For a certain type of founder, one of the most perverse truths about crypto is that the best way to achieve success is never to build anything. Token presales encourage infinite delays because you can make grandiose claims and then the reality will always fall short.

Richard Heart’s (aka Richard James Schueler), a long-time cryptoraconteur, and leader of Hex and PulseChain project, has spent the last two weeks finding out the hard way. PulseChain, a clone essentially of the Ethereum smart contract platform, and PulseX (a decentralized exchange) had been eagerly awaited by investors – sorry “sacrificers” – for years before they launched in this month. There was a lot of jubilation.

Protos has stated that the PulseChain system has failed on a number of occasions since its launch on May 13. The system has failed in a variety of ways, including high fees. This is despite the fact that the PulseChain was designed to be “Ethereum with lower fees”. After Protos released its analysis, an destructive bug appeared, which is believed to have cost liquidity providers millions of dollars worth of fees on the PulseX DEX. Wrapped bitcoin surged to $70,000 for each token, which is more than double its open market value.

Since launch, PulseChain has seen the prices of its related assets, including PLS, PLS, and PLSX, drop by 30% or more.

This comical disaster was predictable in some form. PulseChain isn’t a fork, it was marketed as a copy. It includes all assets and wallet balances as they were on Ethereum. , as of mid-May’s launch. Many critics have noted that this does not take into account the many dependencies which are behind the Ethereum assets. These would be broken in an amazing variety of ways, if they were cloned. Stablecoins such as USDC, which are backed up by reserve assets, would be a simple example. The clones of these assets on PulseChain are not backed and therefore have no value.

PulseChain is the most vocal critic of PulseChain. Blockchain researcher Eric Wall recently called PulseChain a part of a “bizarro crypto-world.” Although it’s hard to pinpoint exactly what makes something Bizarro Crypto it’s still a useful label.

You have things like Ethereum, Bitcoin, Uniswap, and Filecoin that work more or less as intended. You have projects which look like the real deal, but in some way are compromised or inverted. This is similar to DC Comics Bizarro representing the shadow-self version of Superman. Bizarro Crypto is characterized by subtle differences, which are sometimes only apparent to those who have seen too much.

Richard Heart’s rearside is something I’ve seen a lot of. His carnival-barker style revolves around four main things: cars, tracksuits, and gold chains. He has made his vulgar display of his apparent wealth and poor taste – wealth mostly obtained from Hex and Pulse Investors– the defining feature of his online persona.

Opinion

This is, in a way, one of the main reasons why you haven’t heard much about Hex and PulseChain. Heart’s absurd persona appears calculated to keep Heart’s projects firmly in Bizarro Crypto World and beneath serious attention. This is the equivalent of mispellings used in deceptive email. Security experts claim that these are deliberately included to scare away people who have good critical thinking skills. Heart created a parallel world where he was viewed as a mix of Satoshi, Vitalik Buterin, and Tai Lopez by selecting his own pool (and potentially vulnerable) investors. (Because, you know, Lambos prove you’re smart).

It is clear that this kind of parallel world can be seductive. Bizarro Crypto will eventually have to confront the real world, and it rarely goes well.