RE: "HEX is a Scam! HEX is a Ponzi!!! HEX is a Shitcoin!!!!!"

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RE: "HEX is a Scam! HEX is a Ponzi!!! HEX is a Shitcoin!!!!!"

ethereumalist (51)in #blockchain • 5 years ago

That's ridiculous. Explain what you disagree with and I'll show you how you're wrong.

5 years ago in #blockchain by ethereumalist (51)

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phgnomo (64) 5 years ago

Challenge accepted. Haven't looked too deep at HEX project yet, just heard a bit, and you know that saying... if it walks like a duck...

I will dig a bit deeper and i will get back to you.

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ethereumalist (51) 5 years ago

Very well, I'm always up for a debate, so by all means do your research about it.

I'll make it easy for you and direct you to the most informative literature on how HEX works that I know of:

https://docs.google.com/document/d/1P0ZDaBQx4ghkdX5IUwZb1n8ThvYf7i22MSt9Gm00JRU/edit

That said, here's the thing. Like you mentioned, there were "a lot of words" in my article and you then say "but no solid arguments" while you just responded to me that you don't know much about HEX.

You did not make any valid arguments against any of my arguments and recognize that you need to do research before responding to me. Can you see how terribly rude and inappropriate it is to dismiss my thorough post offhandedly without any solid arguments of your own?

I'll welcome a debate, but it is quite frustrating for a person to respond "if it walks like a duck..." because that is not a valid argument. How is something I said provably incorrect? You are clearly devoting yourself to a bias against HEX without a hard rational behind it.

But that's okay, come prepared and be ready to defend your arguments because I came out of the womb with a soapbox. Yes, I'm sure it was painful...

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phgnomo (64) 5 years ago

Ok, you are right, and i apologize for that.

I haven't looked too much into hex mostly because what i read and watched about showed me that it have all signals of a common cryptocurrency scam: nothing to do with it besides making it grow by itself, not a proof-of-stake like blockchain where staking have a reason to exist (SP allow you to distribute a share of the rewards, staking secure the network or vote for representatives of the network), loud people shilling it, people defending it like it is the most amazing invention of the last century...

So, that is what i called the "if it walks like a duck..." saying. This project have scam written all over it.

Maybe i am wrong, and i will have to research a bit more to build counter arguments, but so far, i will stay away from it.

And here is some examples of "lots of words, no solid arguments":

Classic ponzi scheme definition is correct. But anything that promisses gains without having something concrete to back these gains can be called a ponzi scheme.
Comparing it to Bank Deposit certificates makes no sense. BDC have a whole financial and regulatory structure behind it that make the system solid enough to provide some guarantees to investors if shit hit the fan. HEX is just a promisse that it will work.
Inflation isn't value increase. It is value decrease. The value of something increase only if there is real demand for that something. Demand based on supposed gains without something solid to back it up is just speculative demand that can bring short-term profits but don't buid value.
"So why is HEX not a scam? Because its code is available for the whole world to see". Well, Jordan Belfort (the wolf of wall street) operated years on daylight before it could be proven that he had a really elaborated scam. Having a open-source code isn't an argument that it isn't a scam. It's just a scam that want to appear as a legit and trustfull project.
Still about open-source code: How many people do you know have the ability to properly understando the code? I can't. I have to choose to believe in someone that can. Also, how many people attracted by the possible "amazing gains" will care about reading the code?
And about shitcoins... every coin is a shitcoin until someone believe it isn't.

So, that's a start. I will take some time to read some stuff about the HEX project and get back to you.

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phgnomo (64) 5 years ago (edited)

And holy shit...

Didn't took me 2 seconds to find out who is promoting HEX:

https://coinrivet.com/infamous-bitconnect-shill-trevon-james-turns-attention-to-hex/

I think I don't even have to look too deep now...

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ethereumalist (51) 5 years ago

Trevon James didn't create it. Remember, a decentralized application can't control who uses it.

Let's focus on the merits of it directly. After replying to the low hanging fruit I'll address your larger comment now.

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phgnomo (64) 5 years ago

I never said he created it. He and his partner craig something is promoting this the same way they did with bitconnect. And we all know how bitconnect ended...

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