Hashshiny Token (HST) – Scam Or Legit?

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Maybe you’ve heard of Hashshiny, the cloud mining company. I bet if you have heard of them, you haven’t heard anything good. I wouldn’t go as far as to claim that their cloud mining is completely made up because there’s a slim chance they actually do some mining. Their customers will however not get a cent in profit if they are gullible enough to invest in cloud mining through them. I know, because I was gullible once. This article will not be about their cloud mining (if there is any), but their token (HST).

Hashshiny token
Probably as legit as their “cloud mining”

About 1.5 years ago I got curious about cloud mining, and bought a couple of contracts with Hashshiny, out of curiosity. I believe I bought two $50 contracts, one for BTC and one for LTC. It didn’t take long before I realized that I will never be able to withdraw a penny from the presumed “profit”.

A few months ago I when I got a new phone, I found their app on my old one and logged in to check if I should just delete it or not. I found out that they had launched a token, and apparently I was mining it. It seems that everyone who has their app installed (and possibly have bought some of their services) is mining their token.

Hashshiny claims their token is on the Ethereum blockchain.

How it work? (sic)
Proof Of Stake (PoS) Protocol
Hashshiny is a deflationary token.
Hashshiny Token was designed to undergo regular halving to protect it’s scarcity.
Hashshiny will spend 20% of annual profits to buy-back-and-burn HST tokens, reducing the overall circulating HST token supply.

Total Hashshiny Tokens: 510,000,000 HST
Token distribution:
Team 15%
Private sale 7.5%
Public sale 7.5%
Mining 70%

The above claim is nothing special. Anyone can make a token like that and make those claims. The interesting part comes next.

The Hashshiny token project will raise a private sale and ICO of $23 million USD at a price of $1.25 USD in 370 days.

That would mean that my ~517 HST (at the time of writing this) would be worth $646 USD, once the 370 days are up. I would be okay with that, considering I “invested” $100 in their “cloudmining” I would still make a decent profit from their token. All I have to do is wait for the remainder of the 370 days, and it can’t be that far away.

Except the fact that (according to themselves) the project launched in may 2021. At the time I’m writing this, it’s may 21st 2022. So at least a year (365 days) must have passed by now. I’m eager to cash in on my precious HST tokens, any day now.

Oddly enough I haven’t read or heard anything about an ICO, private or public sale of the Hashshiny token. I’m assuming it’s because you have to be at least at Illuminati level to get an invitation for the ICO or the sale of the token. I’m just a lowly university student, so it makes sense I haven’t been able to find any information regarding this.

I’m also a bit confused about which Ethereum blockchain they have deployed their token at. It says “Ethereum ERC20”, so I have been assuming it’s the same blockchain the rest of us is using. But I have searched in every way I can think of, and nowhere can I find the Hashshiny (HST) token on the Ethereum blockchain. And since they must be just about done with raising the $23 million I assume the token must be live, since it is extremely hard to hold a private sale and an ICO for a token that doesn’t even exist yet. And if it doesn’t exist, then what the heck am I “mining” on my phone?

I’m not going tell anyone what they should think about all this, or about the company itself. But I will not link to their website, and I wouldn’t encourage anyone to participate in the ICO or sales of this invisible token.

What do I think? I believe that the token is just made up as an incentive for their customers to “invest” more money in their cloud mining business. They have a leveling system, and the more money you “invest” the higher level you get. As follows:

You must purchase more amount of Hashrates to upgrade to new account levels.

0$-6$ Level 0 (discount 0%)
6$-100$ Level 1 (discount 1%)
100$-1000$ Level 2 (discount 2%)
1000$-5000$ Level 3 (discount 3%)
5000$-10000$ Level 4 (discount 4%)
more than 10000$ Level 5 (discount 5%)

By the sound of it, the HST token will be extremely profitable. Especially if you “mine” it for free. So of course you would like to get your hands at as many tokens as you can before it gets tradable by the public at the cost of $1.25 per token.

The mining process
Imagine getting 10 HST per day!

To be fair, it is very possible that I have missed something. I might have missed their big sale and ICO, and maybe I misspelled HST when searching for the token, like everywhere. If you find out something I’ve missed, please let me know!

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