The more I read about HEX the more it looks like a full on scam. Anything with that kind of returns can not be real over the long term. The math just doesn't work. The fact you are incentivized to lock up your hex for long terms is just sneaky way of dis-incentivizing people pulling their money out when they realize it's all a lie.
1. Hex - Immutable blockchain COD. You mint your own coins, stake them and earn yield. The more you stake, and the longer you stake, the more yield you earn. This project did a 10,000x in the last bull. If it gets back to it's all time high that would be a 15x, but I think it'll do way better than that. I know a guy who got in at the start, had ~100,000,000 of these and watched it's price shoot all the way up to an all time high of 55 cents. It's down to around 3 cents now and has been holding there for most of 2022.
This sounds like a pretty good idea. However, I prefer printing my own money - you just make a cast, print some bills, throw them in the washer and dryer, and presto! You're rolling in cash!
Infinite return! (once you have covered the cost of the printing press and the inks)
I think the problem at this point is while everything to do with crypto doesn't have to be a scam and there is no reason for crypto not to have a legitimate place in the world it seems pretty clear every actor in the field is a lying grifter, I dont know how anything grows from that
There have been loads of grifters, and many high profile and massive gifts, but it's not everyone in the space. There are legitimate good actors in the space who are working with the tech to build something of value. I do also increasingly see those people distancing themselves from the use of "crypto" in talking about what they're doing, instead just focusing on the value their businesses are developing to offer and acknowledging that blockchain tech is part of how it operates. The reputation of the space is bad, but it's not all encompassing.
To me, it's just an emerging market. It's like going to do business or investment in somewhere like Nigeria. There's a lack of regulation, there's going to be some bad actors and backroom deals, there's corruption, grifters and people scrambling to seize what they can, but there's also legitimate business and people building a bright future. It's high risk and not a place yet for people who aren't comfortable with the type of conditions that emerging markets offer. It's not a good place for your average retail investor or their granny to be putting their money, that's for sure, but for the right kind of profile it's a great place. Personally, as someone who has spent a lot of my life in emerging market spaces where things are kind of like that and you need to have your wits about you, it's fun and an exciting space to be.
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Crypto-focused lender Silvergate said it is winding down operations and will liquidate the bank after being financially pummeled by turmoil in digital assets.
“As the bank of choice for crypto, Silvergate Bank’s failure is disappointing, but predictable,” she wrote. “Now, customers must be made whole & regulators should step up against crypto risk.”
Silvergate and SVG are both defaulting, and both held a portion of the USDC backing funds.
Market is wobbling; USDC likely won't fall but it did depeg for a little while this morning. 2/11 of it's structural supports basically collapsed in a week.
Roku held approximately $487 million of its $1.9 billion in cash at Silicon Valley Bank, which collapsed Friday and was taken over by the Federal Deposit Insurance Corporation, the streaming technology company disclosed in an SEC filing.
That’s approximately 26% of the company’s cash and cash equivalents, Roku (ROKU) said, adding that most of its deposits with the bank are uninsured.
https://www.cnn.com/2023/03/23/tech/...ntl/index.html
Interpol says a man arrested in Montenegro is Kwon Do-hyeong, also known as Do Kwon, the disgraced founder of a collapsed crypto company who is wanted in South Korea and the United States on fraud and other charges.
Kwon, a South Korean national, founded the blockchain platform behind the TerraUSD stablecoin and its sister coin Luna. Both coins lost their value in a matter of days in May 2022, wiping about $40 billion from the crypto market and setting off panic across the speculative sector.
Kwon’s identity was confirmed through a fingerprint match, Interpol’s national central bureau in Seoul told CNN on Friday.
“He was arrested at the airport with counterfeit documentation and is wanted by several countries, including the USA, South Korea, and Singapore,” Adžić said in a Facebook post.
Kwon was based in Singapore while running the blockchain platform Terraform Labs. Seoul prosecutors told CNN in December that the crypto entrepreneur was believed to be in Serbia, where he was in hiding after leaving Singapore via Dubai.
