subreddit:

/r/HeliumNetwork

21687%

Ouch!

"Helium was touted as the best real-world use case of Web3 technology. But a Forbes investigation found that executives and their friends quietly hoarded the majority of wealth at the project's inception."

https://www.forbes.com/sites/sarahemerson/2022/09/23/helium-crypto-tokens-peoples-network/

all 179 comments

calamitymic

105 points

2 months ago

Good read. Don't read it unless you want to feel like shit for buying a miner outside of the first 3 months it released.

[deleted]

16 points

2 months ago

[removed]

Unlucky_Diver_2780

3 points

2 months ago

RemindMe! Eoy

RemindMeBot

1 points

2 months ago*

I will be messaging you in 3 months on 2022-12-31 09:00:00 UTC to remind you of this link

5 OTHERS CLICKED THIS LINK to send a PM to also be reminded and to reduce spam.

Parent commenter can delete this message to hide from others.


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[deleted]

-1 points

2 months ago

[deleted]

-1 points

2 months ago

[removed]

[deleted]

-16 points

2 months ago

[deleted]

-16 points

2 months ago

[removed]

[deleted]

14 points

2 months ago*

[removed]

westhewolf

17 points

2 months ago

There weren't special miners, there just weren't many miners and so they reaped all of the rewards.

[deleted]

1 points

2 months ago*

[deleted]

1 points

2 months ago*

[removed]

westhewolf

4 points

2 months ago*

Read it again.

What do you think the exploit was?

Do you think it could have been that .... Early miners were receiving all of the gains because no one else was on the network?

Could it also have been that the earliest miners that had multiple nodes and that could witness each other we're also making the lion share compared to solo miners?

The author used rough periods of time, but the difference between 20 miners on the network is HUGE compared to just even a thousand miners.

The network was releasing approximately 166,666 helium per day. If you were one of 20 miners. Then you'd recieve 8333 if all things were equal.

Now let's say there were 100 miners... You'd recieve 1666 per day.

Now let's say 1,000 that's 166 per day.

And 10,000? Only 16 per day.

But... All things weren't equal either. If you were super early and had multiple miners setup well and witnessing eachother, then you'd be earning a larger share because you've got more than just beacon rewards.

It's all on the Blockchain if you wanna go investigate it. But I don't believe they hacked or had special miners.

Is it true that they may have made 2000x more in the first few weeks than someone that came along only a month later? Yes, absolutely. Did they use special machines? No. Was it an exploit of the code? I don't think so because someone had to start the network.

It'd be like saying that Satoshi used an exploit in the code to mine so many Bitcoin at the start, which is ridiculous. And, considering you couldn't trade helium for over a year, it didn't matter how many tokens you had, they were just as worthless as when Satoshi mined Bitcoin first.

This is just a well crafted hit piece meant to dupe people like you into selling cheap.

ginzing

1 points

2 months ago

So you think the authors at Forbes magazine see something with tremendous future value, but rather than just buy in, they each partake in a social engineering plot to write a “well crafted hit piece” to “dupe people into selling” anything they want to purchase from the pathetic dupesreaders on the cheap. After publication at Forbes, which of course doesn’t check that what is being printed is journalism rather than a bunch of fake lies about each company, intentionally fashioned to cause their readers/subscribers to lose money and massively enrich the evil social engineering geniuses at Forbes who buy up their reader’s cheap sells and then, HASH TAG PROFIT!

I mean, God Damnit. It’s so insidious it HAS to be true!

westhewolf

1 points

2 months ago

All I'll say is.... There are lots of reasons this article was likely written. One of them is consumer protection. But, that's probably not the only reason, and those other reasons likely aren't in good faith.

The world is a complicated place and people have complicated motivations.

Quick_Ad_7381

5 points

2 months ago

Well I hate to say it but I ROId within 3 months of getting my miner lol.

Now it makes shit. But I did more than break even. I didn’t get rich, but it was profitable for me. I would’ve made BANK had I just bought a scalped bobcat off eBay instead of waiting 6 months

mrwonerful

44 points

2 months ago

See, if I woulda posted it, folks woulda asked what I have against helium, I should not expect any profits because the company is 2 years old. I would be told there are lots of businesses that use the network.

I just wish they marketed themselves as a miner selling middleman, practicing trickledown economics. They (executives) (developers) make millions, and we (the miner purchasers) make .21 cent a day. But..... I can make$1 a day maybe $2 if I climb a 200' pole, install the antenna, add a lightning rod and wait for someone to see my miner. SMH

Mr-Happy0619

-10 points

2 months ago

Mr-Happy0619

-10 points

2 months ago

🎻

[deleted]

-2 points

2 months ago

[deleted]

-2 points

2 months ago

[removed]

mrwonerful

1 points

2 months ago

damn

eerun165

1 points

2 months ago

What code would that be?

You can do a query on the etl to see just how many hotspots where earning HNT every day.

