Mcdharyl Evra The PulseChain Community Is Betting On Richard Heart Pumping The Price of PLS With His Personal Funds.

The Pulsechain sacrifice was an event where individuals all over the world could use various digital assets (such as Ethereum, Dai, etc) to receive pulsechain coins. Pulsechain in itself is just a fork or copy of Ethereum. Pulsechain was marketed to be a faster and less expensive to use version of Ethereum. Richard Heart also marketed Pulsechain by telling individuals that they would receive a copy of all the ERC20 tokens that they currently hold on the Ethereum blockchain. This means if you held 100,000 USDC (which is a stablecoin) you would get 100,000 USDC on pulsehcain. The only issue is that the copies have no value, so the air drop part was pointless.

A brier recap on pulsechain history

The sacrifice phase ended on August 22, 2021, and raised over $700 million. The pulsechain sacrifice was called a "sacrifice" because no one was suppose to have any expectation from the work of Richard Heart. When you deposited your digital assets into the pulsechain sacrifice address it meant that your assets was no longer yours.

Even after the pulsechain sacrifice phase ended, the actual blockchain did not go live for two years (May 12th, 2023 was the official launch date). A ton of negative criticism and skepticism was brewing, simply due to how long the blockchain took to launch. There was issues present even after the blockchain launched and some of these issues are still here till this day. Issues such as a bug in the version one of their dex, a non-functioning block explorer, low liquidity, issues with the bridge (in terms of how long it took to bridge), issues with the transaction fees, and many more.

Even though there was some issues present, the chain was seeing million of dollars pouring into it via the bridge. At this time the INC farm went live and provided decent returns to liquidity providers. The Pulse community also saw the value of PLS starting to rise. During this time the Pulsechain community also was getting hyped for the Richard Heart documentary.

However, this is where things took a turn for the worse. On July 31, 2023 the United States of America Securities and Exchange Commission (federal) filed a lawsuit against Richard J. Schueler a/k/a Richard Heart, Hex, PulseChain, and PulseX. In their complaint, the SEC alleges that Richard Misappropriated Millions of Dollars of Investor Funds from Unregistered Crypto Asset Securities Offerings That Raised More Than $1 Billion. After the SEC filed their lawsuit against Richard, it led to downward spiral of the PLS price (which is still down 86% at the time of writing this post).

Source: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25794

Typically a blockchain sees a rise in value when you have developers building useful applications on top of it. These applications lead to individuals buying up the native coin (PLS) which leads to price appreciation. However, due to the constant scams and money grabs on pulsechain this has actually had the opposite affect.

The only last hope that the pulsechain community now has is considering the PLS coin a leverage play on Ethereum. Let me explain, Richard Heart currently holds 171,088 ETH (Roughly $389.11 million at the time of writing this post). The pulsechain community believes that if the price of Ethereum can go up by 2x-4x from the price richard heart purchased them at (which was around $4,000 per coin) than he might use some of the profits to pump the price of PLS. In theory this could work, due to the fact that pulsechain liquidity is small Richard Heart could pump the PLS coin with his profits. He has even in the past been spotted on the blockchain purchasing PLS with his funds, so the theory is not entirely baseless. However, the theory is still based on the hope that #1 - Richard Heart wins his lawsuit against the SEC and #2 - Richard Heart decides to use his funds to pump PLS.

In conclusion, the Pulsechain community is gambling on the notion that Richard Heart will pump their bags with his funds. You can track Richard Heart's wallet by going here: lookintorh[.]com

Thanks for reading,

Mcdharyl Evra