/biz/ - Business & Finance

>>54296820
>what are the similarities bitcoin and hex share?

1. Decentralization: Both Bitcoin and HEX are decentralized cryptocurrencies, meaning they do not rely on a central authority to govern or control their operation. They both use blockchain technology to maintain a distributed, secure ledger of transactions.

2. Cryptographic security: Both Bitcoin and HEX employ cryptographic techniques to secure transactions, ensure data integrity, and protect user funds. They use public-key cryptography to enable users to send and receive tokens securely.

3. Transparency: Both cryptocurrencies operate on public blockchains, which provide transparency and accessibility to all users. Anyone can view and verify transactions, balances, and other information related to the network.

4. Digital scarcity: Both Bitcoin and HEX have a finite supply of tokens, which is designed to create scarcity and potentially increase their value over time. Bitcoin has a capped supply of 21 million coins, while HEX's supply is not capped but has a fixed annual inflation rate of 3.69%.

5. Peer-to-peer transactions: Both cryptocurrencies enable users to conduct transactions directly with one another without the need for an intermediary, such as a bank or financial institution.

6. Open-source: Both Bitcoin and HEX have open-source codebases, meaning that their underlying code is available for inspection, modification, and use by anyone interested in understanding or contributing to their development.

Despite these similarities, it's crucial to remember that Bitcoin and HEX have different purposes, mechanisms, and tokenomics. Bitcoin serves as a digital store of value and a medium of exchange, while HEX is designed as a high-interest blockchain Certificate of Deposit (CD) with staking and interest-based incentives.

>>54296842
https://wantfi.com/richard-hearts-hex-token-is-a-brilliant-scam.html

Just read the above article. Can you make money off HEX? Probably. But it's scam. And it is not as decentralize or secure as BTC. It is also not really a CD (The article covers this is in the "How Does Hex Make Money?" Section)

>>54296907
And before any HEXicunts hop on my dick, I own PLS and PLSX, because A) there is money making potential, and B) a smart contract platform arguably has real utility.

>>54296907
I'm openminded and it always has helped me to progress in this space. I was here when people criticized bitcoin, but what really got my attention is the community and all the influencers commenting on hex throughout the years. It is very nice of you trying to warn other about scams and potential risks for hex investors, but i always had the best results ignoring what others said and basically did my own research.

>>54296907
So, i went on this website and posted the section into GPT4 and here is what it said.

>1/2
With Hex, there is no underlying economic activity happening at all. It’s not even real interest.

1. All the Hex contract code does is mint new inflationary tokens every year and then distributes the inflation to those who have agreed to lock theirs up.

2. This whole scam could not work if the requirement was to lock up an asset and get paid interest in that asset for an asset that Richard Heart didn’t control and create out of thin air.

3. Where’s the DeFi certificate of deposit that pays 40%, or even 10%, in Bitcoin or Ethereum? It can’t exist.

4. Those who lock up tokens also get half the penalties from those who unlock their funds early, or get this, forget to unlock their funds within two weeks of the agreed upon period. Heart generously gives himself the other half.

>>54297182
2/2
5 . The sole purpose of the Hex contract is to redistribute value from some token holders to other token holders.

6. While I cannot provide a direct opinion on whether HEX is a scam, I can analyze the points mentioned in the text and provide some context to help you better understand the arguments.

7. No underlying economic activity: It is true that HEX doesn't represent an underlying economic activity in the same way as some other cryptocurrencies, such as those tied to decentralized finance (DeFi) platforms or utility tokens for specific applications. HEX's primary focus is on incentivizing users to stake their tokens for a fixed period, similar to a traditional Certificate of Deposit (CD) in the financial world.

8. Inflationary token distribution: HEX has a fixed annual inflation rate of 3.69%, which is paid directly to stakers. This mechanism is similar to staking in other cryptocurrencies, where holders lock up their tokens and earn a portion of the new coins created as inflation. The inflation rate is a design choice and not inherently problematic.

9. High interest rates: The high interest rates offered by HEX can be perceived as unrealistic, raising concerns about the project's sustainability. However, it's important to note that the interest rate depends on the staking period, and the effective interest rate could be lower if a large portion of tokens is staked.

