Introduction To HexBay — Dev Interview
The Kryptosparbuch team sits down with Fabian, a developer from HexBay, to discuss sellable/transferable Hex stakes
As a Hex community member, the reason I took the time to transcribe this entire interview from audio to text is because I see much strife and discord within the community that I suspect might be due to confusion and misinformation.
In an attempt help get everyone on the same page and better informed about what HexBay actually is, and hopefully clear up any misconceptions or coloration of the ideas due to third-party misinterpretations, I transcribed it in such a way that it cleans up the English to be more readable, with some minimal corrections for misspoken words, omitting filler words and small talk that isn’t important to the discussion.
I hope this provides value for the entire Hex community, and anyone that’s curious about what HexBay actually does.
Kryptosparbuch: Hello guys, welcome to the Hex Kryptosparbuch Show, and today we have a really cool guest for you. The reason is there will be a new contract out for Hex soon, but it will still take a while.
We are going to talk today with Fabian, who is one of the lead developers of the so-called HexBay contract. Hello Earl, also known as Fabian!
Fabian: Hi everybody, greetings out there. My name is Fabian also known as Earl on Telegram. Thanks for having me.
Kryptosparbuch: We always ask the same question upfront in our interview: What was the first time you came into contact with crypto in general?
Fabian: I heard about it back in 2012 and thought about it but it never came to fruition, and then it was in the middle of 2017 just before the Ethereum mining hype craze and everything began. I still remember that because I’m also an IT guy and always had PC gear and graphics cards around.
I wanted to order 12 graphics cards for ETH mining and it was at the time where you could only purchase a maximum of three graphics cards, so I split it with three other people and everybody bought three. Then we started mining and then three days later, there were no more graphics cards. That’s when the real craze began and that’s how I got into cryptocurrencies.
Kryptosparbuch: Okay nice, so pretty early then. Are you still mining ETH? And with the same hardware you bought back then or did you need to buy new hardware?
Fabian: Yeah. We bought 12 Nvidia GTX 1070’s back then and we mined here in Germany. When the bear market came, it wasn’t really worth it and so we are now mining in another country with cheaper electricity and not on the original hardware.
Kryptosparbuch: Awesome, that’s definitely a topic we can expand on for later, but the next question would be: When did you come into contact with Hex?
Fabian: In 2017 I noticed Richard Heart’s videos, especially the one about IOTA, and I instantly became a fan. That’s when I actively followed Richard and his developments, and I knew about Hex early on. I free-claimed on Day 0 and I also helped some people in the Telegram groups free-claim because it was kind of tough for a lot of them.
Kryptosparbuch: Yeah it was just new, also for me. It was a new thing and I needed a whole day to figure it out, to learn how to sign a Bitcoin transaction and things like that.
Fabian: Yeah, I knew about these functions earlier so for me it wasn’t super special but it was for a lot of people. There were people that thought you would be getting hacked or something if you signed the message. It was crazy.
Kryptosparbuch: Or thought your data would get stolen. So you’re really experienced in the crypto space, Fabian. You know Solidity, you mine your own ETH and so on. You know a lot about the market, so the question now is: Did you FOMO into Hex on Day 1?
Fabian: Yeah, I did. I put in double the amount compared to the days afterwards and also I didn’t put it in the Adoption Amplifier every day. It was the plan at the beginning to split my ETH over the whole duration, but then other projects came and the price of Hex was kind of down and then I kind of stopped, so I missed the best days. But it was still pretty nice.
Kryptosparbuch: And as you know, nearly everybody FOMOed on Day 1 because otherwise there wouldn’t have been so many ETH on Day 1. You said you put twice the ETH in on the first day than you normally would have done, and I don’t consider that FOMO. I put in on the first day 100 times as much as I normally would so that’s FOMO.
Fabian: Yeah that’s true, but in the end it all came out pretty good even if you put in a lot.
Kryptosparbuch: Definitely. The next question before we come to HexBay would be: What is your favorite part of the Hex game theory? What is your favorite feature? For me it is the lockup mechanism that I cannot hurt myself because I’m a pleb compared to you for example. After 10x or after 50x I would definitely sell everything I have but the staking contract doesn’t allow me to do that, so it saves me from my pleb self. So what’s your favorite feature?
Fabian: My favorite feature is the same because some people have diamond hands, but most people don’t and I often hear people saying, “If I only got into Bitcoin in 2011 I would be so rich now”, and I’m always saying “No you probably wouldn’t, because you would have sold at $10, $100 or whatever.”
So being forced to HODL is actually pretty good. Also it makes you feel good because you can’t do anything about it anyway.
Kryptosparbuch: You don’t get so upset about the price in the short-term. We had plenty of dips in Hex and afterwards we always made new all-time highs. During those dips, nobody went really crazy. Okay, after the first dip maybe, in January because it was too new I would say.
After the first 30 days we went down pretty far, especially if you consider the price on the first day where there were only 1 billion Hex but on the other side, about 20,000 ETH, a bit too much. After the huge BPD dip, anybody who understood the staking system in the first place didn’t complain. Nobody complained, 86% drop and everybody was fine with it.
Fabian: Yeah because the people that understood it have long stakes, so why should they care about the short-term price? It’s always nice to look at your portfolio and say, “Look at my paper gains!”
Kryptosparbuch: Yeah, so let’s get into it. Please explain to us what HexBay is all about.
Fabian: When Hex launched I immediately thought to myself, “Oh maybe you could make the Hex stakes tradable, because smart contracts can also interact with the Hex smart contract”, and I thought probably someone is going to do it. Then nobody did it and then a few months, or more than a year later I saw that still no one was doing it.
So we started doing it, but we’ve designed it in such a way that it’s overall beneficial to the Hex economy as a whole, and it also introduces some new game theory, and some new ways for real Hexicans to adopt the most optimal strategy. You can buy someone else’s stakes with a higher T-share rate, and so it’s like traveling back in time a little bit.
Kryptosparbuch: Maybe we can start here: What is the huge advantage for the user? As I know there are some Hex devs also watching this. It would be cool if you can go a bit more into the technical details behind your contract. We have some people in chat that have never heard about HexBay, so we really have to explain for noobs first and then we can go really deep into the topic as well.
So what is the HexBay contract?
Fabian: It’s smart contract we’ve developed and it’s getting audited and everything but what it does is: you can start a stake using our smart contract (HexBay) and then the contract is staking for you and because the HexBay contract is the owner, it can also change the internal owner of a stake. For example, our HexBay stake creates a stake and internally it says this stake belongs to me, and then if I were to sell it, someone else could buy it from me and internally it would get credited to the person that bought this stake.I hope this makes sense.
