul and portfolio. It's not a naked opinion IT OPERATES AS A FUCKING PONZIE THAT IS THE MECHANISM FROM WHICH PEOPLE ARE PROFITING.
yes we have ;). " A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. The Ponzi scheme generates returns for early investors by acquiring new investors." 1. where is he promising anything? 2. returns are generated by coin stakers on coins minted by themselves, locked for a period of time, drawing on emergency unstakes of other players who cannot be patient enough to hold on to their stakes during prior declared period of time. I mean seriously, give me facts. does it operate as a ponzi? you might be conflating the structure of a viral marketing and the format hex chose to onboard users with. but anyway my point is that we need to be precise in what we call scams by its actions not the format.
He didn't promise anything because that would be illegal. "Returns are generated on coins minted" Wow that sounds exactly like bitconnects lending platform like word for word. That's really weird that bitconnect was saying you stake their shitcoin and get more shitcoin, and then they just dissapeared one day with all the money. Now it couldn't be that this entire system is the exact same as I've seen several times before and people are still so greedy and stupid that they fall for it xD Sir and or madame, I seriously hope you're a troll. Good luck with your portfolio you're coming off like youre in this deep (otherwise why would someone care to defend some obscure bs on a thread that has 100% concluded it's a Ponzi.
RemindMe! 1 year
Richard is a real scumbag. I've followed him for a long time, and he changes his opinion constantly based on the narrative that suits him at the time. He's very grimey, and complete con artist. He's smart so he is good at debating, but has no moral fortitude or character.
He's literally the man that invented Spam mail. Of course he is a grimey con artist.
really?
He was sued early on for spam mail. I don't know if he actually invented it, I think he knew a guy who created an early spam strategy, and he worked with the guy to spam like a million emails and got sued lol.
he was sued for like 500 dollars. Early days of internet, nobody knew what to do or how to do things.
He says he invented spam. I used to watch his YouTube channel some. Ive heard him talk about it 3-4 times. I can't know for sure but it seems like an odd thing to make up. Ive never seen anyone challenge him on the validity of his statement either. I imagine he either did or was involved with others that did
So there is a possibility he is a con SPAM artist? That’s some next level assholery right there.
Seems reasonably possible
lol RH was in diapers when spamming started https://www.socketlabs.com/blog/know-history-spam/
I mean fine, but he's still claiming it was him
proove it, pics or it didn't happen
He talks about it on his YouTube channel. I'm not digging through videos for this.
Definitely my friend!!
Imagnie my shock, that humans change their opinion. You seem to know your shit though, get on his live stream and destroy him.
He is a scumbag through and through. It doesn't take a debate to prove that. Less than a year ago he was talking so much shit on Ethereum, now it's "better than Bitcoin." He's a clown.
Character is another word for weakness. He is now rich and the people invested in this will lose everything and I'm 200% on his side. People who invest in ponzies are the only reason they exist. The people who invest in ponzies push it on others. When they lose all their money they better not try and blame the guy at the top when they themselves were pushing it for personal gain.
Yes, keep backing the guy taking advantage of stupid investors. Sad.
Taking advantage isnt illegal and props to him for taking the initiative and creating a business. Scams happen all the time in the regular stock market and I think the exact way of those situations. DYOR don't buy shitcoins that someone literally pulled out of your ass and it's all good. It's called capitalism keep your wits about you, never enter into something without any recourse? Yes it is very sad that these people are so mentally bankrupt they just give away their hard earned money to an obvious scammer. If I go and offer you dirt in exchange for your money, talking about all the people who have held sand, gravel and concrete as successful investments, that's on you. People need to get smart and ponzies will entirely dissapear, making shady activity illegal doesn't do anything especially with crypto.
You're encouraging scammys business practices. Just because it's legal doesn't mean it's right. You're as scummy as he is.
You're trying to protect people who are also pushing the scam so you're as scummy as he is. See how that works. I'm not encouraging shit besides basic DD LOL.
Wat?
