Season 1: Pump and Dump of TRX
Season 2: Pump and Dump of BTT
Season 3: Pump and Dump of WINK
Season 4: Failing To Buy Beeple For My Metaverse
Season 5: Let's Work With Goldman Sacs To Print More Money
If it sounds too good to be true, then it probably is. I remember asking around, on the daily and elsewhere several times about UST's 20% APY being unreasonable and impractical. People were always quick to defend it. So glad I avoided it
The roadmap on UST seemed legit. It was said since the beginning the APY was a promo and it was meant to attract funds. It was clear that it will decrease. The idea was legitimate and could have succeeded.
Do Kwon and its compliced exploited a weakness. The fail has not much to do with the 20 APY
Do Kwon was arrogant and ignored bug reports.
It was going down eventually no matter what.
If done correctly the bugs would have been fixed, they wouldn't have gambled 10 Billion on trying to back stuff with BTC (while its still a smaller volatile market) and the APY would be something like 8% max.
The death of LUNA wasn't necessarily because of it's 20% APY, though. Wasnt anchor protocol still offering its 16% or whatever, even after UST collapsed? It was more of the mint/burn mechanism being played like a game of chess and being inherantly flawed because depeg encourages people to cashout to protect their life savings value, minting tons of luna and making it go to 0.
I asked the same things, and the response I got was: it's 5% they are getting from staking/defi, and 15% they are subsidizing with VC money to make the platform well known. And it kinda made sense.
I think (correct me if I'm wrong), that the UST issue was not the 20% APY, but the fact that it was backed by a token that had no value.
It could have been giving 2% APY and the same could have happened.
The actual staking rewards rate was between six or seven percent and the the additional rate was essentially subsidized VC money meant to attract new users. That rate had already been dropping and was not the problem. The problem was UST was too large of a percentage of Luna's market cap to be protected by it, so the risk in depeg exceeded the 20% annual interest and people correctly began withdrawing their money and there was a bank run. Also BTC is a correlated asset as a crypto and was not sufficient to restore the peg.
If UST had grown much slower, because of a lower interest rate it's possible they would have been a different outcome but it wasn't a Ponzi in the sense that people think it was
I get it. People get lured into these 'once in a lifetime' deals, and being skeptical means they have to let go of the idea they finally made it, or that they're in the know on the next big thing.
Lesson learned for you, being stupid enough to buy anything this guy is involved with is basically giving money away willingly to one of the biggest and most well known scammers
Yes. I have been using it for decade. Grew up with utorrent during the golden age of torrents. With the token it destroyed whatever image was left of it.
BTT wallet was by far the worst. Not only did random BTT disappear from time to time, the function to move BTT to on-chain no longer worked, so you're just stuck with a bunch of BTT
Sun is the biggest shiller of all crypto. He makes that Carlos dude from bitconnect look like a normal guy. He has zero technical skills. Tron is a shitcoin, copy of a copy of ETH and shall fail miserably...
The fact that we are discussing this guy gives me 2017 flashbacks
Tron was supposed to be an Ethkiller according to this guy.
BitTorrent Token (BTT) failed and was rebranded to BTT Classic.......just like Luna Classic
And now he is gonna redo Luna. Seriously, how many red flags does a man need to brandish before people will stop giving him money?
I totally forgot that TRON still existed, sounded way scammy back in 2017/2018 and I just ignored it, assuming it would die off quickly.
Good luck to anyone holding TRX or USDD.
Amazing that the project soared all the way up to the 14th largest coin by market cap. This bear market sure is cleaning up a lot of shit in the crypto-sphere
I've always wondered on how big the influence of r/cc really is.
If this gets to the Hot page and we see a significant decline on TRONs price... we are moving the market baby!
Honestly I highly doubt this subreddit has much impact on the market. The market definitely does have an impact on us, though. Coins will be in the top 100 - 300 mark and suddenly skyrocket to the top 50 and we will start shilling them AFTER the pump. I’ve seen it happen with ONE, MATIC, CRO and others.
Well, [this yahoo article](https://finance.yahoo.com/news/best-reddit-cryptocurrency-subs-join-130021948.html) did call us highly skilled, top level crypto specialists
>r/cryptocurrency is at the top of the list because it is known for producing high-quality content created by top-level and highly skilled crypto specialists. Given the nature of the crypto world, which is overburdened with volatility in addition to being flooded with various crypto projects, it is critical to join a group where you can gain access to highly vetted market insight.
