I got TRON’d: The TRX Fiasco

TRX & Investors

I don’t normally get this upset. The last time I was this upset, was with FINOM (which I still don’t have my tokens for and may never, and no help from their support or the creator).  I’ve also reached out to the TRON Team and it doesn’t look like there will be a response.

TRX is moving, to Binance.  On April 15th they made an announcement that they would be moving to their own blockchain. They told their Tron investors to move their now useless tokens to Binance, or risk losing their investment.

Migration will occur on June 21st-June 25th.

“you must deposit your TRX to an exchange before June 24, 2018 to avoid any losses”.

This is a quote I pulled from  tron.network and it’s not on the homepage, you have to click on TRX to learn this.

That is extremely dire and stressful when you’ve come upon this after the fact.  I was frustrated to see this, and I’m not alone. There is apparently a lot of frustrated investors venting at Justin Sun on Social Media that demonstrated a lack of respect and care for us investors.  The announcement back in April made no mention of the exact process or even which Exchanges would support this process. To add insult to injury they are causing a direct loss since we all have to pay fees to the Ethereum Network and Exchanger to get our real TRX and if you have get a TRX wallet, pay to take TRX out again.  Whether you have 1 TRX or 120,000 it is yours and they should be protecting your investment and you as an investor and they’ve clearly failed.

I suspect it is completely intentional as this will free up a huge amount of supply once they say “sorry you weren’t watching our social profiles 24/7 your TRX tokens are worthless it’s your fault” which is essentially the response of TRON shills at the moment or that “Binance is EOY”.  EOY (End of Year) is still not a lot of time, but the ‘kind shill’ who told me didn’t point me to where he found this information- just randomly saying that Binance announced it. Oh, so another place I have to go find information from just to figure out how to protect my TRX investment.

Then more assuringly they say “If your TRX is held in a wallet and you were not aware of the migration notice, or saw the migration notice after June 25th, please visit our permanent token-exchange counter to exchange your tokens for Mainnet TRX.

Great!. Where is the permanent exchange counter?  There is no link or information readily available.  I’m sure some shill will point out it is probably buried in some other URL but non-shills or 24/7 supporters like me, shouldn’t have to go through all of this.

Tron-TRX-Scam-Screenshot at 2018-07-09 10-33-34

The Shills & Supporters of Tron
When you go on social media to find information directly and vent your frustrations with the lack of care Tron team put into securing investors money, you’re automatically hammered by shills who think that Tron is God and they did no wrong.

Unsurprisingly, me and others who complained were berated:

Tron-Reddit-Shill

I don’t think they got the point that “normal” users and investors shouldn’t need to watch all of Tron’s myriad of social accounts and websites constantly to avoid a loss. Tron isn’t the only coin I have invested tons into, and cryptocurrencies aren’t my only investments. I shouldn’t have to worry that if I don’t pay attention for a couple of months, my investment might disappear because Justin Sun struck up a pump deal with Binance.

The shills and supporters completely devoid Tron of any wrong, and insist Justin Sun did what was mutually right for Tron and for Investors…How? By screwing investors, that’s how. By forcing us to move to Binance and lose money in doing so, where the potential for scams, fraud and hacks to happen, increase.  All the while Justin Sun’s team could have made a registered account system with the millions of ICO money he collected by Investors. The registered account process would have eliminated any risk of fraud, money spent, and saved time for both TRON and Investors. On top of this, there would be NO potential risk of losing your Tron Token.

The Tron dogs focus only on the sole responsibility of the investor to be watching all of Justin Sun’s and Tron’s multiple social media platforms and websites, instead of calling out Tron’s incompetence and lack of respect for the Investors. It’s this general acceptance of ‘disrespect’ is why cryptocurrency teams do not feel responsible to do the right thing for the Investors, but for themselves.

Conflicting And Incomplete Information
Every one of Tron’s sites has conflicting or incomplete information.  We shouldn’t have to go digging to learn that Binance supposedly honors this until the end of the year (2018, which I learned from a Reddit user, he couldn’t point me to where he got that information from though).

I think common sense says the communication was horrible on this one and they’ve made it a lot more stressful and difficult than it had to be.  This shakes investors like me very quickly since there are so many scams even with ‘good ICO projects’.  It doesn’t matter if it’s “Justin Sun” behind the project, in fact it makes it worse.  How is he managing any of this if this is the best he can do?