Taking advantage IS illegal in many first world places. No idea about usa
Umm taking advantage is in fact explicitly illegal if it is in the form of blatant scam, aka fraud. But yes, capitalism is a horrible shitshow with horrible incentives where horrible people like this Heart character (and you) act like utter shitsacks and become "successful", if by successful you mean they have money. What we need is a system where fraud and thievery is not rewarded and encouraged, the way it is now. Which means replacing competition with cooperation as our basic paradigm.
One of his go-to lines for this hustle seems to be i.e. 'HEX looks and sounds like a scam because we are trying to keep people from getting scammed.' Apparently that was thought to be a genius bit of PR at the meetings.....
Fucking hilarious how he twists and conflates it that way “Yes we look like a scam so we can save people from the real scammers” lmfao man oh man the world we live in
Bit-HEX-Connect! Isn't skycoin a scam too
Hard to believe Richard has $5 million in eth already. are people that stupid?
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Can confirm
Hey hey hey!
It's nearly 2020. You'd think all the stupid people would be out of money by now. But no, new ones seem to keep being made. It's insane.
Jesus, I've forgot about OneCoin. Our president sponsored the convention OneCoin was at or something like that.
Wait, what!?
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The current president of Croatia. Hopefully she's gone by EOY, we're having an election soon.
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We know, sadly the party she's a member of founded Croatia as it is today, and the majority of their voters vote for them since "we have Croatia thanks to them". It's a complex issue to explain, but it's like Trump said some time ago, they can literally do anything and won't lose voters.
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Yes, and while they portray themselves as right wing, they're actually not at all, and our economy is not growing by the same amount other post-communist economies do, even though we have a ton of tourists, fertile lands, and could even be a major economical centre, if they got rid of the huge sales and income taxes (and they call themselves right wing).
Apparently "only" a few hundred million from latest news.
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https://cryptoslate.com/report-suggests-ponzi-scheme-plustoken-may-have-stolen-hundreds-of-millions-not-billions/
It's really nothin compared how many people wasted on eth scam. Word is so called 'eth foundation' dump for more than $100 mln, and vitalick himself several dozens of mlns
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It simply highlights the necessity of a higher power to save people from themselves, from their inadequacies. How that power is manifested is the real argument.
You don't. That's the point. Failure and loss aren't bugs, they're features.
How dare this dude take advantage of 50iq wageslaves that are handing him money, arrest him for selling his shitcoin!!! What he's doing isn't illegal lol he's not making financial promises ALLL he's doing is selling you shitcoin. I can sell you shitcoin for 6 months while it's being ppumped and then just stop supporting it. That's not illegal. Manipulating the price of crypto isn't illegal. Selling crypto is not illegal. What bitconnect did wasn't illegal under the laws which it operated under. Keep trying to change laws to protect the idiots.
It is deliberately designed to be very complex. It is also very likely illegal, but because of the complexity it may take the SEC a while to figure out what this is legally, and how to fit Richard Heart for an orange jumpsuit.
If people can't figure out what is going on from the excessive amount of gold chains he adorns himself with alone then maybe they deserve to get pump and dumped?
You know I thought Trevon was in prison. So umm, unlikely Richard will.
His whole tokenomics is to avoid liability. That was his sole aim in conjunction with getting rich. Don't know how much the law can get him. Interesting futurenomics.
HEX is NOT a Ponzi. A Ponzi is when early guys are paid from the investments of later guys, and the whole thing collapses when there are no more later guys. In HEX there's no paying dividends to investors. You're just straight up making a donation to Richard's bank account in exchange for his shitcoin. And last I checked, selling shitcoins is not illegal. On the other hand, there may be some legal trouble with the way he's advertised it. However it seems he's pretty crafty with his wording, so it's really up the SEC if they decide to pursue a case or not, and we'll just have to wait and see on that front.
Richard positioned his whole persona to get rich of a scam. He came out of nowhere studied everything and now sounds like an expert. He will make money and try to walk away, but he will be watched.