Kryptosparbuch: Yeah, so as a user I have the ability to do a maximum stake length (a “cuatro-cinco”, or 5555-day) stake, and when I want to sell that, say after 5 years, and Hex is now at a higher price, let’s say I need some money and I want to sell that stake.
Can I just go on the open market and offer my stake? How would that work? Would somebody else just say, “Okay, I agree on that offer”, and then run a function and the ownership switches automatically to the other guy who I am selling to?
Fabian: Yeah it kind of works like that but we’ve put in some additional features so that when you have your stake created and you go for 5555 days — because it makes the most sense, you can sell it later so why would you not get the most T-shares at the at the start of your stakes?
Kryptosparbuch: Yes, then you get the maximum interest possible starting from Day 1.
Fabian: Yes, we’ve designed it in a way that everything can be completely trustless. Of course you always have smart contract risk but you have no middlemen etc. and you can just tell our contract: “Hey I want to sell this stake”, and you can only sell it for Hex. That’s an important feature.
Kryptosparbuch: Another important feature before that is there are no admin keys in your smart contract. It’s a true smart contract, not one of those fake smart contracts, yes?
Fabian: Correct, no admin keys, nothing like that. You can offer your stake up for an amount of Hex that you choose (and it can only be in Hex) and then someone else can buy that stake for that amount of Hex that you said you want. Then the stake gets credited to the person that bought your stake internally and you will receive 90% of the purchase amount.
Kryptosparbuch: Okay, and I can set the sell amount individually? I guess there would be a spread between the current Hex, meaning the principal plus all the accrued interest, and the T-shares versus the USD, right?
Let’s say I just stake 1 million Hex for maximum length right now and in 4 years that becomes 3 million, and let’s say I get 200 T-shares. Let’s say those 200 T-shares are worth more than the 3 million Hex. It needs to be worth more than the 3 million Hex because I would never get so many T-shares for this stake in 3 years.
Fabian: The minimum price you would want is your principal and your earned interest, and then also you you’re probably going to attach a little bit extra because your T-shares are worth more and if somebody would want to have the same amount of T-shares now, they would have to put in way more principal.
Kryptosparbuch: And you said when I want to sell it, then I as a seller have a 10% fee to pay so the buyer would put in the amount of ETH or USDC in your contract?
Fabian: Only Hex.
Kryptosparbuch: Ah okay, so only liquid Hex. So the buyer puts, let’s say 3.3 million Hex in the contract, therefore he gets the tradable stake and I as the seller will get that minus 10%?
Fabian: Yeah if you put your stake up for 100k Hex, then I can buy it for 100k Hex and you would receive 90k Hex. 97% of this 10% fee is collected in the contract for a special function that we created, called the SmallPayDay.
Maybe you still remember the BigPayDay from some months ago, and the SmallPayDay is a function that everyone can use. Everyone can start it, and it simply takes all the Hex balance that’s in the contract and stakes it for 5555 days and then after 3 days, someone else can run the function again and then that stake would get emergency end-staked (EES).
It’s basically nuked, so the large amount of the fees that gets collected are getting redistributed to the whole staker class, including legacy stakes not created via Hexpay.
Kryptosparbuch: Okay, good. So let’s say I agree with the buyer [sic] that my stake is worth 100k Hex, then the buyer puts 100k Hex in your HexBay contract. The contract automatically sends me 90k liquid Hex in my wallet, and 97%, (so 9700 Hex) would sit in the contract, waiting for somebody to run a function to stake it and a few days later to EES that, so we get those small paydays twice a week, and from the original 100,000 Hex transaction in total, only 300 Hex would be your developer fee, right?
Fabian: Correct.
Kryptosparbuch: One of the first things you said today was you were waiting for somebody else to do this function/project, but then you saw nobody was doing this contract and in my opinion the market always does whatever is possible so you said it right away: It was possible to do it, so you went for it and did it, but you also did it in a way to make sure the original Hex game theory is not in danger.
Can you explain how you did that, how you kept the original Hex game theory in mind with these tradeable stakes, and how they don’t interfere with the original idea?
Fabian: Yea, so if you just do encapsulated stakes, you can sell them, trade them, whatever you want for any currency you want. You would always have risks attached to that because you would have to agree with another person and then who sends first, etc.
Maybe there are platforms for that, but the main thing is, we wanted to create HexBay so that it’s net positive for the Hex ecosystem. If you want to sell your stake, you will only receive 90% of the amount someone else bought first. So somebody has to buy 100k Hex to buy your stake, but you can only dump 90k Hex and the other 10% gets redistributed to the whole staker class.
We also did it that way to include all the legacy stakes — so all the stakes that have already been created that cannot be traded.
Kryptosparbuch: Yeah, because they automatically get their fair share of those small paydays.
Fabian: Correct, and also half of the SmallPayDay always goes to the OA, so it’s kind of like a [token] burn, only with the benefit that the OA can do something with it, if it wants to.
So that’s why we did it like that, and we also saw that the referral program is now missing from Hex and so we also put it into a HexBay, so you can actually refer people, just like in Hex, where you have “HexBay.win/“ and then your ETH address as a ref link and if somebody clicks on it, it sets a cookie in their browser and if they start a stake then you will receive 4.7% of that Hex instantly.
Kryptosparbuch: Okay so this referral program is a way for you to market HexBay because in my mind and the market will judge for itself, as I said, so my question is: Why would somebody use HexBay if they are already used to the normal Hex contract? I think if you throw in the right incentives just like the referral program, this will make people just use it and I think this is the only chance HexBay actually gets somewhere (in terms of adoption) right?
Fabian: Yeah, it’s kind of like a better stake because you gain so much flexibility. Let’s say I have diamond hands, no problem, and I always stake 5555. Then I can do that still with HexBay, and I pay a miniscule fee on that, the 0.3% fee because if you self-ref, you pay only the 0.3% dev fee and nothing else.
And then you never know, life happens and maybe there is an emergency or something and if you only have legacy stakes, then you can’t really do something about it and here instead you have the opportunity to maybe sell one or two of your stakes.
One problem I see with with laddering is, people laddered too low and the iif you only staked for 6 months, you gained almost nothing in interest and if the gas fees are so high, then it’s not really worth it (to End Stake) and maybe you don’t want to sell at that time because the (market) price is low or whatever, but you still have to end your stake.
If you’re using HexBay, you have up to 15 years to choose the date at which you want to sell (if you made a 5555).
Kryptosparbuch: Even after that you can just normally end your stake and compound it all together for another 5555 stake.
Fabian: Yeah of course. We decided that you can even emergency end-stake your HexBay stakes if you really wanted to.
