We Can’t Avoid Talking About #HEX Anymore

March 15, 2024 00:27:59
We Can’t Avoid Talking About #HEX Anymore
Crypto Talk Radio: Basic Cryptonomics
We Can’t Avoid Talking About #HEX Anymore

Mar 15 2024 | 00:27:59

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Episode Transcript

[00:00:01] Speaker A: Welcome to Crypto Talk radio, the podcast for everyday investors like you. Visit us on the [email protected]. And now here's your host, Leister. [00:00:13] Speaker B: Thank you for that daily. And welcome, everybody out there in crypto talk radio [email protected] I feel a groove coming on strong. Yeah, that's a David Ruffin reference. Today day is a difficult day for [email protected]. It's difficult. It's a challenge. It's not what you think. And I don't know what to feel about it. It's personal in nature, this feeling, this frustration. Here's the situation. Here's the story. So I have an order that's en route, delivery order. And I didn't realize that this darn store is way out in the middle of freaking nowhere because it quoted me. That was only going to be like 20 minutes. Deep, deep, deep. And it's like, when I saw the drivers starting out, it's like, that's pretty damn far. And so I feel bad for her. But it caused me to reflect back, see what I've always wanted to do, and it's hard for me to find it. And I don't know why. Because if this was the old day, back in my day, this would be a breeze. But these days, it's not the same. So what I've always wanted to do is hire a gopher. In the olden days, a gopher is literally just that person who just runs errands when I need stuff done, who I call and you get it done, and I pay you for the. And you're like, well, why would you do that? Because, number one, it gives somebody some spending money. Somebody may just need a little bit extra cash to kind of keep them going. Maybe they're running on rough times, or maybe they're between jobs, and so they need something to carry them as a bridge. Or maybe they just had a kid, right? And so they need a little bit more money to help out a little bit more. Or maybe it's a friend of mine, and I'm trying to help them out. There's all sorts of reasons why, but the gopher, it's mutual benefit. It's like, you get a little bit extra money. I get these errands that I can't go and do myself because I'm doing all sorts of business stuff. So I can't leave. It's just me. I don't have somebody else to back up on the business side. So I've always been frustrated about the inability, the sheer difficulty of finding somebody to be the gopher. Whereas again, in the old, it'd be easy, be a bridge. I could easily find somebody on the street, one of the kids on the street to pay them some money to do it, and I've done that before. So I feel bad for this gal because she's coming from out in the middle of bum sticks, nowhere to deliver this that I didn't realize the store was that far. And I don't know why it was offered to be that far out. Anyway, I'll have to get over it. I'm watching the map and I'm like, jeez, I feel bad for her, but I'll have to get over it because the tip is the tip, that there is a tip on this one, and the volume of tip will vary based on her performance as a delivery driver. So far she's letting me down, but I'm going to give her a little bit of a pass separately. Then, just as a side note, I gave an update on YouTube and it was about hex because I felt like I wanted to get the word out and wanted to make sure more people were aware of what happens. I didn't want to let it pass by without saying something. In summary, it's pretty simple. You have to make a choice. If you're in hex after what Richard Hart did, you're not feeling too good, but you're going to need to make a choice. You either stick it out on the Ethereum side, knowing that you lost a lot of money, jump over to pulse chain, or just say, screw the guy. Right? If you were in hex before pulse chain, you have a matching bag of hex on pulsechain. So you can connect to pulsechain and recoup the vast majority of what you've lost, which is what Richard wants you to do. But if you bought in after pulsechain or you just bought on exchanges, meaning it wasn't in your wallet, then you lost, you got wrecked. And Richard would say, well, you should have bought on pulse. I told you about it. And he's right. He did warn people. I think the way he did it left a bad taste in people's mouths. And so I felt it was an obligation to at least say something because I've never covered hex and I feel like I should have because I might have been able to keep people safe, but I was hesitant to do so because first, it's him and too much hype. He gets too much hype, too much second, it felt like it was a glass ceiling. It felt like it wasn't going to go anywhere. It felt like it didn't have the same momentum as when it first launched, and it felt like something needed to change. Anyway, let's talk some crypto, let's talk some numbers. And just a heads up. Today's episode is primarily going to be about hex. I've avoided it long enough. I think it's worth talking. I noticed something, and it's worth the attention to discuss it. I mean, but we're going to talk numbers up front, as I always do. So we're going to [email protected] coindesk.com we're going to use ethereum on purpose. It relates to the whole hex fiasco. So we're going to start with Ethereum. We're going to zoom out to the mud