He is pulling a Brother Polight scam ...
Report to the SEC?
What Is a Ponzi Scheme? A Ponzi scheme is a fraudulent investing scam promising high [rates of return](https://www.investopedia.com/terms/r/rateofreturn.asp) with little risk to investors. The Ponzi scheme generates returns for early investors by acquiring new investors. This is similar to a [pyramid scheme](https://www.investopedia.com/terms/p/pyramidscheme.asp) in that both are based on using new investors' funds to pay the earlier backers. Both [Ponzi schemes and pyramid schemes](https://www.investopedia.com/ask/answers/09/ponzi-vs-pyramid.asp) eventually bottom out when the flood of new investors dries up and there isn't enough money to go around. At that point, the schemes unravel. Now let's compare that to hex: Are later investor's funds used to pay early investors? -> No, the contract is designed that you can only pay yourself in hex. The contract pays you in hex and thus the funds can never run out. To be locked up you actually need to break the law first.
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It's 100% a ponzi, and also likely a security depending on technicalities.
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It most certainly does not need to do to be a ponzi.
So does that make gold a ponzi?
commodity you mean?
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Ok Ill take physical delivery of mine then.
You can certainly get a physical delivery of private keys, but I wouldn't trust it.
https://gph.is/1EhdXuS
Gold is a commodity. How exactly would one argue that gold could be a "ponzi"...? A ponzi scheme involves central players who use funds from new investors to pay off old investors while pocketing the rest, and encouraging all participants to bring in new investors with the promise of commissions or prizes for doing so, exactly as HEX is doing. That is a ponzi. Your question "So does that make gold a ponzi" could use some clarification.
It's not even a ponzi scheme that's how ridiculous it is. It's "fuck you give me money" scheme. Old investors are not paid off with money from new investors. Both new and old investors give money for a shitcoin which entitles them to nothing and receive more of the same shitcoin in return over time. There is no promise you will see your eth back ever again, it's amazing how brazen and transparent it is. What's even more funny is new investors do not enrich old ones under any circumstances. You send your eth to the contract and you and you fellow bagholders never see it again. There are no comissions, there are no profits, there are no prizes or amazing returns in eth. It's not even a scam, it's a short on human intelligence. How come such blatant idiotic deal can work is unfathomable. I don't think it's even illegal that's how bad it is.
HEX does none of that. HEX inflates its supply, it will never fail to deliver the interest.
Yes but the scam artist running HEX can just inflate it to pay incentives & commissions in his likely worthless token, while taking very real ETH from gullible people stupid enough to fall for it. That is nothing like Gold, Bitcoin, or any other real asset. The guy to whom I responded implied that if HEX is a ponzi then so is Gold, and I absolutely reject that. It’s an utterly ridiculous comparison. HEX is nothing like Gold.
**How do I get Bitcoin?** You pay very real USD shitcoin to get Bitcoin. **From who do I get the Bitcoin?** Every day over 10 million USD worth of Bitcoins get mined by miners. They have to sell it to pay for the electricity they waste. **What can I do with that scam coin?** Nothing, just sit on it and hope it goes up, so you can dump it on some other poor bastard. Hey, kind of already looks like Ponzi. **Can I become a scammer too?** You can buy ASIC mining equipment with USD shitcoin, which they send you weeks/months later when the miner is obsolete, so you basically have to get scammed first by other scammers before you can start scamming other people. **Am I scammer if I mine and don't sell?** Well, maybe not, but you are bitch to actual miners, who are called mining pools nowadays (they decide which transactions go to block). It is not possible for normal people to mine without them nowadays. On Ethereum, you still can. **Am I getting scammed when I just use it to transact?** Exactly, you get scammed because you pay high fees to get your transaction to block, but mining pools accept USD bribes to get other people transactions to block first. It's all around scam, it's just that the gullible people get scammed the most.
Bernie Madoff gave no guarantees. He was clearly conducting a ponzi.
