Is It Time For Tron To Implode?
Tron, is led by everyone's favorite shitcoin shilling announcer of an announcement to come, Justin Sun-led who launched his ETH copy cat blockchain launched in 2018 along with a plagiarized white paper. Tron has never been short of faults and controversy and has never really gone anywhere despite a series of useless acquisitions.
TRON is obviously a failed project, and with more competition in shitcoining you'd think it would die a slow death. Yet after all these years it is now DeFi 's third-largest blockchain in terms of total value locked (TVL).
That to me just shows how pathetic all these other systems are Avalanche, Solana, Polygon you name it just another false promise wrapped in hopium getting people excited to become exit liquidity.
TRON has The only two chains ahead of it are BNB Chain and the industry leader Ethereum. Binance Smart Chain's TVL stands at $10.8 billion and Ethereum hosts over $93 billion.
Source: - defillama.com
Tron has a market cap of $7.59 billion but its DEFI has 5.95 billion locked in it, which means the amount of so-called value locked in tron DEFI protocols is nearly 78% of the network.
The difference with BNB and ETH, which are the biggest shitcoin chains around is that at BNB 53 billion and ETHs 238 billion, DEFI doesn't represent that much of the overall value of the system.
For BNB it's about 20% and for ETH it's about 27%, so there's still a margin for some people to get out should a protocol implode.
We've all now witnessed what happens when too much of the value of your network is locked in DEFI, you create systematic weaknesses that unravel in a matter of minutes.
Justin picks up where Do left off
Justin has always been a copycat, his not ashamed of it, and for better or worse if he sees the market trending somewhere he is going to create a mimick'd version of whatever the shitcoin community narrative is at that time. ICOs, Stablecoins, DOAs, NFTs and now "decentralized stabelcoins"
To pick up from Do, Justin Launched USDD - Decentralised US dollar a copy of UST backed by TRON. To attract users he is offering 30% APY a full 50% more than Do, and if you do it through a centralized service like Poloniex you can bag up to %40, lol what could go wrong?
Given there are so many degens and retards willing to do anything to earn a synthetic dollar they didn't have to work for, as you can imagine many Lunatics and other DEFI disasters are flocking to tron like flies to shit.
Either to make an extra buck or hope that they can recover their previously obliterated positions.
A lot of locked value, not a lot of market bids to absorb it
If we consider trons 22% of value outside DEFI, To me that doesn't sound like much liquidity left for float which may be good for the price but is not great should there be a Luna moment and people start running for the hills due to what I think is always an eventual reversal.
Justin is playing with fire here, but luckily it won't be his money that is lost, its the shitcoin peanut gallery chasing yield that will gladly fork over liquidity for the promise of paper gains while Justin makes off like a bandit.
And more power to him, if you're going to be dumb enough to trust your money with JS, you never deserved that money to begin with and it's in better hands now.
To me, this looks set up for a right old rug pull, and it's going to be epic when it happens. Hopefully, people will learn their lesson but I highly doubt it.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
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Well to me watching them all burn is justice. May they all burn in crypto hell and the people with their money in them.
You know how many good crypto projects that could do real good with the billions locked away in tron and bullshit defi and nfts.. how much good could be done with that money?
We gotcryptos doing cancer research... to keep these idiots alive.. We got cryptos doing decentralized ai to keep some rogue nation or problematic nation from getting a super ai to take over the world.
we got some cryptos doing ubi.. like proof of humanity..ubi token.. bitcoin myk to try to provide a basic guaranteed income to help a world dying of capitalistic inflation right now and killing everybody because they can't eat overlooked.. but we got billions of dollars locked in gambling and casino bullshit tron games and hive projects or millions that aren't doing anybody any real good except a few people at the top not solving any real life solutions? the hell with them all and the hell with the people investing in them.. i hope they all burn in crypto hell.. in my samuel L. jackson voice.. lol
These crypto people don't bring any good to the world. they two bit gamblers nothing more
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As long as their are suckers to sell a token attached to a narrative, you'll get people repeating the process of taking money from people for nothing. It's the fait way, it's conditioned people to not ask questions and believe in pure fantasy.
