I mean let's be honest here when it comes to legalities i'd say like 99.9% of crypto projects would fall under unregistered securities. Only one really being not considered an unregistered security would be bitcoin. Even ethereum raised $18 million and after the fact wants none security status which i find unfair. I think they should be fined like everyone else in their class.
With all that said, scam has followed Richard Heart all through specifically and greatly concerning the hex coin project first. Which did what most cryptos do it just did it better. That's get people speculating and not really finding in real significant use in crypto but just pumping up prices. The difference is Richard Heart because of his clarity and honesty as to what was going on was able to capitalize on it. I think it's more of a testament of how bad we are in this space as opposed to the manipulation that Elon Musk and Richard Heart has been able to get away with.
So is it a scam? It's no more a scam than about 99.9% of the crypto projects you all are involved in. Will you lose money? Most certainly yes but you will also make money and probably more than you make on most crypto projects. As these type projects have found an effective way to tap into your market psychology and that seemingly has been able to overshadow everything else.
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