Kryptosparbuch: So you guys can still nuke yourself! What a good thing. And as I understood, the LittlePayDay is a self-nuking function right? We have a Youtube chat question here: What happens if nobody uses the three day end-stake function at all? Will interest accumulate?
Fabian: Yeah it’s a normal stake. If nobody ever uses that function it would just accumulate.
Kryptosparbuch: But it’s a function to start a stake at a maximum stake length and from the 3rd day it’s possible to emergency and end-stake right? Iit doesn’t matter if you do it on the 3rd, 4th, 7th, or 50th day because it would just earn normal interest and not lose any interest like you would have with late end-stake penalties or late stakes, and then you just get more SmallPayDay.
So you don’t need to EES it on the 3rd day of running but from the 3rd day on it’s possible right?
Fabian: Yeah, the thing is, if HexBay gains a lot of traction and there’s a lot of Hex in it, then why would you not want to nuke it if you also have long stakes, before the whole world is in Hex, so you can increase your shares?
Kryptosparbuch: But still if the fees are high for a couple of weeks it’s no problem to leave it a couple of weeks and then you can pull it out?
Fabian: Yeah, it’s no problem. We chose 5555 days, it’s not (always) going to happen that the stake runs that long, but we chose this long date to make sure that even if for 100 days nobody ends that stake, it still gets completely nuked.
Kryptosparbuch: Well that’s a really interesting function. I heard about that the first time today so I really like that distribution to the staker class, and the OA of course as well.
I need to step back for a moment because there is this one thing Richard (Heart) is talking about about those encapsulated stakes with tradable shares, but what HexBay is aiming to do is just that you can sell a whole stake to someone else right? So I can’t sell 1 T-Share out of this stake?
Fabian: Yeah, we thought about doing stuff, but in the end I don’t know if there really is a market demand for that, because I don’t think that stakes are getting — even if HexBay gets adopted, I don’t think that there are a lot of stakes for sale all the time because most of the time you create your stake and then once in those 15 years maybe you want to sell it or you don’t, and that’s all the interaction that you’re ever going to do, really.
Kryptosparbuch: If the stake is from a whale, so let’s say somebody goes in the HexBay contract and buys first on the exchange $1M USD worth of Hex, and then goes and puts 100 million Hex into the HexBay contract, and stakes it for cuatro-cinco, he would still need to find a buyer afterwards, right? So it might be not useful to stake 100M Hex with HexBay because he potentially won’t find a buyer in 5 years, for example.
Fabian: Yeah that might be true. If you are the full-on God whale and you put the largest amount ever in yeah then probably, you won’t find someone else. But then again you could just split your stakes maybe into 5 or 10 stakes.
If you’re doing these high amounts of Hex stakes anyway, then you can also afford the fees for multiple stakes and then also you gain a lot of flexibility, because you can then just sell one of your 10 stakes instead of having one giant stake. But then again, if Hex gets adopted a lot, then maybe there are more whales, so you never know.
Kryptosparbuch: Before the interview we were talking about gas fees as well, and somebody is asking. If I get it correctly you have to pay double the fees for stake cause you are effectively creating two stakes, is this correct?
Fabian: It’s kind of correct. We’ve thought about this and tested it around a lot. The problem is even if we went on to Layer-2, there always has to be at least one interaction with the Hex main contract, and yeah, we designed around a lot and we tried to do pooling so everybody can send their Hex to our contract and then once a day the contract stakes for all the people, and that would save some gas for the individual user.
The problem is you would also lose a little bit of your stake, because if you have a shared stake, you can’t emergency end-stake for example.
Kryptosparbuch: And you’d lose a lot of flexibility because you can’t set the date you want to end your stake on, or would you still have that with HexBay?
Fabian: You can choose the amount of days in HexBay if you want. You can choose lower than 5555.
Kryptosparbuch: But with a Layer-2 solution it doesn’t make sense to make it a 5555 stake because everybody within this group would need to agree that the whole stake is possibly sellable, no?
Fabian: The solution would be that you can then sell only your stake in the stake, so to speak.
Kryptosparbuch: Okay, so your part of the T-Shares.
Fabian: Yes, that would have to be a feature. But you can imagine that maybe you only want to stake for 10 years for example, and then after 9 years, instead of selling via HexBay you can also EES. , if you’re over half the amount of time that you said would stake, then your (penalty) fees would get less and less the closer you are to the actual date that you set and you would lose the ability for doing that.
Also, at the moment we are implementing a new feature. At first it came from the community actually in the crypto dev chat from Hex. It’s the option to transfer stakes. So at first we went with it and implemented it, but there are some problems with that because right now.
So for example, if your wallet gets compromised, and I believe that most of the time the hacker wouldn’t realize that you have stakes, but if they do realize that, then he could only nuke them if they are really long, and so he wouldn’t get anything from it, or he would have to wait or whatever, but if he had the option to transfer stakes then he could transfer the stakes to himself via HexBay
Kryptosparbuch: And then wait until he could complete the stakes.
Fabian: Yes, so that would be a bad thing. The solution we came up with now is that when you start your HexBay stake, you can set your recovery address, so you can choose your own ETH address that you own. The recommendation is that it’s a fully air-gapped address that has never been used, and you can set this address as your recovery address and in case your main wallet gets compromised, the recovery address can come in and save your ass.
You change the owner to a new owner that you can decide with the recovery address and it’s actually a really nice feature, but we had to think a lot about how to do it in a way that you can not get screwed over by somebody hacking your main address.
We are currently implementing this and it’s a pretty neat feature because the way we are doing it is that — it’s getting kind of complicated but, yeah the bottom line is that you can set a recovery address and in case you get compromised, you can get back access to your stakes.
Also you can stake for somebody else and choose yourself as a recovery. Maybe your friend is not really that much into cryptocurrencies, doesn’t know a lot about them and maybe has the possibility of getting compromised, so then you can save him that way.
Kryptosparbuch: In the chat we have a discussion right now that the HexBay would totally destroy the Hex main game theory and that it is not trustless anymore. I know for sure you had to talk to critics before, and what do you tell them if they say it’s not good for Hex game theory and that it’s not trustless? What would you tell these people?
Fabian: It’s still trustless. You’re just interacting with a smart contract. We are getting audited by
CoinFabrik and it’s still trustless. For tradable stakes with nothing else attached to it, it might be kind of bad for the ecosystem but it doesn’t have to be. The way we built it, it’s actually beneficial because if you think about it, the fee already hits the seller of a stake — so the impatient person — just like in Hex. If you’re impatient you’re not getting as much as compared to if you’re a patient person, and if you are doing what you actually said you would do.