The Tron supporters who ignore these glaring responsibilities that Tron has to its Investors, reminds me of Bitconnect. Many people called it out for what it was, a scam and pyramid scheme, but Bitconnect shills and supporters ruthlessly defended it as a trustworthy project.  Bitconnect, unpredictably came to an end.  It was a coin that produced nothing and who’s sole value was derived from shills who pumped and dumped it as part of the pyramid scheme/scam. Making millions and screwing real investors in the process.

The shills would have you think something is wrong with you for being upset or out of the loop for a few months but clearly there has been nothing but confusion and frustration since the start of the very unclear path forward:

Justin Sun Announces Tron Migration, Confusion Reigns

https://medium.com/tron-foundation/trx-migration-notice-34de281ebbbd

I’m not saying TRX or TRON is a complete scam but it operates in a very shady way in my opinion.  I’ve taken a blasting by their supporters (AKA shills who find it unreasonable that I am not on multiple social platforms every day glued to see if I can potentially lose my investment).  That’s ridiculous and I don’t think anyone should accept this.

On top of this, I and many Investors do not like keeping things on Exchanges where hacks are often. If you have never lost from a hack, then you don’t know what it feels like, so I’d like for you to sit back down. But Luckily there is a TRX wallet at least to move your real TRX to once you have moved it to Binance.

So Why Did Tron Do This?
Here’s what happened.  In April the Tron Team announced the move to MAINNET or essentially their own cryptocurrency blockchain separate from Ethereum tokens (the worthless ones they gave us in place of the real TRX).  I think it’s wrong to do it this way, since their website has a dire prediction that if you don’t move your tokens to an exchange like Binance, then you’ll lose your investment because they are literally burning and killing the Ethereum tokens they sold you.  What if you don’t have Binance or can’t get on? They didn’t take that into consideration or care.

This is completely wrong!

The Way It Should Have Been Done?
They should have registered all of their investors and token holders in their own system and simply e-mailed everyone or based it on the Ethereum blockchain token holders.

It’s like the bank telling you they closed your account, now you have to exchange all your money for real money at a cost to you, and you should have known because you should have been following their multiple social profiles and websites, all with differing and conflicting information.

Yes, Tron’s literally telling Investors ‘ you should have been able to piece it altogether after some detective work because we struck a deal with Binance and couldn’t be bothered to make a registration system, which would have been at no cost to you and at no risk to you….And yes Tron supporters are literally saying this with gusto, even hashtagging Justin Sun to garner attention for their undying and blind support.

The Good News Though?
It looks like you have until the end of the year with Binance to do this, but as mentioned their site says if you didn’t do it in June you’re done for. So if you haven’t done it already, do it now. Since I don’t like keeping stuff on Exchanges, I’ll be moving it into a wallet quickly.

It’s really simple, all TRON had to do was create a unified system that would just directly e-mail their users this information.  They surely collected enough of our coins to the tune of millions to have the resources to make that system. Besides that, I think a few months is completely inadequate notification. What if someone went overseas or on vacation?  I imagine there will be some in this category who come back in 2019 and ask how their TRON tokens disappeared and they didn’t get their TRX.

I think it could be argued it was ill-thought, ill-mannered and essentially negligent to force users to move their tokens with such short notice.  If they were going to do it this way, they at least should given an unlimited amount of time to exchange the worthless Ethereum tokens to the real TRX.

Justin Sun
This move is a a huge security issue.  How on earth do they go and ask people to move their tokens to an exchange where they could be hacked?  How about all of the typical phishing scams which I am sure we will see, that will be tricking people into sending their tokens and coins into the hands of hackers.  By encouraging people to only go on Social Media which is insecure and commonly hacked, it is simply inexcusable that Justin Sun’s team would do things this way.  The website doesn’t make things clear enough and it should be the main or primary source of easy to find information about these issues.

I think people look too much at “Justin Sun” is behind this and don’t actually look at how the project is being managed.  It’s definitely lost my confidence now.

I do think TRON is a good project and a good idea.  Will it last and succeed? Maybe and I hope my investment will succeed.  But it reeks of the typical issues that a lack of common sense is being used to handle the very basic aspects of this project. Not to mention of lack of respect for the Investors, and anyone who calls them out is automatically bashed, or accused of spreading FUD.

Cryptocurrency companies and teams have to start valuing the investor and do things in a simple and common sense way that protects us and makes us feel confident in our investment.  TRX has lost my trust over this and clearly a lot of others who are frustrated (at least the normal ones who don’t monitor the TRON social accounts 24/7).

The future is bleak for Tron if this kind of ‘care’ is given to investors. But I’m hopeful that this will be the last time something like this will be handled in such a poor way.

