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Anyone here with thoughts on Pulsechain (and perhaps its cousin, Hex?) As I understand, it's an Ethereum fork that will duplicate Eth and all its assets, with t

by jrm4 5y ago

Anyone here with thoughts on Pulsechain (and perhaps its cousin, Hex?) As I understand, it's an Ethereum fork that will duplicate Eth and all its assets, with the hope that people might switch due to lower fees?

dmead 5y ago
It sounds like a scam.
- jrm4 5y ago
  I absolutely agree that's what it sounds like. Nevertheless, I'm primarily investing* in Hex / Pulse / PulseX. *No, I'm not putting in any money that I can't afford to lose, what are you, crazy? :)
  - dmead 5y ago
    Sorry, I should have been more specific. I'm 99% sure that any features being built on top of blockchains are features designed to impress and confuse people that don't realize that it's a scam.
wc- 5y ago
I don't really want to say more because I'm worried that the creator of both of these (Richard Heart) would somehow be litigious, but please do more research, especially into how the hex network handles fees and rewards flowing back toward the creator. There are very concerning behaviors of the hex network that enrich the creator at the cost of everyone else. Pulse is doing the same, it's a playbook being followed. And this is coming from a very pro-crypto person, non-btc maxi etc, type of person.
- BLKNSLVR 5y ago
  I'll say it for you: It's a scam.
- jrm4 5y ago
  Not gonna lie, you kind of lost me at "would be litigious." I have quite a bit of trouble believing that's he's lurking this board here, ready to go after you? Looks like the rewards and fees go back to stakers. Sure, there's a big quiet wallet, but that's nearly all of them.
BLKNSLVR 5y ago
I have underlying concerns about forks in that it can be easy to fork and then hard to maintain - primarily because the level of knowledge required to fork a project is (or can be) much lower than that required to actually improve it, or fix it, or evolve it. - What have they changed to keep fees lower? Is it just a factor of fewer users (Ethereum's gas fees are a result of the adoption of Ethereum, essentially it's a victim of its own success) - Is it remaining proof of work? Will it also eventually need to transition to PoS if and when it reaches Ethereum-level popularity / congestion? - Is it implementing sharding? - How will it compete with Ethereum's fairly significant decentralisation? (one of the aspects of Ethereum that makes it an unlikely target of the SEC) Fundamentally, how intimately do Pulsechain's developers understand Ethereum in order to make a better version? (I've heard the 'scam' and Hex used together frequently, although admittedly that's on Reddit and Youtube, and in the cryptocurrency-sphere pretty much every project gets used together frequently with the word 'scam' - to such an extent that "assume scam" is probably sage advice).
- jrm4 5y ago
  For sure. I'm still wrapping my head around the tech, but they're saying Decentralized Proof of Stake which sounds like it theoretically takes care of sharding, PoS et al. FWIW, I'm strongly convinced that Richard Heart is not a scammer, inasmuch as I do believe his intent is not to make himself rich (which I believe he already is) but to "make the best cryptocurrency." Whether it works or ends up that way is, of course, another story. Dogecoin being perhaps the best example of "what the creator wants might not matter." (Compare to Elon Musk, who is obviously screwing around with crypto to make himself richer.)

by jrm4 5y ago

dmead 5y ago

It sounds like a scam.

jrm4 5y ago
I absolutely agree that's what it sounds like. Nevertheless, I'm primarily investing* in Hex / Pulse / PulseX. *No, I'm not putting in any money that I can't afford to lose, what are you, crazy? :)
- dmead 5y ago
  Sorry, I should have been more specific. I'm 99% sure that any features being built on top of blockchains are features designed to impress and confuse people that don't realize that it's a scam.

wc- 5y ago

I don't really want to say more because I'm worried that the creator of both of these (Richard Heart) would somehow be litigious, but please do more research, especially into how the hex network handles fees and rewards flowing back toward the creator. There are very concerning behaviors of the hex network that enrich the creator at the cost of everyone else. Pulse is doing the same, it's a playbook being followed. And this is coming from a very pro-crypto person, non-btc maxi etc, type of person.

BLKNSLVR 5y ago
I'll say it for you: It's a scam.
jrm4 5y ago
Not gonna lie, you kind of lost me at "would be litigious." I have quite a bit of trouble believing that's he's lurking this board here, ready to go after you? Looks like the rewards and fees go back to stakers. Sure, there's a big quiet wallet, but that's nearly all of them.

BLKNSLVR 5y ago

I have underlying concerns about forks in that it can be easy to fork and then hard to maintain - primarily because the level of knowledge required to fork a project is (or can be) much lower than that required to actually improve it, or fix it, or evolve it. - What have they changed to keep fees lower? Is it just a factor of fewer users (Ethereum's gas fees are a result of the adoption of Ethereum, essentially it's a victim of its own success) - Is it remaining proof of work? Will it also eventually need to transition to PoS if and when it reaches Ethereum-level popularity / congestion? - Is it implementing sharding? - How will it compete with Ethereum's fairly significant decentralisation? (one of the aspects of Ethereum that makes it an unlikely target of the SEC) Fundamentally, how intimately do Pulsechain's developers understand Ethereum in order to make a better version? (I've heard the 'scam' and Hex used together frequently, although admittedly that's on Reddit and Youtube, and in the cryptocurrency-sphere pretty much every project gets used together frequently with the word 'scam' - to such an extent that "assume scam" is probably sage advice).

jrm4 5y ago
For sure. I'm still wrapping my head around the tech, but they're saying Decentralized Proof of Stake which sounds like it theoretically takes care of sharding, PoS et al. FWIW, I'm strongly convinced that Richard Heart is not a scammer, inasmuch as I do believe his intent is not to make himself rich (which I believe he already is) but to "make the best cryptocurrency." Whether it works or ends up that way is, of course, another story. Dogecoin being perhaps the best example of "what the creator wants might not matter." (Compare to Elon Musk, who is obviously screwing around with crypto to make himself richer.)