I am amazed at how many people claim to be crypto experts and know economics but can't see the shit they talking about is total nonsense
Yes i'd say 99.9% of the tokens created are bullshit i agree but i'll be fair with the .01% that are not crap.. It's maybe like 5 projects that aren't crap, lol. So here's what i mean by that. So when bitcoin first started everyone thought it was pyramid crap maybe started by the russians, cia, bilderbergs, illuminati, mastercard you name it lol.
What set bitcoin apart was it's narrative of revolution. It's narrative of freedom. So alot of people falsely misconstrue bitcoin as a capitalistic usd model where the only difference is the government isn't printing any money. However the actual bitcoin's genesis was entirely different than that.
For example if you go any bitcoin original dev you will find hours of code done that they weren't paid for. Does that sound like capitalism to you? You will find people like bitcoin jesus or roger ver who spent the first several years of bitcoin giving away as much bitcoin as he could. Does that sound like free market capitalism to you?
You will find that people were more motivated by social change and freedom than being able to buy a lambourghini. Does that sound like free market capitalism to you?
Yoiu see my point isn't to say that bitcoin was meant to be a socialist crypto or communist or what have you. What i am saying is that none of these things that made bitcoin successful are followed by any crypto projects out there. if they were to be on the wavelength of bitcoin i'd imagine they'd follow a similar course.
So i say all of that to say this I'ts not that people are creating tokesn and that's the problem. The problem is the social dynamic of what made bitcoin successful is a mindset they don't have nor understand. If they really understood and knew the history of how bitcoin became what it was. Then the narratives they form would be different.
You see this new narrative of cryptocurrency came about after institutions got involved and only wanted to make money.. What i'm expressing is bitcoin was something far greater than that. Now the reason it will have a problem continuing that success is because the institutions control so much of it now they probably will try to control that narrative is my opinion.
So i don't wanna say every crypto created is a bad crypto. I think that would be a bit disingenious of me. .I will say the way it's going i wouldn't expect over maybe like 5 projects to fit a good quality crypto category.
We go from bitcoin early developers who worked for free with nothing but their passions and will to make a better world to developers just cloning chain after chain just like hive did...it's no real value there it's just regurgitation and casino like economics to lose your money it's certainly the thought process of unaware .. i don't wanna say lesser minds i think that's insulting so i'll instead say ignorant minds.. meaning they don't know any better and a prime example of this type person is @themarkymark
lol
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Justin Sun is a piece of shit. An attention whore. For sure, the biggest scammer in cryptos! Everything in cryptos which is related to Justin Sun is just fireworks. TRX, BTT and now USDD!
He is no different from the rest of the guys in the space, I don't see why people give him special flame when the rest are doing the exact same thing
Is Charles Hopkinson launch a project, with a famous brand only to earn fake hype as Sun did with BitTorrent? Is Vitalic Buterin make charities, which only "play" in news and not even a dollar end up to the people? Of courses no, Sun is the total clown
Lol of course they are, both those scam coins had 50% + premines where they gifted themselves their shitcoin so they can dump on you! If you can't see how they are total clowns then you're no better than the people who shill tron that you think are stupid
Do you have any data on the percentages you mention? You sound very confident, where does this confidence of yours come from? Do you know if Satoshi Nakamoto really owns only 5% of all BTC? Do you know who he is? How do you know that the person or people behind the name Satoshi Nakamoto can not do the same thing you mention about the other projects in BTC? Nakamoto can not do the same?
Yes I do, and I know satoshi acquired the stake through him bootstrapping the network and being one of the only miners at the time, he even switched off his miners so other miners could earn more stake, remember when satoshi was mining there WASN"T a price it took 2-3 years before it had a price, these shitcoins set their own price and head straight to market with an unregistered security that fails the howie test
The amount of bitcoin satoshi has is no bearing on the network, because there's a hard cap of 21 million, and its a proof of work system, the others do because proof of stake allows you to perpetually rent seek from your inital allocation
Below are some of the premine allocations
Here is the source it's also a pretty poorly kept secret you can also track the wallets on the respective blockchains, only
Satoshis stake has never moved, if you're looking for comparisons you're reaching and relying on a false dichotomy. If you want to shitcoin go ahead, but you don't need to try and justify it
Justin is a legendary scheming man. The dude is always up to some Ponzi. Kinda knew he would copy the shit out of Do Kwon
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I don't get why shitcoiners hate him, he is just doing what everyone else is doing, just he is not good at pretending his doing something good
You've answered the question you asked 😆