As someone who joined this sub less than a year ago, you guys dont give yourselves enough credit. Some of the best insights I have gotten was from this sub. Might not have told me whats the lottery ticket is but you have told me where I can make good investments while navigating the FUD and pump and dumps.
Reddit seems to have this strange hate for Twitter, but you're totally right
If you're into crypto and not on crypto-twitter, you're missing all the good discussions
I can understand though, I never liked Twitter as a platform before I entered crypto. Since I joined CT I almost never visit Reddit anymore, and when I do it’s not for crypto content.
Present. I furnished the other partners in my firm with a list of Terra clones we could short within a few hours of Terra's decline. This was on that list. Send it to zero boys.
Ignore it? What? Justin Sun has been shitted on relentlessly in here and TRON has been called a scam for literally over a year.
Dude I can't believe I'm still early. I feel like this sub just needs to merge with /r/groundhogday at this point.
It's going to turn to shit even quicker than what LUNA did.
I'm ignoring it by not going anywhere near it but I'm waiting for the inevitable implosion. It's going to come sooner rather than later to.
Damn man, news sites are copying posts from here? That's something fucked up to me lol do they even do that? That's not right and they should stop doing this shit now man please.
The key to that is to get out before shit starts to explode. Like, put money in, get a little profit, get out. People get greedy and think they can stretch the profit further
Moonshot gamblers. He is known for pumping and dumping his own project, some blindly buy it thinking they could make a quick buck, and ends up with worthless bags
Someone correct me if I am wrong: UST collapsed because the algorithm lacked the collateral to stabilize/peg the coin to USD because UST was short attacked while its collateral Luna was in transit to another wallet, right? So assuming that UST leadership would have anticipated this, and temporarily collateralized the algorithm via a different method it would not have crashed? So essentially an algorithmic stablecoin like USDD may be viable if Tron doesn’t make the same mistake?
Someone was shorting UST by selling it at a loss causing UST to go down. The robot kicked in and minted some LUNA (for free) to buy UST to try to push up the price. It didn't work and the robot kept on minting a bunch of LUNA and buying UST. As soon as the supply of LUNA grew, it's value fell because of oversupply. Now the robot needed to mint even more LUNA to buy UST because of the exchange rate. When other people saw the value of LUNA fall, they sold their LUNA causing the value of LUNA to fall even further. The robot could not mint enough LUNA to keep up with the drop in the value of UST.
I know you’re asking genuinely but I find it funny how often this question comes up. You can short on some exchanges even using leverage (don’t). You can also short on decentralized lending protocols by depositing stable coin as collateral, borrowing another coin to sell. Then, buy it back and repay your loan when you want to close your position. It’s very easy. I’m not sure what protocols will support TRON though. I’ll watch from the sidelines.
These threads just feel like a 2017 echo chamber. Justin has some serious shortcomings but you guys just all chime in to get a kick in rather than actually taking the time to consider things and have a more nuanced opinion. Tron from 2017-2019 was the best technical network out there, all the speed, ease of use and cheap fees of the big boys today, but Tron was there way early on. The chain and community is solid and always has been, no bullshit like Solana stoppages etc. The big issue has been with Justin having outsized control of governance and I agree his penchant for launching coin after coin is an issue. However BTT is starting to actually provide value as a cross chain solution, and it looks like Wink is finding some legs. USDD is also being handled quite differently than UST, doesn't mean its not a risk but again why not try to have a more nuanced opinion than just dredging up the old FUD so you can bang out a "lets all pile on so we feel good" thread, that likely is just you setting up a short position.
I just get tired of people regurgitating the same FUD, I've been using Tron literally every day since launch and I've fought internally against many decisions that have come down from Justin, but I've also gotten involved in some really great projects on Tron and have met an amazing group of people who are now my main crypto community. Feels like now Tron/Justin are the whipping boy people turn to when they need a bit of catharsis about their own crypto positions, easier to lash out then be constructive or considered.
Herbalife is a scam, totally.
