Should BTC Hodlers Claim Their Hex?

Should BTC Hodlers Claim Their Hex?

By Zodiac Senator | Crypto above 50 | 12 May 2020


The relatively new cryptocurrency Hex has exploded onto the Crypto-scene, with more than 5000% price increase in less than 6 months of its existence. 

Even before the launch of Hex, the cryptocurrency had contracted a bunch of LHWs - Lovers, Haters and Watchers, due to the eccentric nature of its founder, Richard Heart. Even his most hardcore detractors cannot deny his ability to create and direct attention, but instead shun him for using his powers of internet-marketing for evil. 

Many predictions were made before its launch - But few were correct. Even Richard himself seems surprised by the recent rise. 

After the initial launch hype, Hex dropped massively from around 10 satoshis all the way to 1. And even further down when measured in ETH or Dollars. 

In the past few months, things changed. 

For some reason, the price of Hex gained a massive amount of steam, taking its marketcap to approximately $850 million (based on CMC), earning it a place around top 20 coins. 

 

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Because of this massive increase in price, Hex has probably become the biggest free airdrop in the history of currency, since most only offers a few dollars, if even that. 

And it is still available.

 

 - How much is the airdrop? 

 

At base you get around 13.200 Hex for each Bitcoin you owned in December 2019, when the snapshot was taken. At the current value, that amount of Hex translates to roughly $75 per Bitcoin. It is also possible to get 10% more if you use a referral link like this one.

It should be noted, that 90% of the Hex created from the claiming the airdrop will be locked for 355 days from the claim date. And that there is a 2% penalty each week since its launch. So the claimed amount can be calculated different depending on a bunch of different factors. 

 

 - How does it work?

 

Basically, you need to sign a message with the BTC you own. It is like signing transactions, but without actually sending your BTC anywhere. 

Most wallets have this feature available - there are guides for the most popular wallets on the Hex website - You will also need a few cents of ETH to use as a "Gas Fee", since Hex is a ERC20 token, running on the Ethereum blockchain. 

 

- What are the downsides?

 

As mentioned above, Richard Heart and Hex has amassed a very impressive amount of detractors, calling his project a scam and him a shameless con artist. This criticism is mostly based on the fact, that he (allegedly) controls a very large amount of HEX himself, and that it is just a Pump and Dump.

This line of criticism could be worrying if you were to pay anything for his token, which is also possible, both on exchanges and through a process that is called the "Adoption Amplifier". So be wary and research the project yourself before deciding to purchase any. 

But, if you should decide to claim the airdrop, it is not going to cost anything except the Gas Fee. 

The only real downside is for the cautious, but their perspective should be addressed. When you sign the message, you also show coin-activity. It is not bad in and off itself, but there might be some downsides depending on your situation. It essentially means that you show that someone owns those BTC and potentially linking it to the Etheruem address you use for Hex.

I know that some of the fans of Hex (based on feedback from an earlier piece), and Richard Heart himself do not think it as a valid concern, but is it a real trade-off that potential claimants should be aware of. 

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