Cryptocurrency traders and investors are constantly looking for the next big thing. One thing learned from the 2017 bomb is that FOMO can spread like a forest fire and a cryptographic property can grow virtually without cause. HEX is attracting a lot of attention right now, but it may not be all it seems.
Cryptocurrency Community Vexed by HEX
The project describes itself as a blockchain certificate of deposit (CD), similar to the term deposit interest service traditionally offered by banks. Richard Hart, the founder of the vocal project has been extremely vocal lately. The scenario has generated many criticisms and controversies.
It is described as a great pyramid scheme with questionable morals. Essentially, token holders will be able to bet them again to obtain potentially huge returns in terms of interest. Depending on how much the total supply is.
Dil protected his son by attacking banks and Bitcoins alike. HEX was launched last week, but most of the transactions in its contract have no monetary value. Presumably, because the snapshot offered nothing to the initial cryptocurrency.
Like the pyramid scheme, HEX has an elaborate reference system that will probably enrich those at the top, namely the founders. It states that it will continue for 50 weeks, after which all the tokens created so far will be distributed.
To obtain HEX, participants can buy it at Ethereum, the so-called Adoption Amplifier, which serves as a recurring daily auction. They are effectively exchanging ETH for HEX, regardless of the term.
There is another way to get them and it shows that a Bitcoin stores a Bitcoin in a wallet address to get 10,000 HEX tokens per BTC.
There is currently no value data in the token that has just begun to be transmitted.
Enriching The Owner?
Attorney Stephen Palle has questioned the use of the certificate of deposit to describe the scheme. Stating that he does not reimburse ETH investments.
The fellow lawyer David Silver gave his support to the interviewer Peter McCormack and answered his questions about the fading Ethereum.
A recent media has revealed more details in the project on how rich Richard Hart will become if this record is successful. When ETH sent to buy HEX, it actually goes to something called ‘original address’.
In small print in the contract document, and codified in the protocol. There is a clause that returns the original address. Which is owned by Hart, a ‘copy’ of all bond payments. Which means that it will eventually own almost half of the entire supply of HEX.
The report claimed that Hart would earn more than $100 million in ETH and control 45% of all HEXs after the first year. There are many penalties for terminating the contract or not terminating prematurely. Even 50% of those penalty fees go to this ‘original address’.
The bonus and referral schemes seem to have clarified to consider the premise that the entire platform designed to make a person very rich.