10. Penalties for unstaking and late unstaking: HEX does impose penalties on users who unstake their tokens early or fail to unstake within the agreed period. A portion of these penalties is distributed to other stakers, while the rest is allocated to the "Origin Address," which is controlled by Richard Heart. This aspect has been a point of criticism, as it creates a centralization of wealth within the project.

>Here is some additional stuff GPT4 said.

Redistribution of value: The claim that the sole purpose of HEX is to redistribute value among token holders is debatable. While the staking mechanism and penalties do redistribute value among stakers, the project's primary goal is to encourage long-term holding and reduce the circulating supply, potentially increasing the value of the remaining tokens.

In summary, some concerns about HEX include its focus on staking and high interest rates, centralization of wealth, and the penalties imposed on users. It's essential to thoroughly research the project, weigh the risks, and make informed decisions before investing in any cryptocurrency.

>>54296907
So i went on this website and posted the section into GPT4 and here is what it said.

>1/2
While I cannot provide a direct opinion on whether HEX is a scam, I can analyze the points mentioned in the text and provide some context to help you better understand the arguments.

1. No underlying economic activity: It is true that HEX doesn't represent an underlying economic activity in the same way as some other cryptocurrencies, such as those tied to decentralized finance (DeFi) platforms or utility tokens for specific applications. HEX's primary focus is on incentivizing users to stake their tokens for a fixed period, similar to a traditional Certificate of Deposit (CD) in the financial world.

2. Inflationary token distribution: HEX has a fixed annual inflation rate of 3.69%, which is paid directly to stakers. This mechanism is similar to staking in other cryptocurrencies, where holders lock up their tokens and earn a portion of the new coins created as inflation. The inflation rate is a design choice and not inherently problematic.

3. High interest rates: The high interest rates offered by HEX can be perceived as unrealistic, raising concerns about the project's sustainability. However, it's important to note that the interest rate depends on the staking period, and the effective interest rate could be lower if a large portion of tokens is staked.

4. Penalties for unstaking and late unstaking: HEX does impose penalties on users who unstake their tokens early or fail to unstake within the agreed period. A portion of these penalties is distributed to other stakers, while the rest is allocated to the "Origin Address," which is controlled by Richard Heart. This aspect has been a point of criticism, as it creates a centralization of wealth within the project.

>>54296907
>>54297298

>2/2
5. Redistribution of value: The claim that the sole purpose of HEX is to redistribute value among token holders is debatable. While the staking mechanism and penalties do redistribute value among stakers, the project's primary goal is to encourage long-term holding and reduce the circulating supply, potentially increasing the value of the remaining tokens.

In summary, some concerns about HEX include its focus on staking and high interest rates, centralization of wealth, and the penalties imposed on users. It's essential to thoroughly research the project, weigh the risks, and make informed decisions before investing in any cryptocurrency.

Similarities between HEX staking and Bitcoin mining:

1. Incentive mechanism: Both HEX staking and Bitcoin mining serve as incentive mechanisms to reward users who participate in securing the network and maintaining its integrity.

2. Reward distribution: Both systems distribute rewards to participants based on their contribution to the network. In HEX, stakers receive rewards based on their shares and staking duration, while in Bitcoin, miners are rewarded based on the computational power they contribute.

3. Supply dynamics: Both systems affect the token supply dynamics, with Bitcoin mining introducing new coins into circulation and HEX staking reducing the effective circulating supply by locking up tokens.

Advantages of staking over mining:

1. Energy efficiency: Staking is generally more energy-efficient than mining, as it doesn't require significant computational resources. This makes it more environmentally friendly and cost-effective for participants.

2. Accessibility: Staking typically has lower barriers to entry compared to mining, allowing a wider range of users to participate without the need for specialized hardware or significant upfront investments.

3. Predictability: Staking rewards can be more predictable than mining rewards, as they often depend on factors like staking duration and the number of tokens staked, rather than the competition and luck involved in mining.

Advantages of mining over staking:

1. Network security: Mining, particularly Proof-of-Work, is considered by some to provide stronger network security, as it requires significant computational power and financial investment to launch an attack on the network.

