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RE: Crypto Shopping Cart – 06 June
Looking for feedback about HEX token project. Its free tokens based on BTC holdings. No purchase, just wallet signature process for claiming. https://hex.win/?r=0xE6D1Ed728b8E9A0B8BC1a3c8a55495dd5863f076
Interesting. Let me start by saying that I'm not familiar with the coin. That means I don't have background knowledge and that I haven't been watching it over time. I'm going to take a quick look at it and call it like I see it:
Okay. Here is what I think: I think it's over-ambitious. These guys are talking about replacing gold, banking etc. - not gonna happen. If it did happen, chances are it wouldn't be their coin, it would be BTC.
I do like the way it works, it makes sense. Whether it will works as planned remains to be seen. I am not very pleased to see that the CEO has an affiliate marketing background - that can clearly be seen in the referral model they use.
There are several things in the details which don't impress me, e.g. Why no proper snapshot date? Surely we need that to know which wallets to claim from?
In a strange twist of fate, it turns out I know one of the developers. The last project he was working on did not do very well, and I can tell you for a fact that he made some of the worst market related calls I have ever seen. Nevertheless, he's not a bad guy and I believe him to be trustworthy.
As a whole it is my opinion that the project is legitimate - it doesn't look like an obvious scam. I REALLY don't like that the token distribution is not known (what do the team hold?) and that the maximum amount of tokens is unknown. Open-ended token creation is not something I support! I have to admit that it isn't the end of the world - Ether works that way, it just isn't a good idea economically and it can be inflationary of it gets abused. I lost a lot of money in Oyster Pearl when the crooked owner minted a whole lot of new tokens using an open contract - it is risky.
I haven't looked into their staking process, but as long as you don't need to give them anything other than a signed message and an address, I see no problem with it. I like that it is anonymous, that's a big win for them.
I think the wise thing to do is to claim any BTC you can, but not to buy any tokens. I may consider doing so myself after looking at it more thoroughly - there shouldn't be anything to lose. Since I don't see signs on it on any exchanges, I don't know if those tokens will ever have any value, but if you didn't pay for them, then you don't have anything to lose. Watch how they stick to their timeline (or don't stick to it), that will be an indication of how good the team is at planning and management.
It's a young project, so you can get in cheap, but I honestly don't see it ever taking off.