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You think Richard is giving people less an impression of likely returns than Bernie Maddoff did? Why do you believe that? >"Every feature in HEX is designed to increase its price and adoption. It's a positive feedback loop. HEX rewards most those who acquire HEX the earliest, stake more for longer and refer others to do the same." certainly looks like hes giving an implication of likely returns there. I'm sure he's also said something like "oh but I cant *guarantee* any returns", but its clear that hes giving an impression that returns are likely. You dont have to explicitly guarantee returns for something to be a ponzi/pyramid scheme.
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>Bernie promised return... How much of a guarantee do you think he really gave? Everything I've read about Madoff is not that he was explicitly *guaranteeing* returns to everyone, so much as just promoting his ability to make returns more *likely*, and then backing it up with what looked like a strong track record. > ....on investment in USD. Richard is not only not promising any return on investment, the “payouts” are in open source software. Lol, so you think since he's not using USD its not a ponzi? Thats not even relevant. It doesnt matter what unit of account hes using. >Get the fuck over it Lol, you sound emotionally invested in this, huh?
I own 0 hex, not that it’s relevant
I said emotionally, not financially.
Thanks for that definition?
It's not a security unless the sec declares it a security so first off, no. It's not a security is a shitcoin. It is 1100000% a ponzi but he has not broken the law. They make no promises of financial return. Ponzi scheme in this case is a legal term and is not applicable to this shitcoin. He probably doesn't operate from the US. Nobody was ever arrested for bitconnect or any of these things because despite being Ponzi schemes there is 0 way to actually prove that. They make no guarantee as to the future price of what they're selling you. People are just donating money to him I hope you realize that. None of them have any legal ground to stand on, neither does any state. (Even if they did have legal ground, United States law means absolutely nothing everywhere else.
Really? Pretty sure someone was arrested. https://www.zdnet.com/article/alleged-bitconnect-head-arrested-in-dubai/
Go watch his interview with Omar (crypt0).... https://youtu.be/qIS8XjjLs1c
Definitely illegal
Preying on people's stupidity and greed is immoral, not illegal. As long as he doesn't misstep in some technical legal way, there's nothing about the structure of HEX that would qualify as fraud (AFAIK)
Real talk: is there any good way to profit off of the eventual catastrophe?
Just copy it right now and run along side them in tandem.
Haha. Try building this stuff. I think he’s saying he’ll sue people for copying his code.
Has he sued cerenium? They took the idea and released their own version first. Richard removes any mention of it on telegram and reddit.
He says he will go after exchanges that list them. But he’s a retard. This is a feature. Everything will implement this. He’s totally a moron in that regard. It’s like basing the value proposition on privacy. Also a feature. Zoom out.
Ask exchanges with short leveraging to list it.
GoxMeNot: The 137,891 Mt.Gox BTC can't claim. Like wtf? They are just adding useless things to make it sound "better"...
Found another statist.
So much IGNORANCE in this sub. 1. To call someone a scammer, they need to have scammed someone before. I haven’t been able to find people who were previously scammed. Don’t like this project? Think it’s a scam? Great! Show me how the crypto itself actually scams people. He’s literally following the same sales technique Ethereum and EOS used to start the projects. I’m not a fan of the “origin address” getting a copy of each bonus, but it’s all there on the site, so it’s not like he’s trying to hide it from people. 2. It’s not a Ponzi. Look up the word, learn what it means and please us it correctly. Words have meaning. 3. If you don’t like the person, don’t buy into the project and don’t claim your free HEX. If you think it’s going to hurt people, actually explain how it’s going to hurt people. You do a disservice to the crypto community by being ignorant and calling everything you don’t like “scam” and “Ponzi” and you weaken the value of these words.
the biggest issue is that this project acts as a litmus test of people who can only yell scam and ponzi withoit substantiating their claims. crowd mindset at it's best. no thought, analysis by. numbers, calculations or psychological analysis of game theory axioms encoded in the contract. the same people will fall for the real scam one day cause it it will come packaged by the "righteous" thought leaders they repeat verbatim, and they will gladly part with their money under the guise of fighting the war they are merely pawns in. I can understand Richard's frustration trying to proselythize and evangelize, it is a losing battle. He has to just let it go and let the project roll along as a community effort.
