Posted 2 years ago | by Ben Armstrong
HEX Takes Major Flack from Crypto Community
Maybe be a little bit careful about the new HEX coin. Its website claims that it is designed to generate 10,000x returns in less than 3 years. Of course, the coins creator will hold 45% of the HEX supply, and the company is already denying that HEX is a pyramid or Ponzi scheme.
Ok, so anyone who tells you that you will be able to reliably make money is probably worth approaching with some skepticism. When a company is offering you more than 30 times your investment on an annual basis, there are some pretty serious questions that need to be asked.
Richard Heart, who's real name is Richard J Schueler, is the man behind HEX, and is also a self-described as a 'bitcoin thought leader'.
He said via twitter:
HEX is now entering the phase where people will start attacking it with new vigor. I remember when the regular media did this to Bitcoin years ago. Saying it was illegal, a Ponzi, a scam. Bitcoin won.
Well here we are in media land, and while we don't know if HEX is a scam, it is clearly designed to entice investors, and the returns that it is promising to deliver are nothing short of extraordinary.
HEX Makes Returns How?
Apparently this originated at HEX...be careful:
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!
So...the vibe we are getting is that someone wants people to swap their valuable tokens for HEX, and then hold on to them for a few years. Again, we aren't saying that HEX is a scam, only that these kinds of offers are generally don't work out for many of the people who are involved.
Goldman Sats-HEX is Worse than a Ponzi Scheme
A writer who goes by the handle Goldman Sats is calling HEX out. The writer correctly identifies a number of valid points in this Medium post (click for link), and if you are thinking about swapping anything of value for HEX, it is worth a read.
There is no easy way to make money, unless of course, you are actually making money. That seems to be the plan at HEX, and it should come as no surprise that the man behind the project will likely have most of the tokens, if they end up being worth anything at all.