PulseChain is one of the most controversial hyped blockchains of the last 2 years.
So much so that it has formed some sort of “cult” that has praised and even worshipped the chain before it even launched.
Reason for this is because of its backer “Richard Heart
This is not in a good way however.
Richard hard doesn’t have a good reputation to many at all and it shows here.
To some however he’s seen as a saint because of his previous project $HEX.
Hex was never a great project but due to its design received a cult following.
It promised incredible returns of 40% every year but the only yield that would ever be able to promise that is that of new users.
Basically an elaborate “ponzi”
Even the website said:
“We are not a ponzi or pyramid in their headline”
Anyways the crazy thing about these schemes is that they draw in MILLIONS of followers.
Followers that would follow them till the end no matter good or bad.
Followers that would swear by the future of #PulseChain before it even launched.
After 2 years #PulseChain has just launched however and the last 2 weeks loyal followers had to learn the hard way.
$PLS promised to be everything #Ethereum wasn’t.
Faster, better, cheaper and much more.
It proved to be nothing like that.
The system has seized up and failed in a variety of ways.
That included high fees, despite the entire rationale for the PulseChain project being essentially “Ethereum, but with lower fees.”
Another devastating bug was discovered which is thought to have robbed liquidity providers on the #PulseX DEX of millions of dollars’ worth of fees.
Some people say this comical catastrophe was easily predictable.
/PulseChain isn’t just a fork of the Ethereum code, but was pitched as a copy of the Ethereum state.
That is, it includes all wallet balances and assets as they existed on Ethereum.
Critics over the years have pointed out that this ignores the vast number of dependencies behind these Ethereum assets, which would break in a dazzling variety of ways if cloned.
Clones of assets on PulseChain have no backing, and hence no actual value.
The founder never made things more credible either.
His specific brand of carnival-barker shtick centers around four things:
– Track suits
– Gold chains
He is also known for his vulgar language and just cringy timeline.
The tokens $HEX, $PLS, $PLSX have sold off aggressively in the meantime.
Are you surprised or did you see this coming from a mile away?