Ethereum has been rising quite a bit more than bitcoin for the past few days, up 6.3% at the time of writing compared to bitcoin’s 3.7%.
It wasn’t quite clear why until now, but it appears the sole reason might be an ERC20 token called Hex.
Very uniquely among cryptos or tokens, Hex has an affiliate program facilitating its wide shilling that has been going on for quite some months in a disguised manner.
Usually shills point out some feature or why something is good. Hex shills however froth at their mouth about RICHARD HEART and how he is A SCAMMER.
Anger sells, clearly. Outraged shills day in and day out point to this ree or that ree that was done or may have been done or could have been done by RICHARD HEART.
The thing is, they’re actually right this is a scam, making it all so utterly cute for whoever is in charge of putting cuffs.
The Securities and Exchanges Commission (SEC) usually, but they tend to just
take a cut impose a fine, which is arguably the most progressive form of taxation. Something Europe has not yet woken up to with Bafin asleep at the wheel, although to be fair at least they have an english version of their website unlike the Frenchies.
So RICHARD HEART has come up with this genius thing where… you just “stake” and get more tokens, at times as much as 100% the stake, a stake that doesn’t validate or do any “job,” with this whole token doing nothing else at all.
You get that interest in November. For now you can claim for free some pennies per one whole bitcoin, or of course you can give them real eth for hex.
And the point of hex? If we are going to be very charitable, the point is to teach you the game of chairs.
Their ‘this is a scam’ website says hex has a “nearly infinite profit margin,” which could be true if by profit they mean stupid numbers no one cares about as anyone can write them on some spreadsheet.
“Given programmable money the first program should be interest,” they say. As in, dilute your real value by the world computer printing out more units of account at a rate of as much as the entire supply doubling per day.
“The share price only goes up” they say, and they say it in bold. No spelling mistakes. This is probably not an attempt to fool dumb people, it’s instead probably for giggling smart and mainly young people who obviously know this is all bullshit, and know everyone else knows, but also know that bullshit sometime pays.
It’s a game of chairs basically, the thing we used to play as kids, but this time with real money, and with everyone of course thinking they’re smart enough to get out in time. RICHARD HEART.
Whatever, what does this have to do with eth and it rising? Well, you need eth to get hex through some “transform” tool with the eth of course going to this Richard guy.
We tried to test run it with a fiver, but it’s not clear what’s going on with metamask. They recommended a fee of 1 cent for what is a smart contract action. We had to cancel that, manually add a higher fee in a second transaction, but the blockchain says there’s another transaction so we can’t go through.
Obviously we could have Uniswaped, but “transform” does give the suggestion you get free hex, instead of giving away your eth for it, which it turns out it’s not the case. You’re instead giving him your eth for this.
The fault here though may well be on the part of metamask as on the hex end at a technical level it probably all works as it should, it’s just what it works towards is obviously dum as wood.
Or silly fun, depends on how you see it, as long as people realize this is an extremely dangerous investment that probably guarantees your loss of money if, like any ponzi scheme, you don’t get out in time.
The problem with that latter part is that almost no one, save for the 1% to 10% of course, gets out in time because greed has a way of making you stupid.
So the best way to play may well be to not play at all, especially as in this case the hex pumpy dumpy is feeding into eth, making eth a less risky hodl while getting some of the gains.
And it is quite a pump. 100x since February when it started trading, 10x just in the past few days as pictured above. Zero innovation or utility, however, except it has fooled people for now so entertainment can well be considered a utility, until it becomes the opposite of entertainment.