Here, it’s the same and you can only buy and sell for Hex, so if you want to sell your stake, someone else has to buy that Hex first, and he has to buy 100% of it and you only receive 90% of it, so overall for the price it’s a positive.
Kryptosparbuch: Whether or not it’s price-positive or not might be debatable, because it’s only then price-positive if it also attracts new customers, so if it would only take shares from the old customer base from Hex, then it won’t be price-positive in my opinion.
So what is the main market you want to address? A bit older people who don’t know that they should stake longer because they are afraid of their age or something like that?
Fabian: At this point, Hex is over a year old and we still haven’t reached massive adoption. There is so much room for improvement and I really feel that the missing referral program kind of hurts (adoption) and so we bring you a referral program with 4.7% (bonus). That’s a lot, so if you can refer people — and you don’t even have to be staked in Hex or something, you can be the biggest YouTube channel ever and you can do your referral stuff — and you will get a lot of Hex out of it. It’s also price-positive because the people that then start their stakes, they send you 4.7% of the Hex but they also have to buy 100% of the Hex upfront first.
Kryptosparbuch: Okay so the thing with the trustlessness. How is it getting done? Will there be a market in the HexBay contract itself that potential sellers of already-completed stakes have a list of stakes that were made in the HexBay contract, that I as a potential buyer can go inside the code and view? And can I as a buyer also make an offer for a specific stake?
Fabian: So because we want to make it fully trustless, you have to flag your own stake that you want to put up for sale. You would have to set a flag that it’s for sale and also what the price is.
Kryptosparbuch: That would be done via signing a transaction?
Fabian: Yeah, you would use a function inside in the contract. Then within this transaction you would also set the Hex price that you want to receive and then everybody can see which stakes are for sale, and they can browse them, check them and they can buy them.
That’s also another thing: If you are a full-on Hexican, you want to maximize everything and you have a long time-horizon, then HexBay offers you an additional method of obtaining your shares, getting the most out of your Hex now, because it’s kind of like traveling back in time.
If you’re buying T-Shares from 2 years ago, those are really nice T-Shares that you bought and you couldn’t get them today.
Kryptosparbuch: This is a good point to make. I haven’t thought about that as a Hexican: Why would I buy normal Hex from the market when I can also buy it from HexBay and get the better T-Share price right?
No, that’s not right. You still need to buy the Hex on the market in the first place. It’s just that, why should I stake via the normal Hex contract instead of buying an existing stake from HexBay that still has those juicy T-Shares from the past?
Fabian: Yes, that’s correct.
Kryptosparbuch: So one question from the chat: Is the Good Accounting function still available on HexBay?
Fabian: Yeah, the GA function is always available on the Hex main contract, you can GA any stake.
Kryptosparbuch: So just to clarify, in order to use HexBay, also the HexBay smart contract will start a normal Hex stake, as we have done it with our own ETH addresses (in the past).
The benefit to have the HexBay contract in-between — so your address <-> HexBay contract <-> and the main Hex contract — is that if the stake is on the HexBay contract, you have the possibility to sell it in the future.
As a whole picture, just to clarify that, so people don’t confuse this with tradable shares or Layer-2 solutions, just to make a clear point.
And then the other question from the chat is: What if the main HexBay page goes down? Can you still interact with the HexBay contract somehow?
Fabian: Yeah of course, you can build back-ends just like backup Hex and all the other stuff. It’s just a front-end. You can go to Etherscan, go to our contract and you can interact with it there. It’s a normal smart contract, fully-trustless.
Kryptosparbuch: Good, what would be the focus of the audit? Is it on game theory, and on the security? Because Hex had 1 economics and 2 security audits. Is there any difference?
Fabian: Because we are interacting with the main Hex contract, all the Hex rules apply, so we don’t need the economics. Of course we are doing the security audit and that’s the main focus because we want users to be safe. That’s the main thing, we wanted it to be fully trustless. No middlemen, only in Hex and of course, secure. No admin keys or any kind of this stuff.
Kryptosparbuch: And when the audit is back from CoinFabrik, it would be a public document?
Fabian: The audit? Yes of course.
Kryptosparbuch: So for how much time did you work on the contract and when do you think you will open it on the market for us users?
Fabian: You can test it right now, we have deployed it in the Ropsten Test Network at hexbay.win. It kind of depends on CoinFabrik right now because we have some audit backlog and everything is taking a little bit longer than what they initially said, but yeah I’m quite positive that we are going to get it out this month, if not then early next month.
Kryptosparbuch: All right sounds. So we have good timing, right?
Fabian: Yeah we’ve been hanging low because we wanted to do everything in place first before we came out and started promoting or telling you guys all about it.
Kryptosparbuch: Yeah I know. I’m in your small Telegram group which has 30 members right now or something. Just some curious guys and some other developers who like to test it on the Ropsten Test Network.
We’re glad to hear that you are nearly done with it already and really looking forward to what the auditors have to say. I’m sure with your (technical) knowledge and the fact that you’re leaning towards the Hex contract, you might have a good contract already in the first place. So I hope there won’t be any huge software bugs or something like that.
Fabian: We’ve chosen the most amazing product there is, and we decided to to build something on it that makes it just a little bit sweeter for all users because if you get the flexibility and if you sell, sure you incurred the 10% fee but you’ve also made a lot more interest up until that point and for the hardcore Hexicans that want to stake the longest and have the most T-Shares, it’s an amazing feature actually.
Kryptosparbuch: Well the people in the chat actually really like the idea of HexBay, so I guess there will be a market for HexBay in the Hex community but Fabian, do you have (future) plans for your contract? Stef and Firebun were saying they would like to gain more users from their Staker App. Do you have the same aim that you want to draw that many people in? Do you have a (target) number in your mind?
Fabian: I don’t have a number in mind, and also that’s the whole point of why we have the referral program. We have a big referral program and we really hope that it takes off and people start referring other people, because if you self-refer you pay almost no fee and you have only the benefits.
Even if you are getting referred, you’re still paying the 4.7% to the person that referred you, but you are making a lot more interest.
Kryptosparbuch: In my point of view it will start slowly because at first there won’t be a market to sell the stakes, because also what some people are misunderstanding: All stakes that were done already on the (original) Hex smart contract can’t be moved from the individual private key so the only option where it is possible are the new stakes made with the smart wallet over the Staker App.
There is a possibility of transferable ownership there with the Gnosis safe wallets they are using within the app, but besides that there is no way that existing stakes can be moved to a different private key, or to a different wallet.
I just needed to make this clear because outside of the dev chat there is a lot of misunderstanding still in the marketing.
