Mine HEX by staking it - Proof of stake

Dethman

[H]ard|Gawd
Joined
Jan 4, 2005
Messages
1,076
Hey guys,

Do your research, but check this out..

I've been apart of this community since I was a kid building my own computer, to working at computer stores, to senior network engineer. I have used this forum as a tool for great knowledge while I do my research. I've done over 2000 hours of research in Cryptocurrency over the past 5 years and I have only deemed 2-3 crypto currencies to be legit enough to actually invest or mine.

BTC
Pros: First mover advantage, largest community, longest history, its up 3000000x, never died, digital gold narrative

Cons: Mining is impossible for the little guy, old tech, slow, expensive, miner centralization, pollution, many bag holders, miners put sell pressure on the price

ETH
Pros: Programmable money, secure, scalable, fast. Can still mine on a GPU

Cons: ETH itself doesn't really do much, but you can build coins on it that are programmable ontop of the ecosystem, this is where HEX comes in.


HEX
Pros : No power, No hardware required to mine. You can purchase on a decentralized exchange. You stake with your own keys. You hold your own keys. Your stake mines trustless interest for the duration of the stake. HEX pays stakers (in inflation) to not sell and hold the price up. The longer you stake, the more inflation (interest) in HEX, you receive. It has a huge community (Hexicans) doing streams daily on all platforms.

Cons: High penalty if you unstake early. (Penalties go to other stakers)

HEX is the first interest gaining certificate of deposit on the blockchain. They took a trillion dollar bank product, and put it on the blockchain. You buy your HEX.. You lock it up for as long as you want. Un-stake it when the stake ends. Do what you want with your HEX after. Sell, Restake, etc..You can create a staking ladder to create passive income. Sell the interest, restake the principle.

Its a complete product, it works today. There are no admin keys, so its locked. No one can change the code. You can read the code on HEX.COM. It runs ontop of ETH so any improvements to the ETH blockchain will improve HEX. HEX encourages people to hold for their future and not to trade. Most traders loose and waste their time, trading is a net negative on the world.

People are getting around 40% interest right now with HEX. HEX has a lower inflation then BTC has ever had. But the inflation there is, it goes to the people who stake. When you stake HEX, its like mining bitcoin. Some people call it scam, but its because they haven't done enough research. Same thing happened with BTC and ETH back in the day. I'm an expert on HEX. I'm here if you have questions. Please no flaming. I'm trying to help and spread awareness to my community.

Oh ya, and the price went up 350x in 1 year. It was the number 1 gainer in 2020
 
Last edited:

oblox

Gawd
Joined
Nov 27, 2013
Messages
1,018
Can't wait till increasing fees and lack of scaling further impact all projects built on the Ethereum blockchain.
 

Dethman

[H]ard|Gawd
Joined
Jan 4, 2005
Messages
1,076
een apart of this community since I was a kid building my own computer, to working at computer stores, to senior network engineer. I have used this forum as a tool for great knowledge while I do my research. I've done over 2000 hours of research in Cryptocurrency over the past 5 years an


???

multiple articles make it sound scammy

This article is just FUD from a year ago. I'll help you see through it. Everyone who bought when that article was published is up like 300x. No one has lost their money. HEX has 100% uptime.

HEX is attacking the entire crypto industry by cutting out middlemen, so if you rely on a few articles, it will sound scammy. Exchanges make millions on trading fees and margin trading. HEX is built to be staked, not traded. Bitcoin and ETH had the same type of articles. Any industry disturber will. How many times has Bitcoin been renounced as "Dead"?

In the case of the article you posted, they attack 2 vectors. The AA (Adoption Amplifier) and the OA (Origin Address)

The AA
This was part of the launch phase that is now gone. This mirrored the EOS launch. Although EOS sold a promise of future work, HEX is complete. You paid ETH to get HEX. HEX presumably went to the founder. Anyone who did that is up by a lot now. Now that its gone, you can only buy HEX from other HEX holders.

