Bitcoin

HEX still can’t get rid of the scam they put on it, even though the token is approaching a $ 1 billion market cap

Although it was widely dismissed as a scam earlier this year, Richard Heart’s controversial HEX is rapidly approaching a $ 1 billion market cap.

According to the cryptanalysis website CoinMarketCap, the HEX token had a market capitalization of more than $ 979 million on May 14 with a value of $ 0.006 at the time of going to press. Before mid-February, the coin was so low that many websites simply couldn’t measure it.

HEX still can’t get rid of the scam they put on it, even though the token is approaching a $ 1 billion market cap
HEX still can’t get rid of the scam they put on it, even though the token is approaching a $ 1 billion market cap

HEX is an ERC-20 token that pays holders for rewards, not miners. It is essentially a cryptocurrency version of a traditional time deposit account. Users can keep their money blocked and then receive their investment plus interest when the term expires.

There are currently only nine exchanges that offer HEX trading.. At Uniswap, Ethereum’s decentralized switching center, the 24-hour volume of HEX was $ 2.4 million, while at Hotbit it was nearly $ 900,000. The other exchanges have very little liquidity, including Coinsbit, Bidesk, p2b2b and Bitcoin.com.

A sudden increase?

The question is: Why this rise in the value of a token that most cryptocurrency media mocked as useless, if not outright fraud?

True believers in the cryptosphere on Twitter point out that Whales have put a lot on HEX, and the type of token rewards benefit those who bet, not miners:

Some users, even if they are tribesmen when it comes to cryptocurrencies, ultimately they see the token as trustworthy, noting the high returns the first staker, “Is Hex a good investment so soon? For me as an investor, yes. I have increased 35 times.”

Others just say that HEX critics quickly reject the token as a scam instead of doing their research and listening to Heart’s explanationsand essentially accused them of bias in the affirmation.

The HEX founder wrote this on Twitter HEX reached a Record price on May 14th and you’re targeting a $ 1.1 billion market cap by the end of 2020. He said that for those who are concerned about that current financial crisisthe token “basically has an inflation rate of less than 0% for the Staker class on average”.

Some still have doubts. A User believes that the reaction of the crypto community to HEX could determine how future coins and innovations will be received:

“I have a feeling that the crypto community has gone through so many scams that we become blind when something good comes up for the owner. Time will tell how good HEX is …”

Many still call it a scam

HEX critics are legion. Peter McCormack, the moderator of the podcast “What Bitcoin Did”, has referred repeatedly Heart as a fraud and HEX as a fraud.

As Cointelegraph reported Others have attacked Heart over HEX’s privacy and security concerns about the application process.. Vlad Costea, an author of Bitcoin magazine, made a number of arguments against HEX’s alleged legitimacy in January 2019, saying that the cryptocurrency is “similar to a Ponzi scheme” and more “fool’s gold”.

Heart spoke to Cointelegraph in December and admitted this The HEX project uses “tactics that a scam can use,” but ultimately believes the stigma was that people in the crypto community were loyal to certain currencies::

“In cryptocurrencies there is a tribalism that every currency you buy is an amazing thing that changes the world. Every coin someone else buys is a standard fraud. “

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