The Truth About Laundering Bitcoin

It’s The Same As Laundering Fiat, Just Smaller.

CCN.com reported that CipherTrace released their Q2 2018 report that noted the rise of cryptocurrency crime, money laundering and other illicit activities. One particular glaring item was a $1.2 billion figure, that had been laundered through cryptocurrency tools such as Bitcoin Tumblers and privacy coins like Zcash and Monero.

Now this isn’t really news. We already know about Drug trafficking busts, weapons and human trafficking busts, which the different levels of the US government have made on the dark web. But what this is suggesting is that not only is crime up using Bitcoin, but ransom is also up. And it’s implying that it’s only happening to Cryptocurrencies and not really happening to such an extent to Fiat- which is incorrect.

The Problem
The problem I have with CipherTrace’s reports and other reports of such nature, is the idea that only cryptocurrency is used to do crimes. Now the report isn’t suggesting that, but it’s implying it. Fiat money has been doing daily orders of crimes for decades. Just recently a large scale report in British Columbia revealed that the Liberal government looked the other way while criminals used casino’s to launder millions of dollars- literally duffel bags of $5, $10 and $20 bills, and the casino staff were told to turn the camera’s away. The government let this slide, even the RCMP, because it created a booming economy in B.C. The results cost lives and livelihoods:

“At an event Wednesday to release the report, Eby said money laundering in casinos was linked to the opioid crisis that has claimed thousands of lives and to escalating housing prices that have made life unaffordable for British Columbians.”

Which is serious considering houses that should actually be worth $500,000 are now worth over $1million in a mere 6 years.

Fiat’s Way Worse
Fiats been used to launder money, crimes, wars, arms deals, genocides, human and sex trafficking of children and much more for decades. Anyone willing to stop investing in real estate because of the money it’s laundered? Anyone willing to stop using a bank because of their very real crimes of over charging people on transactions and NSF’s? Anyone willing to stop paying their government taxes because of their illegal invasions and human rights violations?

NO? Well stop complaining about crimes with cryptocurrency. Its not good and slowly a system will be created to hopefully limit such crimes. At least cryptocurrency will grow and smooth this out, Fiat money has had decades to fix their crime issues, and now it’s 2018 and nothings been solved.

Just because cryptocurrency is being used by ‘some’ to do terrible things doesn’t mean we all are- the majority aren’t. The ugly truth is that crime happens, and we can’t really stop it, whether it’s with cryptocurrency or not. Some will argue and say ‘well it’s easier now with privacy coins’ and they aren’t wrong, but these ‘privacy coins’ can be watched for the most to see where it’s going. Eventually they’re going to need to collect the value of those coins, and undercover government Exchanges on the dark web will nab them, and then collect those coins for their government wallet (valued over $40 million). Read my “Dark Web Bust” post for more details.

Then there will be those who say ‘well you can’t compare fiat and cyrptocurrency as a proper excuse’. Yeah actually we can. Because most people who do cryptocurrency aren’t criminals. The biggest criminal we have in the crypto scene is probably George Soros who was responsible for the Asian Financial Crisis- he was never held responsible, never faced any criminal charges or jailed. He continued on, making his millions. He suspiciously entered the crypto world just after Dec 2017 highs….not sure if there’s a link, buuuut that is for sure a link….

Bitcoin & Cryptocurrency Have Value
If old socks become a hot valued commodity, guess what, they’re going to use it for crimes. Criminals only use things that have value, well cryptocurrency has value, just like fiat and that’s why it’s being used.  Love it or hate it, cryptocurrency is not going to die. You can argue that Tokens and ICO’s will (if they haven’t already) die, but the major players like Bitcoin, Monero, Dash, Dogecoin (yes even Dogecoin) Litecoin and even the expensive gas induced Ethereum, will last.

Bitcoin isn’t all just crimes. Just like Fiat money isn’t all just crimes. Keep that in mind when you’re thinking FUD thoughts.

Cheers,
A.Yasir

BITCOIN’S VALUE WAS FRAUD?

 The Coordinated Manipulation
According to research done by Professor John Griffin of Texas Finance, last years epic rise for Bitcoin was actually done by coordinated market manipulation.

Professor Griffin goes on to explain that he examined millions of transactions on cryptocurrency exchange Bitfinex, and says that “the US dollar pegged cryptocurrency Tether was used to buy Bitcoin at the times that the latter was falling- which helped ‘stabilize and manipulate’ the price”

First I’ll explain what Griffin’s said, and then I’ll explain why he’s wrong about Bitcoin but right about Tether. And it boils down to his understanding of how Exchanges work and how Bitcoin works.