The OA
They attack the OA for owning 45% of all HEX. If the ETH went to the founder, why do they need to sell the HEX? The OA is a net positive for the coin. It helps hold the market cap up (Cryptos are ranked by market cap) because in HEX, all staked coins are burned for the duration of the stake, pulling the market cap down. (The coins are then minted with the interest at the end of the stake) The OA also holds the APY up, because the coin inflates 3.69% per year but it only goes to stakers. The OA doesn't sell and doesn't stake. So the stakers get the inflation in the form of interest that the OA would be getting, had it staked. The OA will not sell the price down to nuke the project. The same way Jeff Bezos doesn't sell all his stock to nuke the stock of Amazon. Doesn't make sense.

Best way to describe HEX is: Staking HEX is like mining Bitcoin. Although you have no hot, noisy, prone-to-fail computers in your basement wasting electricity.

I believe ETH fees will come down. They are working on that with ETH 2.0

If people still think its a scam, it means there is an opportunity. You must dig deeper to understand. If you have a specific question, I would consider myself an expert at this point. Just ask.. I love the topic.

Share price is a very interesting mechanic...
 
Last edited:

Icecold

Limp Gawd
Joined
Jul 21, 2013
Messages
129
My apologies if I'm being dense, but it looks like the way to get started is just to buy some with Ethereum or Bitcoin - is that correct? And then you're forced to hold onto it for a certain amount of time or face early withdrawal penalties?
 

Dethman

[H]ard|Gawd
Joined
Jan 4, 2005
Messages
1,076
My apologies if I'm being dense, but it looks like the way to get started is just to buy some with Ethereum or Bitcoin - is that correct? And then you're forced to hold onto it for a certain amount of time or face early withdrawal penalties?
No need to apologize,

Yes you get some ETH in your wallet. Then you can swap it for Hex without creating an account at ETHHEX.COM using metamask.

Once you have your HEX. You can stake as much as you want for as long as you want on go.hex.com. I staked roughly 15% of my HEX every other year for 15 years. When my first stake ends, I will sell the interest and restake the principle at the end of my 15 year ladder. And do so indefinitely. This way, I always have my original amount of HEX and after 15 years, I have fully mature stakes coming out every couple of years.

You pay heavy penalties for ending a stake early. Don't do that. Serve the time you say your going to. That is the point.

Although what is cool, anyone who does end their stake early and pays fees...50% of those fees gets distributed amongst the stakers.

Let me know if you have more questions. DM me if needed.
 
Last edited:

RanceJustice

Supreme [H]ardness
Joined
Jun 9, 2003
Messages
6,065
So Hex is an ERC20 token, right? Maybe you can help me out a bit. I'm familiar with crypto in general but I'm somewhat outdated when it comes to ERC20 tokens, DeFi stuff and the like. Here's my issue with ERC tokens in general and my problem in specific....

A little while ago I manage to make a tidy but small profit of around $300 usd on DOGE rising up and so I figured (before the Tesla BTC gains the other day happened unknowingly) I'd try to get some of it out to a stablecoin temporarily so it wouldn't drop back down. Seeing Tether (USDT) as a popular stablecoin along with USDC, I figured why not. I swapped some DOGE for Tether - about the $300 worth. However, I didn't realize at the time that you needed ETH itself to do anything with a token - from moving it from one ETH wallet to another (if I'm correct all tokens go to ETH addresses) , to investing in another token/swap with DeFi, to exchanging for something else. I've been using Edge (edge.app) for my "hot" wallet because it is open source and friendly to Monero which many are not, on Android etc. So I now have that $300 USDT in my Edge wallet that to get out, I realize I need ETH. I transfer a bit of my holdings in Monero into ETH - just some change, around $18 worth when all is said and done, figuring that ought to be enough to get my USDT out of there since i'm only talking about ETH "gas" However, here's where the problem seems to start.

