What HEX Did.

People in crypto are largely in the space for the following 3 reasons:

1. Libertarian values, separation of government and money, decentralisation, censorship resistance.
2. Fun, hard, innovative problems to solve.
3. Assets that go up and to the right.

I got into Bitcoin 100% because of the first bullet. I listened and listened to Andreas Antonopolous — then I listed to Roger Ver, and a host of others. I was a firm believer in libertarian values and I believed that it was because of these values that Bitcoin went up in value. The BTC/BCH split was interesting because it seemed those in BTC cared about #3 more than #1 or #2. Bitcoin and lightning devs seemed to care about #2 first, a bit #1 and pretended not to care about price but words slip out, just look at Adam Back. From who I followed, most in the #1 camp went off to Ethereum and to Bitcoin Cash, out of frustration of the strangling of Bitcoin because most of the community only cared about price appreciation, not money for the world, or programmable money.

But as I’ve educated hundreds now and onboarded more, I’ve come to realize that 95% of the time they don’t care about censorship resistance, they don’t care about the problems with fiat, they don’t care about decentralisation — they care about the price going up. For every person I onboard who truly buys into the powerful revolution we are a part of, there’s 90 I onboard who only care about price. That tells me that when the price moves, it’s those people moving it, not those who care about libertarian values.

Those with libertarian values are most likely to HODL, they are the most likely to own their own keys and are the reason crypto is here to stay, they are what cause price floors (they will keep converting their crappy fiat, they won’t sell), but the massive swings up and the massive dives down are largely caused by people who only care about price.

To be honest — I care about price. So does everyone save for a few (largely early HODLers who have no worry about money). I have a mortgage (several), I have kids, I have bills.

I believe crypto is going to change the world. I am technical, I haven’t only read the Bitcoin whitepaper I’ve studied the code, I’ve written applications on top of BCH and I’ve dabbled in Solidity — just haven’t been able to find anything that can pay me what I make to be in crypto full time so it stays as a hobby. But I also care about investments and can’t ignore the rates of returns. I have skin in the game, a lot.

Here’s the thing about everyone I’ve seen in crypto (influencer wise) — they all pretend they are all in crypto for #1 (values) and #2 (tech), and pretend they aren’t in it at all for #3 (gains). Everyone on r/bitcoin seems to care only about it, the millions of people joining coinbase buying up Bitcoin and every coin under the sun cares about it. I met a girl the other day and she immediately asked if I owned any polkadot — she’d never even heard of parachains…it was just in the top 10. #ImInItForTheTechBro.

The people driving the prices of these assets, don’t understand tech, and most don’t understand the censorship resistance, they don’t care about predictable inflation or anything else related to the values of decentralised currencies. What’s driving prices for all of these coins is speculation on utility and future use. What are devs doing? shilling how their project will be used in the future (hoping the shill will cause speculation wink ; wink ; but can’t say that out loud). I don’t doubt some are solving good real problems — I’ve been looking at ThorChain and love it — there is real tech, but that tech also exists because of the investors who are in it for the money. bro.

Let’s work with me here: A developer has a clever innovative idea for a smart contract. He doesn’t care about money — so he gets investors to pay him…guess what they care about? Money. UniSwap — I love it, it’s awesome. What about the Uni token? Completely freaking useless token but hey it made the founders rich, the investors richer. So, great you care about decentralisation, but the people funding you care about the price going up and to the right. The Uni governance token is akin to a crappy ICO….thanks for the free money guys, but uniswap works perfectly without it. That’s called a security by the way. We’re all guilty.

So what about HEX? What did HEX do?

Richard Heart looked at the market:

1. 95% of people are in it for speculation, up and to the right. (don’t quote me, don’t nit pic, some big %%)
2. Crypto maintains value (doesn’t go to zero) because people buy and hold (HODL).
3. Crypto has huge swings as speculators buy tops and sell bottoms. This is where the real value happens in crypto, where those people buying tops and selling bottoms transfers wealth to the HODLers. Crypto transfers wealth from the impatient to the patient.

So he literally built a product that has market fit for the above. It has speculative stickiness, it incentivizes you to HODL (paid interest), it disincentivizes you to fear sell (unstake penalties) plus it comes with all of the goodness Bitcoin has (decentralized, permissionless, auditable, complete). On top of this it has an easier value prop for onboarding of new users: “You know how if you save, you get interest? Save longer get more interest? HEX is like that only get rid of the vulture banks”. If you’re one of those people who are willing to be patient for a good thing — prove it. Make a 10 year stake and turn that 1000 into a million or more. Even if the price stands still you’ll 10X on interest. Wait you expect your investment to go up in value? SCAM! they say. And they are morons.

The reason the crypto community is so hostile to HEX is because they pretend to ignore #1 above, they certainly don’t want to admit to #3, but they will maintain #2 for sure as being important. Whereas HEX is explicit about it, it’s honest about it.

The general crypto community is scared. You can only be in crypto for the tech or for the revolution, not to make money. If you’re in it for the money then they fear saying Peter Schiff has been right all this time. The truth is that Peter Schiff has been right — it’s mostly speculation. The truth is that the cypherpunks have also been right — it has real intrinsic value from the separation of money and state. Both of these can be true at the same time, and that’s ok.

Finally the other reason they hate HEX is because they dislike Richard Heart. He can be blunt, he can be abrasive, he likes to show his bling bling and that really turns people (who aren’t in it for the money) off — but it does resonate with those other 95% who are in it for the money and not the tech (he’s even transparent about this).

This is what HEX did. HEX kicked some serious ass. HEX is honest. #UpAndToTheRight

Source: https://robertmuncaster.medium.com/what-hex-did-4bcb6c37eea7?source=rss——-8—————–cryptocurrency