2. Liquidity: Mining doesn't require locking up tokens for extended periods, allowing miners to sell their rewards more easily and maintain liquidity, whereas staking may require users to lock up their tokens for a predetermined duration.

3. Broader application: Mining is applicable to various cryptocurrencies, while staking is specific to certain projects like HEX. This allows miners to switch between mining different cryptocurrencies based on profitability and market conditions.

From an investor's perspective, the choice between staking and mining depends on factors such as risk tolerance, investment horizon, environmental concerns, and preferences for liquidity and predictability. It's essential to consider these factors and research the specific project and its tokenomics before making an investment decision.

>>54297040
That's great and you should therefore DYOR and read the article I posted (in its entirety).

The most important thing to remember is 95% of discussions about HEX ignore how intricate of a smart contract it is. Most ERC-20s that do well are either admin key controlled trash or just plain simple coins with no utility other than what some central company says it has through their own efforts. HEX is immutable, and locked forever, and the ability to earn yield in a trustless manner that only involves you and the contract is extremely powerful. It also punishes people who lie about how long they are staking by taking their yield or sometimes takes principle if they lie very badly. Retards here who talk shit barely even know how it works. They just toss around the word "scam", when it has not one single hallmark of a scam. In fact there is only one legit piece of fud about HEX possible. The fact that Richard controls so much of it. But at the end of the day he is already a billionaire and he wants glory more than money at this point. He isn't selling anytime in the next 10 years and I don't give a shit if you believe me. Feel free to never buy it. I could care less because this board is full of paper handed mid-wit losers.

>>54297469
>when it has not one single hallmark of a scam.
>when it has not one single hallmark of a scam.
>when it has not one single hallmark of a scam.

hex is a scam. its fairly clear by the amount of effort the paid shillers are putting into this

Full time HEX baggies promoting their shitcoin Ponzi here

>>54297439
I did and i'm getting a unbiased opinion from gpt4. I think you should do more research too.

Three years later and the hex haters still have nothing. No real arguments. Pretty sad really. They thought they were too smart to fall for the "scam" and thus missed out on the gains of a lifetime. But hey more gains for me I guess

>>54297728
I agree 100%, it seems people invested a lot of money and locked it up for several years which is very risky. Given the reason that hex is an erc20 token i would never be willing to lock my coins up in a immutable code where someone owns the majority of. I value the standpoint of holding and not selling a lot and i'm sure hex is still going to trade in the 10-50 cent range in 15 years from now, but you could also just buy bitcoin and hold it in cold storage without the need of being locked up.

>>54297896
>No real arguments.
The real argument is nobody controlls bitcoin and owns the majority of it. In extreme cases, the vitalik might agree on a hard fork to revert or modify a smartcontract. This has happened in the past during the DAO hack in 2016, which led to the creation of ethereum classic. Both bitcoin and crypto are volatile, most people don't need a giant pump with low liquidity but safety and this is the reason why blockrock is accumulating more bitcoin and not a immutable smartcontract.

As far as i'm aware richard is still owning bitcoin and frequently tweeting about it. I liked the roger ver debate a lot. I would like to see him sending these hex tokens to an adress he had no acess to, this would evaporate so many of my concerns but he doesn't for a reason nobody is aware of. I actually don't think hex is a scam and encourage everyone to buy some bitcoin, you can own both and if something bad happens to hex you will always know that your bitcoin is safe. I'm not buying hex this cycle and will basically wait and see how it's going to play out but it's definitely one of the most interesting coins in crypto. That being said, i wish every hex holder good luck.

>>54297521
Used to think that way, but scams don't exist for 3+ years, they go to 0 instead

>>54298011
Doesn't matter what you say though, because HEX will pump hard as fuck do to it being amazing, and PLS/PLSX in turn will pump as well. The entire RH ecosystem will melt face and you're going to miss out because your a salty bitch hater. I love that people like you will never join us.

>>54298680
>due to it being amazing
fixed

>>54297906
>and i'm sure hex is still going to trade in the 10-50 cent range in 15 years from now
"And I'm sure".... Lol this is the dumbest thing I think I have ever seen posted in a HEX thread. Top self retard.