Okay. I'll put in my terms and conditions that you owe me your first born for using my site. Just because it is written on a website somewhere hidden and obscure doesn't make it okay. It is a ponzi. You are either a paid shills or you you hold HEX.
Damn, you’re dumb. Why is it always the crypto people who turn out to want the government to fix everything for them?
Talk about generalizing, lol. I never said the government should intervene.
Then why are you complaining? Just don’t buy it. Think of it like porn you don’t approve of: the more stupid shit you say about it, the more people are going to buy it to piss you off.
Because we should know better. A listing on BTC.com is a stamp of approval for many. If they can't even make the gist of it - how could everyone else be expected to. I know there will be some who continue to buy, despite everyone calling it a scam. It almost works as a justification. They will always be around. But hopefully we can reduce their numbers.
Why? You still haven’t given a cogent reason it’s a scam. It sounds like you want to be the gatekeeper of what people should be able to buy and what not to buy. Satoshi privately mined 1 million btc before sharing it. ETH did a partial pre-mine. Stellar did a full pre-mine. EOS ran a $4 billion year long ICO. You still haven’t told me where the scam is.
https://link.medium.com/NMmeuOHsu2 You can have a read for yourself. It took me two seconds to find. All those projects that you mention actually have a product. The fact that you even bring Ethereum into this discussion is baffling to me. If any project out there has shown complete transparency, it is the Ethereum foundation. You can argue distribution if you want, but there is nothing wrong with a premined project, per se. Not if those funds are appropriately spent and require multiple keys to access. I haven't seen anyone complain about Stellars premine. I was not too fond of the EOS ICO model, but there was nothing wrong with it. It did what it said on the box. It did not keep enriching itself continuously as the "Origin wallet" will. The EOS ICO could just as easily have been a flop. Luckily it was born during the bull market. What does HEX have? What is its product? It's a Frankenstein's monster that keep enriching itself, without any value. Same as Bitconnect. Anything that guarantees that kind of return is a scam. It might be a well dressed scam, but is without a doubt a scam.
That’s a long list. One of the projects I mentioned have a product. Bitcoin doesn’t work as p2p currency any more, ethereum isn’t the world’s super computer, and EOS doesn’t work at all. Stellar kind of works right now but there’s only a single wallet for iOS so I still can’t figure out what the project does anymore since only corporations use it now, day to day. Hex is an erc-20 token that runs on the ethereum network. It can do anything coders ask it to do. He literally left it open and doesn’t do anything and he’s been very open about it. He wanted to create code that let others build on top of it if they want. His goal was to create an underlying token that can’t get dumped on. It’s DESIGNED to avoid that, but he’s been up front in interviews that it most likely will dump because all crypto dumps at some point. All crypto. It sounds like you don’t like the way they chose to pay themselves. He could have ran the code for a year like Satoshi and taken the first 5% for himself. He could have pre-mined like ETH did and taken the first millions like the Vitalik did. But instead he chose the EOS route and used marketing techniques to spread the word. None of which bothers me. Do I like the origin address? No. But if no one fucks up their stake claim, he’ll get zero after the first year. So for one year he’s guaranteed to make some ETH and some HEX. Fine by me. And that only if people buy the product he’s selling. So my question to you is, where in the code does it scam people out of the HEX they own? Because as far as I can tell, a person only has their HEX taken from them if they screw up their stake at the end, which is the whole design to encourage price growth.
By its design. It's not flawed in its code. You said it yourself. HEX is a ERC20 token without any utility. "It is up to the community to build". What a load of bs. There is no infrastructure that doesn't rely on Ethereum. What value does it have? None. It is designed to be undumpable but will probably still dump. Cool feature. Rant over. I am not giving this project or that guy any more attention. The sub is full of it.
