Justin Sun, is a tech entrepreneur, the founder of the cryptocurrency platform TRON and current CEO of BitTorrent. Justin is former chief representative of the Greater China area of Ripple and Jack Ma (founder of Alibaba) protégé
Over the course of this week, a lot of news came out in regards to the CEO of TRON, Justin Sun after he cancelled the highly anticipated charity lunch between him and the American investor guru, Warren Buffett. Some of this news is still in rumour form so to speak but it has caused quite a stir amongst enthusiasts.
Earlier in the week, these rumours got so bad and inflated that the price of TRX was affected, and not in a good way.
Reports from Chinese media outlets suggested that Sun was charged by the nation’s authorities on internet safety for his supposed connection to money laundering, illegal fundraising, gambling and even spreading pornography.
And so with this, according to the Twitter user, cnLedger, Sun is banned from leaving the country.
I wanted to talk a bit about my currently most disliked cryptocurrency.
I have talked a bunch about various shitcoins like BSV lead by a crook and liar. Ethereum Classic that has nothing to justify its price, having little to no dapp use along with the double spend fiasco they suffered. LISK has a similar problem as well with almost nothing of consequence built on it. Most of these cryptocurrencies have nothing to offer in terms of mass adoption and yet they are highly rated in the crypto space.
But this is about Tron. In my mind they have surpassed Dogecoin as the king of shitcoins.
Its important to state all these cryptocurrencies have some intrinsic value simply due to blockchain technology but at this point in time with major tech development happening, “just being a crypto” does not cut it.
The biggest problem tron is facing is the utterly terrible quality of transactions happening on that chain that open the question of
>”who is it that uses Trx and for what purpose?”
I looked at the dapps listed on State of the dapps for Tron and i found a very interesting thing. 70 of the top 100 dapps listed at the time i looked were either high risk games or simple gambling. This is where the vast majority (id go even as far to say “almost all”) of use of the Tron blockchain comes from. Bot scripts programmed to run bets ad nauseum. Basically transaction spam.
The problem with gambling dapps in this case is that i dont think a single one of these dapps has any kind of licence to conduct gambling and the people behind them are generally completely anonymous.
This opens users to all kinds of problems. Customer abuse. Susceptibility to exit scams and schemes.
And in the case of the business models of gambling dapps, users are essentially partaking in a:
Most of you are familiar with the exit scam done by @magic-dice and how they essentially robbed users that thought it was a solid idea to treat gambling as a solid investment strategy, due to the promised dividend payouts from Magic Dice. @themarkymark, one of the bigger investors in Magic Dice talked about the exit scam they pulled a few months ago. His post really shows how you can easily find yourself in a vulnerable position and can be left with very little, or none at all, ability to react.
Magic Dice didnt come up with that business model. It copied it from many Tron and EOS gambling dapps.
How it works is pretty simple. A gambling dapp launches its own token. Gamblers spend money and get the gambling dapp token in return. Holding that gambling token gets you a part of the earnings that the dapp earns.
Pretty straight forward. But…. What people tend to forget is that
>The player base is always the loser.
People will play a few games and quit unless they are addicts ofc and since the player base coming from crypto communities is small, making gambling seem like an investment further incentivizes gambling. If you did the math on the token emission of Magic Dice tokens, the time to break even when taking into account reduced emmision over time (which can discourage late comers), the house edge, the time to break even for anyone not coming in early was extremely long.
At one point the big “investors” must have realized that they were playing against themselves. The spending by smaller accounts was insignificant compared to their own and they were continuously losing.
The only way for their investment to be profitable is if more suckers after them thought that they would become rich by “investing”, because some other sucker after them would think gambling is a good investment and so on… All that while the emission was being reduced and their stake slowly but surely diluted if they didnt keep playing, with no sink to speak off coming.
> A pyramid scheme is a way of making money that cannot continue very long. It involves promising people payment, services or ideals, primarily for enrolling other people into the scheme or training them to take part. It does not supply any real investment or sale of products or services to the public. .
Steem has for most part gotten rid of Gambling. There are still a few dapps out there like @epicdice which i sincerely hope users will avoid and research thoroughly. You will not only lose due to the house edge, you are open to losing much much more if you start looking at gambling as an investment.
That brings me back to Tron. When your blockchain is completely dominated by such business models and activities, when most of the transactions come from what is essentially a criminal activity what other description can you give to TRON?
If a house where people gather to smoke crack you call a “Crack house” despite some people also eating and sleeping there then why would it be wrong to call Tron a “massive Pyramid scheme” where most of the transactions come from unregulated gambling where the gambling dapps adopted a pyramid scheme business model?
Ill probably keep most of the cards. Maybe sell the Javelin girl. I think shes around 1$.
Cant wait till the new cards come in. I spent around 550 STEEM on the Steem Monsters TRON crowdfund so im hoping to at least break even with my investment and what ever is left over will be upgrading my decks.