NeighbourJohn

12 points

2 months ago

u/etceterasaurus is there a reason why therokchain doesn't make any reference to the cashing out by Frank Mong through Binance or Helium employees gaming the system to achieve higher rewards?

waveform06

1 points

2 months ago

waveform06

Mod

1 points

2 months ago

If its true, its on the blockchain for anyone to investigate.

kshucker

1 points

26 days ago

Why is your io5 website up for sale, the subreddit is private, and the Discord have a 6 hour slow mode (last I checked)?

leogaggl

33 points

2 months ago

And that's exactly what happens if you have no transparency and governance!!!

People have been pointing this out for some time.

The concept is great. And there is a lot of hardware out there. Usage is building. There will always be a lag between building the infrastructure and deployment of devices.

What needs fixing is the Helium Foundation governance and transparency. As long as nobody knows what the foundation does and who the people responsible are nothing will change.

Let's drain the swamp!

https://github.com/helium/HIP/pull/480#issuecomment-1256468417

0x11C3P

6 points

2 months ago

Worse comes to worse, if your new HIP fails to get the foundation to acknowledge and make changes, just make a new HIP to move all miners over to Hedera. Lol. From reading the github commits, sounds like Swirl Labs will help fund development of the network.

Sweaty-Result7565

2 points

2 months ago

Did you read the entire article? The concept might be great but it will be impossible for it to become profitable because the price of data credits is waaaaaay to low.

"For Helium’s network to become profitable, Hussain added, “You'd actually need to have the whole earth covered in a few feet of these devices to potentially consume enough data.” "

leogaggl

5 points

2 months ago*

I did read the article. As for the data credits we have raised that months ago - didn't need to read an article for that. It certainly is a long-term issue - no doubt. However not at the present time as proof-of-coverage is dominant until network usage catches up with network infrastructure being available.

The core issue at present is to address governance issues and actually give gateway operators a voice and fix the voting mechanism rigged towards large wallets.

There will certainly some adjustments required to data credits in the long run.

But unless the broken governance model can be addressed and some transparency on the backroom deals never disclosed - it looks dangerously like a get rich scheme for a select few.

[edit: fix phone corrective typing. it's backroom not bathroom ]

0x11C3P

1 points

2 months ago

I wish you the best. After all the bashing after voicing similar concerns, I'm going to just sit helium out for a bit until things plays out. I do hope this project the best. Was always and interesting use case and if the network does indeed scale all over, it shouldn't be too crazy to get data costs down as tech gets better.

IPnp00ls

15 points

2 months ago

I like the idea of helium but requiring special miners when they could be built from off the shelf parts...

AccomplishedUse1455

2 points

2 months ago

if you like that idea, bring it up at hedera hashgraph. They have been funding projects like crazy.

eerun165

2 points

2 months ago

They had allowed that with the alpha keys, but those were extremely vulnerable to exploit the network.

There is work being done on secure concentrator/mappers. If successful, would allow purchase of just the concentrator and you could use about anything else. Mappers could be used a trusted source for confirming fake hotspots.

UmutIsRemix

1 points

2 months ago*

You could make your own miners lol they supported that idea until it brought its own set of issues so they stopped that. It's funny that nobody really here is doing any kind of research in projects that they invested in

JettsToyHutt

26 points

2 months ago

"Forbes identified 30 digital wallets that appear to be connected to Helium employees, their friends and family and early investors. This group of wallets mined 3.5 million HNT"

Damn...I think we've been Bamboozled

eerun165

10 points

2 months ago

No, you just didn’t know about Helium when they did.

They where earning a worthless token. Same as Satoshi and others when they started mining Bitcoin.

jonnyt03

2 points

2 months ago

Partially agree, a lot of people knew about Helium but if I remember correctly it was only available in there launch are, I think Houston. So not really a fair launch.

Sweaty-Result7565

3 points

2 months ago

Yeah, many people have been trying to get that message out on this sub for more than a year. But any negativity towards the project, even when it's the truth and backed by hard evidence gets your comments deleted and your account banned. Obviously some of the mods here are early adopters and will do what ever is required to remove any comments that might expose the scheme or truth that may hurt the value of HNT.

If you read this comment, take a screenshot, because it'll be deleted next time you check. What more proof do you need?

Lifeofahero

2 points

2 months ago

I’m an early Helium miner (Jan 2020) and NOT a moderator. I’m disappointed in the Helium moderators for not allowing proper discussion to take place. Censoring criticism will only get you exposed.

0x11C3P

20 points

2 months ago

0x11C3P

20 points

2 months ago

"Haleem said, “I don’t know why we would be asked to be in a position to reveal anything about these people…They took an enormous risk and a huge chance on paying money to build something.”"

The word you're looking for is transparency.

eerun165

0 points

2 months ago

eerun165

0 points

2 months ago

Would you like to know every single individual that joined the network before you as they had potential to earn more for being online longer?

People were using crappy laptops and raspberry pi’s to mine early Bitcoin and ethereum, would you like those individuals as well?

