Bitcoin’s (BTC) smallest denomination is now worth more than an entire unit of altcoin Hex (HEX) after the controversial token lost over 50% in a day.
Data from Coinmarketcap and other sources confirm that HEX/BTC is now below 1 satoshi — or 0.00000001 BTC.
HEX price too small to measure
Put
in different terms, the price of a single HEX token has become so small
that many price calculators cannot measure its value. On Jan. 5, Hex
traded at 7.745e-9 BTC according to Coinmarketcap, the equivalent of
0.000000007745 BTC.
That number, of course, is far below a single U.S. dollar cent, and roughly translates as $0.000058. Data from Bidesk, an exchange offering the HEX/BTC pair, confirmed the price levels.
HEX/BTC orderbook from Bidesk exchange. Source: Bidesk
Hex’s
demise over its short lifetime has been precipitous. Those who bought
tokens or claimed them using existing Bitcoin holdings since its Dec. 2
launch have seen their value dive by practically 100%.
Throughout,
Richard Heart, the coin’s vocal creator, has continued to promise vast
returns for those who hold HEX for certain periods via a staking
scheme.
Speaking to Cointelegraph in an interview last month, Heart was unrelenting in his promotion of what he claims is a “truly unique system” in the cryptocurrency world.
Investors would rather buy satoshis
Criticism
has nonetheless come from multiple sources, with a popular theory
naturally centering around Hex being run similar to a pyramid scheme. A study
released shortly after the launch highlighted what its author described
as the “perpetual self-enrichment” of Heart at the expense of other
investors.
A further gaffe saw HEX/BTC plunge 60% overnight after cryptocurrency exchange Bitcoin.com chose to list it.
The drop below 1 satoshi meanwhile fielded a fresh wave of satisfaction
from social media users, many of whom had long warned that investing in
Hex was a decision which amounted to little more than plain
foolishness.
Domingo Guerra,
co-founder of enterprise mobile security company Appthority, noted that
on Saturday, there were no buyers for HEX at 1 satoshi, “It’s dead!
Essentially at zero,” he summarized.
sourcelink : https://cointelegraph.com/news/richard-hearts-hex-now-trading-for-less-than-1-satoshi-after-52-drop
