Not all projects in crypto manage to live up to the hype. HEX and PulseChain, two projects spearheaded by Richard Heart, have recently come under fire for a series of issues that have left investors and users disillusioned.
This article critically examines the reasons behind the apparent downfall of these projects.
What you'll learn 👉
A Ghostly Presence
Two months post-launch, PulseChain has been dubbed a “ghost chain” by the HEX community. The term refers to a blockchain that, despite being functional, has little to no activity in terms of users or developers. This lack of engagement is a red flag, as it indicates a lack of interest and trust in the project.
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Show more +System Failures Galore
Since the inception of PulseChain and its sister project PulseX, users have been plagued with a plethora of system issues. High fees, bugs, and system failures have not only inconvenienced users but have also led to financial losses. Such technical issues erode the confidence of investors and users alike, who begin to question the reliability and stability of the platform.
The Question of Intrinsic Value
One of the most significant criticisms leveled against HEX is the lack of intrinsic value in its coins. HEX coins are purchased using Ethereum, a cryptocurrency with its own intrinsic value. However, the replicated tokens on PulseChain have raised doubts regarding their actual worth. Without intrinsic value, the long-term sustainability of a cryptocurrency is questionable at best.
A Monopoly of Control
Richard Heart, the creator of HEX and PulseChain, reportedly controls approximately 90% of the supply of both cryptocurrencies. This disproportionate control raises concerns about the decentralization and fairness of the projects. Critics argue that such a monopoly could enable Heart to manipulate the market or use the funds for personal gain.
A Trust-Based Quagmire
At its core, HEX operates on a trust-based system. This means that the success or failure of PulseChain does not directly impact HEX’s price. The disconnect between the two projects has left investors puzzled about the rationale behind investing in either of them. Without a clear link or benefit, the value proposition becomes murky.
A Downward Spiral
To add insult to injury, HEX has experienced a sharp decline in price, plummeting by 40% in the last 30 days. This downtrend is a reflection of the waning confidence and interest in the cryptocurrency.
Conclusion
HEX and PulseChain, once-promising projects, have been marred by technical issues, questions of intrinsic value, and concerns about control and trust. With HEX’s price in a downward spiral and PulseChain’s ghostly presence, the future of these projects hangs in the balance. Investors and users must exercise caution and conduct thorough research before venturing into such volatile waters.
sorry to disappoint you but pulsechain is fourth by volume and is in the top 10 chains by tvl. I do not understand these articles without technical data.