What do you guys think of BitcoinHEX?


#1

Hello guys,
As some of you already know, there is a new token coming out called BitcoinHEX, it is a project of Richard Heart and i find it interesting, i’ll post the link of the github repo so you guys can see the contract and discuss.

If the project works as Richard Heart sells it, there should be no risk if one decides to be a part of it and because im skeptical about how the contract could work and i dont see people talking about it, i decided to open this Topic and i encourage you guys to read the code and comment if you see something interesting, weird or fishy.

To my surprise, it’s actually quite easy to read, so dont be scared if you are a solidity noob and ask no matter how confused you are. :stuck_out_tongue_closed_eyes:


#2

I can read the words in the code, but there are lots of them, and it doesn’t make a coherent whole. Not to me, anyway. All I know about it is what I heard Richard Heart say.

Basically it’s a mildly novel computer science project, but just from the Github i can’t even see things like which date and block it forks the Bitcoin holdings into the ERC20 token, so to see whether I might have a fraction of one. What I can ultimately do with it is anyone’s guess. But as it at least is a kind of Bitcoin fork, maybe the first since my entry to Bitcoin, then it should tweak a tiny bit of interest.

Maybe I should search for a website that lists any forks that Bitcoin holders might have.


#3

Oh, by the way, that’s pretty much all I thought about Bitcoin too, in October 2008! “A novel computer science (and economics) project.” It was kind of interesting, but not enough to spur me or most other people to action.


#4

But this website is more informative! http://www.bitcoinhex.com/#whitepaper


#5

I just checked, and I’m already subscribed to the notification email list about it, at bitcoinhex.com, which seems also to be for the CFD token they also are working on. … Just waiting for something to happen.


#6

i love bitcoin hex but i tried to get some non-crypto people to get set up with it… they all already owned bitcoin which i had given them, so they had what to convert. unfortunately not a single one of them could figure it out.
people i tried to set it up for include:
HS teacher
retired mechanical engineer
family medical doctor
english lit. professor
construction company owner
construction company employee
truck driver

dear Mr. Richard Heart, would you please make it simple to sign up and use bitcoin hex?

thank you!


#7

Well, Richard H. is a good seller and he does make some good points… from what ive heard and read, what i understand about this project is the following… since it’s a reality that people only use these coins and tokens for trading them in an exchange, they currently have little use case other than speculation. So if people are already giving dumb coins such a high value in exchange for nothing, then Richard’s token should have the same use case but with a few twists to make it more valuable.

I buy the argument that cryptos have little use case besides speculation currently… i also buy the argument that once a person is responsible for what the contents of a block will be, then it doesnt make sence any more to use one in the first place and what i believe will happen with this token is that, anybody that claims these tokens will be risking very, very little… almost nothing if their timing is precise and since other people gotta lose money in order for others to win, Richard will use his marketing and relationships to get this token into an exchange ASAP so that people who are unaware of what this token represents and means will buy it (there are people like this)… also this token will have a really low available supply which will drive the price up… the only problem here for the person who wants to sell his BHX will be the liquidity.

Let’s be honest, he isn’t doing anything that most of the top projects in CMC havent already done, the biggest merit is that he is being honest about it, not promesing anything from another world and the price of all of these tokens and coins have relied mostly on the ability of their creators to market them.

It will of course reward only bitcoin holders which in my opinion is really cool, so, this token will be raising the demand for bitcoin like every other bitcoin fork that ever existed.

this is my opinion and if someone things differently or has something else to add, i would love to read your argument.


#8

I’ve just read http://www.bitcoinhex.com/ again, and discussions in his Discord, and there will be a claim testtool able to be tried on a testnet before the real thing. BTC will have to be in a standard wallet on a standard BTC address (starts with 1), so I’ll have to move my BTC off the exchange first.


#9

Yes this is correct.


#10

The biggest problem is Richard. I hate to say it but if you look at the guys past he doesn’t leave you with much confidence. He does have a great business acumen for making money but in some shady ass ways. You have to admit that. I do like his videos and he talks a great game though, but…


#12

Well, i think you could do the same analysis on other project leaders and find out that their past isn’t exactly perfect but this is why we dont look at them, we look at their project and right now for bitcoinHEX, the biggest room for doubt is in the claiming tool they are devoloping and the contracts code.