Griffin said “Fraud and manipulation often leave footprints in the data and it’s nice to have the blockchain to track things,” Griffin told CNBC. Whenever bitcoin fell, Tether was used to buy it to prop up the price again.

“It was creating price support for bitcoin and, over the period that we examined, had huge price effects. Our research would indicate that there are sophisticated people harnessing investor interest for their benefit.”

Bitcoin started 2017 at below $1,000 and by Dec 2017 hit 20,000. But as if February to June 2018 it’s been jumping back and fourth from it’s lowest at $6k to the highest $10k (which didn’t even last)  Tether is the 11th largest cryptocurrency and is pegged to the US dollar. Some critics say Tether owners don’t have enough fiat currency to back its $2.5 billion market capitalization.

Bitfinex CEO J.L. van der Velde told CNBC that neither the exchange nor tether helped to boost bitcoin prices. “Bitfinex nor tether is, or has ever, engaged in any sort of market or price manipulation. Tether issuances cannot be used to prop up the price of bitcoin or any other coin/token on Bitfinex,”

Now here’s what I think:

I’ve personally used Tether but I do worry about it. A lot of people have accused Tether of fraud, and Tether certainly hasn’t proven the naysayers.  Do they have the 2.5 billion USD and how are they raising funds?  Essentially as far as I can see, Tether is a non-backed, way of essentially printing virtual USD.  I think Griffin is way off on this one.  USDT (Tether) is a convenient trading pair that can be used with some of the top cryptocurrencies to trade and exchange directly for other coins.

The issue is that a lot of people don’t realize most tokens and currencies are not directly convertible or tradeable for others on exchanges.  Generally you’ll have to sell your ABC alt-coin or tokens for Bitcoin, or USDT and then use the major currency you sold or exchanged to buy say another coin such as Ripple, Litecoin, Lisk etc..  So this is where USDT comes in, if Griffin thinks it propped up Bitcoin I think he is misunderstanding how the exchanges work.  Yes a lot of people are using USDT to buy other currencies but is USDT a market factor?  No, I don’t think so, it’s just simply convenient and I agree with Bitfinex that it doesn’t appear they are using it to prop up Bitcoin.

However, USDT could not be used in such a way if it wasn’t given prominence and primary trading pairs like Bitfinex and other major exchanges have used.  Could some of the exchanges be in cahoots with currencies like USDT and others?  Absolutely, and this is the more likely scenario of market manipulation in the sense that they essentially largely control which currencies fail and flourish.

Any coin that is used as a primary trading pair or in other words directly convertible has more value and will intrinsically be used more as a vehicle to buy coins like Bitcoin.

I think Griffin just raises the simple question about USDT being a fraud and this is the biggest concern but I highly doubt USDT’s existence or trading patterns are responsible for Bitcoin fluctuations directly.  He may derive this from trading patterns but I really just think USDT is a convenient and easy to understand intermediary trading pair vs how you wrap your mind around how many BTC another coin like Ripple, Ethereum or Litcoin is worth etc…

What do you think?

Cheers!
-A. Yasir

Psychopath CEO’s

The Jobs Psychopaths Are In the Most

A person with a Psychopathic personality is defined as having an inflated, narcissistic sense of themselves and are very good at manipulating people. And with the world naturally turning more and more narcissistic with social media and the images of ‘your best self’ (or rather your fake self), it’s getting to be a pretty psychopathic world.

We once considered Ted Bundy and psychopath murderers and honestly world leaders as general well known psychopathy. But as it turns out, the world is filled with psychopaths, and you might just be working next to one. And most surprisingly, is that CEO was ranked #1 for the most psychopaths…I’m a CEO and I’m both worried and fascinated…

So why are there so many psychopathic CEO’s? Well psychopaths tend to go for jobs or careers that put them in leadership positions because they have charisma, are good at making on the spot decisions and are fearless.  They have a goal and they can make it happen and will stop at nothing (including stomping out others) to get what they want.

Kevin Dutton, a British psychologist and writer, specialises in the study of psychopathy, made a list of the types of jobs that attract the MOST PSYCHOPATHS.  In his book “The Wisdom of Psychopaths: What Saints, Spies, and Serial Killers Can Teach Us About Success.”

“Functional psychopaths,” as Dutton calls them, “use their detached, unflinching, and charismatic personalities to succeed in mainstream society.”  Basically, psychopaths are normal people but have a few traits that make them ‘different’.