chart. And Ethereum lost a little bit of its momentum. Not a lot, but a little bit of its momentum. A low of 37, two, a high of 4000, hovering just shy of 3900, as I record this. And lost again some of the momentum upwards, still in a positive trend, but nowhere near the level of velocity that we saw once before. And then bitcoin, which had peaked at 73, just shy of $74,000 and had a low of just shy of $69,000, had a major drop. So it was on a major run up and then had a major dump down, and it's scheduled to go back down a little bit more. There was some liquidation activities and other activities that contributed to some of bitcoin's disruption ever so recently. It's still strong. Let's put in perspective what we're seeing, because there was a point. Bitcoin is $12,000, so I'm not suggesting that it's done. I'm saying that it lost a lot because it was on its way to $73,000 when this thing dropped like a rock and bounced off. And now it's scheduled to go a little bit further down in back down to the 60s, possibly a little bit lower. Right now, as I record this, it's hovering just shy of $72,000. But this one is in a downward pointing direction, I guess is the best way to state that one. If you're sitting on it. I recommend just sitting on it because it still has strong enough momentum where it could easily recover. What's happening? And remember that the bitcoin ETFs are hot. They're hot. They had to drop, too, but they're still hot. There's still purchases happening. It just so happens that there's liquidations and people getting wrecked like crazy, because for whatever freaking reason, what happens is you get people that they'll long it right, so they think it's going to the moon, going to keep going up, and then something happens. There's some liquidation event, or just somebody who sells major bags or government selling major. Something happens and it tends to go in the opposite direction. And depending on how you had the long and depending on if you did your stop loss correctly or not, tends to lead towards some liquidation activities and some wrecking. And so that's what I think happened is just there happens to be, unfortunately, a lot of people who are getting completely smashed on whatever that transactional activity is. Just know big picture, everything is fine. I guess it's a summary statement I would make to you. I wanted to talk now about this hex business because it connects in the Ethereum, and I'll reiterate what I said on the YouTube. I did a little bit of a synopsis, but I'll reiterate what I said. If you haven't followed hex, neither had I, not closely. But in summary, what happened is that Richard Hart, who's behind that whole ecosystem of pulse and hex and all that, he sent out a tweet that basically said that the version of Hex that's on Ethereum is not the real hex. And this caused a major dump of hex. It almost bottomed out. It was a significant dump. I think it peaked, I want to say, at like $1.8 billion down to like, as I record this, like $500 million. So it crapped a lot when I looked deeper, because I wanted to understand what was going on. Is it just a straight sale or were people going into pulse chain, which is what he wants you to do. Pulse chain is the blockchain, and apparently he says it's a layer one. I don't see that it is. It looks like a layer two to me. Regardless, he wants people to get on the pulse chain. There's a version of hex on Pulse chain. The community had come up with some names to try to distinguish. Ehex for the Ethereum version, p hex for the pulse version. Richard Hart would make the analogy of Ethereum. That's why I said it all kind of connects. Ethereum had forked off at some point in the past, and the old chain became Ethereum classic, which still lives today. The new chain went on to be ethereum that we know now. He made the analogy that this is the same thing with Hex. Essentially the old hex is no longer the true hex. The true hex is on pulse chain because we forked off. Now his reasoning for this and his adamant because he's been doing this for years. It's not like it's a new thing, so it's not like a rug pull yet. It's just he's been saying this for years, that he wants to move to pulse chain for all transactions around this ecosystem. There's all sorts of other mechanics. But the bottom line is that when this happens, the Ethereum hex dumps like crazy. And I wanted to follow were they going to pulse chain or not? And far as I can tell, I didn't see a significant amount of traffic move over to pulsechain hex from the regular hex that was on Ethereum. In fact, if I look at just the general price movement, pulse chain hex went down. Not as much, but it went down just like the Ethereum hex. So this told me a couple of things. One, it told me it's a sentiment based price shift, as in there were certainly more people on the Ethereum hex side. Why? Because people outside the crypto bubble aren't going to get on pulsechain. They're buying and selling it on central exchanges. The vast majority of central exchanges have not integrated Pulsechain, so even if they wanted to get on it, they wouldn't be able to. Not easy. They'd have to go descend. Descend doesn't work, brother, for the vast majority of people outside the crypto bubble. So when I see that these price drops are happening on both Ethereum and pulse chain, it tells me that most of the sell that we see is