A serious and very controversial debate has started in the world of crypto. It is about HEX, the new crypto project by Richard Heart. You might still know it as Bitcoin HEX, it was recently renamed to only HEX. With this article, I will summarize the most advantages and critics.

Disclaimer: We are invested and staking HEX. We believe that we can make money with HEX. We want to share this information with you.


What is HEX?

HEX is a cryptocurrency based on advanced game theory. It is an ERC-20 token on the Ethereum blockchain. It runs as a smart contract, unchangeable and immutable.

HEX allows:
  • Free Claiming (with BTC held before December 2, 2019)
  • Direct Conversion of Ethereum (ETH) to HEX via the Adoption Amplifier (Ethereum Transform Lobby)
  • Staking (trustless, time-locked interest bearing deposits)

Bitcoin Maximalists are angry. Accusations of scam are rising on a daily basis. Is HEX a Scam or are maximalists scared of the new coin?

Richard Heart claims that he has created "THE FIRST HIGH INTEREST BLOCKCHAIN CERTIFICATE OF DEPOSIT". "HEX is designed to increase in value faster than anything else in history" and is superior in many ways to other crypto, Bitcoin included.

HEX maximizes what Bitcoin has shown to do best: Being a store of value, not a means of exchange.

Baking together the best of crypto:
  • Decentralization
  • Incredible gain potential
  • Immutable code
  • Peer to peer (cut the middle men and 3rd parties)
With the most popular products of traditional finance:
  • Time deposits
  • Income producing products
  • Low volatility

HEX behaves like a Bank Savings Account

HEX is contrary to today's banking system: Nobody can control, censor, limit, or devalue your HEX token. HEX aims to replace inefficient currencies, banks and payment networks. It runs on the Ethereum blockchain as verifiably secure peer-to-peer technology.

HEX has a yearly fixed inflation of 3,69%. HEX takes the profit out of banks and government money printing and gives it to the people who are holding the token. This is called HEX staking. You need to stake HEX for a period of time (min 1, max 5555 days) to receive a part of the newly minted HEX token as trustless interest.

There are many big bonuses for staking HEX as well as penalties (e.g. claiming late). This is a not easy to understand at a first look. HEX is a crypto for the long run:
The LONGER you lock up your HEX (staking) the HIGHER are your PROFITS. This is called: Longer pays Better.
Staking more coins pays a bonus up to 10%: Bigger pays Better.


For details about staking bonuses and benefits go to the official HEX website.


Inflation of 3,69% a year does not seem a lot of profit. Compounding the included bonuses together with staking longer and making bigger stakes is adding up. Penalty coins (e.g. If someone stops their staking commit earlier) are divided amongst all HEX stakers. All together you will realize, that you may well end up with a 10 to 30% profit per year!

This are percentages never seen before on the banking sector!

Those who believe in the project the most gain the most bonus shares.

HEX has a Self Balancing Mechanism: The more people are HEX staking, the less profits they receive. But the price of HEX is getting higher. The less people are staking, the lower is the HEX price, but they receive more profits.


What is BPD - HEX BigPayDay?

The HEX Big Pay Day, in short HEX BPD, happens at day 353 after the HEX contract launch in December 2019. This day is the last day of the 50 week launch phase, referenced by the countdown timer on top. The Adoption Amplifier (Ethereum Transfer Lobby) ends on that day as well and big payday staking bonuses are calculated.

Giant profit is expected to be shared amongst HEX stakers. Stakers get rewarded according the amount of shares they hold. All coins which aren't claimed, are paid to stakers.To qualify for BPD bonus, your staked HEX coins can't end before that important day to qualify for this one time bonus!

Your share of the BigPayDay is variable and can only be calculated on that day. Your bonus goes up as other people close their stakes. It goes down, as other stakers open new stakes after the day you staked your HEX token.

Big Pay Day bonus shares are complex to calculate. It depends how many free BTC is claimed until BPD, the amount of early unstake penalties and the length of your staking period. It can be up to 5x of your stake. If you type in your expected staking length at the Adoption Amplifier, you see there an estimate based on available data until that day. Vary the stake length and you see it changing.

hex big pay day bonus

The unclaimed amount of BTC is calculated daily. The equivalent HEX of the unclaimed Bitcoin is rewarded to HEX stakers. If more people free claim with their BTC, the daily unclaimed pool is reduced accordingly. At the time of writing, only 2.8% of all Bitcoin have claimed their FREE HEX.

Your BigPayDay bonus is part of your staking benefits. It will be automatically paid out at the end of your staking period together with your principal and earned interest. You don't have to do anything special. DON'T unstake early - you would face heavy penalties should you press the red "End Stake" button. It is red for a good reason!

hex unclaimed btc


Is HEX a Scam? Is it a Ponzi? Is it Pump and Dump?