You can read the basic setup there, but this is the important bit here:
Increased Contribution Bonuses (any fractional amounts will be rounded up): Addresses contributing 2,500 SEED or more will receive a bonus 10% additional SEED promo cards Addresses contributing 5,000 SEED or more will receive a bonus 25% additional SEED promo cards Addresses contributing 10,000 SEED or more will receive a bonus 50% additional SEED promo cards
Not to go into detail and complicate things further, the 10 000 SEED (Around 2000 STEEM) contribution is obviously the best choice which is why a few folks have been smart enough to make a POOL for everyone interested in contributing to the crowdfund. I put in 2500 SEED myself (around 550 STEEM).
Im going to leave the spreadsheet link here that explains what you need to do to join in. There is also the possibility of the pool being one of the bigger donors which could lead to getting a number of max cards.
Some of you might have heard, some of you might hear now, that Steem Monsters announced yesterday that they will be doing another crowdfund tied into the eventual integration with the TRON blockchain and their rebranding of “Steem Monsters” into “Splinterlands.”
The crowdfund will occur on the 15th of April and it will be held on the TRON blockchain, specifically on the site SeedGerminator. All details on the tiers should be shown there in a few days. The native token is SEED but purchases with TRX will be possible. (Although apparently purchases with SEED will give bonus rewards) The reward tiers are yet to be established but according to the announcement we should know them at least 24 hours prior to the launch of the crowdfund.
Im not sure what your best bet for exchanging STEEM for TRX is (@blocktrades doesnt exchange Trx/ has Dogecoin though :D) but i would assume Binance.
FEW THINGS TO CONSIDER:
There are a few things to consider when deciding to participate in this. While i would generally consider Steem Monsters a safe investment, the fact that TRON is very new to plenty of folks, me included, anticipating the reaction of the TRON community to the project could be proven difficult. Will they dump all the cards, will the demand for cards increase. It is hard to tell sincethey might not be as personally invested into SM as much as STEEMIANS were during their first crowdfund.
Another thing to consider (if youre going into this with a speculator mindset) is the bull market that is apparently at hand. If STEEM price goes up drastically, you might find yourself losing some STEEM due to the wait period between the time you spend your STEEM and the time you get the cards. If STEEM goes up in price, the card prices will also go up to a point. The problem is that Steem Monster cards are tied to fiat in value which means that at one point it becomes a much better deal buying packs then spending money on the market, which leads to increased supply of the cards and a price drop. I would also like to add that the danger of this happening isnt that high in my opinion.
From the information i got from Yabapmatt, apparently we will be getting the card packs within a couple weeks after the crowdfund and the promo cards a couple months later, once the new website is built.
I am not really a fan of this altcoin which I think it has more marketing than technical aptitudes right now but when looking for Trading opportunities based on Technical and Pattern Recognition techniques I cannot deny the evidence of what seems to be a great chance of success.
Besides the recent announcement of the mainnet SUN Network launch scheduled for August 10 , TRON [TRX] has completed already a full cycle of 5 waves up and 3 waves down, Golden-cross reached on early February and it has broken the triangular pattern already by mid March.
Ever since i got on twitter to spread the STEEM gospel in a very aggressive, Spanish inquisition kind of way, where ever i go, the face of a tiny, narrow shoulder Asian follows me. Justin Sun is popping up where ever i turn.
Look, i know Justin Sun looks like a sleazy salesman with questionable knowledge of cryptocurrencies (he has a Bachelor of Arts in History) but he has been knocking it out of the park lately. He is slowly becoming the face of crypto. When Satoshi is an enigma, the spot is ripe for the taking.
1 mil twitter followers, Tesla giveaways, purchasing Bittorent, spanking Vitalik daily.
Hes in the spotlight 24/7 while Ned is nowhere to be seen. Ned who? TRON right now is mostly worthless unsustainable gambling dapp ponzies and faked transaction volume but its pretty clear that Justin realizes that and is working to change it.
Theres this IRL law i run across where ever i look:
The less talented the person is in the area they want to excel at, the harder they work to succeed.
While TRON just might be all the negative things folks are saying about it, the “dude” is making moves.
While Nedboy is picking at his guitar and his nose, Justin is getting people on his side. I mean, ill understand if @ned cant give away a Tesla, but dammit, he can at least scrape up the STEEM for 2 Nissan Micra!
…I am speaking about TRON [TRX], which, despite the polemic created lately for the declarations done by a Former Director of the TRON Team, TRON has managed to grow from 300 to 846 satoshis in just 15 days…
Personally, after this great “campaign”, I have decided to sold part of my TRON stake, maximizing my BITCOIN benefits :-)… Following the “Money Flow”, TRON is falling towards the 61.8 FIBO level very rapidly… However, I would expect a deeper correction…
An Interesting Level for considering a new entry is 515 Satoshis . Will see.
TRON (Binance: TRXUSD) has broken out of the triangle pattern in the weekly chart.
(Chart courtesy of Tradingview.com (log scale))
Elliott Wave Analysis
In Elliott Wave terms, TRON began a wave one advance in November 2017. The red wave one (blue sub-waves i-ii-iii-iv-v) finished in January 2018, and the red wave two (blue sub-waves a-b-c) correction ended in November 2018. If this wave count is correct, TRON should be heading next towards the January 2018 peak in the red wave three.
(Chart courtesy of Tradingview.com (log scale))
TRON is dedicated to building the infrastructure for a truly decentralized Internet. Dallas Rushing reviewed the coin in October