Wednesday, June 19, 2024

Scam Rebuttals

Justin Bons HEX Thread DESTROYED – 2019 Talking Points & Lack of Nuance

Justin Bons is the latest person to not spend the hundreds of hours required to understand the nuance behind both and Richard Heart. Let's get to it!

“Designed to enrich its founder through ponzinomics” even though “it's not a Ponzi scheme.” Uhhhh. “It relies on new investment to avoid collapse.” So, like ?

It doesn't “claim a return of 38%.” It claims 3.69% yearly. 38% is only possible if most coins are not staked, as is the case currently.

Satoshi can't extract any value from the victims of Bitcoin, though.

It is not complicated at all.

  • The token can be bought and sold, like Bitcoin
  • The term “bank CD” is used as analogy. In a bank you go to a middleman who holds your funds, and returns it to you with interest after a lockup period. HEX is a decentralized piece of code that does the same thing.
  • A “T-share” is just a share of the daily inflation, at 3.69% yearly. That's it.
  • T-shares are also designed such that someone staking longer will always outperform someone who stakes shorter and keeps re-staking their principle and interest.
  • To do this, the price to obtain a T-share (in HEX) always goes up. This means the most desirable part of the HEX ecosystem is a T-share, since it allows you to “mint more HEX” like a miner, that runs only on time. Time cannot be printed out of thin air.

“I will not play into this critique” means “I didn't spend the time to review the most important aspect of HEX – the T-share.”

Bitcoin is distributed via inflation. Guess he forgot… Just replace “HEX” with “Bitcoin” above.

Literally everything goes to zero if there are no buyers. Houses, stocks, crypto, my old Atari.

The high inflation is differed over time. If you have a fifteen year stake, the rewarded inflation is not realized for fifteen years. And if it is ended early, the penalty is distributed to other stakers and the origin address.

This staking is called “virtual lending” as explained by Kevin Zhou, below. Again, the “excessive inflation” is not realized until stakes are ended. This can be years at a time.

The HEX contract does not need new investors. It can always pay, through the inflation he just previously misunderstood.

Um, ok…

The inflated Bitcoin sent to miners contributes to sell pressure. They have to sell it.

“The funding goes to the founder.” No, you literally do everything yourself in HEX. You buy tokens from an exchange (founder not involved). You mint your own rewards. You end your own stakes. Richard Heart could disappear and the code still works.

What the hell is this guy talking about.

Word salad. “Some guy Madoff lied about where the money was going, even though in HEX you know exactly where it goes.”

When is this inevitable collapse. Been hearing this since 2019.

What entirety of what initial investment.

We are waiting for the chain-analysis that proves Richard sold a single coin. Can you provide that Justin? Can anyone? Are you just assuming this is happening?

The other half goes to the origin address, which may or may not be Richard Heart. Early on, it was very prudent to be skeptical of this feature. Thus far, the origin address has not sold a single HEX that the community has found. There is a crack team of Hexicans that track the flow (Silver the Antidote).

Notice how people trust Satoshi more and more over time, despite him holding an enormous amount of Bitcoin. Did Satoshi “enrich himself on new funds from early investors?”

This is one of the dumber tweets. You purchase HEX on a DEX like Uniswap. How exactly does that create more HEX for Richard Heart. In what world does this happen.

The HEX referral program ended in 2020. LOL. Nice research.

How does Richard collect funds that I just bought. They are in my ETH address. WTF?

Let's see the proof of this price manipulation. It's so rampant the coin is down 95% in a market wide bear. You would think the price would be manipulated higher if this was a scam.

The first statement of this tweetstorm was “HEX is a scam!”

So now you're not sure? You took 15 tweets to confirm “it is difficult to prove it's a scam?”

Now we are getting into the good stuff.

Richard has said his real name on stream hundreds of times.

Richard Schueler is a “known scammer” – that right there requires evidence. There is none.

First off, in the early 2000s email spamming was prevalent because the internet was the wild west. A LOT of people were doing it.

You realize, it *is* possible to spam email a good offer even if people don't want it. You could be letting people know of a Walmart sale, for example.

Richard was sued for a monster total of $500. Geez, real animal.

