Is HEX going to self-destruct? Will HEX become the next Tera Luna? And what does this mean for Bitcoin, Ethereum, and the entire crypto market? We'll take a look at all of that in this video. So, make sure you watch it all the way through so you don't miss anything.
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Bitcoin, Ethereum, and the broader crypto market were hit hard by the collapse of terra stablecoin and its support Luna earlier this year - with the fate of the market still not decided.
Bitcoin's price fell below $20,000, down more than 70 percent from its all-time highs, while Ethereum and other major crypto-currencies suffered even larger drops (though some believe they have spotted a $28 trillion opportunity).
Now, after one of Wall Street's most influential business leaders warned of growing market "panic," another controversial cryptocurrency with a market cap of more than $7 billion is facing claims that it's on the verge of imploding after seeing its price plummet 90% from its all-time highs. The company is HEX.
HEX, launched in late 2019 at the top of the Ethereum network, has seen its price rise rapidly over the past two years but has also drawn criticism for its system of rewarding those who keep their HEX tokens locked up and penalizing those who don't, a version of a crypto-currency system known as staking.
Richard Heart, creator of HEX and a strong advocate for the crypto-currency, has been accused by Protos of selling the bitcoins and Ethereum used by investors to buy HEX at launch and gutting the addresses used to collect HEX fees. Richard Heart did not respond to a request for comment before publication.
Since hitting its all-time high in September of last year, the price of HEX has fallen by 90 percent, a larger drop than bitcoin and Ethereum, both of which have fallen by about 70 percent from their all-time highs.
This week, following a YouTube interview in which Richard Heart briefly discussed plans for the long-awaited launch of a new HEX-related blockchain called Pulsechain, a longtime critic of HEX warned that the crypto-currency could be self-destructing as holders lose patience.
Announced last year, PulseChain was presented as a fork of Ethereum that would move to the proof-of-stake consensus mechanism before Ethereum itself. People who wanted to receive PulseChain’s PLS tokens in an "airdrop" were asked to "sacrifice" their Ethereum, HEX, or other crypto-currencies.
In June, about 45% of outstanding HEX were placed in two digital wallets in exchange for a promise of PLS coins once PulseChain launched. That's what Richard Heart said at the time.
However, the launch of PulseChain has been delayed several times, and some are beginning to wonder if it will ever launch.
Bitcoin investor Mike Alfred posted on Twitter: "Apparently PulseChain won't happen," accompanied by screenshots of conversations with HEX holders who fear that PulseChain is nothing more than a copy of Ethereum, now a proof-of-stake blockchain after its upgrade last month. "Several HEX holders have contacted me to inform me that the hex community is self-destructing as we speak.
Now, speaking to YouTuber Ivan Liljeqvist, Richard Heart said he would not commit to a PulseChain launch schedule, saying "it's done when it's done."
"We're going to use the same consensus mechanism that Ethereum 2.0 currently uses," Richard Heart said. "I want to bring Pulsechain to market. Even if we manage to market without massaging the timing and gas of Ethereum blocks." He also added that "I would just make a 'direct copy' and fix it later. Free and cheaper coins is good enough. Faster is great if you have it but it's not mandatory."
"People have pointed out that they found a lot of things troubling in this interview," Besides Mike Alfred said, "The implication is that all the work from last year has been scrapped."
However, Mike Alfred does not expect the eventual collapse of HEX to result in a terra-Luna-type implosion. In May, the algorithmic stablecoin terra and its supporting coin Luna collapsed as investors rushed to the exit. The collapse of terra and Luna sent the price of bitcoin to its lowest level since the beginning of the year and triggered a crisis in the entire crypto market.
By the way about this, Richard Heart said: "HEX is not as related to the rest of the ecosystem". "It's almost like a parallel economy. Also, it will fail in slow motion because of the way the protocol incentivizes token locks."
Despite HEX's 90 percent collapse, Richard Heart remains optimistic; he promises that Pulsechain will happen and that it will drive up the price of HEX when it does.
"Pulsechain is going to change everything," This is what Heart said in a September debate, streamed live on YouTube.
Now, if you want to know our opinion on this, well, we believe that Hex crypto has a future. In essence, people will always be paid in HEX as guaranteed by the structure of the project. In the past, the price had increased considerably. Several investors are jumping in intending to take advantage of the higher APY of HEX and the subsequent price gain. HEX has the initiative to expand the decentralized finance sector in the cryptocurrency market.
With the ongoing developments within the HEX ecosystem, as well as the crypto market as a whole, we could see HEX reach new heights.
Currently, Hex crypto is among the promising cryptos. Its introduction among the ERC20 tokens and the establishment of its project plays in its favor. Even though at the moment its place in the market is still at a rather low place. Hex has an easy-to-understand concept that was launched as a complete product.
Users can stake their Hex crypto-currency for a high annual interest rate using certificates of deposit, a standard investment tool managed by banks. Note that the coin has reportedly risen 948,000% since its launch. And yes, the site has a dedicated page to prove that it is not a scam. The official site claims that this is an economic breakthrough worthy of a "Nobel Prize".
Unbelievable that some people have this eternal desire to claim that Hex is a scam when it is just a "boring" yield generator that was modeled after the legacy banking world's certificate of deposit. As for the code base, it's literally Bitcoin translated to run on the Ethereum blockchain but with "proof of work" replaced by "proof of wait."
And yes, thousands of early holders have gone on to become millionaires, deca-millionaires, and even a few who may have reached the $100,000,000 range. Everything is on the blockchain, publicly verifiable.
We're not trying to convert anyone; we just think it's amazing that someone is still putting their energy into trying to bash Hex when it's been working perfectly for two and a half years. No waste of time. No drama. Lots of new millionaires.
So, do you think HEX is going to crash like Terra Luna? As usual, share your thoughts with us in the comments section below.
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