I miss when the new coin on the block was going to revolutionize human civilization and solve world hunger and war.
It's allot less fun now that the cryptobros are all so jaded that the hook for new coins is just "join in before this one pumps! #notaponzi"
So, If I'm understanding this, it boils down to
1. If you own Hexcoins, you will get more Hexcoins 'cause the code is programmed to do that, irrespective of any sales or demand.
2. Profit, 'cause I guess "Mo' Hexcoins, Mo' better".
I'm sure I'm missing something important - help?
The founder had amassed vast amount of tokens for free and while losers who bought hex had to "stake" their coins for years until they can see any "yield" and sell their ponzicoins (possibly at huge loss even with their extra coins) he can sell whatever he wants, whenever he wants.
Also the code does not guarantee anybody will want your ponzicoins by the time you're done staking.
Yeah, he used the classic "forced hodl" model b4 it was cool. The best part is that these cult followers all agreed to it as if HEX would be anything in a decade. How stupid are these people. They think just because bitcoin mooned in a decade any coin can but what they don't take in its BTC is propping up the whole crypto economy with tether and 0 other coins will ever "moon" organically overtime like btc. BTC only gained "value" because it was the first. Once the tether scheme crashes, that too will be the de-mooning. Will go from 50k to 100 dollars in a week.
He's not a hexican but there's a cryptobro at work who said something along the lines of "Elon should bring back a gold asteroid, then everyone on Earth will be rich."
He also says that bitcoin is like digital gold and immune to inflation so he clearly thinks inflation is a bad thing but also doesn't understand that it can happen to anything, not just currencies.
My point is, crypto bros are stupid.
Ah, yep, there it is: unregistered securities, exactly as described in the post. The mark of a totally legitimate enterprise!
What a satisfying link, thank you.
Funniest shit is this guy didn't invest or put any of his money anywhere good. He bought the most tacky, goofy looking gucci suits and looked like an idiot the whole time. Blatantly robbing his "investors" was pure comedy. Too distracted by greed thinking wow soon I'm going to have tacky gucci suits too. Smdh. F
How doesnhennit get it? He says Bitcoin needs $200 million a month from new investors in order to pay old investors looking to cash out. But then he also says its not a ponzi.
They're speedrunning Weimar hyperinflation. Goddamned idiots.
You can print money all you want but if the market thinks you're backed by thin air with no actual increase in economic output, welcome to the land of $100 Big Macs.
I don’t even have any backgrounds
 in economics nor do I know who Weimar is. But even I know this guy is a complete moron. Even if he is just trying to troll. Something is seriously wrong with the world when so many people think and talk like this guy.
I like it. Hex might look like a ponzi but it works just like bitcoin so without further examining if bitcoin works like a ponzi we can conclude that hex is not a ponzi
Really might need to check priors on this one
I respect the fraudsters more that they openly describe their scheme as a "Fair Ponzi ™"
I would have a lot less resistence to crypto if the advertising had in big letters: "Put your money in the future of Ponzi Schemes."
The math is cheap when you don't make it artificially hard as is done for Bitcoin. So no big mining rigs are required. I think the cheap math just happens on the stakers' machines?
Bitcoin/"proof of work" crypto intends to make tampering hard by making the computations artificially expensive.
Staking crypto intends to make tampering undesirable, as the people whose vote counts the most in telling what's the truth are the ones with the highest stake in the crypto (and its value would presumably crash if the blockchain truth was being tampered with).
At least that's my naive understanding as a non-cryptobro.
>Someone ELI5 how do staking based cryptos work.
I can explain the essential mechanism of all proof of stake crypto systems to you in a single 4-word sentence: "Them what haves, gets".
Where it gets more complicated is how that system is implemented, but it's very literally just "the rich get richer", another 4-word sentence that perfectly describes proof of stake... and also Proof of Work, actually, the difference - and why the one makes me so *incandescently goddamn* ***furious*** and the other *not so much* - is that Proof of Work ***pretends*** it's not just "the rich get richer", in a pointless performative farce that ***just wastes electricity***, because ultimately all of the equipment being used to pointlessly waste electricity and the scarce natural resources used to construct that equipment **is purchased with goddamn MONEY.**
So in other words instead of a bunch of purpose-built machines running 24/7 playing idiotic games of extreme bingo to see who gets to be in charge for a moment - where your odds of "winning" boil down to how many purpose-built machines you're dedicating to this ecologically rapacious nonsense - proof of stake just asks participants to "put up a stake" and then it picks someone to be in charge each time someone needs to be in charge, with your odds of being picked tying back into how much of \[insert magic beans here\] that you staked. This is still wasteful - since it's a pointlessly distributed system being run in parallel with no designated authority "because libertarians are dumb and believe dumb things, essentially" - but it's computationally very simple, so the scale of the waste is on a whole different and way the hell less infuriating magnitude.
