Bitcoin’s price fell below $20,000, down more than 70% from its all-time highs, while Ethereum and other major cryptocurrencies suffered even bigger falls ( although some believe they have spotted a $28 trillion opportunity).
Today, after one of Wall Street’s most influential business leaders warned of “panicrising market, another controversial cryptocurrency with a market capitalization of $5 billion, is facing claims that it is about to implode after seeing its price drop 90% from its historical heights.
HEX, launched in late 2019 atop the ethereum network, has seen its price grow rapidly over the past two years, but has also drawn criticism for its system of rewarding those who keep their hex tokens locked up and penalizing those who do. do not, a version of a cryptocurrency system called “staking“.
Richard Heart, creator of HEX and outspoken cryptocurrency advocate, has been accused by Protos of selling the bitcoin and ethereum used by investors to buy HEX at launch and dumping the addresses used to collect HEX charges. Richard Heart did not respond to a request for comment before publication.
Since hitting an all-time high in September last year, the price of HEX has fallen 90%, a bigger drop than Bitcoin and Bitcoin.ethereumboth of which are down around 70% from their all-time highs.
This week, following an interview on YouTube in which Richard Heart briefly spoke about plans for the long-awaited launch of a new HEX-linked blockchain called pulsechain, a long-time critic of HEX warned that the cryptocurrency could be self-destructing, holders losing patience.
Announced last year, pulsechain was touted as a fork of ethereum that would switch to the consensus mechanism proof-of-stake before ethereum himself. People who wanted to receive pulsechain’s PLS tokens as part of a “airdrop” were invited to “sacrifice” their ethereum, hex or other cryptocurrencies.
In June, approximately 45% of circulating HEX was placed in two digital wallets in exchange for a promise of PLS coins once pulsechain launched, Richard Heart told Bloomberg at the time.
However, the launch of pulsechain has been repeatedly delayed, and some are beginning to wonder if it will ever launch.
Several Hexicans have reached out to inform me that the Hex community is self-destructing rn. Apparently Pulsechain is not happening. Instead Richard is simply forking ETH 2. There are no timelines. No guarantees. Even adamant defenders are starting to call Hex a scam. Brutal.
— Mike Alfred (@mikealfred) October 19, 2022
“Apparently pulsechain will not take place”, posted on Twitter bitcoin investor Mike Alfred, along with screenshots of conversations with hex holders who fear pulsechain is nothing more than a copy of ethereum, now a proof-of-stake blockchain after it was staked upgraded last month. “Several [détenteurs d’hexagones] contacted me to inform me that the hexagonal community is self-destructing at this very moment”.
Speaking to YouTuber Ivan LiljeqvistRichard Heart said he would not commit to a pulsechain launch schedule, saying “ it’s done when it’s done “.
“We’re going to use the same consensus mechanism that ethereum 2.0 currently uses,” said Richard Heart. “I want to put [pulsechain] on the market. Even if we get to market without massaging block timing and gas [d’ethereum] […] I would just make a ‘straight copy’ and fix it later. Free and cheaper parts are enough. Faster is great if you have it but it doesn’t have to be.”
“People pointed out that they found a lot of disturbing things in this interview“, Mike Alfred says of Hearts’ conversation with Liljeqvist via Twitter DM. “The implication is that all the work from the last year has been scrapped“.
However, Mike Alfred does not expect the eventual collapse of the hexagon to result in an implosion of the type land-luna. In May, the algorithmic stablecoin terra and its supporting coin luna crashed as investors rushed for the exit. The collapse of Terra and Luna caused the price of bitcoin to its lowest level since the beginning of the year and triggered a crisis on the entire crypto market.
“[Hex n’est] not as tied to the rest of the ecosystem“, says Richard Heart. “It’s almost like a parallel economy. Also, it will fail at idle due to the way the protocol incentivizes token locks.”
Despite HEX’s 90% collapse, Richard Heart remains optimistic; he promises that Pulsechain is going to happen and that he will drive up the hex price when he does.
“Pulsechain will change everything“, said Mr. Heart during a debate in September, streamed live on YouTube.
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The next Terra Luna? A Major $5 Billion Cryptocurrency Could Be On The Verge Of Self-Destructing, Which Could Impact The Price Of Bitcoin And Ethereum
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