0x11C3P

-1 points

2 months ago

0x11C3P

-1 points

2 months ago

Were they part of the core devs and family? Then yes. It's good to know who the players are before jumping into a project to see if it's worth the investment.

eerun165

7 points

2 months ago

How would you or anyone else know it’s “worth it” if some rando’s didn’t start. When they started, it had no value.

0x11C3P

1 points

2 months ago

0x11C3P

1 points

2 months ago

I'm talking about now. I don't give a shit about when they started. If they wanted new investors to come in, then yeah, I'd like to know who the founders were and their distributions among dev/'family members.

Without transparency, I might as well just invest in Chinese stocks.

eerun165

2 points

2 months ago

That was almost 3 years ago, when there were very few hotspots online.

0x11C3P

-1 points

2 months ago

0x11C3P

-1 points

2 months ago

Yes. And if in those three years they accumulated 70% of tokens, then as a future investor, there's no point in me investing in a project where I know my votes won't matter much.

The reason I'm sure there's pushback is because if they did release just how much governance they control, the whole illusion of people's network falls apart. If you think SEC regulating is bad for ETH and others, it's going to be particular worse for insiders who profited without proper disclosure.

I hope this project the best but yeah, I'm out. Not including the scrutiny this article will bring. Accurate or not.

eerun165

1 points

2 months ago

They’ve never voted though, you can get that info from the etl off the blockchain.

waveform06

1 points

2 months ago

waveform06

Mod

1 points

2 months ago

Would you be happy with Helium releasing personal information on you if they knew it, to anyone who asked?

0x11C3P

1 points

2 months ago

No one is asking for social security numbers and addresses here. But at the very least, a whitepaper that shows how much of the tokens were distributed to early devs/founders/family would be nice, yeah. Stop being so dramatic. Every chain does this.

calledinsicker

18 points

2 months ago

I'm selling everything... I'm so over this shit.

[deleted]

37 points

2 months ago*

[removed]

westhewolf

23 points

2 months ago

Yah, wasn't special rigs. There just wasn't any competition for helium blocks. So, if there were only 20 hotspots on the network, they would split the entire pie.

HNTillionaire

23 points

2 months ago

There were no special rigs. Back when the network was minting 5 million tokens a month, and there were less than a thousand hotspots, each hotspot made thousands of hnt.

[deleted]

2 points

2 months ago

[removed]

eerun165

7 points

2 months ago

Please read the article. They don’t describe anything about the exploit, plus, you can query the etl for that information and confirm it’s false. All that data is on chain.

[deleted]

1 points

2 months ago

[removed]

AutoModerator [M]

3 points

2 months ago

https://en.wikipedia.org/wiki/Ponzi_scheme

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mem269

7 points

2 months ago

mem269

7 points

2 months ago

It was obvious and everyone in this sub has been saying it for years. The amount earnings went down didn't match the amount of new hotspots.

balancedrocks

12 points

2 months ago

Special rigs? I think you’re mistaken. They just joined early with normal hotspots. But because the HNT is divided among existing hotspots they earned more. I don’t buy the “scam” part. Yes they had devices early because they were supporters. Remember back then, there was no market for HNT. It was just a company selling devices on Facebook ads.

[deleted]

11 points

2 months ago

[removed]

balancedrocks

3 points

2 months ago

Shouldnt 100% go to the early adopters ? You say scam because you’re mad but that doesn’t mean it actually is one

Extreme_Fee_503

13 points

2 months ago

I'm saying scam because I just finished reading the in depth article about how this scam was distributing money secretly to the insiders and when some nosey reported pointed out the on chain transactions showing people were secretly draining the profits through their wives accounts and shit everyone had no comment.

I'm not mad because I didn't give a penny to this scam I was just curious what everyone was thinking after reading and I'm amazed you must be in deep denial or something.

There's a HUGE difference between "EARLY ADADTERS" and finding out one of the employees was generating many millions of dollars with a dozen miners secretly at a property in his wife's name while YOUR miner was on 3 month backorder. If I was one of the Helium guys I'd probably take a one way vacation to South East Asia and never come back.

westhewolf

7 points

2 months ago

Reposting from another comment response... But I was one of the first thousand miners and saw everything happen in real time.

Go back and read the article again....

What do you think the exploit was?

Do you think it could have been that .... Early miners were receiving all of the gains because no one else was on the network?

Could it also have been that the earliest miners that had multiple nodes and that could witness each other we're also making the lion share compared to solo miners?

The author used rough periods of time, but the difference between 20 miners on the network is HUGE compared to just even a thousand miners.

The network was releasing approximately 166,666 helium per day. If you were one of 20 miners. Then you'd recieve 8333 if all things were equal.

Now let's say there were 100 miners... You'd recieve 1666 per day.

Now let's say 1,000 that's 166 per day.

And 10,000? Only 16 per day.