Fabian: Yeah, it’s kind of normal but of course, you can’t change the rules of the Hex contract, it’s all the same. The only difference is now that the HexBay contract owns the new stakes (that are put into it), it can transfer internally the ownership and that’s what’s happening.
Kryptosparbuch: Because the Hex contract takes the ownership on the behalf of the user and if this user decides to give this ownership to somebody else then the HexBay contract with the decentralized functions can or is able to move that in a trustless way.
Fabian: Yeah the original contract stakes always belong to the same owner. Our HexBay contract is always the owner of the stake but only internally, and the HexBay stake can be someone else’s.
Kryptosparbuch: Yeah and “owner” doesn’t mean that you are owning those stakes, so it’s just a trustless, immutable, no-admin-key smart contract of HexBay.
Fabian: Yes of course. It’s not me, I’m not earning anything. It’s the HexBay contract that owns the stakes and therefore, with the functions we’ve built in, you can use it, sell it, you can revoke your sale if you (change your mind and) don’t want to sell, and you can update your price if nobody buys your stakes.
The main thing is that at the beginning and I’m guessing for a longer period of time, there probably won’t be a lot of Hex stakes up for sale. That will only come a little bit later because if you just started your stake, you don’t really want to sell it one week later.
Kryptosparbuch: I’m thinking that it won’t be a huge quick start and nobody needs to be aware that now suddenly all of the staked Hex is becoming liquid or something. I guess that is in some people’s minds.
Fabian: I personally think that this will always be true for all Hex stakes no matter what. I don’t think there will be this super liquid commodity that’s getting traded a lot because there are so many parameters to every stake, so they are all not the same.
They’re always different from each other and that’s why I don’t think that there will always be a lot, because think about it if somebody puts up his stake for sale and he undervalues it, then some Hexican is going to buy it really fast.
Kryptosparbuch: What I really about HexBay is that it incentivizes everybody to stake. Right now I have 0.01% of my Hex liquid and with HexBay I wouldn’t need to do that. I can just stake it and then later on I can sell it.
There is a question in the chat: How many times you can resell a stake? Do you think people will try to flip them? Maybe there will be a whole different market where people really try to buy those stakes and then resell it as a trading activity.
Fabian: It can kind of happen, but you always have this 10% sale fee so I personally think that
most of the time one stake will get traded multiple times probably and that’s also good for everyone, because every time the stake is sold the 10% fee applies and we have another SmallPayDay, and everyone gets the benefits from us, even the old stakes that have already been created.
Kryptosparbuch: I really like the idea of HexBay. Can you please give me a short elevator pitch of the HexBay? If I want to tell people about HexBay, what should be my main points to talk about?
Fabian: Yeah it’s basically: You gain the maximum amount of interest and have the flexibility to sell, and those are maybe the two main points because you’re getting the full-on interest. It’s not possible to get any more than that (a 5555-stake) and you have the flexibility. So maybe after 5 years you decide, you know what i’m going to sell-
Kryptosparbuch: Should I try the elevator pitch for you?
Fabian: Yeah do it for me.
Kryptosparbuch: Okay, if you are using the HexBay contract you have again an option to earn free Hex without having to put any money into anything, because you will be able to create your
own ref-link there, you can go out on the market and explain to people how the system works.
It works the same as the usual Hex contract, the only big difference is that you can start a maximum stake right away because you don’t have to wait until 15.2 years and for the stake to end. You are earning the best interest possible from the first day with HexBay, and if there comes a time in a few years where you need some money or you want the money out of the stake you can offer the stake on the general market, minus a 10% selling fee. You can get all the liquid Hex which the stake is worth.
Fabian: Yeah that was actually amazing, you should do that for a living!
Kryptosparbuch: Yeah I’m getting better.
Fabian: It’s my first livestream and also I’m not a full-on shiller, but like you said it’s really great, to get maximum interest from Day 1. Even if you intend to stake for 15 years let’s say, but you never know what’s going to happen in your life. Maybe you live in the US and your parents get sick or something and you really need the money. You still have the option to sell even after two days.
You would take a loss on that but it’s much better than having your normal Hex stake for 15 years because you wouldn’t get anything if you were to end that stack.
Kryptosparbuch: Well I think I know exactly what will happen. Hex will go to $7 and people want to sell because they want the money, you know?
But still, somebody on the other hand, would need to buy that Hex on the market and buy this existing stake with new Hex, so it’s not price-negative on that point.
And actually if the Hex price goes to $7, it would be with the normal Hex code even more price-negative, because all the existing stakes which are over 50% progress would be EES’ed to get at least the principal and some additional interest, because right now we are under $0.01. We are talking about 700x from right here. I would do that for a 700x yeah and I’m sure that about 30,000 other people would try to do the same thing at the same time.
I think this is a really good point to make here. With HexBay, the people wouldn’t EES to sell the principal but instead, sell their stake so it doesn’t flood on to the market, so this is a pretty good point.
Exactly, because on the other side you need to wait until you find a buyer, because you can set the amount of Hex you want to have for this stake, so if you have — I don’t know if it’s currently worth 1 million Hex — you can even say this stake is already running for 3 years, I want to have 1.2 million Hex for it because it’s worth way more T-Shares than you would get right now, and then you can start an agreement process or something like that.
Fabian: You can also undercut. If you really want to sell your stake, you can sell it at a lower rate and you will incur the 10% fee, but you would still get a lot more than if you had to emergency end-stake, where you would maybe get nothing out of it, or you just have to wait longer, so there’s also that.
Kryptosparbuch: I bet there will be HexBay snipers somewhere, waiting for really cheap stakes and then just buying them up and reselling them later on.
Speaking about actively marketing, do you guys have intentions or a plan for how to market your HexBay contract?
Fabian: So we’ve designed it in a way where other people can do that. As you can see I’m not the best at selling you stuff, but we are good at building good stuff, so there’s that. Then there are people that can do the referring for the whole community. If you get 4.7% of everyone that you refer, and you have a really good reach, and you can reach a lot of people, that’s a lot of money, and you can do a lot of marketing for that amount of money.
Kryptosparbuch: And just for the haters, we are still speaking about a zero or a one-level referral system,so no pyramid in here. Nothing which puts new fat on the market.
Is there a price differential or incentive between stakes older than 50% old versus stakes that are under 50%, and still haven’t reached principal coverage? I don’t know and actually with the HexBay contract you’re setting up 5555 stakes, so we might find out in 7 years, you know because in 7 years it would be 48% and in 7.8 years it would be 51% then let’s watch the markets.
As I understood the question, this seller is always setting the price himself, so if he wants, as Fabian says, to undercut the price and make it easy for somebody else to buy it then he can do that, right?
