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Is Tron TRX really a big deal or just hot air?

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Tron TRX
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A famous saying among marketers is that a considerable fraction of all the money you will ever spend on marketing is just a waste, but you can never tell what precise fraction that is. But marketing and promotion remain critical activities in any enterprise, and that includes the Cryptosphere. You can have the best blockchain operating at the higher transaction speed and a safe coin that’s easy to use, but if nobody knows it’s there, then nobody will use it, it’s as simple as that.

We’ve already seen projects in which marketing comes first; it’s designed and planned before the working product even exists. That’s how many ICOs have managed to raise money when the currency in question is still just a promise. Then the money raised becomes even more marketing, and sometimes that money doesn’t even go to develop the platform and the technology.

Which brings us to our subject. Tron lacks for no publicity, by now it’s probably the best-known cryptocurrency project in the world after Bitcoin. It has a massive number of fans and detractors. And they’re particularly good at marketing.

It all started as Justin Sun, Tron’s founder, CEO and the primary developer had a go at Ethereum at Twitter:

This made Ethereum’s leader, Vitalik Buterin, react by accusing Mr. Sun of copy and pasting his content. He was not very pleased.

The result was that Tron kept silent about Ethereum. They instead focused on launching and promoting their new Main Net (which will see them leave behind the Ethereum blockchain). Then, last June 1st, Mr. Justin Sun published again a graphic similar to last April’s one in which he, again, compares Tron vs. Ethereum to Tron’s advantages.

Some of the facts (which are more like promises) were revised, hopefully, to make them more realistic. The transactions per second speed went down to 2000 txps from 10000. Such a radical revision stinks of propaganda, something somebody wrote because it looked good and not because the technical data could support it in any way.

But the Tron Main Net is now deployed, and in public beta testing so this kind of number is now a matter of measurement, not marketing and if it doesn’t live up to expectations people will notice. Ethereum’s transaction speed remains at 25 per second which is quite slow (still, higher than Bitcoin’s) but Mr. Buterin and the whole Eth team are known to be working hard at updating the technology so that it becomes swifter. But even being that “slow,” Ethereum does transactions almost in a million, daily, which remains a dream for Tron.

Then there’s the issue about “100M dApp users” that Justin Sun claims to expect will join the Tron network almost immediately. True, Tron will be able to bring users in from Mr. Sun’s previous company, Peiwo, which does have a huge user base in China as a social media app and could indeed guarantee millions of new dApp users but, a hundred? It seems a bit of an exaggeration and few people are taking it at face value.

Simultaneously, Mr. Sun claims that Ethereum has users in the thousands, which is technically true but misleading. The IDEX app alone (Ethereum’s most popular one) has 150,000 users. While this number of users doesn’t mean it’s going mainstream, it’s still a far cry away from “thousands.” But Ethereum possesses hundreds of apps, that’s just the most popular one.

And we can’t talk about Tron’s marketing without saying something about the “developer rewards.” It was initially going to be a fund of a billion dollars used to motivate and attract new developers to create decentralized apps in the new Tron Main Net.

And now, it’s two billion.

It seems Mr. Sun has that kind of money lying around and, let’s face it; he likes being spectacular. And it looks like it works. This incentive package has accumulated 2,153 commits, merged 547 forks, added 102 new features, and released 15 software iterations. But let’s keep things in perspective, two billion is a lot of money, and it’s doubtful they will get enough developers to spread all that money around.

Mr. Sun: The charismatic leader

If you’re going to have a cult, you are going to need a personality behind it. In Tron’s case, that’s none other than the inimitable Justin Sun who has probably become the most recognizable and respected character in the crypto business. An exceedingly intelligent man who was personally invited by Jack Ma, the Alibaba‘s founder (I didn’t need to tell that, right?), in person to study at Hupan Unversity (which is Ma’s pet project, he is the principal and still teaches there).

After graduating from Hupan, he attended the University of Pennsylvania and went back to China where he started Peiwo, a social media app that is the one people in China and Asia prefer, it’s been an enormous success Peiwo alone has guaranteed Mr. Sun’s inclusion in the Forbes list of 30 under thirty for three years straight. After Peiwo, he founded Tron which is the organization behind the Tronix (TRX) crypto coin.

So Mr. Justin Sun has plenty of successes under his belt, there is no doubt about that. He’s among the best-respected businessmen in Asia, let alone China. And he’s excellent at marketing and great gestures. He’s eloquent, and nothing short of enthusiastic just read the following tweet by him:

The NASDAQ ad

So NASDAQ is dealing on Tronix now? No, not really. Tron just was in an ad on NASDAQ corner, they got mentioned in the ad, they didn’t become big business overnight. So they did hit NASDAQ, but this is advertising you can buy it if you have the money. So Mr. Sun is most likely making one of his legendary marketing moves, but this time he’s overdoing it. Tron is not on NASDAQ, just in the ads. Paid ads at that.

And there was the live stream. It got broadcasted at the same time the Main Net was launched. In this stream Mr. Sun spent more than an hour where he discussed (in untypically bad English) where Ethereum is left behind by the Tron, spitting out buzzwords and talking about transforming the world. It wasn’t a great cast (if you ask me), the light was deficient, and everybody around him was wearing Tron (TRX) t-shirts. While he remains a respected leader in the business world, this particular video made him look like more of a dictator. 

That kind of move only helps Tron’s detractors. A user on Reddit who goes by the name ‘drstrangerub,’ has something really interesting to say about Mr. Sun’s marketing strategies:

Reddit user on Tron

The snapshot of Reddit user’s comments.

He’s not probably wrong but does that matter so much? The world’s future could be in Asia so if they like to go for Justin Sun’s exaggerations what difference could that possibly make? It surely doesn’t help with the western audiences, but the west isn’t making the difference in the crypto world so far so, why should any serious player worry that much about them?

But even in that context, the western markets are embracing Tron. Tron’s Tronix currency is among the top cryptos then and, for all his posturing, Justin Sun keeps delivering on promises. That all said, I think there is no need to be panic as yet. From partnerships to connections and to listing on a huge number of crypto exchanges already, the project has put things together in the right way. Just let Tron’s MainNet settle down, and see it growing, starting from the end of this month.

So, in a nutshell: this is not the time to drop Tron. It just would be wise to see how the Main Net performs before going all the way in. But despite Tron’s marketing, it just could be the case that they do have a great product. We will find out soon.

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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 Pxhere.com

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Blockchain-Focused ETF Arrives on London Stock Exchange

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The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.

While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.

The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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Jeff Bezos
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Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.

However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.

Bitcoin as a divorce tool?

In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.

However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…

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Three Biggest Things To Know Come Cryptocurrency Tax Season

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In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.

These three tips should help anyone looking to legally report their crypto activity to figure out where to start.

Documentation is key!

There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting.  Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.

Calculate your total gains

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