You can see he’s locked up $ 6 million in Hex for 15 years. He can’t unlock them and dump them. How much faith does this show in Hex?
Market cap does not mean that. Can you sell all the bitcoin at the current price? Collect all the order books on the exchanges and you will see that if everyone sells Bitcoin goes to 0… The market cap is a vanity metric - you can’t trade it.
The only thing that matters is the price. Hex has make x263 this year and you can see that it is being traded by real people onchain at UniSwap. You can see who has made or lost money, how much money, what others coins he holds and so on - Uniswap Info
This is not Richard, friend. This is a whale that exchanged bitcoin for ethereum in 2016.
If you look at his address you will see that he bought Ethereum for 140$ million with his bitcoin. Just like he bought Hex with his Ethereum for $ 6 million now. You can also look at what other crypto he bought.
So he can unlock at the earliest after 8-9 years without losing the coins he has locked and with 100% loss of the entire interest. If he unlocks today it will go to 0:
There are 3 genesis etherium whales in Hex. Ie these are millionaires who bought millions of Ethereum (in 2016) and exchanged it for Hex now and locked it for years. This proves great faith in Hex.
All this crypto things are just that - the belief that it will not go to zero and that after time there will be someone to buy your coins.
Hex monetizes this faith and can prove it - decentralized and onchein. The only risk is that Richard may dump on people’s heads. But you have this risk in Bitcoin too - Satoshi has 1 million bitcoin and if he decides he can reset bitcoin to 0…
And by the way, anyone who hates Richard should be really grateful, because I happen to know that the anonymous donations for our Community Marketing Fund come from Hex’s profits. I would be very, very happy if Hex made x10000, because that would probably lead to even bigger anonymous donations for the Safe’s marketing
Comparing Satoshi and Richard in the same sentence is a bit ironic.
We do not know how many coins Satoshi really owns, and if he does have a million coins remember he also owns the equivalent in BTC forks so if he didn’t agree with them he could have easily made them fail.
If Satoshi dumped BTC, the value would drop initially but the supply would become more decentralised and rise again.
Satoshi may well disagree with those forks, their inaction is no proof to the contrary. Touching those addresses would put them in the spotlight, potentially revealing their identity. It’s an awful lot of money, somebody may already be preparing for the moment one such transaction comes through. Or not. If Satoshi used Tor, that’s probably safe. Or not. Whoever owns those keys will not do anything without a very good reason. Trolling a fork is very little and very dubious benefit for an unknown level of risk.
Richard strikes me as one of those shills thats like oh just coming at you from my mansion (that’s for sure a rented air bnb lol) and you just need to buy my program or whatever and have mansion to. Like he is just so opulent. I know some people follow the king with the biggest crown but I tend to think the other way. I want to invest with people that humbly create value (like the SAFE team) rather then people that flaunt having lots of money.
As for the market cap issue I am not sure if you are pushing or pulling… on one hand you say this coin is awesome because it has a rapidly inflating origin address pumping up the MC… but then on the other hand you admit its easy to manipulate (as is definitely the case here) and is just a metric that you should take with a grain of salt.
And I prefer the same, unfortunately the world shows the opposite tendency. Steve Jobs was anything but humble and Elon Musk is not far from him too…
Again, the market cap means nothing. The only thing that matters is how much the price of 1 coin can go up. I can’t sell the market cap, I can sell the coin.
So how high can the price of a coin go, which people lock in for years and can’t sell? In the case of Hex 26300% for 1 year…
My feeling is a bit in the middle, an incredible product but was brought down by the fact that (and I may not be completely accurate here), that the ETH address does not burn ETH but can be used by the ‘owner’, and new coins minted, 50 percent goes to the ‘owner’. Again I may not be fully accurate, but there was a feeling that one person may have too much leverage in this coin. Hence, I got out early, and admittedly much to my detriment given current state of play. But you have to live by certain rules.
Well, what can I tell you. In the real world, companies owned and controlled by 1 person do better. The ETH is obviously used to advertise the product and impose it on the market:
…We also know how countries governed by one individual work. But I agree in general with your statement, and I am certainly not wishing to dis Hex. There is space for everyone.
I know, tweaking your tail in fun friend. Also wanting to show that we may have accepted a poor measure of success, when success is built in hurting human beings, and life everywhere.
Most people on the planet are busy surviving and don’t have time to think about these things. Therefore, we who live in the rich part of the planet can think about them and improve the lives of all current and future people.
The Crypto world in general is a good thing in my opinion because it makes people think. Yes, Bitcoin has failed in decentralization. But it attracted enough people to give us a chance for a second try. Products like Hex that are able to attract new eyes are good for the whole crypto, because in the long run they will act as a bridge to really good things like Safe
My point is that comparing Richard Heart’s ever growing stash to one Satoshi may/may not have is not equivalent, for various reasons.
It is besides the point, but Satoshi probably does not agree with all the forks and could dump what he doesn’t like; I do not think it would be a risk to him if all he wanted them to do was fail - he would probably just forfeit the otherside of the transaction in this case. I doubt it will happen and if the market does crash because of a BTC dump, what an opportunity to accumulate…
At Hex, only the stakeholder class gets the new inflation. This means that Richard will hold a smaller percentage of the currency each year from now on. In the same way that Satoshi owned 50% of bitcoin when there were 2 million bitcoins, and 25% when they became 4 million, and so on…