Of course, if he wants to sell after exactly 7 years with 47%, he would still lose a lot of his principal if he emergency end-stakes, and maybe he will choose a lower price instead of what his T-Shares are worth. I guess the usual span of the price, or region of the price right now is the current value in Hex and on the other side, there is the current value of the T-Shares, and in between those two values, will be the truth (in price discovery) to sell one one HexBay stake.
Fabian: Yeah that’s correct. you have the principal and the earned interest, so it’s like a base minimum because you have a lot more T-Shares than you would get compared to regular stakers. If you want to sell your stake in 5 years, you have a lot of T-Shares compared to people putting the same principle in at that date.
Kryptosparbuch: Or putting even more principal in, so your current value, but even if they’re still putting the current value they get less T-Shares, in theory.
Fabian: At some point they have to increase the principal by a lot, but then they would also get the same amount of T-Shares, but if I’m selling my stake, they could just buy my stake, so why would they not do that?
Kryptosparbuch: I have a question here, somebody saying, “I’m not fully convinced. I like the mechanics but I doubt it will gain traction without offering NFTs.” I don’t know what they mean by NFTs but I’m sure HexBay really needs to gain traction somehow, to find those users because without users HexBay would go nowhere.
What are you doing to really get that traction? What are you doing to find more users?
Fabian: The intention is that once the audit is through, we’re going to do some basic tutorial videos on how to interact with the platform and the rest is up to the community really. So reach out to the people, get them into HexBay, the best Hex stakes available.
Kryptosparbuch: Yeah, I think you would need a really good webpage where people can beautifully see what is on sale, how much it costs, and just make it usable for the customer because I think the main problem Hex has right now, the site go.hex.com doesn’t look as good as other pages.
Fabian: It’s been revamped multiple times now. I think it looks kind of good right now but i don’t think that’s the main problem Hex has at the moment. I think it’s really that you need to get momentum in cryptocurrencies. That’s what I’ve learned over the years and you can see on Cardano for example at the moment, or BNB or stuff and Hex has moments where this goes up and everything.
Kryptosparbuch: For me I see big value in getting somebody who doesn’t know about Hex to do his first maximum (5555) stake, and by saying, “Yeah don’t worry, if you really want to sell this in the future there would be a market to do that”, because you’re staking it with this sub-smart contract, that you don’t need to ever emergency endstake because you might need a couple of weeks of time until you find a potential seller.
But that way you gain maximum interest and you always have to have the possibility to sell in the future.
Fabian: Yeah and also it’s for people that are older or maybe have some health issues or stuff. It’s in a way kind of unfair I guess that the younger people, they can stake for 15 years no problem and then they don’t really have to worry about it, but if you are already older and at the moment maybe you are doing just 5-year stakes, and then you would lose out on a lot of interest.
Kryptosparbuch: Yeah and suddenly you live 15 more years because Richard (Heart) made some SciVive life-extension research or something.
Fabian: And then you bite yourself in the ass afterwards, and with Hexbay you can do it. Everyone can get the maximum interest.
Kryptosparbuch: There is a lot of discussion in the chat, but they are all talking to each other right now. At the beginning of the stream I saw people shouting, “Ah, we don’t want that”, then in the middle of the stream when we all explained it, there were people saying, “Man I love that, that’s a really huge change right now”, and I think people are already sold on the idea of HexBay.
So to stake over the HexBay contract, it will need more gas, right? So it would be a slightly higher fee to do that, right?
Fabian: Yeah that’s correct. Some people are laddering every month and then you could maybe tone that down a little bit.
Kryptosparbuch: Because of the flexibility to sell.
Fabian: Yes, and then maybe I can just stake once each quarter or just two stakes per year, and then I can choose the specific time where I want to sell it.
Kryptosparbuch: Yeah you got me. One really interesting question I have here is: What’s your edge over Staker App’s Smart Wallet? Somehow I see it as you being a competitor, right?
Fabian: I don’t really think so because we are doing completely different things, and the guys from Staker App can also include HexBay. It’s basically the same thing. The stakes are ordered exactly the same, and so you can view your stakes normally and everything. If they wanted to, they could also implement it that way.
Kryptosparbuch: And yeah, everybody who is using HexBay inside their Staker App, would gain their referral bonus money out of the HexBay contract.
Fabian: Yeah, which is a lot. There’s also the benefit of that.
Kryptosparbuch: And they would have another option for their users, right?
Fabian: Yes. and also with the new feature we are currently implementing, you don’t really need this Gnosis smart wallet stuff because you can just choose a recovery address of your own, and you can recover your stakes yourself, basically.
Kryptosparbuch: So let’s say I have liquid Hex in my hardware wallet. Let’s say Ledger, I have already made the MetaMask account, I combine it with my hardware wallet, and then I go to the webpage, there I have the user interface where I can do my 555 stake, which is sellable in the future, and if I lose my Ledger hardware wallet or if I lose the 24-word seed phrase sheet, how can I proceed?
Fabian: When you start the stake, you can set a recovery address and it’s optional.
Kryptosparbuch: So how could I do that?
Fabian: It’s just an additional field on the website that you just put in. It’s in the function that if you put something in this address (field), then that is now your recovery address and then the way we are doing it is kind of complicated.
The main thing is that your main address that you’ve used for staking has a time-lock feature on it, so if you want to for example, sell your stake, then you would first have to activate the time-lock. It would take 48 hours — that’s what we are thinking about currently (for the time frame) — and after the 48-hour window you can sell your stake.
You have one week where you can do everything with your stake that you want, but if the time-lock is called you can use your recovery address to instead claim ownership of these stakes, so if your wallet gets compromised, the other person can’t immediately sell your stakes on HexBay. The hacker first has to start a time-lock.
Kryptosparbuch: Ah, so the hacker also needs to start the time-lock so definitely I’d have a time window of 48 hours to figure it out.
Fabian: And you can set up a Telegram bot that PMs you if your time-lock is called. And then you can come in with your recovery address and save yourself. So your recovery address would not become the new owner of your stakes, but instead, using the recovery address, you can input a new address and this address becomes the new owner and that address is still the recovery address.
So the recovery address is always just for recovery.
Kryptosparbuch: Okay, and with all these functions, it sounds to me that it’s not a tool that increases the velocity of Hex immensely, because you have to wait for two days before you can set the amount of Hex you want to sell the stake for. It seems you need to plan a bit in advance so it’s not increasing the velocity.
Fabian: Yeah, it really doesn’t matter because if you have 15-year stakes, what are two days? So you can wait two days more, basically.