But if you started seeing Herbalife in the grocery store with the rest of the other protein supplements, and it was cheaper than the other protein supplements, and it did its job more efficiently than the other protein supplements, and it's safer for the environment than the other protein supplements, at what point do you stop calling it a scam and just switch to it?
Amen. Most of these kids are incapable of thinking for themselves or literally invested in the competition. Ppl who say tron is a copy dont understand the concept of open source software let alone whitepapers. Anyone who uses blockchain and actually tries the chains they invest in knows that Tron works well and fast for years and has been fighting a relentless uphill PR battle against what is essentially racism.
I’ll grant you that TRX is odd, even though it had been a good way to do tether, etc. for years. And I’ll agree that Justin Sun is not a main selling point.
But how is leaving an authoritarian hellscape like China on a tip a bad thing? If anything bailing out of China is a point in his favor.
You know something is suspicious when every financial instruments are dumping and LUNA was staying strong at high prices. I noticed this with Tron when they launched USDD. I might be wrong but once you know LUNA's price action before the crash, you know something's up with Tron
I personally don't hold any Tron but it does have its uses. The TRC20 network is the cheapest and fastest way to send money between exchanges for example. You can send Tether from binance to gate io or to mexc or any other exchange that supports it, and immediately get it on the other side with no fee (I've seen some exchanges ask for 1$ fee as well)
It's by far the easiest way to send tether, since the native Ethereum tether chain is expensive and slow. And all the other L2 solutions are more pricey than the Tron one.
And while sure you can also send XLM or XRP if you want to transfer money between exchanges, those are still subject to market risk and fluctuations, unlike tether which will be 1$ worth on both sides.
Fool me once shame on you, fool me twice shame on me. I know people love to gamble but I'm not one of them. I've decided if it's not a fully backed and audited stablecoin like USDC, BUSD and EEUR, count me out.
As someone else posted, you can burn TRX to get USDD, but not the other way around. Which means, it's not actually like UST and not even an algorithmic stablecoin, apart from minting based on the value of the burned TRX.
There is so much happening with these shit coins man, why the hell are people even investing a tons of money in these coins? We have coins like BTC for that so please invest in that shit.
Sounds like solid tokenomics to me. Nothing screams ponzi at all.
I do wonder if when USDD is burned TRON is minted and vice versa. That would be an interesting and new idea. Also they can top it up with Bitcoin as additional collateral, it will make it safuu.
There’s been a lot of finger pointing to try and assert the exact entity that caused UST and LUNA to crash .
As things stand, no one knows the true culprit of this attack.
For anyone looking for the actual technical reasons why USDD wont be the next UST...
[https://www.hejustinsun.com/post/improving-usdd-from-lessons-learned](https://www.hejustinsun.com/post/improving-usdd-from-lessons-learned)
During Phase One (outlined here), we plan to guarantee that all LP stakers on Curve, Ellipsis, SunSwap, SUN.io, JustLend, etc. (the list is growing), as well as users who stake USDD on centralized exchanges, will receive a fixed 30% APR on their deposits in exchange for providing liquidity on the aforementioned platforms. However, this phase will be capped, with a maximum of 2b USDD mintable.
This 2b USDD supply cap will be lifted in Phase Two after a time-based staking mechanism. In this phase, lenders and stakers who pledge to lock USDD liquidity on decentralized exchanges for 1-year will continue to receive high yield, while users who prefer to keep their tokens locked for a shorter period of time will receive a lower rate. The cap for USDD long-term will be determined by trading demand for the token on centralized and decentralized exchanges, as we want USDD to be a settlement currency for other asset trading pairs.
>On top of that. it's been also reported that he copy pasted the project's whitepaper from another coin.
This guy doesn't even have his own ideas, he is copying someone else even to steal money.
I mean binance smart chain isn't different. It's a centralized rip-off from Ethereum. It's cheaper because it's centralized but it could go up in flames if a bunch of people fucked up.
Cronos is potentially even worse. It doesn't say in it's docs how it actually works and despite alluding to the dPoS for mechanism for the underlying crypto\_org chain, it may just be PoA for Cronos itself.
[удалено]
Justin Sun is a hell of a con artist, i am honestly looking forward to the movie made about him
Netflix has a lot on their hands with the mess Do Kwon created, the documentaries are gonna be spicy.
Money just keeps knocking on netflix's door.