My Edge wallet does not tell me HOW MUCH ETH is necessary for any given transaction, only that either I don't have enough or it may think I don't have any (related to my Tether). I expected it to show the "gas" necessary in the "fee' page, but keeps showing 0 there so I'm not sure what the hell is going on. THen again, I hear from other sources that just trying to do some DeFi type swaps on things like Uniswap/Kyberswap that it costs like $50+ for a transaction fee of any size - but I don't know if that is purely because of ETH 'gas' or if its exchange costs within the DeFi swap community (I assume Hex has some of the same thing). So, if you're familiar with these ERC20 tokens, do you have any idea how much ETH gas (in both eth itself and a rough USD equivalent) I need to get my USDT either into a separate Metamask wallet address or at this point, simply to exchange it for another (non ERC20) currency again? At this point I'm about to wash my hands of any Token related stuff entirely unless there's something Im missing.

Originally I thought that ERC20 tokens that had a known value simply could be automatically exchanged to cover transaction fees similar to most other coins on their own blockchains, but that doesnt' seem to be the case. I can't see the value of these tokens when they're predicated on an increasingly expensive Etherium asset and a bogged down blockchain for each transaction, with opaque cost that can only be paid in ETH? I've seen projects with grand ostensible plans for democratizing finance and all sort of other fanciful ideas but its questionable enough with any blockchain asset; with something based on an ETH ERC20 Token it seems nigh impossible -you're going to get some unbanked person in the developing world solvency on the their smartphone, when they have to use ETH gas transaction fees that could well be more than they make in a month or a year?
 

RanceJustice

Supreme [H]ardness
Joined
Jun 9, 2003
Messages
6,065
So is there a way to see how much ETH "gas" (and the value thereof) you need for a transaction involving ERC20 assets at a given time? Should my wallet be capable of doing that if it does exchanges and the like (including holding ERC20 tokens)?
 

F900XRer

n00b
Joined
Feb 17, 2021
Messages
1
Hey guys,

Do your research, but check this out..

I've been apart of this community since I was a kid building my own computer, to working at computer stores, to senior network engineer. I have used this forum as a tool for great knowledge while I do my research. I've done over 2000 hours of research in Cryptocurrency over the past 5 years and I have only deemed 2-3 crypto currencies to be legit enough to actually invest or mine.

BTC
Pros: First mover advantage, largest community, longest history, its up 3000000x, never died, digital gold narrative

Cons: Mining is impossible for the little guy, old tech, slow, expensive, miner centralization, pollution, many bag holders, miners put sell pressure on the price

ETH
Pros: Programmable money, secure, scalable, fast. Can still mine on a GPU

Cons: ETH itself doesn't really do much, but you can build coins on it that are programmable ontop of the ecosystem, this is where HEX comes in.


HEX
Pros : No power, No hardware required to mine. You can purchase on a decentralized exchange. You stake with your own keys. You hold your own keys. Your stake mines trustless interest for the duration of the stake. HEX pays stakers (in inflation) to not sell and hold the price up. The longer you stake, the more inflation (interest) in HEX, you receive. It has a huge community (Hexicans) doing streams daily on all platforms.

Cons: High penalty if you unstake early. (Penalties go to other stakers)

HEX is the first interest gaining certificate of deposit on the blockchain. They took a trillion dollar bank product, and put it on the blockchain. You buy your HEX.. You lock it up for as long as you want. Un-stake it when the stake ends. Do what you want with your HEX after. Sell, Restake, etc..You can create a staking ladder to create passive income. Sell the interest, restake the principle.

Its a complete product, it works today. There are no admin keys, so its locked. No one can change the code. You can read the code on HEX.COM. It runs ontop of ETH so any improvements to the ETH blockchain will improve HEX. HEX encourages people to hold for their future and not to trade. Most traders loose and waste their time, trading is a net negative on the world.

People are getting around 40% interest right now with HEX. HEX has a lower inflation then BTC has ever had. But the inflation there is, it goes to the people who stake. When you stake HEX, its like mining bitcoin. Some people call it scam, but its because they haven't done enough research. Same thing happened with BTC and ETH back in the day. I'm an expert on HEX. I'm here if you have questions. Please no flaming. I'm trying to help and spread awareness to my community.

Oh ya, and the price went up 350x in 1 year. It was the number 1 gainer in 2020
Hi
I staked HEX for 1 year in November 2020 when ETH was still low. Did I do a good thing ? Because the ETH price went up a lot and I see HEX going down, or am I mistaking?
Thx in advance for the advice
 
Top