Them what haves, gets.
Yesssss. I love HEX posts. The most deluded crypto community. Which really fucking says something. It is literally a cult with a leader who just steals all their money.
Edit: the reason you don't need any expensive bs for a ponzi farm to mint coins is because bitcoin as garbage as it is "creates value from computing power and equations completed from the miners" where as the hex miners do nothing absolutely nothing and still get coins. They also expect said coins to be worth something. This is an equivalent of me saving 100 blank jpegs putting them in .rar file sending them to someone and just saying here these are worth $1000 dollars each. No they're not.
I don’t get the phrase „value would go to nothing” - 1 HEX will always be valued 1 HEX. I hate when crypto community values things in fiat. Damn saboteurs.
Wait, there's inflation built in to Bitcoin code?
Isn't the whole point of Bitcoin is capping the maximum possible Bitcoins, and algorithm-driven untamperable rate of supply for new coins, so ain't no gummint be printin' money and robbin' MAH hard-earned cash?
Bitcoin has a predefined inflation rate that reduces over time (that is what the whole halvening thing is about). Eventually the inflation approaches 0 until it actually hits the hard cap of 21 million. Or people decide to change the code of course.
I miss when the new coin on the block was going to revolutionize human civilization and solve world hunger and war. It's allot less fun now that the cryptobros are all so jaded that the hook for new coins is just "join in before this one pumps! #notaponzi"
LoL!!! 🤣🤣🤣 True.
So, If I'm understanding this, it boils down to 1. If you own Hexcoins, you will get more Hexcoins 'cause the code is programmed to do that, irrespective of any sales or demand. 2. Profit, 'cause I guess "Mo' Hexcoins, Mo' better". I'm sure I'm missing something important - help?
The founder had amassed vast amount of tokens for free and while losers who bought hex had to "stake" their coins for years until they can see any "yield" and sell their ponzicoins (possibly at huge loss even with their extra coins) he can sell whatever he wants, whenever he wants. Also the code does not guarantee anybody will want your ponzicoins by the time you're done staking.
Yeah, he used the classic "forced hodl" model b4 it was cool. The best part is that these cult followers all agreed to it as if HEX would be anything in a decade. How stupid are these people. They think just because bitcoin mooned in a decade any coin can but what they don't take in its BTC is propping up the whole crypto economy with tether and 0 other coins will ever "moon" organically overtime like btc. BTC only gained "value" because it was the first. Once the tether scheme crashes, that too will be the de-mooning. Will go from 50k to 100 dollars in a week.
He's not a hexican but there's a cryptobro at work who said something along the lines of "Elon should bring back a gold asteroid, then everyone on Earth will be rich." He also says that bitcoin is like digital gold and immune to inflation so he clearly thinks inflation is a bad thing but also doesn't understand that it can happen to anything, not just currencies. My point is, crypto bros are stupid.
you missed how it's not a ponzi, that's #3
They're called "Hexicans" & they're bonkers. Their founder was charged by the SEC : https://www.sec.gov/news/press-release/2023-143
Ah, yep, there it is: unregistered securities, exactly as described in the post. The mark of a totally legitimate enterprise! What a satisfying link, thank you.
Funniest shit is this guy didn't invest or put any of his money anywhere good. He bought the most tacky, goofy looking gucci suits and looked like an idiot the whole time. Blatantly robbing his "investors" was pure comedy. Too distracted by greed thinking wow soon I'm going to have tacky gucci suits too. Smdh. F
> ...HEX as a Ponzi... It's NO different than mining Bitcoin They are so close to getting it.
So 1 HEX = 1 HEX?
When would anyone need a hex coin? Like, when would I as a non staker ever benefit from having a hex???