The “anti-aging” comment is funny. The guy is confusing Richard's known involvement with Sens.org and volunteer work for research.

He can't keep the story straight so he just blends it together. Those of us who watched hundreds of Richard's videos know the truth here. Mike Alfred did the same thing.

Richard has told these stories 100 times. It's like this guy thinks he is digging up dirt. He's digging on a “dirt” mound a mile high already exposed for all to see. He is assuming that “legal trouble” in Panama means someone did something evil.

Johnny Depp was in legal trouble but was exonerated. “Legal trouble” is not an argument unless it is well documented and the outcome is negative for the person involved.

As for the car stereo store – he has also told this story in every interview intro he has ever done on stream.

Richard found a way to successfully arbitrage or resell car stereo equipment for a profit. He also provided an installation service. Bons throws in word salad like “equipment he did not own” and “sub-par” because he has to create a tale of fiction to make Richard seem evil.

So he just proved “fraudulent behavior” in the past by completely misrepresenting the stories we all know already.

Why don't you just interview Richard or some of the top people in the HEX community before you publish this nonsense?

So it's a Ponzi but the founder paid close to six figures or more to get a code audits to ensure 100% flawless operation and no bugs. Why would you pay for audits if you are going to just scam people.

HEX has 100% uptime.

Early in the thread he said it wasn't a ponzi, but now it's once again a ponzi.

These guys just WANT this project to fail. That's it. They hate the popularity and success it has gained.

There wasn't an ICO. The project launched COMPLETE. There was a launch phase coded into the project called the “adoption amplifier” where users could trade ETH for HEX early on. EOS had a similar launch phase.

There is a lot of nuance to this part of the story.

Uniswap had only just barely come on to everyone's radar. It's hard to know exactly what occurred, and I am sure some Hexican historians know the details better.

The origin address functioned (and in a way still does function) as a benevolent whale that can step in to adjust , defend pools/arbitrage abuse, and even dump a forked token should someone make a copy (as a trap/brand defense mechanism).

The apparent “recycling” was used to keep the price of the adoption amplifier HEX very close to the price on Uniswap.

Admittedly, this was a very interesting albeit sketchy period in the HEX launch. It required a level trust which made many uncomfortable.

HEX actually became one of the most popular tokens on Uniswap due to the early launch phase liquidity that was distributed into pools.

I don't think anyone ever cared about the number of users in HEX.

We all know it takes time to grow. This is just a reach.

Ok, so first it was a scam, then he wasn't sure if it was a scam, but now it's back to being a scam.

Notice how he provides no evidence, despite saying there is evidence. He also assumes that the “shady past” contributes to this, which is not “on the blockchain.”

Evidence means “this address sent this amount to this exchange, cashing out USD in droves and can be directly tied to Richard Heart.”

This is how ZachXBT, a true investigator, operates.

The one guy everyone goes to for crypto sleuthing never produced a thread on Richard Heart.

He then cites one of the most poorly researched articles on HEX, with a classic stock thumbnail. Every time we see this one, it provides a nice laugh.

It also means he didn't go far enough into the research (takes 100+ hours).

No one cares about your sympathy. Many of us did 100s of hours of research to come to a conclusion.

Using Bitcoin as an analogy is incredibly common and almost every project does it.

Then we get the classic Bitconnect & Onecoin reference, just to toss in some shit that is not even remotely close to HEX in any way.

Here's how you police yourself and take better responsibility, as Justin Bons now scammed people out of the correct information:

  • HEX is complex, not because it is trying to “obfuscate,” but because understanding all projects and the people behind them would take anyone 100s of hours of catch-up time. This is often not possible or practical so we are forced to either take shortcuts or spend the time.
  • A proper review would have included an in-depth interview with Richard, or one of the many OG Hexicans that could have easily helped clear up many of these talking points. You can leverage their time spent to help speed up your lack of time spent.

Again – these people just want HEX to fail. The outrage marketing by Richard Heart is really pissing them off.

Do these people know and exist? Do they know about Maximus, , or any of the community built HEX projects?

If you think HEX is a scam and can prove it, jump on the Discourse Syndicate Friday night hang out where all are invited to talk HEX in a non-hostile way.

Funny how these guys never show up to save the world from the evil HEX plot!

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