Free Lunch or Pump Scheme? Ethereum Users Beware of Richard Heart’s PLS Bot Trust Issues

Richard Heart, the founder of PulseChain, proposed an idea today that seemed too good to be true – running a bot that gives away free PLS tokens to anyone who bridges assets over from Ethereum.

On the surface, the idea of getting free crypto just for transferring assets seems enticing. But a closer look raises some serious questions about the proposal.

For starters, where would the PLS come from to fund this supposed bot? Heart didn’t provide any details on source of funds or oversight. With no information on budgets or limits, such a program could inflate the PLS supply rapidly with no controls.

There’s also the concern this is less about helping users and more about pumping up PLS adoption and price through artificial means. Handing out free tokens is an obvious way to increase holdings and transaction volume in the short term. But it does little to create sustainable long term value and use cases for the network.

Many will also wonder what the catch is. With no strings attached, what incentive would exist for the bot’s manager to ever stop the PLS giveaways? And if they did stop, what would that do to the price after it had grown dependent on this artificial stimulus?

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Until far more specifics are provided, financial regulators would likely view such a program with deep skepticism. Cryptocurrency is already prone to bias and manipulation – a mysterious third party bankrolling unlimited free token distributions raises major red flags.

Rather than relying on shadowy bots, PulseChain’s success depends on real users finding it a useful platform and store of value on its own merits. While getting more assets on chain is a reasonable goal, Heart and the PulseChain team would do well to pursue that through open competition and organic growth, not opaque promotional gimmicks.

This story raises more questions than answers. Cryptocurrency supporters would be wise to withhold excitement until Heart provides a transparent, responsible plan for any so-called “PLS bot.” So far, the proposal seems most focused on pumping short term numbers, not building sustainable long term value.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.