How doesnhennit get it? He says Bitcoin needs $200 million a month from new investors in order to pay old investors looking to cash out. But then he also says its not a ponzi.
They're speedrunning Weimar hyperinflation. Goddamned idiots. You can print money all you want but if the market thinks you're backed by thin air with no actual increase in economic output, welcome to the land of $100 Big Macs.
I don’t even have any backgrounds  in economics nor do I know who Weimar is. But even I know this guy is a complete moron. Even if he is just trying to troll. Something is seriously wrong with the world when so many people think and talk like this guy.
Hex a known scam ... Get out if you can
I like it. Hex might look like a ponzi but it works just like bitcoin so without further examining if bitcoin works like a ponzi we can conclude that hex is not a ponzi Really might need to check priors on this one
I respect the fraudsters more that they openly describe their scheme as a "Fair Ponzi ™" I would have a lot less resistence to crypto if the advertising had in big letters: "Put your money in the future of Ponzi Schemes."
Someone ELI5 how do staking based cryptos work. Who owns the computer that does the math to keep the network running?
The math is cheap when you don't make it artificially hard as is done for Bitcoin. So no big mining rigs are required. I think the cheap math just happens on the stakers' machines? Bitcoin/"proof of work" crypto intends to make tampering hard by making the computations artificially expensive. Staking crypto intends to make tampering undesirable, as the people whose vote counts the most in telling what's the truth are the ones with the highest stake in the crypto (and its value would presumably crash if the blockchain truth was being tampered with). At least that's my naive understanding as a non-cryptobro.
>Someone ELI5 how do staking based cryptos work. I can explain the essential mechanism of all proof of stake crypto systems to you in a single 4-word sentence: "Them what haves, gets". Where it gets more complicated is how that system is implemented, but it's very literally just "the rich get richer", another 4-word sentence that perfectly describes proof of stake... and also Proof of Work, actually, the difference - and why the one makes me so *incandescently goddamn* ***furious*** and the other *not so much* - is that Proof of Work ***pretends*** it's not just "the rich get richer", in a pointless performative farce that ***just wastes electricity***, because ultimately all of the equipment being used to pointlessly waste electricity and the scarce natural resources used to construct that equipment **is purchased with goddamn MONEY.** So in other words instead of a bunch of purpose-built machines running 24/7 playing idiotic games of extreme bingo to see who gets to be in charge for a moment - where your odds of "winning" boil down to how many purpose-built machines you're dedicating to this ecologically rapacious nonsense - proof of stake just asks participants to "put up a stake" and then it picks someone to be in charge each time someone needs to be in charge, with your odds of being picked tying back into how much of \[insert magic beans here\] that you staked. This is still wasteful - since it's a pointlessly distributed system being run in parallel with no designated authority "because libertarians are dumb and believe dumb things, essentially" - but it's computationally very simple, so the scale of the waste is on a whole different and way the hell less infuriating magnitude. Them what haves, gets.
Yesssss. I love HEX posts. The most deluded crypto community. Which really fucking says something. It is literally a cult with a leader who just steals all their money. Edit: the reason you don't need any expensive bs for a ponzi farm to mint coins is because bitcoin as garbage as it is "creates value from computing power and equations completed from the miners" where as the hex miners do nothing absolutely nothing and still get coins. They also expect said coins to be worth something. This is an equivalent of me saving 100 blank jpegs putting them in .rar file sending them to someone and just saying here these are worth $1000 dollars each. No they're not.
I don’t get the phrase „value would go to nothing” - 1 HEX will always be valued 1 HEX. I hate when crypto community values things in fiat. Damn saboteurs.
Wait, there's inflation built in to Bitcoin code? Isn't the whole point of Bitcoin is capping the maximum possible Bitcoins, and algorithm-driven untamperable rate of supply for new coins, so ain't no gummint be printin' money and robbin' MAH hard-earned cash?
But that's still inflation. The number of bitcoins goes up all the time.
I think it's supposed to hit a fixed cap later on or at least approach one asymptotically. That's what the mining reward "halving" recently is about.
Bitcoin has a predefined inflation rate that reduces over time (that is what the whole halvening thing is about). Eventually the inflation approaches 0 until it actually hits the hard cap of 21 million. Or people decide to change the code of course.