Kryptosparbuch: I really loved the interview here Fabian. I’m really sold on HexBay. I think it’s a great product. You’ve opened my eyes and we’ve a lot of viewers here. Also Patrick mentioned a couple things that I haven’t thought through yet, but it just makes sense to me.
Can you please tell us where we can find you on Twitter or maybe where can people contact you on Telegram if they’re more interested you know?
Fabian: Yeah I’m on Telegram. I’m currently not using Twitter, at least not actively.
Kryptosparbuch: Yeah should put the Telegram HexBay group name in the chat?
Fabian: That would be great. It’s just t.me/HexBay and you can reach me at “Earl Of Cockwood” in Telegram directly. I’m also in the Hex crypto dev room. I’m in the Kryptosparbuch room, and I’m in HexBear actually, because it’s funny. It’s kind of quiet in there, but yeah.
Kryptosparbuch: It’s sometimes funny to read it, yeah. I’m also still in the HexBear group, especially because Paxen and I were like — it was because of Paxen that Richard (Heart) created the HexBear room.
Fabian: That’s true. Yeah and you can also go to hexbay.win, switch over to the Ropsten Testnet and then you can —
Kryptosparbuch: Enrich yourself with fake Hex! [laughs]
Fabian: Yeah you can get yourself some fake ETH and then you can mint on the website. You can mint all you want, every mint transaction is 1 million Hex I think, yeah and then you have to approve once so that the smart contract can actually use your Hex tokens because it’s an ERC-20. So it’s the same thing like in Uniswap, and then afterwards you can do whatever you want. You can start a stake, you can see stakes that are up for sale, you can flag your stake for sale, everything.
Kryptosparbuch: Patrick, can you explain publicly, what do you mean by fake Hex and fake ETH?
The Ropsten Network is a test network, so they have the contract already running but on a test network, like IOTA should have been doing it since 5 years or something, to test the shit out on a test network.
Fabian: You could click on your MetaMask icon and then you can switch above from Ethereum Mainnet to Ropsten Test Network and once you’ve done that you are on the test net. Then there are some faucets where you can get testnet Ethereum, and with this testnet Ethereum, you can do transactions on the testnet. You can visit hexbay.win, and then you can mint your own Hex on the testnet, so yeah, it’s not real Hex.
Kryptosparbuch: Yeah, you can’t send fake Hex to the Ethereum Mainnet, that’s not possible. If you need a guide for it, please go in the Telegram chatroom, t.me/HexBay, and the pinned message is the Medium article, and it shows how to do everything with the Ropsten testnet,how to claim your fake Hex and then you can start trying the smart contract out.
Do you have any time frame that you think CoinFabrik will need for the audit to be finished?
Fabian: It’s kind of good news and bad news. They told us that it will be delayed a little bit, but that gives us the options to actually implement the recovery address feature, which is pretty good. So my guess is later this month or beginning/mid next month probably.
Kryptosparbuch: The next time we have Fabian on, we will have a live demo here. Maybe we could have a split screen where you show how everything looks and how it works?
Fabian: Yeah sure! The website is kind of rudimentary at the moment, but it looks kind of like the Hex frontend website, so that should make it easy.
Kryptosparbuch: Is there a calendar function in there? Because you don’t really need it, right? You just type “5555”.
Fabian: That’s the thing, yeah you’re probably most likely just going to type “5555”. I don’t know if there’s a calendar function at the moment but we have some time to make the site look really slick and everything.
Kryptosparbuch: Just to give the people an idea, who do you mean when you say “we”?
Fabian: Yeah, we are two people working on the project.
Kryptosparbuch: The other core developer of HexBay goes by the Telegram name “Graf Panini’’, and also can be found in the HexBay Telegram group, so if you want to talk with him, he is also within reach.
Are you also thinking about making it possible for a potential buyer to see what stakes were made in the HexBay contract, so that he can flag a specific stake and make an offer for it?
Fabian: You mean even if it’s not up for sale, that you can pick someone, for example? You can kind of do it because you can see which address owns which stakes, and you could go to Etherscan and leave a comment in the comment section under each address if you wanted to.
It’s a bit more complicated than what you’re thinking, but yeah, I don’t know if it’s that useful. I’m going to think about it actually. We still have some time.
Kryptosparbuch: I’m just brainstorming with you today. You’re not handing the actual code, you will deploy to the auditors yet, since they say they’re too busy right now, so does that give you some more time to implement even a bit more, or how does that work for you?
Fabian: Yeah that’s the thing. CoinFabrik has a lot of requests and they’re working on a lot of audits currently. and so we just got delayed a little bit. So yeah, in the meantime we can change around the code, etc. They haven’t started auditing actually, so that gives us some time.
Kryptosparbuch: So do you think it might damage the original Hex game theory, because the chart of future stakes might not be a reliable metric anymore since you don’t know exactly when people are going to sell the Hex which are locked in the HexBay contract?
Fabian: Yeah, you don’t know when they’re going to sell instead of the way it is currently. Currently, if somebody ends the stake, you have to assume that he’s going to dump the Hex. Maybe you can’t see when somebody is offering his stake but if he does offer it, it’s a net-positive for the economy because somebody has to buy the (liquid) Hex, and then buy the stake, and then only 90% gets dumped, so you always have the benefit here.
Kryptosparbuch: Might it lead to the impact that shorter stakes in general get more deluded, because if a huge bunch of new users are just staking the 5555 stakes through the HexBay contract, the users who are staking short-term (in smaller time frames) in the normal Hex code might get less interest?
Fabian: That’s true, but also if a lot of new people come in and buy Hex and stake that for 15 years, that’s pretty positive on price so maybe you’re going to receive a little bit less.
Kryptosparbuch: Yeah, actually my statement wasn’t price-negative right now because while asking, I was thinking about that and actually it might be beneficial for Hex if old guys who are just constantly putting their stake wall one month in front of the next (front-running other people), that they don’t get so much Hex out of it, so why not?
Fabian: Yeah, most of the time we spent on actually thinking about how we were going to do everything and it took a lot of time and a lot of tries to get it to where it’s at now. It’s (designed to be) price-positive in almost every way because even if a lot of Hex now gets staked for really long, how is that a bad thing?
Kryptosparbuch: Would it remove the good behavior, because the current game theory of Hex is made that it incentivizes long-term thinking and long-term planning and so on, so would it remove this good behavior?
Fabian: No, it would actually benefit because all the stakes are 5555, that’s the best user behavior you can have.
Kryptosparbuch: Yes, but right now if I do a 5555 stake, I know I’m locked in, and this kind of behavior would be gone with the HexBay contract.
