Tråden om HEX

When Richard took over a billion dollars from his community to create a simple fork of Ethereum, HEX was split into eHEX (HEX on Ethereum) and pHEX (HEX on PulseChain) and users received both

The combined value of both right now is ~1 cent, down -98% from ATH (not -99.2% as CoinGecko would have you think)

Some hexicans incorrectly attribute the price drop to the SEC lawsuit but the reality is HEX was already down -97% before the SEC sued Richard

The SEC most likely contributed to hamstringing HEX in another way though, in the sense of the investigation itself (which Richard most definitely was aware of long before it was revealed, since Hexican influencers have been getting SEC subpoenas about Richard since the end of last year)

The legal troubles meant that Richard adopted a ”humble” personality instead of tasteless flexing and flaunting (probably on the advice of lawyer), but most importantly it meant that Richard stopped *YouTube streaming* (last stream was 7 months ago)

Richard stopping streaming is actually the core issue. Richard had an incredible way of hypnotizing his audience. During his streams, his audience felt safe, re-encouraged and as if everything was going according to plan and that they would all soon become ridiculously wealthy if they just followed his advice.

The best take on HEX is actually that it was a SimpDAO for Richard. Buying HEX was a very expensive, potentially life-destroying subscription to watch Richard Heart talk about his insights about life, HEX and crypto that his subjects willingly accepted because it gave them hope (and in some cases even a renewed passion for life, embraced in the comradery of the community of outcasts)

In the vacuum of Richard the HEX community has had to fend for themselves, and the SimpDAO ultimately serves little purpose

Another very predictable obstacle for the HEX community is that as a consequence of PulseChain, there are now 5 different coins that Richard Heart is essentially the founder of (pHEX, eHEX, PLS, PLSX, INC). Obviously it’s detrimental for HEX holders when RH-simps have 5 different coins to choose from

That isn’t to say that it’s over for HEX. The PulseChain ecosystem has miraculously attracted a quite vibrant and ambitious builder ecosystem (no doubt partly motivated by doing their own ”sacrifices”—basically Richard Heart reinvented plain ICOs by doing one himself and some community members took that as a signal to go ahead and do the same)

While the PulseChain community did show promise initially, in the absence of Richard and with prices trending low, many community members have resorted to defrauding eachother over meme coins and tricking eachother into believing delusional theories like that the broken DAI fork on PulseChain could repeg to $1 (there are similar theories for wBTC, LINK and other coins that obviously have as little value as they do on the forked ETH-PoW)

There is now significant infighting and degenerate gambling as the hopelessness tightens around HEX, which sadly was the one thing Richard actually usefully taught his community to avoid (even if it was motivated by a desire to get them to diamond-hand-hold his SimpDAO token rather than from fatherly love, as Richard readily shilled BitMEX reflinks in the past when it was to his benefit)

Is it totally over for HEX? At the end of the day, this is a lowcap illiquid shitcoin. If the overall crypto market turns bullish, HEX can pump hard and reignite bullishness again in the community

Since things cannot possibly get much worse, any little good piece of news revolving Richard Heart and the SEC case would be overjoyously embraced by the HEX crowd

For HEX to truly, irrevocably get decimated it needs to get crushed by its own inequal inflationary design (later stakers never earn as good as early stakers and their yield will ultimately be lower than the inflation as a result), which could take a few more years to play out in full and become evident to everybody