Is This the Face of a Man You Trust? TronDAO and the 'New Decentralized Stablecoin' - USDD

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Introduction

I don't know about you guys, but when I hear the name Justin Sun or Tron, my skepticism radar kicks into overdrive. Honestly, I was not around when Hive was created out of the Steem (and Sun) bullshit. But from what I've heard, it was not a pleasant or friendly divorce.

My skepticism flows from my entry into cryptocurrency and first happening upon Tron. At that point in time Tron was anything but easy to use, and, every hyped investment vehicle proved to be a losing proposition. So yeah, I have a very sour taste in my mouth for anything Tron or Sun related. [Plus, didn't this guy leave Tron to work for the People's Republic of China - or something of that nature?]. Thank the Lord that the passage of time brought on a new found knowledge in me (hopefully smarter in the long run). But I digressed (again).

So now, with HBD making positive moves via the introduction of pHBD and the pHBD-USDC Liquidity Pairing on PolyCub, Hive's nemesis competitor Justin Sun seeks to launch a new stablecoin to compete with Hive.

What's the Deal with this New Decentralized Stablecoin - USDD?

Yesterday, April 21, 2022, Justin Sun posted an article to Medium entitled An Open Letter to Our Community on the Issuance of USDD, a Decentralized Algorithmic Stablecoin on TRON. What follows are the highlights from this article as I see them (presented in an attempt to save you, my friends, from the self serving, self righteous rhetoric (a/k/a bullshit) flowing from the mind of Comrade Sun). The article actually contains some good information about USDD, if you are able to read around and past Sun patting himself and Tron on the back.

"TRON DAO joined hands with major blockchain players to launch USDD (Decentralized USD), the most decentralized stablecoin in human history, making finance accessible to all by applying mathematics and algorithms. As a result, it enjoys perpetual existence without relying on any centralized entities" [Sun, J. An Open Letter to Our Community on the Issuance of USDD, a Decentralized Algorithmic Stablecoin on TRON. (Accessed April 22, 2022)].

Sun maintains that this USDD stablecoin ushers in the era of Stablecoin 3.0 of course with USDD leading the charge. HOLD UP...a Sun B.S. alert. We all know that our own Hive Backed Dollar has already accomplished that which Sun is now starting to do.

Today, TRON is starting a self-imposed revolution, pooling all its resources to create USDD, a fully decentralized stablecoin underpinned by mathematics and algorithms, bringing the development of stablecoin to the next level. By building the most efficient and affordable stablecoin network in the global DeFi ecosystem, TRON aims to usher stablecoins into the 3.0 era led by the TRON-based USDD.

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But question this quote and correct me if I'm wrong please. Has this not already been accomplished by both Hive's HBD and Terra's UST? This is merely just some more crap oozing from Sun's brain.

The mechanics of USDDs stability is nothing new to the industry either: "USDD will be pegged to the underlying asset, TRX, and issued in a decentralized manner. When USDD’s price is lower than 1 USD, users and arbitrageurs can send 1 USDD to the system and receive 1 USD worth of TRX. When USDD’s price is higher than 1 USD, users and arbitrageurs can send 1 USD worth of TRX to the decentralized system and receive 1 USDD. Regardless of market volatility, the USDD protocol will keep USDD stable at 1: 1 against the US dollar via proper algorithms in a decentralized manner" [Id].

So what truly is the big deal Sun is making of this new Stablecoin? The answer to this lies in his idealism as evidenced in the close to his article:

Our end goal is to make equitable access to financial services a fundamental human right. In time, financial services will become a necessity like water and air, accessible to people worldwide.
People should enjoy more than the four freedoms that Franklin Roosevelt once proposed — freedom of speech, freedom of worship, freedom from want, and freedom from fear. They should also be entitled to freedom of finance, freedom of wealth, and freedom to protect their private properties.
I believe that the TRON-based USDD will be one of the strongest cornerstones for the fifth freedom of humanity. USDD will be TRON DAO’s most significant contribution to the world’s financial freedom after the introduction of TRC-20 USDT. Let us work together towards more freedom for all the seven billion people worldwide and towards a better tomorrow.

[Id].

Sorry folks, Sun's rhetoric, while flowerful, does not hold a candle to FDR. FDR's novelty came as a result of dark periods of US history with navigation of the Great Depression and World War II. Sun's claim herein is not novel as set forth above nor is it derivative of any major world economic or geopolitical calamity. Nope friends, just Justin hard at work spewing shit in the hopes of driving value to Tron.

Final thought

Who in the hell needs Tron or Sun when we already have Hive and the Hive Backed Dollar? (Enough said!)

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