6 ms·

For those that haven't heard of TRON, it is what I would call one of the most successful scams in the history of cryptocurrency. It is a currency that was made

by ve55 9y ago

For those that haven't heard of TRON, it is what I would call one of the most successful scams in the history of cryptocurrency. It is a currency that was made on top of Ethereum (thus, it took no actual effort to create, as this can be done instantly and for free), paired with a significant amount of hype and lies to investors. The TRON Whitepaper (what investors are 'supposed' to read and invest off of) is written terribly and copies significantly from other successful projects: https://www.reddit.com/r/ethtrader/comments/7oeh92/trons_trx_whitepaper_raises_more_red_flags_than_a/ https://www.reddit.com/r/ethtrader/comments/7oeh92/trons_trx... It's possible that the CEO of TRON made at least $300M USD from selling his own coins that he created out of thin air: https://www.reddit.com/r/ethtrader/comments/7oh01s/trx_tron_founder_justin_sun_sold_6billion_tron/ https://www.reddit.com/r/ethtrader/comments/7oh01s/trx_tron_... The CEO tweets in ways specifically designed to entice investors to speculate on his coin, such as specifically telling people it will go up in value: https://twitter.com/justinsuntron/status/947463313775927297 https://twitter.com/justinsuntron/status/947463313775927297, or specifically saying the downwards price movement is due to changes to CoinMarketCap information (completely false): https://twitter.com/justinsuntron/status/951191786902274048 https://twitter.com/justinsuntron/status/951191786902274048 Some investors in TRON have lost up to 66% of their net worth thus far (https://coinmarketcap.com/currencies/tron/ https://coinmarketcap.com/currencies/tron/), making it one of the largest crashes that has been seen in the top 10 coins on CoinMarketCap in quite awhile. Some of the things investors believe are completely absurd, citing that the Chinese government or Amazon will use TRON. It's unfortunate the levels of misinformation that so rampantly spread and cause many to lose their hard-earned money.

tehlike 9y ago
Ssh dont let them know. They like their dreams.
dreit1 9y ago
Don't forget the senior Alibaba Developers lol
- tehlike 9y ago
  Tron foundation website is a "showcase" of the ceo guy, nothing more.
  - dreit1 9y ago
    Gotta admit, he is a DAMN good marketer
    - tehlike 9y ago
      More like a prophet at this point. It's very interesting to see how bubbles plays out. I do think cryptocurrencies are real and have big potential, but after seeing likes tron, verge, and doge, I also believe the current valuations are biggest bubbles of our lifetimes. Yet, you see people justifying ~10b$ valuation on the premise of a whitepaper written with broken english, then partnerships that are merely vaporware (remember iota announced msft partnership, yet it was more like iota was using azure products). Interesting times. Just play into people's irrational decisions and you'd make big bucks.
      - bitL 9y ago
        With <30 transactions/s, which is state-of-art, they don't have any future. If a better protocol keeping Satoshi's goals but more scalable is invented, then we will see something that might not be just a bubble.
        rubber_duck 9y ago
        Technology isn't even the biggest issue - even if you had fast zero fee transactions you still have the problem of inherent volatility and deflation. Volume doesn't help with volatility here, at least not in the current designs that have fixed money supply - the incentive to hold becomes even larger the more use a coin sees - you make a contract for x coins in 10 months that's worth 10x - that just makes everything too complicated. If someone figured out a way to peg the value of crypto to some other big currency that would have potential - but then the speculators wouldn't be making 10x.
justboxing 9y ago
Wow. Thanks for the sources. His Twitter profile says "@Forbes Asia 30 Under 30丨the Only Millennial Student of Jack Ma from @alibabagroup"
- CPLX 9y ago
  My favorite part of the 30 under 30 lists is the part where there are literally thousands of people claiming they are on a list of 30 people.
  - yellowapple 9y ago
    Kind of like how literally every book nowadays is a "New York Times Bestseller".
blueprint 9y ago
Who "invests" that much of their net worth in such a thing? Who must bear the responsibility for that?

by ve55 9y ago

tehlike 9y ago

Ssh dont let them know. They like their dreams.

dreit1 9y ago

Don't forget the senior Alibaba Developers lol

tehlike 9y ago
Tron foundation website is a "showcase" of the ceo guy, nothing more.
- dreit1 9y ago
  Gotta admit, he is a DAMN good marketer
  - tehlike 9y ago
    More like a prophet at this point. It's very interesting to see how bubbles plays out. I do think cryptocurrencies are real and have big potential, but after seeing likes tron, verge, and doge, I also believe the current valuations are biggest bubbles of our lifetimes. Yet, you see people justifying ~10b$ valuation on the premise of a whitepaper written with broken english, then partnerships that are merely vaporware (remember iota announced msft partnership, yet it was more like iota was using azure products). Interesting times. Just play into people's irrational decisions and you'd make big bucks.
    - bitL 9y ago
      With <30 transactions/s, which is state-of-art, they don't have any future. If a better protocol keeping Satoshi's goals but more scalable is invented, then we will see something that might not be just a bubble.
      - rubber_duck 9y ago
        Technology isn't even the biggest issue - even if you had fast zero fee transactions you still have the problem of inherent volatility and deflation. Volume doesn't help with volatility here, at least not in the current designs that have fixed money supply - the incentive to hold becomes even larger the more use a coin sees - you make a contract for x coins in 10 months that's worth 10x - that just makes everything too complicated. If someone figured out a way to peg the value of crypto to some other big currency that would have potential - but then the speculators wouldn't be making 10x.

justboxing 9y ago

Wow. Thanks for the sources. His Twitter profile says "@Forbes Asia 30 Under 30丨the Only Millennial Student of Jack Ma from @alibabagroup"

CPLX 9y ago
My favorite part of the 30 under 30 lists is the part where there are literally thousands of people claiming they are on a list of 30 people.
- yellowapple 9y ago
  Kind of like how literally every book nowadays is a "New York Times Bestseller".

blueprint 9y ago

Who "invests" that much of their net worth in such a thing? Who must bear the responsibility for that?