This analogy ignores some basic realites. Also, the situation with Richard and Hex is not like Satoshi and Bitcoin, at all.
What if Satoshi destroyed their private keys and therefore can’t access their wallets (or at least the ones with truly impactful sums)? If I were Satoshi, that’s what I would probably do to remove temptation.
2 Likes
Could be true. Eventually, probably when quantum computing gets more powerful, it will get redistributed.
I’ve misunderstood something then, I though a bitcoin address was the public key!
2 Likes
Except that Satoshi used pay-to-public-key (P2PK) scripts and so his bitcoins are prone to quantum computing hacking.
pay-to-public-key-hash (P2PKH) scripts were used later.
8 Likes
Do you think Richard is a scammer?
Here are the things they have in common.
-
Satoshi has created a cryptocurrency based on existing technologies.
-
Richard has created a cryptocurrency based on existing technologies.
-
Satoshi owned nearly 50-100% of the currency in the first year.
-
Richard own nearly 50-100% of the currency in the first year.
-
Satoshi never sold.
-
Richard never sold.
Here are the different things.
-
Satoshi is anonymous.
-
Richard shows his face.
-
Satoshi has never advertised bitcoin to the masses.
-
Richard advertises with ads on taxis, buses, subways, newspapers, matches, television.
Satoshi may have used existing ideas but he put them together in a unique way to create something never before seen. Now correct me if I am wrong but Richard basically just made his version of dogecoin but didn’t create anything really new. That’s like saying if I clone the SAFE network I am the same as David Irvine and you should take my clone just as seriously. What if the SAFE network has minimal marketing so I clone it and just market the hell out of mine. Is that really like a great thing?
Bitcoin will never be dethroned by something that’s just like my version of bitcoin with no new features. Things like ETH that actually build on the idea and give us a kinda “2.0 version” might have a chance.
I mean if that’s legit why don’t we just all do that? Why would I want to buy in to HEX when its just as legitimate to clone it then I control the origin address. What value is Richard really creating?
EDIT: was just thinking there is a parallel here to making ERC-20 MAID. Anyone can go do this. you don’t really need to get permission from the creators of the adjoined tech. Creating a new blockchain is similar. But we can’t just say these are all valid everyone go make your own ERC-20 MAID… for it to be useful there has to be consensus on which one we are going to trade with each other. I see two factors I would look at:
a) which one was first?
b) which one has the best features?
If it is not one of these two things I don’t think it could ever gain critical mass. This is the counterbalance to the fact anyone can create a new one at any time.
2 Likes
By that token, almost everyone who creates dubious coin can be Satoshi… 
I suppose that is where we are…
I am paying attention to important characteristics that are not common.
1 Like
The new thing is the opportunity to prove people’s long-term faith in the product on-chain. Hex is the first such product. You can literally see people buying Hex and locking it up for 15 years. I don’t know if you understand how powerful that is.
Now I’m not saying Hex will succeed in the long run. But this innovation is already spreading - there are at least 2 copies of Hex who use it - https://axion.network/ and https://wisetoken.net/
I remember in 1997 the hyperinflation in Bulgaria. People had lost faith in the Bulgarian lev and when they took a salary they turned the money into dollars and German marks. So faith in a currency is very important. The opportunity to prove this faith ahead of time is an incredible innovation, and we can thank Richard for it.
2 Likes
Fyi, we only need to less than 8x to breach ATH.
Well I would stay away from HEX if inflation is your concern!
I did some research on what was going on in 1997 in Bulgaria and that was just after the communist government collapsed. As is the usual pattern with centralized governments they had incurred massive unsustainable debts. So to remedy this they just printed more money. It wasn’t that people lost faith in the currency, there was just so much more of it being created and diluting what they had. Locking it away for 15 years would not have helped anything and would have been foolish because that money would have practically no value in that time. Same with HEX, you are getting diluted so fast by the printing press that it’s a fools game to try to HODL it long term.
What gives a currency value is not that people bag hold it. It’s actually kinda the opposite. In a healthy economy the money keeps moving around keeping the wheels of production turning so there is little need to create more though inflation. It’s not people squirreling it away that shows there is faith in a currency. It’s people producing things being willing to accept it because they know there is no Richard with a huge inflating bag that could devalue the money after they have traded away the products for it.
2 Likes
It will be interesting to see in practice what happens. There is a theory that businesses owned by 1 person do better than cooperatives…
1 Like
Let’s say I am a baker and I have a loaf of bread in 1997 Bulgaria. If you want to pay me in a rapidly inflating currency I want to make sure that I am not gonna lose money because what you give me is not even worth the ingredients of another loaf of bread before I get them. So I price it higher and the reaction to that is even more inflation and subsequent loss of value for each unit of currency. If there is some Richard guy waiting to dump well the bread price is going to have to factor that in.
Well there are certainly pros and cons to that. However smart/dumb the 1 person is will have a greater impact then if they were just 1 member of a team. Partnerships and corporations still often do better due to being able to cover each others weak spots. When picking investments I don’t really worry to much if the leadership is an individual or a group. I am more interested in if they are creating value. I am a Warren Buffet type guy. To me everything is superficial that is not pertaining to value. Maybe the leader is a computer AI, but it creates value, then I want in!
1 Like
Or maybe he wants to make a successful business. It will certainly be interesting to see how things develop…
well I don’t doubt he wants to make a successful business. I think he has gone with a predatory strategy though. Just cause I value invest doesn’t mean I think no one makes money doing non-value creating business like loansharking for example. It’s just those arn’t games where everyone can win. If you want me to get on board you really need a value proposition. Then I believe you want to be successful by making me successful to.
2 Likes
Well, Hex does everything Bitcoin does, but better. For example, in Bitcoin, inflation is going in to the hands of the miners who go to the exchanges and sell the bitcoin. Ie there is a constant downward pressure. In Hex, inflation is given only to the stakeholder class. Literally the opposite and as shown by the growth of 26300% (at the peak a week ago) this clearly works…
Seems like a good strategy for a rugpull. Don’t let anyone else sell before you. I don’t know how involved you have been in the defi craze but lots of things mooned only later for people to realize they have been gamed by the creators that dump huge quantities on these poor guys that misplaced their trust.
Again what I want to see is the currency moving around. I think it’s a good thing if miners sell. Get that on the market and measure the impact. Get to a market cap that is less manipulated. If its like a running river it’s not so dangerous to get into the flow. If its like standing under a failing dam then its dangerous.
3 Likes
I’ve been following Richard for 4 years and I don’t think there’s such a danger. Of course, they can always hack / steal one of his wallets, which is many times more likely in my opinion than for him to rugpull his followers.
Hex is fun, people are having fun. For the BigPayDay there was a 24 hour online stream and people had put on hats like Richard, he also came in with his hat … It seems to me that he is committed to making Hex top 10 crypto, he may not succeed, but he trying seriously.
1 Like
It’s just if he is not rugpulling then why did he design the tokenomics to maximally favor him if he rugpulls? Sure it’s circumstantial but to me he is still very suspect.
Anyways if people are having fun with it I will admit he has created a little bit of value 
Dogecoin really is just a clone of bitcoin with different tokenomics, but I think it has created value in the fun loving community it has spawned.
The Velocity of Money is an important metric that is often overlooked. If we are to value a coin/token as a Means of Exchange then it is really only performing when it is being moved. Whether a coin/token is a good Store Of Value or not matters little to a population who know they can use their tokens to buy bread and the baker can quickly spend their tokens to buy flour, electricity etc etc
2 Likes