All I have seen is Red Flags with this investment and will be leaving it well alone as there is not one single use case besides staking and earning more of the useless token.
Being involved in Crypto is more than having the ability of earning a quick buck and in some cases a small fortune. The long term prospects is where the real money lies and this is not for now.
The ignorance from so many astounds me as a fool and money are easily parted and we can see why it happens.
I saw a clip on twitter where some fool was bragging about getting involved in Hex back in November 2019 with an investment of $1500 and turning that into $2 million when he sold in 2021. I would say he got lucky and never did any due diligence on that investment as only a very small percentage know what they have invested into and what makes that crypto so special.
Looking at Hex today this is not an investment I would ever touch as may are questioning whether it is a Ponzi scheme or not. It sure sounds like it with extended locking periods and those that got in early can get out whilst the price is hot leaving all the others locked up carrying the bag.
When a scheme like Hex has referrals and commissions on offer it definitely raises a red flag in my eyes considering this has been around for 3 years already.
The staking periods are not like we have seen on other crypto's as one can choose between 1 and 15 years. I think long term and would never consider doing this as 15 years is too long allowing for anything to happen in between. Stakers are earning around 40% APR currently, but what is the point if the coin/token has no use cases. You are in theory earning 40% of nothing or what the market feels it is worth.
One would either be a fool or a genius to lock their stake up for this long as we have seen so many other staking projects appear since the launch of Hex back in 2019. Staking is the way to earn today whether it is via DeFi or normal staking using a crypto projects wallet.
HEX’s staking mechanism reads like a Ponzi scheme, in which investors are reluctant to cash out due to promises of long-term high yields alongside penalties for early withdrawals.
Many are saying this project has too many red flags and what would put me off even more is the Hex site even has a banner stating it is not a scam which is a red flag on it's own. This does look like a Ponzi scheme from whatever angle you look at this and thankfully it is not such a big project like LUNA was.
Who does this as if you are legitimate you do not do this unless there is something dodgy happening. You ignore the FUD and don't show and highlight this fact unless you are in fact guilty of something else.
Like I said this type of investment is not for me as anything that has a question mark over it I will walk away. Not only that I would have to see a genuine use case for the token which according to Hex is "Proof of wait" as in staking. I see nothing special here and will be standing well clear when this may or may not blow up which I believe it will.