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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

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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