Interested in access more free crypto analysis, resources and information like this? Check out these platforms:
Telegram — t.me/CoinEducation
Twitter — www.twitter.com/cryptomedicated
Who is Justin Sun?
I tried to dig up as much information as I could about Justin Sun — the founder of Tron.
Here is his Twitter profile: https://twitter.com/justinsuntron
To begin with, the live stream he did today (1/6/2018) was abysmal to say the least. He rambled on for 30 minutes and provided some incoherently delivered information that was a mere reiteration of what he had stated just seconds earlier
^ That’s the link to the livestream he did. Didn’t go well. Price dumped off a cliff AS he was talking..
I get his background. I’ve heard about it. It means nothing to me. He’s a popular figure in China because of his Snapchat knockoff (Peiwo) and his partnership with the owner of Alibaba (big part of the Jack Ma Hupan University) is another huge reason why he’s been able to spread the word out about Tron.
The purchases are primarily based on hype, however, and not really because of the utility of the coin itself. Asian whales are deeply embedded in this, and I wouldn’t be surprised if Justin is a part of the entire scheme. He doesn’t strike me as a ridiculously savvy entrepreneur with the capability of successfully running and managing a multi-BILLION dollar enterprise.
Some things I found on the website:
“Economic incentives, empowerment, content ecology and block chain technology will create a fully competitive economic mechanism with fair returns…”
Why does a fully competitive economic mechanism need to be created? Is this actually solving a problem? In a world full of viral social media stars and social media platforms with billions of users that provide entertainment for FREE that everyone enjoys (memes and viral videos), is monetizing this content the best idea? What evidence is there that there is an outcry among consumers that there is unfair payment?
With all of the individuals that have already made a shitload of money on the internet (outside of Crypto) through social media, I have a hard time believing that individuals would feel that they need Tron in order to monetize their endeavors. There is perhaps a market of individuals on YouTube that could use this, but there would be strong pushback by the majority of individuals that already receive this content for free.
This may be perhaps its only or greatest utility that I’ve seen thus far. Allowing individuals to create a ‘token’ could have its uses. However, this relies on the fundamental assumption that individuals possess the knowledge to properly utilize this system to build their own tokens.
If someone doesn’t have extensive knowledge of how to do so, then they’ll be forced to pay a developer. This would essentially put the tokenization feature behind a pay wall and undermine the concept of allowing individuals to monetize their content. It would also bar users that don’t have the resources to access the network.
The utilization of this technology is also contingent upon delivering it in a digestible enough manner for individuals to truly gain an understanding of how it works and utilize it without trouble.
One must remember that most people still don’t have an active knowledge of cryptocurrencies. Even if this platform were a tremendous success, it could be years before there’s widespread adoption on any reasonable level in my opinion.
They state, “developers can freely build online gaming platforms through TRON” — I thought that tokens were needed in order to acquire the ‘real estate’ to do so? Perhaps I am wrong. If so, someone can correct me.
$4.61 billion is also a drop in the bucket — so is $9.66 billion. Even if they were able to acquire 30% of this market share (which is a lion’s share), it wouldn’t even come close to justifying it’s current market cap.
— — — — — I didn’t stop there though, I decided to look at Tron’s whitepaper to get a better idea of what the hell this coin is — — — —
Umm… Read #1 — What? No economic control over the tokens being distributed on your own network and no means of oversight, surveillance, policing, or enforcement? This, in itself, is screaming for problems.
Another excerpt from Tron’s whitepaper ^
What’s decentralized about this? 60% of the coins are either owned privately, by the Tron foundation (ran by Justin Sun) or by Peiwo (owned by Justin Sun).
Combining the two aforementioned pieces of information from the white paper, a conservative estimate is that Justin Sun owns 45% of all Tronix tokens. That’s about the furthest thing from decentralization possible. Essentially, the boost in Tronix’s price has now made Justin a billionaire almost overnight.
Another huge problem that I have with Tronix
Lack of substantive posts or information from the creators/developers/Justin Sun.
He appears to be predominantly more preoccupied with pumping the price of the coin itself than promoting its actual utility or technology:
This is a grandiose claim, to say the least. Nothing about $TRX makes me believe that it has the capability to ‘disrupt the whole system’, or even hinder it at this point. There’s not even an actionable platform that is available for users to test the utility.
The immaturity in the tweets is unbecoming of any real, CEO. Yes, I feel the same about Charlie Lee and I have a hefty amount of criticism for him as well — but the focus of this writing is on Tron, so we’ll put that to the side.
Another huge red flag for me:
12755%?? In a month?? Even in cryptoland this is fucking ridiculous and even if you disagree with my posts about the coin or Justin Sun, you’d be hard pressed to justify this rapid increase to anyone with a brain. This is a case of pump & dump combined with ridiculous FOMO.
These are just among the host of reasons that I’m skeptical about the coin Tron. I could name a few others, but these are just things that make me very bearish on its current market valuation and its potential to actually be adopted in any meaningful sense in the future.
My Verdict: Tron is a Shitcoin
Sorry I said it. Don’t care about Justin Sun’s educational background, Alibaba support or any of that. All the bells and whistle don’t mean shit when it comes to ACTUAL adoption of a coin.