Justin Sun Putting A Bullseye On His Chest

Marketing genius or scammer?

Whatever one's personal feelings for Justin Sun, there is little doubt he is a lightning rod in the cryptocurrency space. The Tron founder is known for his acquisitions which come with a lot of hype. Where Sun might fall short is in delivering.

All his projects appear to be light on coding. Instead, Sun tries to bundle together projects that are basically copied from others. In an open source space, this is a viable way to approach things.

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Source

The challenges enters when things go wrong.

Thus far, Sun exploits have not caused him much issue. One barrier he has is we are dealing with a global industry. Hence, jurisdiction becomes difficult. Most long time crypto people know to avoid his projects. This does not keep him from pulling continuing to try to bilk people.

His Entry Into The Stablecoin Space

By now, everyone in cryptocurrency is familiar with the UST/LUNA debacle. This garnered headlines both within and outside cryptocurrency

Isn't it ironic that, as that was taking place, Justin Sun decided to step in?

Savior or opportunist?

At the point where the industry was suffering its worst setback since Mt. Gox, Sun announced his new stablecoin, USDD. Of course, in Sun fashion, he had to one up everyone with a 30% payout on staking.

All is not going as planned for Sun on this one. There are already accusations of of misrepresentation, fraud, and Ponzi scheme. This was brought up by Coinzilla on YouTube.

He further went on to post this on Twitter:

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We have articles appearing on Hive laying out how USDD is a Ponzi scheme and it is Sun's exit scam from Tron.

Both are echoing what is floating out there.

Could this be the path that finally leads Sun into the arms of the authorities?

Stablecoins Are Radioactive

Since the fall of UST, stablecoins have become the third rail of cryptocurrency, at least as far as the regulators and politicians are concerned. They are radioactive at the moment.

Rarely a day passes that someone is not harping about them and how much of a threat they are to the "stability of the financial system". This is all bogus, of course, since the amount we are dealing with is nothing more than a rounding error for the global financial system.

Nevertheless, the powers that be are presently up in arms over this. For now, it is best to fly under the radar as much as possible.

That is not Sun's style. He is all about the pomp and circumstance. He seeks to garner attention, no matter what the cost.

Thus far, it hasn't really hindered him. However, USDD could be his Waterloo.

Now is not a good time to be capturing attention of shenanigans involving stablecoins. All eyes are on them and, if one is misbehaving, this is putting a giant bullseye right on the chest. Sun is walking right into this one.

Decentralization Is A Defense

We are entering a period where there are basically two choices: be decentralized or fully comply.

With the introduction of regulation, anything that is not truly decentralized will have to obey. There is simply no way around it. Any point of vulnerability that exists will be targeted by governments and the associated agencies.

This is something the cryptocurrency industry is going to learn. Unfortunately, for many, it will be a rude awakening.

As discussed by many, Founder's stake, ninja-mines, and an overwhelming amount of control will cause one major issues going forward. If it can be pieced together who is running things, there is the target.

With USDD, Sun is going to have a tough time denying his full control over the system.

According to the investigation, the answer is 683 million tokens out of a total number of 723 million tokens that have ever been minted. This indicates that Sun has personally minted 94% of all of the tokens that are now in existence of the stablecoin, despite wanting to see USDD grow in an organic decentralized fashion.

Source

It is rather difficult to maintain a claim of decentralization with numbers like this.

Hive Backed Dollar

On Hive, we have the Hive Backed Dollar (HBD) which serves as the blockchains stablecoin. Unlike what Sun is doing, we are not looking for the quick hit with this.

Instead, there are different project teams that are working on the development pertaining to this stablecoin. Over time, we are seeing progress. It might not seem monumental but, in this realm, being the tortoise is much preferred to the hare.

This is often a topic of discussion within the community. Figuring out ways to expand the depth and sophistication of this coin is vital. That is something that Sun simply skipped over.

As they say, a leopard does not change its spots. Those who are always looking for shortcuts are not going to alter their approach.

Nevertheless, the way things are right now within crypto, that could be putting a big ole bullseue on one's chest.

Justin Sun is accustomed to ducking arrows. Unfortunately for him, they might be increasing in number.


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63 comments
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I'm hoping you can only get away with some much BS that it gets you one day.

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Yeah I would say that at some point, the odds catch up with you.

He is living on borrowed time in my view. All the games will surely converge.

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Marketing EPIC Fail & an open scammer. He is dumping on you!

