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1. #Terry on million dollar pyramid how to#
2. #Terry on million dollar pyramid code#
3. #Terry on million dollar pyramid professional#
4. #Terry on million dollar pyramid tv#

The founder who goes by Richard Heart for marketing (his real name is Richard J Schueler). None of the Hex scam rebuttals negate the fact that the whole premise requires luring others to buy in to prop up the token price so that the earliest investors can get their money out.

#Terry on million dollar pyramid code#

Having sound code doesn’t absolve it from being a scam if the code is written to be… a scam.

Auditing in crypto-land is evaluating the computer code for bugs.

#Terry on million dollar pyramid professional#

But what does that really mean? To a layman, they might think that the statement means that a professional auditor like PricewaterhouseCoopers came in and reviewed it and found out it’s not a scam, or something to that effect.īut that’s not what it means. The scam wouldn’t work if the advertised returns had to be paid in any other asset that Hex didn’t control.įurthermore, Hex also mentions in its marketing materials that two different auditors have audited its contract.

Hex may not fit the legal definition of a Ponzi or Pyramid scheme only because this is the first time in history that the schemer has controlled the seigniorage that victims were receiving as interest. The SEC only really seems to perk up when a product fails and lots of investors start to complain. Crypto is largely unregulated at this point in time so a lot of sketchy stuff continues to exist out in the world. I think this page is actually targeted towards any SEC or financial authority law enforcement officer that happens to come across the product rather than everyday readers to preempt an investigation. Usually legitimate investment products don’t need an entire section educating you on scams and why their product doesn’t meet the technical requirements. Their website even has an entire page on the Hex token dedicated to why the product isn’t a scam and generously educates the reader on what technically constitutes an illegal Ponzi scheme and a Pyramid scheme and why this product doesn’t legally qualify. Hex has been very careful with marketing language and product design features to both appear legitimate and to avoid legal trouble. In fact, it’s almost as if the scammer behind Hex used Bitconnect as a springboard to make an improved scam. Hex bears a lot of similarities to the Bitconnect Ponzi scheme that failed in 2017. Pro-Tip: Axos Bank is offering the highest APY on a savings account right now with 0.61% It’s a pump-and-dump con with a nice story designed to suck in a lot of foot soldiers hoping to get rich. It has also been carefully designed to not legally meet the requirements of a Ponzi or pyramid scheme in an attempt to avoid legal scrutiny, but it offers no utility and relies on a greater fool to take it off your hands later to profit.

#Terry on million dollar pyramid tv#

It’s the only cryptocurrency that I have ever heard of to use ads to market in magazines, buses, taxis and TV trying to bring in a whole new class of victims outside the regular cryptocurrency investors. Hex is different because it’s being sold as an investment furnishing returns, uses bank terminology, and is being heavily marketed to people who don’t generally buy crypto. These buyers are generally aware that they are gambling, and that is fine if they accept that. In this article we will review the various other features and hidden perks that the founder baked into the contract for himself, leading to an obscene ‘founder’s tax.’ĩ9% of cryptocurrencies are scams, so there isn’t really anything new here, but most cryptocurrencies sell themselves to average crypto speculators as being some utility token for an ecosystem that is going to be the next great thing (which rarely ever pans out). The Hex.com token should go down in the crypto textbooks as one of the greatest cryptocurrency scams in history because it is cleverly marketed and its main product feature is to create resistance to getting out of it. But don’t let that fool you into thinking that Hex is a legitimate investment product. Is Hex crypto a Ponzi scheme? Not exactly.

#Terry on million dollar pyramid how to#

If you are using the Safari browser, turn off "content blockers" for a better font experience.īefore you research how to buy hex crypto, you should read this whole article before deciding if Hex is worth investing in.