BFCST Update: Hex Sponsorship

It would almost certainly flounder after a few months.

 

I thought that. They're basically repeating the same message they released 24 hours earlier aren't they?

 

The initial liquidity would soon dry up.

 

I'd imagine if you contact Khaled right now you probably already can.

 

I'm still none the wiser as to what's been going off. Think I'm a bit late to the party.

All I can pick out is that we're not very happy having Hex as our sponsor and there have been some alleged discriminatory and abusive tweets on't t'interweb. Also a "holding statement," that I haven't seen.

Just trying to figure out if they are all related.......

Edit: Think I've got it now, having read through it again.

 

I think we’re panicking about nothing here. Apparently Heart has the biggest diamond in the world, the fastest Ferraris and the most expensive Rolex’s. What could possibly go wrong? Where do I sign?

 

Keep chipping away and you might

 

I found this pretty interesting reading:

https://wantfi.com/richard-hearts-hex-token-is-a-brilliant-scam.html

Take a look if you don't know what Hex is, or if you're unsure whether it's a scam or not. It's a pretty long article, but worth at least skimming through if you want to know what Hex is all about.

Main points (taken directly from the article linked above):

1. Founder’s past businesses involved shady ventures such as spamming.
2. Poor reputation in crypto community as seen on Reddit or Twitter.
3. Uses semantics and deception to sidestep legal requirements for the selling of securities.
4. Purported interest returns from Hex are illusory – tokens are just created without actual revenue generation.
5. As a result, the entire value proposition is “on-boarding” new users to drive up token price (i.e. shilling) and to absorb supply of newly created tokens.
6. Able to sidestep SEC definition of a Ponzi scheme because outdated legal tests didn’t consider private currencies that just mint new units for payout when written.
7. If product doesn’t generate revenue but is paying out interest, realized returns can only come from other investors, which is still “Ponzinomics.”
8. Incredibly vast marketing efforts worth millions of dollars to advertise the investment scheme.
9. Founder controls ~88% of the entire token supply and would need millions of new entrants to be able to dump it.
10. Cultish community that attacks any criticism of project.
11. Token down 90%+ from its highs reached in Sept 2021 shortly after this article was published (not unique to Hex, but most alts peaked a few months later in November)

Now, I'm no expert on crypto currencies and all that stuff, but my word of advice is to stay far away from Hex. When the sponsor was first introduced, I thought that it can't be as bad as people say - now it turns out that it's even worse! I also genuinely can't understand the so-called "Hexicans" who seem to worship Hex and its founder. What's their motivation? Are they early investors who might even profit from this, are they bots, or are they simply a bunch of total idiots?

 

How do you sell Hex? Do you just pimp it out?

 

It’ll be a mix of people: ones who have made money who want to keep getting new people to make more; people who are now screwed because they’ve put in more than they can afford and they desperately need more people otherwise they’ve lost everything; bots; second (and third etc.) accounts of the big players trying to make the community seem bigger than it is; people who aren’t involved at all but want to feel part of a community or just like having a laugh; and naive people who have no idea what they have got themselves into.

 

He seems to be working on the basis that charitable donations supercede all questions about his views /behaviour.

Totally different scale, but that's not dis-similar to be the mindset that Jimmy Savile adopted.

 

Throwing money around makes him look wealthy, which makes gullible people more likely to buy into the scam.

 

If I was the charity, I wouldn't name them but just do a generic thanks for the total amount donated when the challenge has been completed.

 

I might set a page up Durkar Reds Holiday fund target £10,000

 

Reckon the club should do an LGBT fundraiser. Either make him donate to an LGBT cause or make his absence of donations to that cause obvious!

 

There's a very interesting Twitter thread from a Martin Calladine @uglygame who has researched in depth how Hex works and explains it all simply enough for non-tech people like me to understand.
It does answer alot of questions raised on here (and raises alot more questions)
There's alot to screenshot but the link is below (apologies if this doesn't work as I'm crap at that sort of stuff!)