A Bitcoin maximalist, Peter McCormack, says that HEX has no utility and advises that people take their coins off the certificate of deposit platform. McCormack made the comment via a post seen by CIW on May 29.
He cited the lifestyle of the HEX CEO, Richard Heart, who he said has been living like a superstar from the gains his company makes off people. The Bitcoin advocate also pointed at the fact that investors are encouraged to stake their coins for 15 years before ending their contracts.
He also highlighted that people who cancel their HEX contracts are billed for a breach of contract. A twitter post from Pleb2021 says:
“So they pay a penalty of some sort when they decide to take it off earlier than the contract? So it can be put back into the economy…”
The tweet from McCormack says:
“Get your coins off HEX… …oh yeah you can’t, you locked them up for 15 years and RH spent your ETH on shit clothes
Even though not everyone agreed with McCormack that their investment in HEX is a bad idea, many highlighted that the lifestyle of the HEX CEO, Richard Heart, doesn’t project that he is a prudent manager of funds.
Life of A Superstar
A look at Heart’s profile on Twitter shows that he introduced himself as the owner of the world’s largest diamond and a multi-billionaire founder of Pulse Chain and HEX. He also claims to have donated some $27 million to charity. His Twitter timeline also shows photos of expensive clothes, cars, shopping and vacation trips.
Hery Y, one of the commenters on the thread wrote:
“This is why it’s best not knowing who Satoshi was. Because imagine having to explain the technology while having to explain RH. His image is enough to singly kill this project regardless of whether it was a good idea or not. Certainly not the CEO I would want for my security.”
HEX Lockup Value in Future
In his reaction to HEX’s certificate of deposit investment, Vicarious Drama, a developer and supporter of Bitcoin Improvement Protocols (BIP-342) said.
“The hexicans can’t do math and don’t understand where the hex yield comes from as an inflationary instrument. Literally all lockups will be worth nothing.”
Data available at Coingecko shows that HEX is trading at 0.079843 at the time of writing this report. The coin is up 19.6% in the past 24 hours and has a trading volume of $21 million in the past 24 hours.
Adam Tcooke, a Hex investor, acknowledged that even with the risks involved, HEX has performed better than many altcoins in a bearish market.
“15 years? Lmao shitcoins are not a long term investment. Especially founded by a guy that looks like a snake oil salesman. But thanks to the Hexicans for the 2021 profits, they helped. *Not sure why but $hex did make nice gains while everything else was ”
Many HEX investors are confident that the coin will continue to be successful despite the attack by McCormack. At least, it has shown some resilience in a bear market.