In the cryptocurrency world, rumors, gossip, and speculations have the sheer power to make or break an entire blockchain technology regardless of the leadership, work, and team behind a cryptocurrency. Luckily for blockchain founder and leader of the Tron foundation, Justin Sun who is rumored to be the next Jack Ma (the founder of Alibaba), these factors usually play out for his advantage.
During the final days of last month, there was a lot of rumors going around as to whether BitTorrent was indeed being targeted for a possible acquisition by Justin Sun. Different media outlets and notable personalities had a lot to say concerning this potential move. For instance, Torrentfreak.com are on record reporting:
“There is something fresh though – BitTorrent Inc. has a new name. While it hasn’t been published anywhere, the company formerly known as BitTorrent Inc. is now Rainberry Inc.”
Jordy Berson, Rainberry’s Chief Product Officer, would respond to TorrentFreak by saying:
“Rainberry Inc is the official name of the company; it was changed right around the start of 2017.”
Justin’s Purchase of BitTorrent
The secret purchase of BitTorrent is believed to have been finalized last week when team members of the peer-to-peer file transfer platform were alerted of the new partnership, although neither Justin nor the company officials were reachable for comments.
Talks on the purchase have been in the works for a while now, with the rumor wheel suggesting the discussions begun as early as September last year. However, a letter of intent to acquire was agreed upon and signed early this year.
Despite this regard, the purchase had its fair share of up and downs with the deal looking shaky when BitTorrent initiated talks with other potential bidders in January. And in response, Justin filed a temporary restraining injunction, maintaining that their earlier agreement barred BitTorrent from pursuing other proposals. Eventually, despite the friction, Justin dropped his charges, and the purchase moved forward.
Last week, Justin’s Rainberry Acquisition filed with the California Secretary of State, a change of status the same day as BitTorrent’s Rainberry Inc filing for a merger at the same office, suggesting the two firms had merged.
Today, it is clear that Justin has indeed purchased the peer-to-peer file transfer platform, although staff members and shareholders have been cautioned not to disclose any information to the press. This is according to a source with information of the transaction.
Odyssey V2.0.3 release announcement
Just today, Sun headed to Twitter (he does not miss any chance) to announce the release of Tron’s MainNet’s latest version, Odyssey V2.0.3. The announcement has spread a lot of joy and appreciation among Tron community, as it should, and it seems that the main head behind Tron has nailed the game of perfect-timing here, yet again. This good news surely will support Tron TRX to hold its momentum firmly as the token swap begins shortly.
— Sam1 (@Sam197981908) June 20, 2018
Tron bags listings and prices react positively
It is clear that Justin and team are thriving to make their way to the top of the cryptocurrency pyramid receiving a green light to trade, deposit, and withdraw at Trade Satoshi even though Tron is still in its pre-migration stage. The full migration is scheduled to take place on June 21 (very shortly from the time of press).
— Justin Sun (@justinsuntron) June 20, 2018
Trade Satoshi hopes to list Tron’s digital coin, TRX, on 26th June, against a variety of pairs namely DOGE, BCH, ETH, LTC, viz, BTC, and USDT.
Now, these all are excellent strides (at least good marketing ones) made by Mr. Sun to make sure the community stays engaged to the token, and its positive momentum remains unaffected in this crucial time for the crypto (the TRX ERC20 tokens migration to its Main Net).
At the moment, Tron (TRX) can be exchanged on leading and popular platforms (total 70) such as Coinnest, Zebpay, Cobowallet, Bitbns, CoinEx, Coinoah, Gate.io, Binance, Bitforex, CoinEgg, Bixin among many others. Thanks to the major strides that Justin Sun has been making continuously, despite the latest dip in the market caused by Bithumb hack, Tron TRX stands tall with a market cap of about $3.3 billion, trading at $0.04911, up by a net 18.04% in the past seven days.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of NeelShakilov via Pixabay
STEEMIT Running Out Of STEAM?
Has Steemit seen its glory days run dry? There have been many rumors that the CEO Ned Scott has pushed the company to the blockchain focus that he forgot about Steem being a social media platform. Now, these are just things some of the former employees have been heard saying, but it is a rather interesting take as to what is going on. Give the following video a watch where I break down what is happening with Steem. I also give my thoughts on what may happen to other large ICOs and how we may see this trend continue as we have seen with ConsenSys laying off 10% of their workforce.
If the big name projects are starting to do this will it also have a trickle-down effect on other ICO’s which have no products and are running out of cash? I definitely think so, and I also see this negatively affecting Ethereum for the mid-term. The question many have been asking is just how long can the bottom 1800 projects last with the current market conditions? How many ICOs did not liquidate their Ethereum and now are stuck with 1/10th the cash flow or more in some cases, how will they pay to continue operations? What about the growing number of projects laying off employees like…
The Three Biggest Problems with Crypto
In this bear market, everybody’s asking the same questions. Why is Bitcoin falling? When will the market turn around? Is this the end of the crypto boom?
However, before we can answer questions like these, we need to step back and do an honest appraisal of where our industry stands and what is really holding it back. Despite its growing popularity, cryptocurrency still struggles to gain mainstream appeal. While crypto has managed to distance itself from the early days, when it was used to buy illegal goods online, the currency still conjures up negative feelings for a lot of people unfamiliar with the technology — and all too often, for good reasons.
Cryptocurrency is still relatively new, which means that many casual users are still exploring different ways to use crypto in their day-to-day lives. Unfortunately, this lack of knowledge leaves a lot of users vulnerable to scammers seeking to take advantage of their ignorance and inexperience.
We’ve contacted various types of people within the crypto community, surveying newbies, traders, investors, and professionals, asking what the biggest problems in crypto are. We found there to be three major problems holding the industry back:
Is Crypto a Bubble?
A lot of people are wondering if the whole crypto phenomenon is nothing else but a bubble. We’d say it would be a fair question except that these people asking it have been skeptics from the very beginning, so they’re not really assessing the market on its own right and performance but just singing the same old song.
We believe that the current market conditions do not justify the notion of crypto as a bubble and we’ll explain to you why.
First, we start by reviewing a bit of market dynamics. Every market, every asset, every currency develops in cycles that repeat over time. Each cycle is comprised of four different stages called “phases”:
It all starts at Stealth. A new stock, asset, or cryptocurrency hits the market. Nobody knows anything about it so nobody pays any attention to it or tries to buy it. The price is slow and it stays very much the same until the market becomes aware it’s there. Hence the name for the following phase.
As the market realizes this new thing exists it starts to pay attention to it and to buy it, so it takes off, the price rises steadily until it faces its first sell-off. The price drops a little. Then something else happens. The media pays, at last, attention to this hypothetical coin…
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