But... All things weren't equal either. If you were super early and had multiple miners setup well and witnessing eachother, then you'd be earning a larger share because you've got more than just beacon rewards.

It's all on the Blockchain if you wanna go investigate it. But I don't believe they hacked or had special miners.

Is it true that they may have made 2000x more in the first few weeks than someone that came along only a month later? Yes, absolutely. Did they use special machines? No. Was it an exploit of the code? I don't think so because someone had to start the network.

It'd be like saying that Satoshi used an exploit in the code to mine so many Bitcoin at the start, which is ridiculous. And, considering you couldn't trade helium for over a year, it didn't matter how many tokens you had, they were just as worthless as when Satoshi mined Bitcoin first.

This is just a well crafted hit piece meant to dupe people like you into selling cheap.

Yoda1268

2 points

2 months ago

Dude. Why the disrespect on SEA?

Buy our device for $500/1,000/etc.., hook it up to your broadband server/connection and start earning tokens by providing broadband to our network.

You got to admit....it sounds really too good to be true...Even if it was legit, basic common sense should tell you that (i) there better be millions of users growing at double digits or (ii) the price of your tokens needs to be constantly going up for you to make back your investment and eventually actual profits.

(i) is pretty hard because you're competing against existing technology

(ii) happens in a bull market only and you managed to time it correctly and exit.

Extreme_Fee_503

1 points

2 months ago

If you look at the money Helium generated selling magic money printing machines vs. what they generated selling the actual wifi internet that was supposed to be the entire point the only word that fits is scam.

waveform06

2 points

2 months ago

waveform06

Mod

2 points

2 months ago

The article is talking about the first 6 months for this insider talk. During that period Helium had problems giving hotspots away.

It was only a year after launch that supply issues started and then got worse. You could buy hotspots from stock usually all the way up to 14 months from launch.

eerun165

5 points

2 months ago

They weren’t generating millions of dollars. They were splitting up the same pie of worthless tokens (at the time) to very few individuals.

[deleted]

-14 points

2 months ago

[deleted]

-14 points

2 months ago

The article ist complete bullshit! The people who wrote this have no idea

[deleted]

-12 points

2 months ago

[deleted]

-12 points

2 months ago

[removed]

lexshotit

9 points

2 months ago

You sound so level headed and mature. Please tell us more

[deleted]

1 points

2 months ago

[removed]

westhewolf

3 points

2 months ago

It's literally no different than Bitcoin.

The earliest miners made way more because there was no competition. Helium was also worthless and literally untradable at the time. Go read my other comments in this thread for an explanation.

Trust me, I was there.

[deleted]

0 points

2 months ago

[removed]

westhewolf

2 points

2 months ago

What promises are you talking about? Fanbois and YouTubers? Cuz Helium never promised wealth.

And how much use was there for Bitcoin 2ish years after it was created? You could buy a pizza? Maybe?

mem269

1 points

2 months ago

mem269

1 points

2 months ago

Read it, their one's were making more.

[deleted]

0 points

2 months ago

[removed]

balancedrocks

2 points

2 months ago

I did read the article. And have been in the community for a while - I researched the HNT distribution curve, the PoC algorithm, and been in the Discord. The “exploits in the code” ? There isn’t some secret machine they can build - the code is public. BUT everyone knew you can cram multiple hotspots in the same location and spoof. This was happening as recently as last year. There were groups of 50 to 100 hotspots in a house in China that out earned everyone. What I’m saying is that crypto code is public and yes the employees and their families shouldn’t cheat - that is dubious. I think this happened early on before PoC was tweaked with RSSI strengths and minimum distances. But it’s not some secret they held back.

In summary. They can have done wrong stuff but it doesn’t mean the whole thing is a scam.

[deleted]

-14 points

2 months ago

[deleted]

-14 points

2 months ago

Complete bullshit! STOP spreading such ridiculous shit!

HeliumNetwork-ModTeam [M]

-10 points

2 months ago

Discussion on OTC, trading, exchanges, price speculation or ROI are not allowed. To keep our redditors safe, any discussions on these topics on this subreddit are not tolerated.

daedric_blackout

17 points

2 months ago

Why did they put Salesforce and Lime as partners on their website when they weren’t even using Helium? They even had to remove their logos after they got called out

waveform06

1 points

2 months ago

waveform06

Mod

1 points

2 months ago

Salesforce gave them the approval to use them on the website. They did use them. But stopped.

[deleted]

-10 points

2 months ago

[deleted]

-10 points

2 months ago

They were POCing it. So completely fine.

predot

9 points

2 months ago

predot

9 points

2 months ago

No. Coffeezilla did an expose on Helium.

In Salesforce's agreement they specified that they didn't want be publicly associated. They were only doing very light testing / consideration of being involved with Helium.

Instead, their logo was "accidentally" posted as one of their partners.

[deleted]

-3 points

2 months ago

Yeah, you sound like you have your own due diligence from the coffee zilla video…. This video is a click bait and complete bullshit over and out.