coming from sentiment. People that are just pissed off about what he did. And there were people on X that were essentially accusing him of fudding the bag on the Ethereum side and costing a lot of money. Here's the split in the community. If you had a large bag from prior to when they forked off to pulse chain, they copied that bag over to pulse chain. So your bag is still on pulse chain if you haven't claimed it and it's at a higher price point. As I record this, just shy of ten X from the Ethereum side, and Richard even called out, your tokens are sitting over. You didn't lose any money. It's just you have to go get it from Pulsechain because that's where it is, that's where you needed to go. You just didn't listen. So that's my message to anybody listening, is if you had bags that got wrecked, but those bags preceded pulsechain's release. So you're talking about nine months, eight months. Then you'd have to get on pulse chain and you should have a matching bag from when they forked it off. Now, if you dcaed in DC eight in DCaed in on Ethereum, that extra is not there because it would have been a one time snapshot, which is my argument to Mr. Hart and other people in the community, because anybody that bought on the Ethereum after the pulse chain is screwed, Richard Hart would say, well, why'd you buy on Ethereum? That didn't make any sense. You should just bought on the pulse chains. That's what I told you to do. He did say to do that. So then it is what it is, I guess my message goes back. Then my counter message goes back to a post he put out a while back where he had embraced in the tweet. He had embraced Ehex and p hex, all of them. He basically said, we want each and every one of these to be a dollar. But he didn't exclude Ethereum hex at that time. People were posting that on social media saying, wait a minute, dude, you said you wanted all three of them to succeed. So why all of a sudden are you now turning your back on this one that's out here? And remember, Hex is on other chains too. It's on Polygon as well. He has, up to this point, not excluded Ethereum Hex completely like he did recently before. It was simply, pulse chain's here and I think you should get on it. Yes, but he never said he was leaving Ethereum hex behind. That's why so many people are livid and upset. It's because the messaging is completely different. And just consider, pulse chain Hex does not have price tracking and market cap tracking on the various tools. So you can't track it cleanly on wallets, you can't track it cleanly on core market cap. If you can't track it cleanly and it's not integrated with the vast majority of exchanges, if you can't track it like you can, the Ethereum people are not going to adopt it. They're not going to jump there. It's left in an incomplete state. Now, it could be that the lack of adoption is the reason it's incomplete. I'm just simply saying it's unreasonable to expect that people are going to make that leap when it's essentially unfinished. So now I decided to go to coin market cap and just check again the voice of the people out there and see what they were saying about this whole fiasco. And it didn't surprise me. And I share some of their frustration because his messaging has been inconsistent more than anything else. He's not been consistent in the messaging. Why that is, I don't know. I suspect it's just a matter of, and this is bubble in his mind. It makes perfect sense that you just go to pulse chain. Maybe people would if it was actually complete, but it's not. So user Naka 256 says, quote, why would you invest? As in you people invest in a project that's run by a guy that was the spam king. That's a past thing that I'm not going to get into. Come on, guys. It was obviously a bad move. Look at Richard Hart's history. We told you not to invest in hex for years. This is going to end bad. Like Bitconnect, mark my words. So the whole thing with he has a history and his track record. He does. He said before and has repeatedly said this is where he was going to put things. I don't think anybody's criticizing the messaging of this is the future. I don't think anybody's critical of the fact that, yes, the gas fees are cheaper over here, but I've done pulse chain myself. I'm sorry. It's unfinished, it's incomplete. It is not widespread, it's not widely embraced. It's just there. And the layman investor is not going to jump on that thing. That's evident by the volume numbers. I see. If you look at Polygon, if you look at Phantom, all these other chains are tightly integrated with the central exchanges. You can easily transact on those. Not, you can't do that here. You can't interplay with Pulsechain. And that's, I believe, holding it back. So if you're going to keep doing that, it's not going to take off. So him banging his head on the wall about why people are buying Ethereum, they're doing it because it's easy to get. The gas fees suck. Nobody disagrees this, but pulse chain is unfinished. It's not complete. The implementation is unfinished. That's the bottom line. So when it's unfinished as it is, and in his mind, because he's crypto bubble, he thinks, well, you should just go descend. No, people are not going to do it. They're not going to do it. So then, yes, they're getting ripped off. They're willing to get ripped off if there is an opportunity for profit to recoup it. But yes, it's true, the gas