Seems to be the topic of discussion recently. Some believe it’s a good thing that Richard Heart has stepped back, some believe it to be bad.
Is this good or bad for the PulseChain, PulseX, and HEX ecosystem?
What is your take and why?
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Hello.
Is not good. Richard is wisdom for the masses.
Is RH mandatory for price performance?No
But it is clear that he is a force for good among so much shit.
Greetings from Argentina!
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In the words of RH, “Price is the only thing that matters.” When he did weekly live streams and debates, we all got rich. Now people repeat “no expectations” like a depressed parrot while the rest of the market is a 2x away from all time highs.
If RH was not prepared to fight the SEC in public, he shouldn’t have raised billions in a thinly disguised ICO.
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To me, he’s always just doing what he needs to do as he needs to do it.
I don’t need him to tweet anymore in 2023, he’ll step back into the limelight when the time is right.
We run the network, mint our coins, onboard people and make our own winnings.
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Although it sucks for morale, I think he’s calculated this to be his best move temporarily. If there’s any chance of a dismissal or something bad happening to the SEC, might as well make them follow due process, without doxxing himself to the world. The ball is in their court legally and the SEC has seemed to have done a lazy and incompetent job of what they call “service”. Doubtful to hold up by the judge. I think this limbo period is the only time he will strategically keep his mouth shut, and in the next 1-2 months I predict he’ll be more active in some form. (Still tweets more often than many founders/crypto advocates)
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IMO it is subjectively and objectively a bad thing if it stays like this for the long run. The presence of RH needs to be felt, because there’s nobody else like him. If Hex is Apple, he’s our Steve Jobs.
However…
Good and bad needs to be defined, and time boxxed. RH stepping back during this time is probably +EV in the long run, so long as things pan out as I suspect they are supposed to (IE, he eventually returns, and this presents a massive boost to the ecosystem).
Economically Speaking:
RH is clever enough to know that markets are not magical things; they’re simply a product of capital in and capital out. People already handed over a lot of capital to the ecosystem in the sacrifices, and that along with a lot of Hex AA participants being massively up, means that during this time there was always going to be a massive dip.
Let’s imagine that RH was at his best during this bear market, and didn’t do any of the outrage marketing, or any of the cringe stuff, or have that general atmosphere of “I don’t care about this thing and I’m bored of it”… would price have looked any different? Perhaps, but maybe it would have been a -90% dip instead of a -99%. That’s still pretty terrible, and if RH continued to put his best food forward during this time, it would have been a waste, and potentially would have sullied his whole way of being by association. People are emotional creatures after-all, and we really don’t need them associating RH’s persona in the livestreams with this current price chart.
In other words, I think that right now, there are very obvious market dynamic benefits to having the price get absolutely slaughtered, have people leave to chase other things, and have many people think that “it’s over”. The truth is that most of the Hexicans have shown during the bear market, that they don’t really like Hex or RH, they just liked the gains.
Intellectually Speaking:
The departure of RH from regularly informing the community has been absolutely devastating. RH was always the heavy hitter, he kept people on the straight and narrow, and his guidance has been missed by many.
Speaking in parables doesn’t work, because the average Hexican barely knows what an Algostable is, let alone how to navigate being prey to about seven attempts to vampire the community. I regularly hear OG’s not knowing about basic concepts in defi, and this ignorance in the wider community has been felt very much since PulseChain went live as some misinterpretations have been made regarding the intentions of RH relating to a few of his actions.
For example, the fiasco with the LP farms on Pulsex. Those were never for ‘us’ to exploit, those were supposed to be for people outside our community to come along and have value extracted from them via their chasing of yield.
The OG streamers made their names primarily by parroting what the big-man said. Many of them have either gone off into their own things now, Hexicans in name only, or are shilling their own paid courses.
Charles Hoskinson is now the closest thing we have to RH in the crypto space. So much of the value of Cardano is held on that man’s shoulders, and for us it should be the same with RH.
Wrapping up:
In summary, it’s a terrible thing if the thought leader, founder, and biggest whale in our community is gone, or even steps back. It’s a confidence hit, and if the founder won’t support a crypto movement, then why would anyone else? There is not another heavy hitter in our community like RH, not even close. Many of the ones who came close have completely fallen apart in his absence. If the community and chain is technically decentralised, then he should not fear anything in regards to his involvement.
Just as we say that “It doesn’t matter that the OA is economic centralisation, because the code itself is decentralised”, we should also be able to also say: “It doesn’t matter that RH is a social piece of centralisation, because the code and network is decentralised”. We need our star player to win the championship.
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There are so many facets to this. One that I haven’t seen mentioned is the effect on Richard himself of being out of the spotlight. It must be frustrating to build fabulous things “for the glory”, then have circumstances take away those glorious moments of acknowledgment. I used to feel so good watching him bask at meetups. I’d be vicariously thanking him (no expectations) but now neither he nor we can feel that glow.
As for the Big Picture - I’d say it’s a good thing, probably induced by the SEC farce, but still useful to help the system mature. I hope it’s a short-term thing though - I miss Richard’s alpha insights on all sorts of topics and I imagine he misses being able to interact freely with us.
Yes it’s good as with most things being seen to be promoting anything is fuel for the SEC . We have a strong presence in the crypto space and will carry the message as long as needed. RH will be back but now is not the right time.
I think it’s a good thing.
I have a feeling that it’s all part of Richard Hearts long term strategy. The directors of The Highest of Stakes was on stream with Matiallin and they were eluding to the fact that Richard stepping back was strategic.
I reckon it’s to do with flushing out the non believers and paper hands in preparation for the magic carpet ride.
“When you get rid of all the middlemen, get rid of all the waste and get rid of all the inefficiency… that value, it goes somewhere, it goes to the people that deserve it, the people that believed.” - Richard Heart
I mean it’s good, it’s got a big community now and starting to take off, we can take it from here