I won’t express a strong view either way.

In their defence, what they are doing is no different from the banking system as a whole. Basically they are hoping everyone does not want to withdraw their money at the same time, whilst being prepared to print more Hex, if that happens.

On the negative side, after launch – when you got free Hex, (so no risk for those who got it free), they had the Adoption Amplifier (AA), to which you could send ETH to get more HEX. There is little doubt in anybody’s mind that Richard Heart must own or control the AA which took in huge amounts of ETH.

As for the price of HEX, it would have been possible to boost it to astronomical levels by the simple tactic of using the AA to buy a little Hex. This takes into account that a large percentage of the HEX was staked for long periods. It can not be cashed in without very heavy penalties.

Remember that the “Market Cap” is based on the last price paid for the last one token. Market cap does not reflect the price everyone else paid for all the remaining tokens.