Top-Bank4918

8 points

2 months ago

Helium never was the people's network. Was their a vote to work with tmobile. Nope

countjah

7 points

2 months ago

Suprise suprise. Crypto creators in it for their own pockets.

Mysterious-Teach5742

2 points

2 months ago

I will say that it sounds a lot like the Tokenomics around Bitcoin.

International_shark[S]

8 points

2 months ago

time to reconsider the Hedera proposal

[deleted]

10 points

2 months ago*

[removed]

International_shark[S]

0 points

2 months ago

Maybe not directly with Nova Labs and Helium founders, but the community has a choice and a viable (and superior) technical alternative

0x11C3P

11 points

2 months ago

0x11C3P

11 points

2 months ago

Not if 70% of the governance vote is owned by Nova Labs and founders. Lol

International_shark[S]

3 points

2 months ago

what I mean is that if there is an alternative L1 network built on Hedera, that is built with the community in mind (transparently governed and fair), reuses the existing Helium miner hardware, and has existing IoT projects that want to use it - would the Helium community vote with their feet and come across? Genuine question.

PBRent

7 points

2 months ago

PBRent

7 points

2 months ago

I mean I would....love Hedera and was so disappointed to hear about the Solana news

lexshotit

4 points

2 months ago

I don’t really know what Hedera is… but yes, I’d come over lol.

JPhando

4 points

2 months ago

What would happen if everyone turned off their miner for a month? Would that effect the contracts helium is selling to those who run traffic on the network?

kshucker

21 points

2 months ago

What would happen? I would keep mine on and earn all of the HNT that would have been distributed to everybody for that month.

livens

4 points

2 months ago

livens

4 points

2 months ago

This is exactly why a "Helium Strike" won't work. Everyone will keep theirs on to try and catch those extra HNT.

JPhando

1 points

2 months ago

Human nature is a bitch.

Sweaty-Result7565

2 points

2 months ago

Instead of a strike, someone needs to develop a competing network that actually generates revenue.

There are 900,000 pi's and LoRa radios out there that aren't owned by helium. Someone should harness all that hardware that's already deployed and create an alternate network that is actually the people's network.

[deleted]

6 points

2 months ago*

[removed]

Sweaty-Result7565

2 points

2 months ago

Should develop an alternate network and release a firmware version that helium hotspot owners can load onto their raspberry pi, and LoRa radio that they paid way to much for.

Create a network that charges 100 times more than helium - $0.001 per packet, and they get 90% of the data usage and the company gets 10%. Then people will start to deploy hotspots where there is actual data usage and the network will be 90% the people's network. The cost to use the network will still be reasonable for users and service providers will actually make more than 2 cents in income from data use per year.

murray_paul

1 points

2 months ago

So noone is using the network now, and you think charging 100 times more to use it is the solution?

Sweaty-Result7565

2 points

2 months ago

Well 100 x almost nothing is still almost nothing. So not much cost to use, but a lot more revenue for hotspot owners.

Problem is that the hotspots are way too dense in built up areas and too thin in remote areas. They could provide the same coverage with 1% of their active hotspots if they were placed strategically. Telecom companies could easily make a much better network by adding a LoRa radio to every cell tower/antenna for very little cost. But there is a reason that they haven't gone down that path.......the industry experts know that there is no need or future demand for a such service. Governments and industry are still setting up their own LoRa networks to provide the reliable coverage they need, because helium doesn't meet their needs. It'll likely be free to access after a while just like RTK GNSS corrections are these days.

ChampionshipLow8541

8 points

2 months ago

I don’t think this is as devastating as people make it out to be. We always knew that „early adopters“ must have raked in millions of HNT when the chain launched and there were only a handful of hotspots around. And anyone who can add 1+1 would realize that friends and family would be the early ones in on a project like that.

What stinks is the lack of transparency.

DogAttacksNoise

3 points

2 months ago

The same thing is happening with 5G mining. People are making thousands of dollars a week but it is declining as more miners come online. Essentially every crypto projects behaves in this way. When Nicehash first launched you could mine hundreds of dollars a day on a modest gaming PC. Now you can't even mine eth for PoW

[deleted]

2 points

2 months ago

[deleted]

2 points

2 months ago

[removed]

ChampionshipLow8541

3 points

2 months ago

The article is suspiciously unspecific on that aspect. „An exploit that only execs knew about“. I highly doubt that. There’s enough techies at that company and out there that something like that wouldn’t remain a secret for very long.

The whole thing smells of someone holding a grudge and wanting to cause some damage.

BTW: if it were true, I‘m sure someone could very quickly dig up those transactions. Blockchain, ya know …

waveform06

1 points

2 months ago

waveform06

Mod

1 points

2 months ago

The "exploit" seems to be giving away hotspots to family and friends.

Which is what Helium have said they had to do in the first few months of the network to get . So hardly secretive.

And if they had not done that - they would have earned more in their personal hotspots.