fees suck, especially now. Nobody's going to win. Everybody's kind of pointing fingers. But the bottom line is that pulse chain is unfinished. Nobody can disagree. Pulse chain is not complete because it is not as ubiquitous as its peers in the business. And that's part of the problem. User Shinobi questions should I buy it or is it a rug pull? It's not a rug pull. Whether you buy it or not. Nobody can answer that for you. You got to consider some people brought up the idea that Ethereum hex is really the community hex, whereas pulse chain hex is more owned by Richard Hart. Now you got to make your own decision, though. Nobody can tell you. I can say it doesn't look like a rug pull to me. It looks like people just sold because they were pissed off at what the dude did. I didn't see Richard Hart do anything other than put out a completely tone deaf tweet that killed the business. Well, tons of these devs do that. They all do that because they're in the bubble and they're leading cults. And that's what happened here. He's leading a cult and the people followed him as a cult leader and then he lets them down and they get wrecked because they're listening to a cult leader. This is a guy that twerked in your face, by the way, I'll remind people. User 24 cell says, quote maybe Rexicans. That's a coin name. He said, like being dumped on by heart sick but weird. User Yoshi Guru says, quote just wait, hex is going to rug pull? I don't think so. Do I think it fails? Maybe with the SEC and all that? Rug pull, I don't see. So think about it. Now, Richard Hart holds bag. He holds a large bag. If he wanted a rug, he could have done it when it was at the all time high. He didn't. He's been sitting on it for whatever reason he hasn't sold. And the other problem with Hex is the supply. The supply is out of control. So there's almost no value in trying to rug pull it because it can print and print and print and print and print just by its very mechanics. So I don't see that there's going to be a rug pull. I disagree on that one. But fail it depends. Depends on what's going on here. User a u h one pr one d o e u k. Whatever that is says quote I guess this is what an anal, he means anal pounding feels like with no lube. All right, well, user mo foe says quote I'm bearish on hex ha wrecked shiat coin. I so happy I never invested into this scam project. User ESB says quote hex will go up to a dollar. What I said before, there's a strong probability that people that this backfires. So one theory floating around is that Richard Hart was triggering a dump so that he could stack more on the not this, I'm not going to tinfoil, I don't know. But that's the theory spinning around is that he was triggering a dump to stack more on the Ethereum. Consider Ethereum being paired with the Ethereum token. The Ethereum hex is going to have price positive price movement regardless of what happens with buys and sells. Now at some point it's going to be a wash. There is a possibility, as with some of these other ones we're seeing these memes that some whale decides and whales are stacking, by the way, they're not selling, but it's a possibility. Some whale buys on the cheap like they were waiting for it to dip just to that point and they buy on the cheap. Even as I record this, the Ethereum based hex was jumping up. It regained a little bit of the losses, jumped up every most recently. I don't know what that's all about. I honestly don't. But it jumped. It jumped by 40 something percent on the day. Now I can't explain that because is it that my theory is correct and they're buying the dip or is there something else going on in the exchanges? I don't know that, but it jumped by 40 something percent. So it's up in the air. And that's why I say you got to have to make your own decision because nobody knows exactly what's happening with this business. User RW QV clay off four says, quote, no one knew is touching hex or pulse. We're literally waiting for Richard to pump our bags and boost his ego. Wake up, bro. No one cares about pulse or hex outside of our deranged quote, community. This is what I'm saying. Because in his mind he thinks he can convince people to jump on board. That might have worked, except that pulse chain is not mainstream. It's the farthest thing from mainstream and it's unfinished. It's not integrated with exchanges. You can't transact it like you can its peers. If you can't do that, you're not going to get people on board. The polygon hex was jumping just most recently. Well, what does that tell you? That tells you people want to buy and sell it because it's all about profit at the end of the day. But people aren't jumping in droves to pulse chain just like with shivarium, because these idiots are all in the crypto bubble. They don't understand that. They come across like freaking scam artists when the truth is they're just too fixated on their one way of doing something and they think they can convince other people that their way is the right way instead of simply embracing. What is the reason that normal people get into cryptocurrency is ease. It's ease. It's got to be simple to do it. And I keep saying it's not simple to do some of these other ones that are descend. It just isn't. Central exchanges are the best on ramp for these people. That means you got to make your product readily available and accessible to them. If you want them to do