Fabian: Yeah but it’s also a good thing, because every time somebody gets impatient with the HexBay (stake) they can sell it. There’s a 10% fee that gets redistributed to everybody and it’s actually possible for a stake to be really net-positive for everybody else if it gets sold a lot of the time, because in 15 years there’s a lot of opportunity to sell your stake.
Every time that happens 10% gets redistributed to everybody. Maybe it gets traded 10 times, and then it’s really good for the economy.
Kryptosparbuch: I see a few people here saying they are afraid that the main Hex game theory gets destroyed by HexBay, but I see it this way: If it is possible that somebody creates a contract like you did, then somebody will create it, and if you don’t do it somebody else will do it next year, for example.
Everything that can be done, will be done, and Richard Heart, for example, never thought that people would emergency end-stake to restake longer, so this shows me that users find their way on what to do with the product and I think HexBay will show us in the future what interesting things Hexicans will actually do with that contract. I think that is really interesting for the market.
Yeah and actually for me personally, I like the HexBay contract, and if there are no bugs in the code, which is being audited by the same company who read and reviewed the Hex smart contract, that is enough for me to trust it, personally. Do your own research, everyone. This is not financial advice here.
Also for the referral program, for older people, for people who are afraid of losing their keys, if this is a direct onboarding mechanism, not via the online channels, then I can say “Yeah, let’s take my address as a recovery address”, because I will take care of it.
There is a lot of Hex on there, so I have the seed (memorized) in my brain. As Kryptosparbuch, could we make a new seed on a hardware wallet and offer that seed as a recovery option?
Fabian: Yeah, you don’t choose the seed but you choose an actual address.
Kryptosparbuch: Yeah, we are creating the seed from a hardware wallet just to be as safe as possible, you know to create it offline. Then we could use this address and do some other business stuff around it that the user might link his address with the email address that we also know, as a way to authenticate, “Okay, this is really a user from Kryptosparbuch.”
Cool ideas actually! I really like a lot of this. And are there maybe more things to come in the future? Are there more things you could implement into the HexBay contract?
Fabian: Yeah so while we’ve been working on the HexBay contract, we had a lot of ideas for stuff that we could do and most of the time it was the other dev that held me back a little bit, because I wanted to implement this, that and everything. But in the end we wanted to bring out HexBay as the product that it is now and we will be building other stuff then, probably. It kind of depends, but yeah we have a lot of ideas and that’s me basically in a nutshell.
I have lots of ideas and I’m always coming up with a lot of stuff, trying everything out, having a lot of game theory in my mind.
Kryptosparbuch: So right now the market and the community is a bit curious in regards to the Hex share rate. Yesterday evening we did the German stream and I calculated the stake which is about to come out on the 15th of March, this huge lake of over 1 billion Hex. What do you think the share rate will do?
Fabian: I haven’t looked into it. How old is the stake?
Kryptosparbuch: Man this guy is smart, because the first thing he’s asking is how old the stake is. He really knows if the stake is not long enough, it won’t set a new share rate. You nailed it, because it started on Day 104 I think, for a 1-year duration.
Fabian: And I don’t know, are there any other stakes that are older that are going to end before that?
Kryptosparbuch: Yeah, I calculated yesterday and it turns out that if you calculate those last 12 days of interest, it’s pretty easy to calculate because you just take the average of the last days. It won’t change that much in the next 12 days and if you then put in the whole amount of Hex he might receive, +/- zero-point-something %, and then you stake it again for 365 days, you already see that he won’t get as many T-Shares for that as he currently has.
The share rate will not do anything. I shouldn’t say it won’t do anything on that day because there still might be an end stake from the first or second day with way less Hex, but then we have a new share rate. But this large stake won’t affect the share rate at all.
Fabian: Yeah the first thing is, the Day-1 stakes that are ending are setting the rate.
Kryptosparbuch: Or if there is no Day-1 stake and there is a whale stake for 3 days or something like that, then this stake would change the share rate as well. Only by a small amount. Also with the old stakes it’s also just a small amount.
It might change in some years because if there is no stake competing with this specific first day stake then there might be a smaller spike, so for example in 2030 when those OA stakes from the first week are ending that might be a higher spike in the share rate of a couple of percent.
Fabian: I have some stakes ending in 2030, from Day-1, so prepare for the higher share rate.
Kryptosparbuch: Yeah, it would definitely be better to make a re-stake in November. Just look at Hex.vision. It’s still better to re-stake before those stakes are ending which are setting a new share rate.
Fabian: The best thing is always staking for as long as possible, and then surely it doesn’t really matter that much when you do it. The sooner the better.
Kryptosparbuch: Do you have a solution for that, Fabian, to always stake longer? [laughs]
Fabian: Yeah, it’s easy. You go to go.hex.win and then you put 5555, or you wait one and a half months, you go to hexbay.win, and then you’ll create a tradable stake there and then you don’t even have to wait all the time. You can still be patient and wait all the days through and then you can just end your stake, and you made pretty much as much as if you had done it on the normal Hex contract, but you had the flexibility all the way.
Kryptosparbuch: Cool, do you have any questions for us, Fabian?
Fabian: How is it in Mexico?
Kryptosparbuch: It is awesome. Right now it’s getting really hot, it’s 3PM and I can’t wait to get to the beach. When do we get to see you traveling around?
Fabian: Me personally? I don’t know, I’m not the kind of YouTuber, I mean once COVID is over —
Kryptosparbuch: You don’t need to be a YouTuber to travel.
Fabian: But I meant if you want to see me travel, I would have to say once COVID is over, we are going to travel.
Kryptosparbuch: I would love to see you and the Graf Panini guy as well at a Hex Conference someday. That would be awesome.
Fabian: Yeah, I’m also wearing my Hex shirt but yeah you can’t really see it. Yeah, Hex has the best community.
Kryptosparbuch: Thanks to everybody out there for this awesome chat today. Thanks for coming and asking all your questions. Thank you Fabian, for answering all of them and clarifying the different things which are out on the market, and for clarifying what the HexBay contract itself is, and how it is beneficial for the whole ecosystem.
Thank you for spending the one and a half hours explaining HexBay, it was pretty nice for everybody.
Abit, anything from your side? I just have to say thank you and enjoy the rest of the week.
Well thank you everybody for being in the chat and for watching the video, and thank you Earl for being such a great community member, and I think this is why Hex is so valuable right now, because the community really drives Hex forward, and you’re doing your part so thanks for working on HexBay and giving us this awesome tool.I would love to see more from you in the future.
Fabian: Thanks a lot for inviting me, for having me on the stream, and thanks for everybody that tuned in, for everybody that maybe will watch this later yeah and thanks to you guys as well for for doing the Kryptosparbuch streams, for putting so much time and effort in.
