So this morning I received via e-mail an invite to join the HXRO beta, and having seen a lot of people talking about it over at Twitter the last few weeks, and having earned a little free HXRO for signing up early a month or so back, I was quite eager to give it a go...
Selling itself as "trading re-imagined", HXRO is a platform that applies gamification to crypto-trading. With the platform's initial flagship game being "MOONREKT". Which is essentially the card-game "Hi-Lo". In which players place bets on whether a certain crypto is going to rise or fall in price within a given time-frame. With correct bets being rewarded.
At time of postng users can bet on Bitcoin, Ethereum, or XRP, on a number of different time-frames from 5 minutes, to 60 minutes. And while kind of fun, it is what it is, gambling, and while HXRO will likely appeal to a certain demographic, in my personal opinion, trading platforms such as this are usually best avoided.
Almost everybody I know has been burned over at BitMEX, some, for vast life-destroying amounts of money/crypto. Having lost using high-leverages, and then losing more trying to claw back said losses. And HXRO is really nothing different.
It might have a shiny fun new face, and there might currently be a lot of hype surrounding the platform, with a good number of crypto-Twitter-OGs shilling it (waves of referral links to follow no doubt), but after a few hours spent over at HXRO, in my personal opinion this is likely to prove to be just as damaging as BitMEX to many once it gains traction. And as a crypto "investor", gambling is not something that appeals. Sure, some will get lucky, and make nice gains, but chances are, long-term, it's not going to be you. The platform is bright, and colorful, and cool, but as with any form of gambling, you're probably going to lose your shirt...
Betting Against Bitcoin
While in honesty I only spent a short amount of time over at HXRO (and that was enough), and only betting on Bitcoin (mainly to Moon against the grain, as I did at BitMEX) and as such didn't really have the time (or inclination) to fully understand how the algorithms function. The reward multipliers were only displayed "after" you'd placed your bets. And seemingly (in the time I spent there at least) the biggest multipliers were awarded to those who bet against Bitcoin. Which left me with a similar distaste as to how I feel about BitMEX.
I may be in the minority right now, but I'm only in favor of anything that helps the value of Bitcoin grow. And while there is a certain interesting use-case to HXRO - it's not one that I'm personally fond of. Being of the opinion that if you're betting against Bitcoin, you should just get the fuck out, and go do something else with your time. There are plenty of regular casinos out there for those who enjoy such distractions.
With that said, some will likely find the high-adrenaline rush of HXRO appealing, and if you're a fan of the sort of high-leverage shenanigans offered by BitMEX, this fresh-faced alternative could be for you. And should you want to give it a try, once out of beta, and open to all, you can find it HERE. Just don't say you weren't warned...