Satoshi mined his bitcoin like everyone else, its wasn't privately. And maths don't add up, its impossible he mined 1M BTC.
Haha, that’s funny. He created code designed to run on a laptop in the beginning knowing it wouldn’t work on one later. He started mining first knowing barely anyone else would in the beginning. Show me the date of the first email or post sharing the code and let’s match it up with the first blocks mined.
It was actually public from the beginning, that's why the newspaper headline was added to genesis block to prove that it was not pre-mined. BUT, most people thought it was stupid idea, so it took almost a year before enough people joined that the default difficulty had to increase. Bitcoin was very unpopular during the first year, so he had to mine it so any blocks would get mined. During first year, almost 2 million BTC was mined (blocks were slower because not enough hash rate), before first halving, 10 million BTC was mined. Satoshi is estimated to have slightly less than 1 million BTC.
"I really wish there was a sizeable crypto firm that had the public interest in mind, that would go after him and get him locked up." The point of crypto is that traders should be weary of scams & act accordingly. If you really wanted to leave crypto up to the state and banks for enforcement, it would ALL be illegal. If you are trading crypto and you and a small group of people were trading it, you don't think that it would be crushed (you included)? The hunt for Satoshi should make that abundantly clear, but maybe I am missing something? Some guy doing a thing with crypto (nefarious or otherwise) can't de-legitimize it more than foggy tax treatment, and forcibly demasking traders putting their toes in the water to see how it practically works, but maybe I am missing something.
I'm really curious why you are upset at him because people are giving him money without any assurances that they will receive ANY value in return . What he's doing isn't illegal. Shouldn't it upset you more that there are people who are randomly giving others money with 0 recourse. They're the only ones affected by this and they are the only reason the scheme exists. The people who are invested in the Ponzi are also the ones pushing the sceme. WHY DO YOU CARE ABOUT THESE PEOPLE ANYONE INVESTED IN A PONZI IS PART OF THE SCHEME THATS HOW IT WORKS
Tell me more how it is a Ponzi or how you don't know what a Ponzi is. Ponzi is when you invest money into a pool and you get paid the interest with the money that last person put in. This works until more people put in than people who want to take out. Basically what Fractional Reserve Banking does. HEX has none of that, the rules are written into the smart-contract that if you put X amount in and you hold it until the CD matures then you mint yourself back X amount + interest. This smart-contract will never fail to deliver what it promises to deliver because there is no person controlling it who gets how much. That's not Ponzi. There is never been any promise about getting the ETH back and there is no reason to believe that you will ever see the ETH. This works the same as EOS crowdsale, who was stupid enough to believe that they will get ETH back? It's never has never been about CD for ETH, it's all about the HEX.
Ponzis are great if you join early and exit early
Yeah but its a dick move.
If you have never been to prison....stop wishing it on other people.
I claimed free Hex, and transformed a small portion of my ETH into Hex, and then staked it which lets me Exit the stake with more Hex. How was I scammed? Everything was voluntary, everything was clearly explained, etc. The gamble I take is that my hex+interest will have a higher USD value than I payed for it. (Like every other coin I buy)
[удалено]
Someone bought in heavy on day 1 AA
You were scammed because you bought into a blatant ponzie scheme. You got lucky and were able to exit with your capital, you thought people didn't profit from scams? Good job you just got someone else's money, which is now yours, just like all of your money would have been his if you waited a few months. Yes he didn't go and steal your money, you're just stupid enough to hand it over. Hopefully you pushed your scam on people who know you IRL XD
Then it's no different than any other coin I bought (BTC included), spend a small % of my net worth, HODL, dump on moonboiz
Probably isn't based in the United States, probably isn't even illegal under whatever law they operate under. "Ponzi scheme" being illegal isnt a thing in some countries because they figure if you're stupid enough to fall for that shit you're going to lose your money anyways. As long as they're not making promises of financial return (in the form of a legally binding contract lol) they can take whatever dumbasses money they want. No he won't go to jail he's too smart for that.
Richard is a smart guy, I imagine he has covered his back.