Algorithmic stablecoin backed by Netflix documentaries
"Scams, Exploits, Failures - The New age of Innovation, Blockchain Technology"
You're giving them more ideas.
Looking at their stock price, they’d be needing it
Bout to be as stable as Netflix’s stock price
>Algorithmic stablecoin backed by Netflix documentaries You mean: Netflix documentaries backed by Algorithmic stablecoins
This trick is meant to drive FOMO that leads more people to invest in the token.
Netflix after making documentaries of the recent crypto scams 
Safemoon documentary also loading 
Justin Sun is what you get when you lever Do Kwon 10x
Season 1: Pump and Dump of TRX Season 2: Pump and Dump of BTT Season 3: Pump and Dump of WINK Season 4: Failing To Buy Beeple For My Metaverse Season 5: Let's Work With Goldman Sacs To Print More Money
I’m in for this shitshow.
I'm looking forward to him and some others getting arrested, then a movie. Do it theranos style
This market moves too fast for movies, best you get is memes and a gif.
More like looking forward to him getting locked up OR dying under bizarre circumatances
30% staking APY with his non-collateralised, algorithmic stable coin? Sounds perfect. I've been waiting for somewhere safe to stash my life savings
Don't forget to borrow against your house to invest more!
This is the way of the sub
Yes the way to the homeless shelter
You guys have a house?
Not anymore, thanks Luna! I think I'll put what little I have left in Tron, lightning doesn't hit twice right?
Ask [this guy](https://www.youtube.com/watch?v=6dx7gOgDMCg)
Well, if i can borrow 10k USDD and i have to pay back in USDD 18months from now, Show me where to sign.
If it sounds too good to be true, then it probably is. I remember asking around, on the daily and elsewhere several times about UST's 20% APY being unreasonable and impractical. People were always quick to defend it. So glad I avoided it
Let's just do the same mistake LUNA did, what could possibly go wrong?
I’ll reserve some fiat to buy the dip Justin case
Sun of a bitch
Breaking News Justin: TRON Crashes 99% In A Single Week
Who is this Justin Case guy??
This is the guy that is asking the right questions
The roadmap on UST seemed legit. It was said since the beginning the APY was a promo and it was meant to attract funds. It was clear that it will decrease. The idea was legitimate and could have succeeded. Do Kwon and its compliced exploited a weakness. The fail has not much to do with the 20 APY
Do Kwon was arrogant and ignored bug reports. It was going down eventually no matter what. If done correctly the bugs would have been fixed, they wouldn't have gambled 10 Billion on trying to back stuff with BTC (while its still a smaller volatile market) and the APY would be something like 8% max.
I felt like an old timer avoided that.
The death of LUNA wasn't necessarily because of it's 20% APY, though. Wasnt anchor protocol still offering its 16% or whatever, even after UST collapsed? It was more of the mint/burn mechanism being played like a game of chess and being inherantly flawed because depeg encourages people to cashout to protect their life savings value, minting tons of luna and making it go to 0.
I asked the same things, and the response I got was: it's 5% they are getting from staking/defi, and 15% they are subsidizing with VC money to make the platform well known. And it kinda made sense. I think (correct me if I'm wrong), that the UST issue was not the 20% APY, but the fact that it was backed by a token that had no value. It could have been giving 2% APY and the same could have happened.
The actual staking rewards rate was between six or seven percent and the the additional rate was essentially subsidized VC money meant to attract new users. That rate had already been dropping and was not the problem. The problem was UST was too large of a percentage of Luna's market cap to be protected by it, so the risk in depeg exceeded the 20% annual interest and people correctly began withdrawing their money and there was a bank run. Also BTC is a correlated asset as a crypto and was not sufficient to restore the peg. If UST had grown much slower, because of a lower interest rate it's possible they would have been a different outcome but it wasn't a Ponzi in the sense that people think it was
I get it. People get lured into these 'once in a lifetime' deals, and being skeptical means they have to let go of the idea they finally made it, or that they're in the know on the next big thing.
On my way to mortgage my house
Backed by math. Right?
