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šŸ‘€ This Crypto Is up 37,000% – but Is It a Scam? šŸ‘€
October 08, 2022
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(Dinarian Note: Remind me to STAY FAR AWAY from this project, I have another project where I make 34% APY anyways, which my supporters are fully aware of... this one has way too many RED FLAGS, for my liking)

The 2-year-old cryptocurrency project gives 38% staking rewards. Is the project legitimate or a scam?Ā 

The HEX token is based on theĀ EthereumĀ blockchain. Their website says they are the first blockchain certificate of deposit. Those who stake HEX tokens are given an average of 38% returns. The figure is lucrative because most US banks do not provide more than 2% annual interest.

Who is the founder?

The HEX was founded by Richard Schueler, who adopted the stage name Richard Heart. One of the steps to fundamentally analyze any project in Web3 is to check out the history of its founder.
Richard’sĀ mailĀ archive shows that he used to run a course on How to Spam people. In fact, he was charged with invoking Washington State’sĀ anti-spam law.

His TwitterĀ bioĀ reads that he owns the most expensive Rolex, the world’s fastest Ferrari, and some more boasting about his lifestyle. He hasĀ flexedĀ his wealth on multiple occasions on social media. When he wasĀ askedĀ why he flexes his wealth, he replied that it was for views and engagement.Ā 

The aggressive marketing by HEX focused on price gains.

Twitter’sĀ nameĀ of the official account reads the gain in price and high staking rewards. There aren’t many genuine projects that focus on price gains as much as HEX does. Generally, projects care about building the best services for their community. Their social media handles do not market how much the token’s price increased, let alone shout it through their handle’s name.

They also started aĀ campaignĀ #HEXBoughtThis on social media, where shillers or early investors flex their wealth bought from HEX gains.
It is one of the most aggressively marketed crypto projects. The project has been advertised in newspapers, magazines, billboards, and airports. All these campaigns focus on showing how much the token’s price has risen. The approach is the same as anyĀ get-rich-quick scheme, to cater to common people’s greed. A Twitter userĀ postedĀ that HEX used customer records from the Ledger hack and sent marketing material by mail to addresses obtained from there. How many Web3 projects do the marketing at par with HEX?

The website claims that investors will make ā€œlife-changing wealth.ā€ Genuine projects with strong productsĀ do not primarily focusĀ on the increase in their market price for marketing purposes.Ā BitcoinĀ and Ethereum’s website does not discuss price fluctuations or creating ā€œlife-changing wealthā€ because they serve a purpose. Investors gaining money is a by-product of the greater purpose these projects serve.Ā 

The HEX buyers are incentivized to lock up their capital for a certain period. There is a heavy penalty if someone unlocks them before the lock-in period ends. This effectively reduces the supply of the tokens in the market, and demand is brought in through FOMO with the aggressive marketing campaign.

The staking rewards.

The website, as of writing, shows staking rewards of 38%. Who gets the staking reward?
In theĀ proof-of-stakeĀ consensus mechanism, the validators deposit a certain amount to the smart contract as collateral to keep the blockchain secure. They are rewarded for their up-time and are slashed for remaining inactive for a long time.Ā 

While there is no such thing with HEX, the stakers do not stake their HEX to secure the blockchain or validate the transactions. The only purpose of staking HEX is to reduce the supply, which putsĀ upwards pressureĀ on HEX’s price.

The argument on whether HEX is a scam or not is quite a hot topic of debate amongst the Twitter community. Along with critics, the project has attracted hardcore supporters. Notable industry leaders believe that HEX is a scam going toĀ zero.Ā 

HEX made an all-time high in September 2021 at 0.51. It is down by around 94% from all-time highs. Most scam projects in crypto do not survive the test of bear markets. Will HEX survive the current bear market, or will it go to zero? Perhaps, only time can answer this.

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, ā€œThe Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.ā€

The data includes Real GDP and the PCE Price Index,Ā which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data šŸ‘‰will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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If you find value in my content, consider showing your support via:

šŸ’³ PayPal:Ā 
1) Simply scan the QR code below šŸ“²
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šŸ”— Crypto
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

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List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain areĀ Eternl,Ā Typhon,Ā Vespr,Ā Yoroi,Ā Lace,Ā ADAlite,Ā NuFi,Ā Daedalus,Ā Gero,Ā LodeWallet,Ā Coin Wallet,Ā ADAWallet,Ā Atomic,Ā Gem Wallet,Ā TrustĀ andĀ Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention toĀ Non-CustodialĀ andĀ CompatibilityĀ fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

Source

šŸ™ Donations Accepted šŸ™

If you find value in my content, consider showing your support via:

šŸ’³ PayPal:Ā 
1) Simply scan the QR code below šŸ“²
2) or visit https://www.paypal.me/thedinarian

šŸ”— Crypto
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

Ā 

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Pyth Network (PYTH) To Rally Higher? This Emerging Fractal Setup Saying Yes!

The cryptocurrency market is undergoing a healthy cooldown as Ethereum (ETH) eases toĀ $4,440Ā from its recent peak ofĀ $4,780. The pullback has weighed on most majorĀ altcoins — includingĀ Pyth Network (PYTH) — which is down aboutĀ 5%Ā over the past week.

But while the short-term dip might look discouraging, PYTH’s chart is showing something far more interesting: a price structure that mirrors the exact same bullish breakout pattern that sentĀ Skale (SKL)Ā soaring by triple digits earlier this month.

PYTH Mirrors SKL’s Breakout Structure

A glance at SKL’s daily chart reveals a textbook falling wedge formation — a well-known bullish reversal pattern. Once SKL broke above the wedge and printed a higher high followed by a higher low, it flipped both the 200-day and 100-day moving averages into firm support. That technical shift triggered a 148% rally in just days.

PYTH appears to be tracing the same path.

Like SKL, PYTH has already broken out from its falling wedge and formed a higher high and higher low. It is now consolidating just beneath a critical confluence of resistance, with the 100-day MA at $0.1235 and the 200-day MA at $0.1481 — a setup eerily similar to SKL’s pre-breakout structure.

What’s Next for PYTH?

For the bullish fractal to fully play out, PYTH will need to close decisively above the $0.1235–$0.1481 zone, ideally on rising volume. A confirmed breakout could open the door to the first upside target of $0.21, representing roughly 78% potential gains from current levels.

However, confirmation is key. Until PYTH clears these moving average hurdles, it remains vulnerable to extended consolidation or even a false breakout. Still, the fractal similarity to SKL is hard to overlook — and if history repeats, PYTH bulls could be on the verge of a major move.

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šŸ™ Donations Accepted šŸ™

If you find value in my content, consider showing your support via:

šŸ’³ PayPal:Ā 
1) Simply scan the QR code below šŸ“²
2) or visit https://www.paypal.me/thedinarian

šŸ”— Crypto – Support via Coinbase Wallet to: [email protected]

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