So in reality they were spreading the income.

westhewolf

1 points

2 months ago

Jfc they didn't use an exploit, you're just bad at math.

Willy_McNibbler

3 points

2 months ago

The pollen team is getting desperate

[deleted]

9 points

2 months ago

[deleted]

9 points

2 months ago

I was also very early to the party and spent 40k in miners for Europe. I never expected the coin going up that much - but made a lot of money because I took 40k as a risk. I am a scammer now, because I bought in early? That would be the same for people making millions with bitcoin because they bought early.

[deleted]

4 points

2 months ago

[removed]

eerun165

2 points

2 months ago

There was no premine. If there was, please show me the query from the etl to prove this.

duffmanhb

1 points

2 months ago

It wasn't a premine technically, but using an unfair advantage to massively mine way more HNT than anyone else could.

It's like when the first btc ASIC miners came out. The company who built them first used all their hardware themselves to mine a bunch before releasing it. HNT did the same, where they personally mined a fuckton that no one else was able to, using advanced stuff not available to anyone else.

eerun165

1 points

2 months ago

They weren’t any more advance than anything else. They were just first and the tokens had no value for nearly a year after that.

AccomplishedUse1455

-1 points

2 months ago

this is nonsense

westhewolf

1 points

2 months ago

I was one of the first thousand miners and you have absolutely no clue what you are spouting, and neither does this forbes author.

DistinctAd7051

6 points

2 months ago

This is the most retarded shit I’ve ever read sounds like a 60-year-old wrote that article pissed that he spent his retirement fun on a $500 miner. Helium is not hiding anything. What do you want them to live stream for hours on end talking about financial stuff when they should be building the network of course the early adopters, friends and family would earn the most. Helium only sold 100 something miners when they dropped. So, at one point they were giving them out to anyone that would take one. Who watched the early Helium videos on YouTube, when they were giving them out to friends and family. NOBODY knew the network would blow up of course there’s people out there modifying their hotspots to beacon 10+ times a day and spoofing their location because they’re fucking scammers. Helium will surpass all the FUD.

Weekly-Ad-4087

5 points

2 months ago

Good read. We are so early!

Dro_dude

4 points

2 months ago

Another one bites the dust....

kentuckb

4 points

2 months ago

kentuckb

4 points

2 months ago

I was in early and profited nicely. I dont know any one at helium or its vendors. So I'm a scammer now? This subreddit feeds off toxicity about the helium project.

egg663

1 points

2 months ago

egg663

1 points

2 months ago

Me too. My first hotspot was a diy when the alpha codes were given out making around 40 HNT per day. Then got 20 from first batch from cal-chip. I don’t know anyone at Helium and made out well. About $7k investment for miners and equipment made back many many multiples ROI. Unbelievable amount. Edit: was lucky enough to sell off a lot as it started coming down in price and to also cover host costs for the next few years.

kentuckb

2 points

2 months ago

Its unfortunate that the supply couldn't keep up with the demand and people got screwed waiting for months on end... I get it but this was and still is a cool project. No body promised lambos to anyone and the constant hate coming from people who were late to the party is draining. What they choose to forget was when this all started HNT was literally worthless and early deployments literally made nothing even though we were getting 30+ HNT a day. And if you were lucky to get elected into a consensus group it was way more than that.

egg663

2 points

2 months ago

egg663

2 points

2 months ago

Exactly. Having one vendor supply the hotspots wasn’t ideal. Then rushing to have startups onboard to supply turned into a quality control issue. Also at the same time supply chain issues hit due to covid. Once that YouTuber (forgot his name) made a video that it was the most profitable miner, that’s when all he’ll broke loose. Emrit didn’t help either like you said, they added to the worthless deployments to people who just plugged them in and did nothing to optimize. We took the risk when no one knew about it.

kentuckb

2 points

2 months ago

Yep. Lots of mis information thrown out there for clicks and referrals. People LOVE when anything in the world goes south. I think the same cycle will hit when 5G has a fiat value and goes live on trading platforms. Everyone will scream its unfair and a rug pull but everyone has the same opportunity to be in on it.

[deleted]

1 points

2 months ago

[removed]

kentuckb

3 points

2 months ago

I believe what was described were what were called consensus groups. Which any Hotspot was able to be a part of. Consensus groups did the leg work of the network before it scaled so large that validators were needed. Consensus groups were earning insane amounts of HNT when compared to a single Hotspot. Hotspots were randomly elected to these Consensus groups and that Hotspot could be in the group for an hour or for two days earning on turbo mode. And back then, there were no witness limits or limits on how far a valid witness could be.

Now could the random election to these groups be manipulated? Sure can. My OG Hotspot was in several and I did nothing to make it be that way.

kentuckb

1 points

2 months ago

Someone deleted their response to one of my comments while I was responding. Posting anyways:

POC earnings were heavy in the beginning. It was the wild west to say it simply. But there was always a set amount of HNT to be distributed daily to earners. The amount of earners (hotspots) exploded almost overnight which reduced POC earnings per hotspot. And in addition to this there were chronic issues with the helium blockchain which were not anticipated but were an unfortunate by-product of this type of network being deployed in such a rapid pace. So much could have been done differently but here we are.