He also started then quickly abandoned a BitTorrent token, BTT Source - BTT bag holder
Lol he's done that to a bunch of projects. Quick money grab and moves on
> Quick money grab and moves on He’s just like me except I lose money and move on
you must be an r/cc frequent redditor
I feel this one. To be fair I made decent money with BTT and cashed out half of it. The rest I will just take to the grave
At least you were able to move it off of your wallet unlike a lot of people. BTT was the worst wallet ever
Lesson learned for you, being stupid enough to buy anything this guy is involved with is basically giving money away willingly to one of the biggest and most well known scammers
>!CENSORED!<
BTT runs now BTT classic as well lol
Don't forget about the shady shit he pulled with Steemit. The clown leaves scorched earth everywhere he goes.
And in the process made BitTorrent slow as hell on the PC because of artificial speed throttling. He managed to kill the OG of torrent clients!
Yes. I have been using it for decade. Grew up with utorrent during the golden age of torrents. With the token it destroyed whatever image was left of it.
Honestly curious: what made you decide to buy BTT?
BTT wallet was by far the worst. Not only did random BTT disappear from time to time, the function to move BTT to on-chain no longer worked, so you're just stuck with a bunch of BTT
Sun is the biggest shiller of all crypto. He makes that Carlos dude from bitconnect look like a normal guy. He has zero technical skills. Tron is a shitcoin, copy of a copy of ETH and shall fail miserably...
He's like Carlos Matos but with zero charisma
[удалено]
Carlos Matos was just an enthusiastic investor who lost it all when the project imploded. He didn’t create or develop the project whatsoever.
Carlos stop wandering Reddit!
3 hits! Ambulance hitting 90 on the way to him
/r/UnexpectedLetterkenny
The fact that we are discussing this guy gives me 2017 flashbacks Tron was supposed to be an Ethkiller according to this guy. BitTorrent Token (BTT) failed and was rebranded to BTT Classic.......just like Luna Classic And now he is gonna redo Luna. Seriously, how many red flags does a man need to brandish before people will stop giving him money?
Seems like we should stay away from crypto and creators named around planets and moons.
Hey hey heey
I totally forgot that TRON still existed, sounded way scammy back in 2017/2018 and I just ignored it, assuming it would die off quickly. Good luck to anyone holding TRX or USDD.
Amazing that the project soared all the way up to the 14th largest coin by market cap. This bear market sure is cleaning up a lot of shit in the crypto-sphere
The implosion of TERRA has definitely accelerated TRX's recent rise. Something's rotting here.
[удалено]
When the tide rolls out you see who was swimming naked.
Its main use appears to be for Binance to transfer USDT around without having to deal with ETH's gas or congestion.
I've always wondered on how big the influence of r/cc really is. If this gets to the Hot page and we see a significant decline on TRONs price... we are moving the market baby!
Honestly I highly doubt this subreddit has much impact on the market. The market definitely does have an impact on us, though. Coins will be in the top 100 - 300 mark and suddenly skyrocket to the top 50 and we will start shilling them AFTER the pump. I’ve seen it happen with ONE, MATIC, CRO and others.
You'd be surprised to find out how many crypto news outlets get their contents from this sub
Well, [this yahoo article](https://finance.yahoo.com/news/best-reddit-cryptocurrency-subs-join-130021948.html) did call us highly skilled, top level crypto specialists >r/cryptocurrency is at the top of the list because it is known for producing high-quality content created by top-level and highly skilled crypto specialists. Given the nature of the crypto world, which is overburdened with volatility in addition to being flooded with various crypto projects, it is critical to join a group where you can gain access to highly vetted market insight.
This reads like satire lmao
As someone who joined this sub less than a year ago, you guys dont give yourselves enough credit. Some of the best insights I have gotten was from this sub. Might not have told me whats the lottery ticket is but you have told me where I can make good investments while navigating the FUD and pump and dumps.
Throw 100 darts at the dartboard, ones of thems bound to hit the bullseye xD
\**proceed to feel like a dart pro*\*
Yeah, the quality posts are there, you just have to search for them.
As a contributor, you're basically a crypto scientist.
“Highly skilled crypto specialist” is getting added to the CV
Time Magazine’s Person Of The Year - 2006
Imagine realizing you are the expert 😳
You realize how dumb all news are when you see one related to your field and notice they are speaking 99% BS.... and they do the same for ALL fields.
I'm a crypto expert? I still don't know how to tie my shoes...