Some facts:

  • Richard Heart is a public figure. He was an early Bitcoin adopter and a Bitcoin maximalist for many years. He was defending Bitcoin years long, but changed his view over time. He is much respected in the crypto world for his ideas.
  • HEX is an ERC-20 token on the Ethereum blockchain based on a smart contract. This is decentralized and immutable code. Nobody can change it, not Richard Heart, not you or myself.
  • HEX is open source. Anybody can review it on Github
  • The smart contract source code is verified. Check it on Etherscan
  • HEX had two independent security audits before release. Plus a third audit by a mathematician on HEX's economics. Chainsecurity.com and CoinFabrik.com are among the top contract auditors in the world.
    HEX Security Audit by CoinFabrik.com
    HEX Economics Audit by CoinFabrik.com
  • HEX is not an ICO, the project is self funded. You can claim HEX FOR FREE if you had a positive Bitcoin balance before December 2, 2019 (the so-called "snapshot date"). HEX is free, just like Bitcoin used to be at the beginning.
  • The HEX team has done everything possible to prevent typical crypto "Pump and Dump" events:
    • If you are holding BTC and claiming FREE HEX, 90% of the tokens you receive will be auto-staked for 50 weeks. Only the remaining 10% can be sold on exchanges.
    • Bitcoin whales are prevented from accumulating too much free HEX. Large accounts over 1000 BTC are facing a 50% penalty. Very large BTC addresses even a 75% penalty! This is called "SillyWhalePenalty". Those penalty coins will be distributed amongst people who are staking HEX.
  • The aim of the HEX team is to get rid of middlemen, 3rd parties and BTC addresses with multisig (which prevents most exchanges from claiming). Crypto will get back to the track of decentralization. No need to trust a 3rd party company who can fail or where your funds can be stolen. HEX is based on an immutable smart contract on the Ethereum blockchain. HEX stakers can earn more coins than most of the traders.
  • If you are  staking HEX and earning trustless profits, you can't trade with your coins on risky (high leverage) exchanges. More than 90% of traders are losing money long term! You don't pay commissions to exchanges and making others rich.
  • With HEX you can now earn income while still owning your crypto. Remember: not your keys - not your coins!

Most Outspoken HEX Criticism:

  • Nobody knows what is going to happen with those ETH raised on the "Ethereum Transform Lobby" or "Adoption Amplifier". 
    Richard Heart DOES NOT WANT TO SAY who has access to the private key of this ETH address. His reason is, he does not want HEX TO BE DECLARED AS A SECURITY. For that he must follow the rules of the Howey Test and cannot promise future profits from his or his team's work. No expectations! Otherwise, HEX could be declared as an unregistered securities offering and won't be available in most exchanges.
  • HEX uses techniques which Scam coins used as well, has a referral program and marketing.
    Richard Heart's explanation: HEX is the result of combining decentralized immutable code with the most powerful techniques of marketing, traditional finance and crypto. Those techniques (heavy marketing, high profits) were successfully used by scammers and this is why it is so easy to criticize. HEX uses this in a serious and transparent way. Amazon and Tesla have a referral program as well.
  • HEX profits are unknown in the real world
    HEX profits are increasing exponentially the longer you are staking HEX. 50% or more profits per year sounds impossible, but is a question of math and compounding bonuses. Watch the video from Richard Heart "How can HEX make you rich" to understand why.



  • Richard Heart was in the past a Bitcoin maximalist and was heavily critizing Ethereum. He changed his mind to now praising ETH as beeing more secure than Bitcoin. 
    His point of view of crypto has changed a lot in the last 3 years. With that new knowledge, he has created HEX on the Ethereum blockchain.
    Why? - The most popular stable coin today, which trades more volume than any cryptocurrency, including Bitcoin, runs on the Ethereum blockchain. It used to run on Bitcoin, but switched.
  • The Ethereum blockchain has already launched 4 of the top 10 highest value (market cap) coins
  • It has a more ambitious road map. Containing anonymity (zk-SNARKs), scaling (state-channels), more ASIC resistance (ProgPOW), POS (more energy efficient consensus) and sharding (scaling).
  • Distributed Exchanges have far more adoption.

Conclusion

HEX is different from other tokens. The main purpose of HEX is to increase in price. It allows users to stake their HEX tokens and get rewarded for doing so. HEX pays interest to stakers instead of miners. Staking HEX is like getting free mining hardware and electricity. The same smart contract that created your HEX tokens will pay stakers.

HEX is designed to increase its price and adoption. In the smart contract are several complex bonuses and benefits built in to achieve this. Those who acquire HEX the earliest, stake more for longer and refer others to do the same are rewarded most.



Does your wallet support human readable addresses? Test it by tipping some HEX or ETH to:
hexstaking.eth instead of the long address: 0xf81790c1d45c481B80044d6A2C64bfA5FabDF179
Thank you, regardless of size, it would be much appreciated.




Electrum Wallet

How to install Electrum wallet




Metamask

How to install Metamask in your browser to interact with the HEX smart contract