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SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

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Re: SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

#21

Post by confoundcofound »

dboreham wrote: post #16
confoundcofound wrote: post #14

The biggest lie in crypto is that tokens are bought for utility and not speculative gains. I don't know if it's delusion or intentional deception. I have friends who are "thought leaders" in the space, who opine on the disruptive potential of crypto yet spend their days tweeting about the latest memecoin that just 100x'd. The entire concept of crypto "value" rests upon the marriage of token utility and economic value…

To be fair the same thing happens in the regular world. e.g. look at a list of the richest people in the USA and see how they made their money.

My problem is with the collective gaslighting the crypto industry is doing with respects to utility vs speculation. I never thought I would find myself on the side of the SEC, but I have enough experience in the space with investors to builders to confidently say the vast majority of the industry is about speculative gain. Specious claims of utility are often just a means to that end.

Re: SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

#23

Post by kelthuzad »

dotnet00 wrote: post #15

Centralized ~exchanges~ (edit: services) defeat the point of crypto (particularly of a blockchain), so people responsible for said centralization are only in it for the money. Thus, the question with all of these companies is how long before they get outed for scamming their customers.

That's a reductionist view, there can be many reasons why somebody would want to temporarily park a portion of their assets on a centralized exchange. It's a a trade off between convenience, security, higher liquidity, trading opportunities et cetera, these are just some that come to mind. One can do all of that and still have the majority of their assets in cold storage. The world is not white and black.

Re: SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

#24

Post by hn_throwaway_99 »

dboreham wrote: post #16
confoundcofound wrote: post #14

The biggest lie in crypto is that tokens are bought for utility and not speculative gains. I don't know if it's delusion or intentional deception. I have friends who are "thought leaders" in the space, who opine on the disruptive potential of crypto yet spend their days tweeting about the latest memecoin that just 100x'd. The entire concept of crypto "value" rests upon the marriage of token utility and economic value…

To be fair the same thing happens in the regular world. e.g. look at a list of the richest people in the USA and see how they made their money.

All of the 10 richest people in the US, with the exception of Warren Buffett (and even that I wouldn't really call an exception, more on that below), built real businesses with real products that are used by millions of people and companies. I think wealth inequality is a major problem of our time but I despise this painting everything with a (factually incorrect) bad brush.

Re: Buffett is the only "pure investor" in the top 10, but even then Berkshire Hathaway is pretty famous for having a portfolio of some of the best managed companies in the business. It's not like Buffet is a day trader.

Re: SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

#25

Post by spaceman_2020 »

confoundcofound wrote: post #14

The biggest lie in crypto is that tokens are bought for utility and not speculative gains. I don't know if it's delusion or intentional deception. I have friends who are "thought leaders" in the space, who opine on the disruptive potential of crypto yet spend their days tweeting about the latest memecoin that just 100x'd. The entire concept of crypto "value" rests upon the marriage of token utility and economic value…

Ironically, the only tokens with any actual utility have stable prices - stablecoins.

Re: SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

#26

Post by kelthuzad »

bebop404 wrote: post #17

It's a shame it took this long to go after such a blatant Ponzi. There is even an ad for this scheme painted on a wall near my home (in Mexico), so one would hope that the US will not be the only country where he will face charges.

It's crazy how many crypto natives were warning "hexicans" about hex and pointing out the most obvious indicator that it's a scam, namely Richard Heart defrauding them, yet most of his fanboys were not even willing to listen or evaluate the evidence with an open mind.

Re: SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

#28

Post by Pixie_Dust »

confoundcofound wrote: post #14

The biggest lie in crypto is that tokens are bought for utility and not speculative gains. I don't know if it's delusion or intentional deception. I have friends who are "thought leaders" in the space, who opine on the disruptive potential of crypto yet spend their days tweeting about the latest memecoin that just 100x'd. The entire concept of crypto "value" rests upon the marriage of token utility and economic value…

[flagged]

Re: SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

#29

Post by jacquesm »

DonHopkins wrote: post #19

Richard Hart (aka "Spam King" Richard J Schueler) has an account on Hacker News that he used to shill his scams and attempt to recruit gullible HN developers to debase themselves by working on his shitcoins, just like Rick and Morty's "Glooty" alien who's always asking "Do you want to develop an app?": https://news.ycombinator.com/user?id=RichardHeart https://news.ycombinator.com/threads?id=RichardHeart https://news.…

I knew this comment would be here.

Re: SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

#30

Post by houseatrielah »

I had some interest in HEX after I saw an airplane with a "BUY HEX" banner fly over my house. The major trick is the decimal point. Launch a crypto worth 0.000000001 USD per unit, then when it goes to 0.0000001 USD per unit because of low supply, scream into YouTube: "I GAVE YOU 100X PEOPLE, WHAT MORE DO YOU WANT FROM ME?"
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