that with pulsechain, you need to get the exchanges to support it. If you don't, they're going to go to Ethereum. But when you do stuff like this, how can it be possible that so many people sell? It's because this person is correct. It's the community reacting to what he's doing. And what does that do? All that's going to do is cause regular layman people outside the bubble who see it on a central exchange who think it just craft and there's no reason to buy this. So you're, in a sense, you are fudding your own bag. This person is correct. Same user quote, embarrassed and ashamed that I bought into this garbage, fell for Richard Hart's sales pitch. Staking hex was the worst, as in worst mistake I've made. Holding hex is like being lost at sea in a desolate and perilous ocean bitcoin. Hitting new highs, hex hitting new lows. Now he's brainwashed people into thinking pulse chain is any better. They're all trash. Guys, let's man up. Admit we were wrong, that we got fooled. We need to accept it and move on. We need to stop feeding his ego. I agree with this statement because it's all about the cult leaders out in the cryptocurrency. If that was your motivation for getting in, yes, you need to own that and say, we got to stop doing that. There were some fundamental things with Hex in the whole CD, the minting, the staking, there absolutely were some mechanics around hex. But if you look at it, if you really look at it, at some point it was kind of like a house of cards. It wasn't going to sustain because it didn't do anything else. Number one. And number two, prints out of control. And number three, when you have one person who can just put out a tweet that kills its price, what good is it that you can mint more? Because you're just minting more crap. Because the price crapped. You don't want the price to crap. And think about it, why would the dev, why would the developer of a token want to do this to his own project? Because it's his project. He created the damn thing. Why would he support doing that? That should make you very sketchy and nervous that the dev would trash his own freaking project when people are holding it. So some people swore up and down, no, this has to be a scam. This guy's a scammer. He's a scammer. It's a scam, a scam, scam, scam. I'm going to close with this mark that came up and it was compelling to think about it. So the theory, and I have no proof, I'm just sharing what was stated, the theory is that this project, Hex Ethereum, was designed to basically build up liquidity in order to make pulse chain and hex on pulse chain and all that happen. So that would basically give you a Ponzi scheme, is what it would be. I'm not saying it is. I'm saying the theory. The statement is you use these people's money as a form of exit liquidity, and you went over here to spend on this project, over here to make that one thrive. And that's why you said what you said, because you want that money to go over here, because without that one, you can't make that one work. That would be a Ponzi scheme. If that's truly what happened, I can't say it is, but I will say this is a big deal. It's a big thing. I can't tell you what to do. I can't tell you what's the case. Here's what I do know, and I can say these with confidence. The guy twerked in front of your face. Now you can be entertained by somebody doing that. I think it's stupid, but you can be entertained by somebody doing that. But if that drove your buying decision, if seeing him act like an idiot drove your buying decision, if seeing him wear a whole bunch of Gucci and whatever drove your buying decision. If seeing him wear a freaking Willy Wonka, whatever hat drove your buying decision. If seeing him dress like a freaking nut drove your buying decision, you have all yourself to blame. If your buying decision was driven off of the mechanics you saw and the price movement that came along with, then none of that's changed. Other than the fact you got a discount. A steep discount. That's the only change you now have to decide what are you going to do now? What are you going to do as a result, and in response to what just happened, you can say, I'm going to keep stacking Ethereum on the cheap and get way more. You can say I'm going to dump it and be done with this idiot. You can say I'm going to go with pulse chain. Like he said, you have the power and my emphasis is you have the power, not him. Don't let him drive what it is that you choose to do. What you choose to do needs to be based on your thought and your processing of what makes sense for you. Because you not doing that is why you're in the situation now. Listening to an influencer convincing you that something makes sense, when really it can't be that. On the flip. If you bought in because of the mechanics and because of the tokenomics and because of the CD and all the other stuff, none of that's changed as far as I can tell. So make a decision. Just make sure it's yours, not his. Don't let him power your investment. If you were in the Ethereum prior to Pulsechain, you have those tokens on Pulsechain. If you figure out to get on pulsechain, you can still get your stuff back. Just make sure no matter what, that you are smarter about what it is that you need to do for your bag, not by some guy telling you what to do. [00:27:55] Speaker A: You our channel.

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