Who are you?
We are early Hexicans with some decent size bags. Some of us are Sharks and some of are Squids and Turtles. We are all pretty committed to making the Richard Heart Ecosystem a better place (to help pump our bags and yours).
What is Phiat?
Phiat is a play on the world “Fiat” which loosely means “cash”.
We liked the Vermont rock group Phish growing up and noticed that the P and H could stand for Pulse and Hex.
The idea is we are creating Pulse and Hex cash and finance solutions (lending, borrowing, leveraging. Hell, even shorting if you are dumb enough to short an RH coin – we do not suggest it )
What is Phiat the organization?
There is no organization, it is run by a consortium of Hexicans with aligned interest – to push up Hex price.Our aim is to take all the best stuff you see happening on Ethereum in DeFi and bring Hexican friendly versions of it to Pulsechain.
We have seen enough unaccountable bad actors and carpet baggers doing unethical sacrifices. We are accountable and known in the community.
Is Richard involved?
Not in anyway. However, we are very happy to talk.
Who are the Devs?
We have a team of highly skilled, highly educated, professional programmers who also work in finance. This is the perfect marriage of technical and investment skill that we believe is needed for such a financial product. The Devs work in a developed country but are anonymous for their safety. However, they are known to Hex OGs.
What is Phiat token?
First of all, have no expectation of profit from Phiat token. Next Phiat token is a token that will be distributed to founders, developers, and sacrificers.
What are we sacrificing for?
Phiat token holders are sacrificing for the right to do cool stuff with their RH coins that they can’t currently do on the gatekept ethereum platforms AND that RH hasn’t already expressed interest in doing himself.
What are you forking?
We won’t say exactly and you should have no expectation of work from us. Partially, because a lot of what we want to do is contingent upon Pulsechain and other things. Having said that, we have identified AAVE as something that is interesting to us. We like that it is an easy fork. There may be more. In fact, maybe you could give us some ideas? We have a team, and we are keen to work on new stuff.
Why are you creating PHIAT and forking DEFI protocols?
We got tired of not having the basic investment risk management tools (borrowing, leveraging, shorting and hedging) to manage our massively growing Hex bags that is available to all the other top 10 coins.
Now, we will have the ability to responsibly manage our Richard Heart Coin portfolio the way we would any other portfolio. And so will you.
Don’t be a degen, Degen.
When is sacrifice?
PHIAT Sacrifice Will Begin UTC/GMT 2:00pm 29th-Apr-2022
Check here for more details
What will be accepted for sacrifice?
Stablecoins like USDC, USDT, UST, Dai etc.
Ethereum, wBTC, Hex, Hedron (we might penalize Hedron a bit for slippage since it is not that liquid) but we like it. There might be a few others.
Should I sell my Hex for Sacrifice?
We don’t want you selling your hex. That is whole point of what we are doing. Hex we receive will likely be: staked, go into the protocol, or maybe even donated to the OA? In other words, if you are an OG with too much Hex that needs to diversify, your Hex is better with us than most places.
So why not get some Phiat token and help pump your bags?
Will you sell your Hex and tornado cash it like some of the other guys?
No, we will do our best not to sell any Hex. We will do things transparently as possible. We won’t be sending things to tornado cash and buying hair products. We have boring finance guy haircuts and very minimal needs. We wear the same boring blue shirt to work everyday.
Why are you doing a sacrifice now?
A few reasons:
– There will be first mover advantages
– We need funds from you to make our pools useful
– To block other degenerates who will take advantage of you and dump Hex price
– We got tired of watching people run these things in an unethical way and figured we would try and build a sacrifice where you might actually have at least a chance of succeeding in price appreciation. (No guarantee though)
Reward: Will I get a 10,000x from this?
Unlikely. However, you are getting in at a relatively low valuation so this makes multiples of 10x or 100x feasible.
There are many risks namely: implementation on our part, success of Pulsechain, and competition from the competitors who will no doubt come. This is a risky enterprise (like anything in crypto).
I drive Uber and can’t pay my bills. Should I sacrifice my life savings?
No, this is far too risky for that. Maybe you could sacrifice what you might spend on alcohol or lottery tickets. This is probably better than that. Leave this risky endeavor to those who can afford to lose everything.
Is your coin competition for some other coin I sacrificed to?
No, the competition is BTC, ETH and other L1s. We want the same thing – Hex Number Go Up! It’s possible and likely we will have competition and that is fine. Same team.
I am a Hex Whale OG and I dump constantly on Hexicans and feel terrible about it. Should I sacrifice Hex?
First of all, yes you should feel bad about dumping Hex Price.
Secondly, yes, you should consider sacrificing your Hex for Phiat.
At least it will likely end up in our safe-ass hands providing a service to your fellow Hexicans.
What will you Hex Flex with with the sacrifice money?
We are happily married finance guys with positive cash flows from our day jobs. The way we flex is by growing our bags (and by extension of Phiat token yours) in USD terms. We don’t care about LV, Rolexes, or Lambos. We care about helping Hex price go up.
We love the idea of building something useful that appreciates in value. This is all the bragging rights we need (that and the price appreciation of our Hex and Phiat bags).