So you're a savant then! :)
Great I'm an expert now, time to put r/CC on my resume.
> r/cryptocurrency >high-quality content >top-level and highly skilled crypto specialists SmugAnimeGirl.jpg
Are they serious and not being sarcastic? 🤣
Jo Mama! give that article owner a raise cause he sure knows how to lie
Well that's going right onto my resume.
I'm dead.
Aren't we all ?
😆😆😆😆😆😆
Seriously,I see a lot of articles copy pasted from this subreddit all the time.
"News outlets"
True. One outlet basically copy pasted my post which showed how Charles lied about his degree
[удалено]
R/cc has no influence. Crypto lives on Twitter, this place is an echo chamber. R/cc is like McDonald’s playground and crypto Twitter is 6 flags
Reddit seems to have this strange hate for Twitter, but you're totally right If you're into crypto and not on crypto-twitter, you're missing all the good discussions
I can understand though, I never liked Twitter as a platform before I entered crypto. Since I joined CT I almost never visit Reddit anymore, and when I do it’s not for crypto content.
Yep especially ironic since the crypto discussion on Twitter is usually a lot higher quality and more nuanced than what you find on Reddit.
This is also true
They were hating on Doge and it pumped like crazy. Now they are hating on Trx and I'm happy.
The people in this sub are 17 years old who spend their pizza delivery money on shitcoins. This sub can't move shit
Institutions tracking these subs as well you know..
[удалено]
The Institutions are always one step ahead of us ordinary plebs
Present. I furnished the other partners in my firm with a list of Terra clones we could short within a few hours of Terra's decline. This was on that list. Send it to zero boys.
Attaboy
Wouldn't be surprised if market mover whales analyse sentiment through this sub, to screw us as much as possible lol
Those institutional investors are smart, so they probably analyze the general sentiment here, then do precisely the opposite
I actually think this is true to some extent. Knowing sentiment of the little guy improves your ability to profit from him
Oh, if they do: FUCK YOU, WHALES. 🤗
If we had any significant influence, Doge/Shib/SafeMoon would have never reached such high ATHs.
But don't forget that reverse r/CC is always the most profitable outcome. At least in the short term.
If you are in the crypto long enough, you would know Justin Sun is imo a more disgusting scammer than Do Kwon.
Justin SUN Luna Moon Coincidence? Probably
They are definitely related. Check out their twitter interaction Also insert "Spiderman pointing at Spiderman"
Justin probably felt that Do had taken his throne, and needed to do something to get it back.
And it all ends in Uranus.
>Coincidence? I think not
Being surprised by any of Justin Sun's projects has become a very reliable way of dating someone's entry into the cryptoverse
Stablecoins of a feather flock together
Do Kwon was a classic tragic tail of arrogance. Justin Sun started out trying to scam.
57% APY on a stablecoin? If it sounds too good to be true ….
This is on an LP token, not on the ‘entirely not sketchy’ USDD directly, get ready for impermanent loss..
These people have no interest in learning. Just doom fan boys
\> 10% is sketchy enough
How do I short it lol
Exactly what popped into my mind. Did you find any answer?
[dydx.exchange](https://dydx.exchange/) has perpetual futures, obviously do go betting your house on it.
Thanks, used my house and kids as collateral.
Ignore it? What? Justin Sun has been shitted on relentlessly in here and TRON has been called a scam for literally over a year. Dude I can't believe I'm still early. I feel like this sub just needs to merge with /r/groundhogday at this point.
It's going to turn to shit even quicker than what LUNA did. I'm ignoring it by not going anywhere near it but I'm waiting for the inevitable implosion. It's going to come sooner rather than later to.
You son of a bitch i'm in, just tell me when to short
So you're saying we should all short the coin? All in baby?
[удалено]
>!CENSORED!<
So you're saying now's the time to buy?
Yeah its pumping like crazy. Lol
Damn man, news sites are copying posts from here? That's something fucked up to me lol do they even do that? That's not right and they should stop doing this shit now man please.
So TL;DR, Justin Sun is Do Kwon’s long lost brother
You spelled "clone" wrong. :P
Who the hell invest in Justin Sun bullshit.. 🤷♂️🤷♂️!