If what he is selling with his words represents exactly what the code does… I dont need to like him, and i dont need to like his past, Because in this precise case, i would be risking couple of dollars which is what will take me to move my BTC to 1 wallet, which i will not have to give to anyone and the only thing left for me would be to claim those BHXs which will be worthless for richard and for me and everyone who holds them until Richard and its community push this coin to an exchange.

There will be losers ofcourse, but not the early adopters, losers will come way after, months after the release and they will not be the early adopters but the people who buy them at an exchange, or not even then, perhaps the real loser will be the guy that buys BHX at an exchange and holds them long term (people are already doing this without knowing or understanding what they just bought).

I really apretiate your response @jel111 John, thank you for taking interest in the matter, i only wish there were more people debating this token.


#13

I have to disagree. Past is important, it shows if someone is capable. I do not doubt if he is capable but what I do doubt is the handling of the monetary aspect. This is where I can look at his past performance and make an intelligent judgment, in my view, if I think it will succeed.
Would you buy a car or a radio from a company that previously had all lemons or were involved in major shady dealings? I think not you would just look to the 1500 other manufacturers. Why take that chance with your hard earned money? To not take past performance into consideration you might as well throw out technical analysis out the window.
I do hope I am wrong, good luck too you! I am going to pass on this one. I will say that I do follow him on Twit and YT and like a lot of what he has to say but doesn’t mean I can throw money at it. Just my thing.


#14

I respect you opinion, do keep in mind, that if the claiming tool does what he promises its going to do, you will not be giving him your money, just claiming your HEX tokens as if it were another BTC fork, no risk involved and that is what i mean about not caring alot about his past, because one of the biggest points for smartcontracts is that you dont have to trust him and i dont have to trust him either, but we do have to trust the code and that’s why im trying to get people to check the code in the github repository.

It’s called trustless for a reason, in the real world, if we want to get trustless, in the car example, ill have to ask that guy to let me see the entire car and by that i mean THE ENTIRE CAR, all the components how it’s built but i would have to take it apart to know exactly what im buying… With smart contracts its different, as you could check the smartcontract’s code before sending funds to it.

I’ll be waiting for the test net and trying to get more feedback on this project in different sites.


#15

Go for it bro let us know how it works out!


#16

I watched a stream of Richard yesterday where he talked some more about HEX. This is a very short version of what he told about the HEX token:
( Stream )

It will take at least 8 weeks more before it will be ready (not 100% sure).
For each BTC you own during the snapshot, you will get 1000 000 hex (to prevent the numbers behind the comma)
You will have to claim the tokens and then stake them so you will get reward tokens

my opinion:
The only way those tokens get real money value is that it gets listed to exchanges. No info on that.
There will be a lot of tokens in circulation, so I don’t expect it to get a high value.
I am not sure what functionality he wants to give through that token.


#18

Will see how his project works out. Right now a bit skeptical.

Did they get full code audit done? Can we see audit report?


#19

Personalities is one of the biggest problems in Crypto.
Coder’s trying to scale to the business world can be another.
I am trying to increase the information for Canadians on bitcoinhex.ca but I am not sure if it will be done before the snapshot. It is a side project.
I have watched this from first I heard.
Take the personalities out of it.
Take the Ego’s of coders out of it.
Have a fair discussion of the project and how it is presented.

The Game theory is sound. The fact that Originator isn’t hiding their share of bonus tokens and suggests they will use them in promoting the coin in future. That has not been done in such a way before as I can see.

The biggest focus for me is able to buy some more Bitcoin, take what I have already and claim some HEX, either works. I don’t have to invest but I can if I think it is a risk I want to take. Then I have the chance to lock that Token down, one week, one month one year and make minimum 3.69%
Possibly make over 369%
I will try to explain that later on the bitcoinhex.ca site but it is based on an american CD in a bank. Or similar to a GIC in a Canadian bank.
BitBytes used to do this, and was giving away free coins to those holding BTC.

I can’t predict future but will love to look back at this in a year and keep talking about it.
Thanks for adding the thread.

Don’t need to buy bitcoin, don’t need to invest at all in fact. Can get free at snapshot if you have any BTC already, or you can get free BHX from referral. Can wait and buy it later after the airdrop and some people sell rather than stake.
Free to chose I like the control I have over this token. Keep it if I like it, watch how many others are staking and strategize on if it will go up or down. Makes me excited to pay attention again.


#20

Audit will be public after it is done last I heard. But still finalizing on their testnet