Primecoin XPM

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Primecoin News

Why Richard Heart’s Bitcoin Hex is a scam

What if Bitcoin was an ERC20 token on the Ethereum blockchain, didn’t require its own hardware to secure the network, and had its entire supply redistributed? This must be the premises on which the veteran bitcoiner and successful YouTuber Richard Heart based his quest on to build Bitcoin Hex. However, the project seems to me more of an attempt to print new money to attract the followers of thought leadership into a sketchy scheme which isn’t necessarily fair, transparent, or even viable as a way to attain the goals of BTC. The idea of inventing a better version of Bitcoin, which solves some issues or adds extra features, has been around for a long time and precedes the popularization of the term “altcoin”. However, the attempt has always been faced with technical shortcomings, a questionable degree of decentralization, and poor user adoption. People trust Satoshi’s blockchain because the code is transparent and has been reviewed by countless computer science and cryptography experts. The changes made to the Bitcoin Core software client are made conservatively and only after thorough debates which prioritize decentralization as the absolute quality. The 10-year long uninterrupted running time is a testament of reliability. Conversely, Bitcoin Hex is advertised as the project which takes away Satoshi’s coins and redistributes them to the holders. But beyond this romantic ideal, which seems to come straight out of Robin Hood, hides a scheme whose game theory isn’t necessarily fair. It will not be the next Bitcoin, it will not get adopted by the whales it tries to penalize during the airdrop (or during the distribution via smart contract). And it certainly doesn’t deserve the name Bitcoin since it holds no merits in contributing to the network’s Proof of Work. First of all, what happened to Richard Heart? If you watch the August 2017 debate between Richard Heart and Roger Ver, you will notice that the flamboyant show host used to be a hardcore bitcoiner who defends the store of value qualities and tries to find ideological middle ground with the Bitcoin Cash proponent. When Ver mentions that Bitcoin had lost most its market dominance due to its inability to scale via bigger blocks and meet the demand for space, Schueler (stage-named Richard Heart) smartly replies that the new world computer project (aka Ethereum) has brought lots of new money into the space. Ethereum investors aren’t necessarily libertarians who understand the value of sound money and long for the days of the Gold Standard. Rather they can be said to be geeks who invest in the promise of world-computer on blockchain and left-wing idealists who think they can decentralize everything with a blockchain. The business-minded Roger Ver reminds everybody that Vitalik Buterin’s initial plan was to build Ethereum on top of Bitcoin - and it if wasn’t for the selfish Core devs, all the money which was poured into Ethereum would have benefited the Bitcoin project instead. This is where the most important part comes in: Richard Heart points out many Ethereum protocol flaws, ranging from poor coding to bad decisions in terms of programming language implementations. Too much coding diversification leads to a big mess which doesn’t fulfill its goal as effectively and may never achieve its world computer ambitions. Here’s a quote from Richard Heart himself, as he defends Bitcoin during the debate with Roger Ver (video with exact timestamp is attached too): “The Ethereum network is down often because they use a blockchain that fills up just like ours. And it fills up faster because they have larger blocks. So there is literally a competition to shove your transaction into the new ICO as a miner before you let actual normal retail people in, so that you can get the coins before they run out. So there’s already front-running going on in Ethereum mining, there is already full blocks going on in Ethereum minig, there’s already millions upon millions of dollars being lost to attack surfaces being lost to gigantic attack surface in Ethereum. And I’m glad that the poison and the problems and the design decisions that Vitalik and his crew made, which are unrepairable I might add: multiple consensus implementations from different software languages from different teams are very much more likely to fall out of consensus than a single software implementation. It’s very hard to write one thing that doesn’t have bugs, it’s exponentially harder to write two or more things that don’t have bugs.” A year and a half later, the same Richard Heart is trying to promote what he proposes as a better version of Bitcoin which is built on top of the same Ethereum which he deemed “unrepairable”, “down so often”, biased towards ICOs, more likely to fail than Bitcoin, and the reason why millions of people lose money. This change of heart (terrible pun intended) comes in a moment when the market is down and the interest for new cryptocurrency projects (be that ICO tokens or new coins on

2 months ago


News courtesy of berminal.com
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