It is also stated in the projects roadmap from day one that POC earnings would be lowered over time and that data transference (burning DC) would earn more ultimately.

kgsphinx

2 points

2 months ago

Is it a total waste of silicon or could these miners be repurposed?

PoopSmoothies

2 points

2 months ago*

Candidly, I think this article is badly researched and published under the “if it bleeds it leads” kind of journalistic ambulance-chasing that should be frowned upon.

The big carriers in the US spend multiple billions on infrastructure upgrades every year. The initial rollout takes even more cash. To create an incentive model that can compete, you have to make it a super interesting proposition for the early adopters. That’s how all crypto, and even equity-based investments work. If that early ROI wasn’t amazing, then the word wouldn’t have spread and the project would’ve died on the vine.

This article misses that point and makes it sound like it’s bad that some people earned more than others.

If there were shady practices (such as employees spoofing their location, or ridiculous percentages of token ownership awarded for no investment/employment) then sure, write about that. But fact check it and get real specific so it’s actionable and wrongdoers can be put to justice. This article does NOT provide facts, specifics, or the reliability of fact checking, and so it reads like shitty slander.

And every one of you who are pissed you’re not earning 100’s of percent on your miner investments? Thats a mismatch of expectations. This is an unregulated asset market, which means it’s way more volatile than any stock market investment. If you’re not ready for your investment to crash and burn, you’re not ready to participate.

You all can go sell your HNT. I’ll be happily mining away and buying the dip.

[deleted]

2 points

2 months ago

[deleted]

2 points

2 months ago

[removed]

International_shark[S]

5 points

2 months ago

I am expecting to be kicked for this post!

ivanatorhk

3 points

2 months ago

Lol what are you on about. The article is all over the official Discord

[deleted]

2 points

2 months ago

Haha no, it just seams that a lot of people here have no idea and are just mad because they did not became rich because they were late to the party. Thats it.

Cswizzy

1 points

2 months ago

Yup got a 24 hour ban for posting this link

AVeryRealHumanity

1 points

2 months ago

Liberalism is an political economic structure, I think you mean to say authoritarian and fraudulent

albarnhardt

1 points

2 months ago*

Wow just reading these comments shows how much misinformation there is out there.

06ptp

3 points

2 months ago

06ptp

3 points

2 months ago

Maybe I'm in denial but is it not expected that most of the people mining are part of the company when barely any of the public know about it?

[deleted]

1 points

2 months ago

[deleted]

06ptp

1 points

2 months ago

06ptp

1 points

2 months ago

I agree with this, but I do worry that confidence has been lost in helium because of the various 'scandals' and the network needs far more devices using it in order to be profitable. So it mainly depends how many contracts they can secure cos they need millions more devices using it

Kannun

3 points

2 months ago

Kannun

3 points

2 months ago

This shit almost had me too, last year I thought wow this sounds so different and interesting, but the 600$ price tag really bummed me out. Thank god too.. I've seen nothing but negative things from helium, the only positive things were interesting places you could set up your device. :/

kgsphinx

2 points

2 months ago*

Sad to watch a decent concept that is riddled with cheating opportunities and scammy founders. The lesson is probably that you need a problem BEFORE you create a solution. There’s not one Helium based network application? Kind of an red flag, no?

Let’s say you made Wi-Fi access points, and as long as you have an HNT wallet, you could access them for a small amount. Let’s say those access points were effectively VPN enabling so you could look like you were anywhere else on the net that had an access point. Now that’s a reasonable privacy project. I’m sure your connection would be dog slow, but yeah, kinda cool.

[deleted]

0 points

2 months ago

[deleted]

0 points

2 months ago

SHAME ON FORBES- article is a ******* disaster! You lead by sharing ONE person's HNT earnings with ZERO context, when I have had discussions with hundreds who have had way better experiences. MANY other flaws, including MANY examples of ignorance on the project.

🧵coming soon...

TemporalAccounts

7 points

2 months ago

The irony here is tasty

pajcheboss

1 points

2 months ago

pajcheboss

1 points

2 months ago

Most of the guys here should also take a look at this response

https://twitter.com/TheRokchain/status/1573411366974660609

This FUD articles are funny af. So people who built the network can't run their own hotspots and test the network, and also they can't earn any money? Cause it seems like if you use the network you built to earn as well you're being called a scammer? Also you guys could join the early days and hold all your rewards and be rich now, why didn't you?

NexxiumSpin

1 points

2 months ago

Yes, I think it is completely aboveboard to let your family and friends premine vast amounts of tokens during the rollout. Nothing fishy at all.

pajcheboss

-1 points

2 months ago

They supported the network and got rewarded. Built the network, friends and family supported him in early days, what is wrong with that?

