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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

#91

Post by DANmode »

arcticbull wrote: post #64
everfree wrote: post #62

Earlier quoted context omitted.

Ethereum's daily trading volume is $7 billion, so it's likely that $1 billion would hardly affect its valuation.

Now subtract out the wash trading. I'm not saying it would or wouldn't affect the valuation, I'm saying that the top-line volume is a known fiction. Remember when "Coinbase Employee A" traded some 99% of the entire global LTC volume between two bots at Coinbase? Sure it's old news, but that's the most reputable exchange. [1, 2] Much of the crypto market is a digital Potemkin village designed to make you feel like you…

You...don't have to subtract anything.

Liquidity is liquidity.

If liquidity goes away when big boys start selling, then, well, someone would have picked up on that, shown that, with data.

Otherwise, the (very real!) accusations of wash trading and other price fixing don't have tons to do with available liquidity, which as a term, refers to an investors ability to sell in a timely fashion.

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

#92

Post by Djle »

davidgerard wrote: post #33

fun fact, Richard used to sell email spam software. Is shitcoin pumping a step up or a step down? Richard is a very charming fellow, very likable, but in a way that cautions you not to let any of your money within a mile of him.

Don't forget this article: '$HEX for the Financially Illiterate' Explains exactly what the "Spam King" had moved into: https://archive.ph/AjfcV

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

#93

Post by tornato7 »

arcticbull wrote: post #64
everfree wrote: post #62

Earlier quoted context omitted.

Ethereum's daily trading volume is $7 billion, so it's likely that $1 billion would hardly affect its valuation.

Now subtract out the wash trading. I'm not saying it would or wouldn't affect the valuation, I'm saying that the top-line volume is a known fiction. Remember when "Coinbase Employee A" traded some 99% of the entire global LTC volume between two bots at Coinbase? Sure it's old news, but that's the most reputable exchange. [1, 2] Much of the crypto market is a digital Potemkin village designed to make you feel like you…

You can sell $150M worth of ETH right now on-chain without moving the price much. If you aggregate the other chains and exchanges it's probably close to $1b in an instant sell, of course if you TWAP you'll get much better execution.

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

#94

Post by martin8412 »

thesausageking wrote: post #77

The SEC is just the wrong organization to be enforcing laws in crypto. This was a scam that was done out in the open and launched 4 years ago. People conned into buying this have already lost their money and they're not getting it back. The founder will use some of the $1B+ he's made of it to defend himself in a long, drawn out court case that the SEC will eventually settle. The SEC's purpose is supposed to be to pro…

You can't pay for your legal defense with illegal funds. Well, you can, but the lawyers if not careful might be subject to clawback and therefore not likely to defend you.

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

#95

Post by arp242 »

ChainOfFools wrote: post #84
wonderwonder wrote: post #75

The craziest part to me is that he was so incredibly open about it and people just kept giving him $. He just made video after video showing himself wearing outfits worth tens of thousands of dollars. Not a video about something else where he happened to be dressed up, but the video was literally about how much the items he was wearing cost. On top of that he looked absolutely ridiculous. I have never seen such a rea…

I had the strange luck to have known Richard Hart before he became a crypto huckster. In the year or so leading up to his transition from random spammer nobody to wealthy scamming random nobody, he was pretty aggressively critical and cynical about all things cryptocurrency, especially about the abject gullibility and willful ignorance of the people who sign on to all of the ideological nonsense about the blockchain…

It sounds like the old "create an elaborate smokescreen comprised of the truth" trick. "Surely if he was a REAL scammer he would never do all these blatant scammy things?!"

Jimmy Savile was a master of this: "no actual pedophile would say he will stick his dick in to anyone he can lay his hands on, especially not with all the rumours floating around!?" Well...

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

#96

Post by DANmode »

kelthuzad wrote: post #26
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.

Came to this thread just to say RIP Hexicans, thanks for providing the space!

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

#97

Post by fsckboy »

bhouston wrote: post #54
sergiotapia wrote: post #48

[flagged]

That didn't seem to help SBF though - he is still arrested and bring prosecuted for his financial crimes. Also SBF contributed to both D and R equally apparently - but he did his R contributions dark to avoid scrutiny, but is that claim of his true? I don't know: Although federal election receipts show that Bankman-Fried donated almost exclusively to Democrats, he claimed on a November phone call with YouTuber Tiffan…

> he admitted to giving an equal amount to Republicans

I think this should be "claimed" rather than "admitted", till some evidence of it appears, because the statement he made was more self-aggrandizing than it was an "admission".

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

#98

Post by DANmode »

ChainOfFools wrote: post #84
wonderwonder wrote: post #75

The craziest part to me is that he was so incredibly open about it and people just kept giving him $. He just made video after video showing himself wearing outfits worth tens of thousands of dollars. Not a video about something else where he happened to be dressed up, but the video was literally about how much the items he was wearing cost. On top of that he looked absolutely ridiculous. I have never seen such a rea…

I had the strange luck to have known Richard Hart before he became a crypto huckster. In the year or so leading up to his transition from random spammer nobody to wealthy scamming random nobody, he was pretty aggressively critical and cynical about all things cryptocurrency, especially about the abject gullibility and willful ignorance of the people who sign on to all of the ideological nonsense about the blockchain…

It can take a strong person to continue to walk by (what was surely feeling to him) certain, easy wealth that would change his life.

> take advantage of the people who he had contempt for, as openly and boldly and shamelessly and transparently as he possibly could

This is far, far more common on our planet than we are comfortable admitting.

"If we told them the whole time, but they weren't enlightened, we're absolved."

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

#99

Post by DANmode »

houseatrielah wrote: post #30

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?"

> I had some interest in HEX after I saw an airplane with a "BUY HEX" banner fly over my house.

These sorts of advertisements have been an anti-signal for some time...

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

#100

Post by DANmode »

spaceman_2020 wrote: post #25
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.

Aside from BTC, which has so much utility that governments are securing some, and in some cases, are settling international trade with it to avoid sanctions from nations they aren't allies with.
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