Hex is a controversial cryptocurrency that has been since its creation in late 2019. Let’s take a look at what Hex is, what it promises, and why people are skeptical of it to determine if it is really a scam.
Hex was created by Richard Heart in December 2019. According to the website, users can earn more than 40% of revenue through HEX tokens every year.
Users can choose to lock HEX for 1 to 5555 days and earn interest from this deposit, with an average annual interest rate of 40%.
So far, the price of HEX has seen a huge increase. Since its first release, the price of HEX has increased by 10,287 times, which means that everyone who invested $100 at the beginning of the project is now a millionaire. Currently, there are more than 200,000 addresses holding HEX, and this number seems to be increasing every day. They also claimed that its current market value is $250 billion, although this figure cannot be confirmed by external sources.
All these achievements may make the coin look so good that it doesn’t seem to be true, and many people think that is the case. One of the main arguments against HEX is that this token has no fundamental value. It hopes that, like Bitcoin , people think it is valuable, so the price rises. However, Bitcoin is different is that it does not own block chain, but in the etheric Square run on. Many tokens have tried to become the next Bitcoin, but all ended in failure. Hex has no reason to be different.
Second, they vigorously promote their tokens to the public and always use wording to explain how much the token has risen since its issuance. This strategy is just an attempt to make ordinary investors feel FOMO about the future rise of HEX prices and fear to miss it. However, the fact may be the opposite, because now HEX is a large-scale cryptocurrency, it is almost impossible to see 10,000 times, or even 10 times, the return.
One would think that if HEX is a legitimate project that is revolutionizing the interest-bearing banking system, it will be listed on major cryptocurrency exchanges. On the contrary, HEX is not listed on a major exchange. Most of its trading volume comes from decentralized exchanges such as 1inch and Uniswap . In these exchanges, almost any currency can be listed without approval.
In addition, Hex’s website has a complete section specifically to refute the idea that HEX is a scam.
For those who don’t want to simply believe the claims on the Internet, but want to do their own research, you may encounter a problem: Hex does not have a white paper on their cryptocurrency. Every major project trying to achieve success in the cryptocurrency field chooses to create a white paper, but Hex does not, which means that it is difficult to find fair and transparent information about the project.
After cryptocurrency experts and others began to criticize the project’s unfounded claims and lack of value, HEX is likely to be rejected for inclusion in CoinMarketCap. So far, CoinMarketCap has refused to admit that it is a legal cryptocurrency for a reason, but why they changed their minds and decided to list it is unclear.
Cryptocurrency investors may want to stay away from HEX because it has the characteristics of fraudulent cryptocurrencies like BitConnect. It may not be an obvious scam, but it has no fundamental value and may fall into obscurity in the next few years.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/why-is-the-cryptocurrency-hex-so-controversial/
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