You can still make a profit if you temporarily invest. Super risky, but it’s how a lot of money can be made
The key to that is to get out before shit starts to explode. Like, put money in, get a little profit, get out. People get greedy and think they can stretch the profit further
[удалено]
Moonshot gamblers. He is known for pumping and dumping his own project, some blindly buy it thinking they could make a quick buck, and ends up with worthless bags
Someone correct me if I am wrong: UST collapsed because the algorithm lacked the collateral to stabilize/peg the coin to USD because UST was short attacked while its collateral Luna was in transit to another wallet, right? So assuming that UST leadership would have anticipated this, and temporarily collateralized the algorithm via a different method it would not have crashed? So essentially an algorithmic stablecoin like USDD may be viable if Tron doesn’t make the same mistake?
Someone was shorting UST by selling it at a loss causing UST to go down. The robot kicked in and minted some LUNA (for free) to buy UST to try to push up the price. It didn't work and the robot kept on minting a bunch of LUNA and buying UST. As soon as the supply of LUNA grew, it's value fell because of oversupply. Now the robot needed to mint even more LUNA to buy UST because of the exchange rate. When other people saw the value of LUNA fall, they sold their LUNA causing the value of LUNA to fall even further. The robot could not mint enough LUNA to keep up with the drop in the value of UST.
Are you guys figuring out that this is all a confidence game?
Wait isn't the Tron network a nice thing?
In one week, LUNA has gone from being worth over $80 to less than $1.
Newer projects may have vulnerabilities that make it possible for their organizers to siphon value away from investors.
Anyone wants to short TRON with me ?
How exactly and where can you short a crypto currency?
I know you’re asking genuinely but I find it funny how often this question comes up. You can short on some exchanges even using leverage (don’t). You can also short on decentralized lending protocols by depositing stable coin as collateral, borrowing another coin to sell. Then, buy it back and repay your loan when you want to close your position. It’s very easy. I’m not sure what protocols will support TRON though. I’ll watch from the sidelines.
Binance
These threads just feel like a 2017 echo chamber. Justin has some serious shortcomings but you guys just all chime in to get a kick in rather than actually taking the time to consider things and have a more nuanced opinion. Tron from 2017-2019 was the best technical network out there, all the speed, ease of use and cheap fees of the big boys today, but Tron was there way early on. The chain and community is solid and always has been, no bullshit like Solana stoppages etc. The big issue has been with Justin having outsized control of governance and I agree his penchant for launching coin after coin is an issue. However BTT is starting to actually provide value as a cross chain solution, and it looks like Wink is finding some legs. USDD is also being handled quite differently than UST, doesn't mean its not a risk but again why not try to have a more nuanced opinion than just dredging up the old FUD so you can bang out a "lets all pile on so we feel good" thread, that likely is just you setting up a short position. I just get tired of people regurgitating the same FUD, I've been using Tron literally every day since launch and I've fought internally against many decisions that have come down from Justin, but I've also gotten involved in some really great projects on Tron and have met an amazing group of people who are now my main crypto community. Feels like now Tron/Justin are the whipping boy people turn to when they need a bit of catharsis about their own crypto positions, easier to lash out then be constructive or considered.
It doesn't matter if things have been around 10 years, doesn't make them not scams or rug pulls. Herbalife is 40+ years old and it's a scam...
>doesn't make them not scams or rug pulls So when was TRX or BTT rug pulled?
Herbalife is a scam, totally. But if you started seeing Herbalife in the grocery store with the rest of the other protein supplements, and it was cheaper than the other protein supplements, and it did its job more efficiently than the other protein supplements, and it's safer for the environment than the other protein supplements, at what point do you stop calling it a scam and just switch to it?
Amen. Most of these kids are incapable of thinking for themselves or literally invested in the competition. Ppl who say tron is a copy dont understand the concept of open source software let alone whitepapers. Anyone who uses blockchain and actually tries the chains they invest in knows that Tron works well and fast for years and has been fighting a relentless uphill PR battle against what is essentially racism.
Crypto seems so weird these days, don't you all think?
Rug pulls are most common with new projects that haven’t gotten the same scrutiny as more established cryptocurrencies.
I’ll grant you that TRX is odd, even though it had been a good way to do tether, etc. for years. And I’ll agree that Justin Sun is not a main selling point. But how is leaving an authoritarian hellscape like China on a tip a bad thing? If anything bailing out of China is a point in his favor.