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pixresteemer_incognito_angel_mini.png
Bang, I did it again... I just rehived your post!
Week 112 of my contest just started...you can now check the winners of the previous week!
10

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I hope there would be no 2nd case like just as it will affect crypto even more than now and I will stick with HBD 20% INTREST FOR NOW

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HBD seems rather solid to me. With the hard fork coming up, we will see a move to lift the haircut level. That will help some.

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Who are you following that is giving specifics like this regarding the hard forks?

!PIZZA

!PGM

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So someone finally posted it, i thinked about posting it since he launched the usdd, but well, he is just gonna rip off, people. Again.

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Great analogy. It's hard to tell whether he will survive the USDD arrow or not, but it will be deadly.

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The way politicians and regulators are circling, anything done with stablecoins better be pristine. If not, I have a feeling they will pull out all the guns then.

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Well every day is always for the thief and one day will definitely be for the owner,his cup might be full now with all the scamming activities he has conducted in crypto industry.let watch and see how he will meet his Waterloo.it becoming obvious he's nothing but a scammer

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Keep pushing the envelop and one day it gets opened by the wrong people (from his perspective).

With stablecoins, now is the time to lay low. The heat is on and no reason to stir the hornets nest.

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only time will tell but everyone has their opinion about Justin Sun

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(Edited)

I have to say I will not touch the USDD with a ten fot pole. It is only a matter of time before that bomb blows up. And there will be no telling how many it will take with it. =(

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@daje10, sorry! You need more $ALIVE to use this command.

The minimum requirement is 1000.0 ALIVE staked.

More $ALIVE is available from Hive-Engine or Tribaldex

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Ah! Thank you for informing me, the more you know =)

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Could be. I am with you. No way I touch it either.

Of course, I never touched TRON so there is that.

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Yea he just seems to be one of "those guys". So I try to avoid any of of his projects as much a I can.

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As he said... "buy my shit coin". This is just another cash grab so he can offload some bags. Complete Ponzi. He's got a really punchable face.

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Punchable or f*ckable?

He is truly interested based upon past posts.

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Why not both? He does seem to be interested.

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I think he is an opportunist and is pushing his luck right now.

After the LUNA debacle there is a huge void to be filled, he sees dollar signs everywhere and may have underestimated the risk.

Why? Greed and overconfidence, will be his Waterloo indeed.

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Don't miss the bullseye this time 😉

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Development within the crypto space does need a rude awakening indeed, go completely decentralized or comply to regulations for developing things with central authority and I think a developer thinking clearly wouldn't want regulations comings his or her way.

JS is actually dubious than one can actually think, I am thankful for the Fork of Steem for Hive but am being more grateful the witnesses wasted no time in getting us out of Steem JS would have really have us in his pocket where he wants us.

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The fork of Steem into Hive was one of the best things to the crypto universe.

Time will reveal how important it was.

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Wait until the tron holders realise what is going on as he is milking them. Self gain and glory and I hope he goes down and disappears.

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Will they realize? So far the wool is over their eyes.

Of course, if one is a major TRON hodler, that probably tells a great deal.

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How has he been around for so long yet has failed so much.

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Has he really failed? His projects are trash but I bet his net worth keeps increasing.

If that is the goal, which with him it is, then success is at hand.

At least until someone gets a hold of him.

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That is a good point. The blokes loaded so he is doing well. Although most his projects would have left people broke if you were in them long turn.

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Yes he has a way of cleaning out people's wallets.

That is how you know he is not ripe for the long term. He is not building a track record of success for those who follow him.

He might do well but at the expense of others.

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We are entering a period where there are basically two choices: be decentralized or fully comply

Love this.

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It seems that is what the regulators are pushing. They want all under their control so the only way around it is to decentralize, distribute, and open source as much as possible.

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a ticking time bomb is what he seems to be . Only time will tell !

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We all know that Justin Sun's tokens are a bunch of nonsense. I don't think he has done anything new from LUNA/UST so it's obvious that his project will fail for the same reasons. I am a bit more surprised to see how exposed the hedge funds and banks were to crypto. You would think investing in stock would be fine but it doesn't work that way when they have crypto investments.

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They get caught up the same way as everyone else. Look at the mortgage entities. They overleveraged beyond belief and we have a long history of real estate being cyclical. Simply because there was an extended bull run does not mean it will go on forever.

Yet these entities were acting like it would.

So why should crypto be any different?

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finally people are starting to catch on to Sunny boy's shenanigans

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It seems a few are, most are not. But a frog can only act like a prince for so long. Sooner or later the warts show up.

And he has many.

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I'm not a fan of Justin Sun, especially after he took over Steem. He is not trustworthy in my opinion. US double D should be avoided like UST.

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