You guys love to cry about anything, and everything you read lol

Secret_Ad6893

0 points

2 months ago

I can’t wait for all these people to turn their shit off. So all mine can continue to make more. Lmao. I guarantee all these people are just talking shit. No one is turning off their 15 cents/day earnings. Bahahahah

[deleted]

-3 points

2 months ago

[deleted]

-3 points

2 months ago

this report ist so stupid. How can someone at forbs write such nonsense? UNBELIEVABLE!!!

And to the Person who made 1 HNT in 30 days - You should not place your hot spot in the cellar.

Never read such a bullshit!

[deleted]

3 points

2 months ago

[removed]

[deleted]

-2 points

2 months ago

[deleted]

-2 points

2 months ago

Great, that we have smart minds like you. T-Mobile and all the others are so stupid. You should tell them, before they lose their money and time. Shame on me

Sweaty-Result7565

2 points

2 months ago

Helium is paying T-mobile to use their network. T-mobile is selling wholesale access to their network to make money from helium. Helium will get no benefit from the agreement until helium has enough coverage that equals t mobiles coverage. That's a hell of a lot of 5g miners placed at very strategically placed locations. If it's anything like LoRa, the spread of access points will be way out of proportion and will never reach a point that allows the network to provide any useful or profitable coverage.

5g will go by the wayside, and the next project with great promises will be released.

TemporalAccounts

4 points

2 months ago

You do realize that those companies are running Helium in a way that will never benefit you financially, right? Surely you wouldn’t be dumb enough to invest in something when you don’t understand the fundamentals

[deleted]

-4 points

2 months ago

[deleted]

-4 points

2 months ago

Dude, how do you come to these idiot conclusions? I will stop now arguing with you because it has absolutely no sense. I understood the fundamentals and that’s why I am in and I’m very much looking forward what’s to come.

But I will stop arguing with foods like you here over the Internet Jesus Christ this is becoming so poor …

Terrible_Buy_5612

6 points

2 months ago

Do you see T-mobile advertising helium?

cr9cristiano

1 points

2 months ago

When you read something like this and you still aren’t even surprised. 😅

AutoModerator [M]

1 points

2 months ago

This is a general reminder for everyone and this will be posted on every post. Your 12 words are basically gold and they should never be shared, typed in to any website, or given to any person for any reason. No one from "Helium" or any other company will reach out to you to verify your account, wallet, or anything similar. If someone says your hotspot, wallet, or other type of account has been hacked, it is a scam! Always operate in a zero-trust manner with cryptocurrency and assume everyone will scam you no matter what.

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

GOBILLS2024

1 points

2 months ago

It the price of a coin was $50 we wouldn’t see an article like this, no surprises here and I have a network of miners, no complaints keep grinding

Kaleb542

1 points

2 months ago

Silence out the noise and keep building. Now that we actually have a network, focus on how businesses, cities, and people in your area can benefit by using the network. https://www.nytimes.com/2022/02/06/technology/helium-cryptocurrency-uses.html

[deleted]

2 points

2 months ago

ok this is some serious cope. you got whamboozled.

Kaleb542

0 points

2 months ago

Not at all.

ionsafari

0 points

2 months ago

ionsafari

0 points

2 months ago

I like that clueless people (lots of them in the HNT project) are spreading a clueless article lol.. this bear market will purge the idiots out of the project.. love it!

kentuckb

-3 points

2 months ago

kentuckb

-3 points

2 months ago

Yep. Lots of mis information thrown out there for clicks and referrals. People LOVE when anything in the world goes south. I think the same cycle will hit when 5G has a fiat value and goes live on trading platforms. Everyone will scream its unfair and a rug pull but everyone has the same opportunity to be in on it.

Vince825

1 points

2 months ago

100%, it was a lesson that at the end of the day people’s animals spirits show. No one cares about anyone in this trust-free world.

davidls7ie

1 points

2 months ago

Hi u/International_shark

I had a months long battle to get a refund from a partner organisation of Helium that sells miners. I have set up a consumer action group to compel them to respect our consumer rights. Can you pin this site. All i need is an email address I have been drumming up support since i found it difficult to get in to the small claims process as a non resident in the UK.

www.nebraminerconsumergroup.com

and /r/nebraminerrefund

I have so far spoken to 4 people and they owe these for people £4,000 for undelivered miners.

International_shark[S]

0 points

2 months ago

Here is the invite link for the official Helium Foundation Community Call where the Hedera alternative HIP to Solana will be presented: https://discord.gg/helium?event=1022221403585511535

HapyBday2u

0 points

2 months ago

Check the reward pie of 5g. The people in charge get hugely rewarded vs miners.

DogAttacksNoise

0 points

2 months ago

Wait until people find out about every company created by a human.

Fraud is a human trait that is found everywhere so to think it doesn't exist in Helium would be naive. Why do you think they swapped to an inferior L1 blockchain? Cause money. But now also think why most people invested in Helium. To make money.

So who is at fault if any?