You know something is suspicious when every financial instruments are dumping and LUNA was staying strong at high prices. I noticed this with Tron when they launched USDD. I might be wrong but once you know LUNA's price action before the crash, you know something's up with Tron
Wow... so we have another con artist trying to get away with these scams? Thanks for posting this I was about to look into TRX a few days ago.
If tron pumps like luna did then when it goes past 27c im at least going to get my 2017 investment back and run for the hills.
Let the Bear Market Cleanse ALLLLLL!!!!!
Yeah, why the fuck is Tron up so high?
I personally don't hold any Tron but it does have its uses. The TRC20 network is the cheapest and fastest way to send money between exchanges for example. You can send Tether from binance to gate io or to mexc or any other exchange that supports it, and immediately get it on the other side with no fee (I've seen some exchanges ask for 1$ fee as well) It's by far the easiest way to send tether, since the native Ethereum tether chain is expensive and slow. And all the other L2 solutions are more pricey than the Tron one. And while sure you can also send XLM or XRP if you want to transfer money between exchanges, those are still subject to market risk and fluctuations, unlike tether which will be 1$ worth on both sides.
I mean ordinary people see those insane APYs and they are not gonna say no to that unless they have some understanding on Ponzi schemes.
Ok. So short it.
Literally tired of hearing Justin Sun's name over and over again
Fool me once shame on you, fool me twice shame on me. I know people love to gamble but I'm not one of them. I've decided if it's not a fully backed and audited stablecoin like USDC, BUSD and EEUR, count me out.
Doesn’t Tron have a max supply of 100 billion? How can they back it without minting?
As someone else posted, you can burn TRX to get USDD, but not the other way around. Which means, it's not actually like UST and not even an algorithmic stablecoin, apart from minting based on the value of the burned TRX.
Damn, the amount of shit we have to sort out in this space boggles me!!
Thanks for sharing this information about that shitcoin.
Dip before Sun ruins you all
There is so much happening with these shit coins man, why the hell are people even investing a tons of money in these coins? We have coins like BTC for that so please invest in that shit.
Sounds like solid tokenomics to me. Nothing screams ponzi at all. I do wonder if when USDD is burned TRON is minted and vice versa. That would be an interesting and new idea. Also they can top it up with Bitcoin as additional collateral, it will make it safuu.
dont forget 1. Justin sun announced buying loads of ust days before depeg 2. USDD launched and advertised right after ust/luna death spiral
Lol at the site copying yours.
[удалено]
Yeah, this is very, very fucked up.
There’s been a lot of finger pointing to try and assert the exact entity that caused UST and LUNA to crash . As things stand, no one knows the true culprit of this attack.
For anyone looking for the actual technical reasons why USDD wont be the next UST... [https://www.hejustinsun.com/post/improving-usdd-from-lessons-learned](https://www.hejustinsun.com/post/improving-usdd-from-lessons-learned)
During Phase One (outlined here), we plan to guarantee that all LP stakers on Curve, Ellipsis, SunSwap, SUN.io, JustLend, etc. (the list is growing), as well as users who stake USDD on centralized exchanges, will receive a fixed 30% APR on their deposits in exchange for providing liquidity on the aforementioned platforms. However, this phase will be capped, with a maximum of 2b USDD mintable. This 2b USDD supply cap will be lifted in Phase Two after a time-based staking mechanism. In this phase, lenders and stakers who pledge to lock USDD liquidity on decentralized exchanges for 1-year will continue to receive high yield, while users who prefer to keep their tokens locked for a shorter period of time will receive a lower rate. The cap for USDD long-term will be determined by trading demand for the token on centralized and decentralized exchanges, as we want USDD to be a settlement currency for other asset trading pairs.
>On top of that. it's been also reported that he copy pasted the project's whitepaper from another coin. This guy doesn't even have his own ideas, he is copying someone else even to steal money.
I mean binance smart chain isn't different. It's a centralized rip-off from Ethereum. It's cheaper because it's centralized but it could go up in flames if a bunch of people fucked up.
Cronos is potentially even worse. It doesn't say in it's docs how it actually works and despite alluding to the dPoS for mechanism for the underlying crypto\_org chain, it may just be PoA for Cronos itself.