10. Civil Servant:
Fun fact, in 2014, UK Government officials considered recruiting psychopaths specifically “to keep order,” because they are “very good in crises” and have “no feelings for others, nor moral code, and tend to be very intelligent and logical.”  Ouch.

9. Chef:
Should they really be in charge of our food and knives? But apparently the 9th most popular job for psychopaths is being a chef. According to Dutton, they thrive in chaos. And the chaos of the kitchen is right up their alley.

8. Clergy Person:
This may come as a surprise because we don’t normally associate such a personality type with this job. But according to FBI veteran Joe Navarro, ‘religious organisations may provide a means for people to exploit others, while also giving legitimacy to their actions.’ It’s also very easy to make alliances.

7. Police Officer:
If you thought clergy person was insane, police officer isn’t too far off.  Keeping calm during a stressful situation comes with the job as police offer. And in this dangerous and high intensity job, being able to control your emotions and think before you act comes as a huge benefit.

6. Journalist – it all makes sense now.
If you thought Elon Musk was right to call out mainstream media who then got a lashing out from media personalities, and thought to yourself, wow these media people aren’t professional at all- then you were right. They’re not professional because they are literal psychopaths. Journalism is yet another popular job for a psychopath.

5. Surgeon:
If you’re in need of a surgery, well don’t worry you’re in good hands.  It’s not what you think, again psychopaths are people who do well in keeping calm during stressful situations and can make quick difficult situations, which they have to make everyday. In this respect, be glad you’re in the caring hands of a psychopath. :)

4. Salesperson
Are you a shameless self promoter, who has no qualms of stealing other peoples work or contracts, have a intense desire to earn the most money and can’t be over shot by anyone? Are you in sales? You should be.

3. Media Person in TV or Audio
Narcissism can be a trait of a psychopath, which you can say is an important part of being a public figure. Being a TV anchor or a radio personality is the 5th job with the most psychopaths.

2. Lawyer
Somehow this doesn’t come as a surprise. You’re going to have to be a very motivated person who can manipulate the ‘truth’ and ‘facts’ to fit the narrative you need. Self confidence and deceitful charm can help create a good lawyer.

And lastly,

1. CEO
Yes, that’s right, CEO’s are the #1 job for psychopaths. I never really viewed myself as a psychopath but here’s some of the traits:
Cool headed during stressful situations.
Able to make decisions quickly during intense situations.
Being able to overcome emotions.
Able to remove emotions during situations and focus on the issue at hand.
Able to maneuver using charm and manipulation.
You get gist. But on top of this, is resilience to chaos.
Resilience to chaos is something we CEO’s have.  This doesn’t necessarily mean that you’re cool headed under stress, it can mean that you cause a lot of crazy for others too because it makes you feel good when everybody around you is struggling…OUCH that hurts my heart.
But some CEO’s use this method to climb that ladder all the way to the very top.  Now this isn’t indicative of all CEO’s, since self confidence, resilience and determined for a end goal is also high drivers of a CEO, but these are eye openers of how others might view their leader.

What do you think? Did your job make the cut? Did you find out a little about yourself? Or do you disagree with the findings?

Cheers!
– A. Yasir

 

Bitcoin Fails To Defend 10K Mark

Let’s let the chart do the talking for the past 3 months where it currently sits at $9327.65

Bitcoin-2018-02-05-PriceChart

Back in February BTC posted the maximum high for the past 3 months of just over 11K.  As you can see from March to April the lowest moves of the recent past were posted around the 7K mark.  To me this looks like a classic sideways trading that eventually breaks out.  You can see since April there has been a steady upward trend.

BTC hasn’t been able to defend the 10K mark but I do believe we have stability around the 9K mark.  Some indicators claim BTC is currently neither overbought or oversold.  But common sense has to tell you that if the price is going down it appears we have more sellers than buyers at the $10K mark.  It could be people cashing out for fear of wondering when does BTC return back to the 20K mark?

Many people have said this  spells disaster but I really do think we are just getting started with the BTC rally and I think much higher prices are around the corner in the near future.  There has been a lot of positive news from around the world that seems to be increasingly towards accepting that BTC is here to stay.

Perhaps some regulators thought twice and realized that “like it or not BTC is too big and risky to ban”.  Because people can move BTC at will and it cannot be frozen or truly banned.  I think regulators are finding just as the case is with exchanges, if you put undue pressure on owners of cryptocurrency they will simply just move away to a friendlier jurisdiction.  I would imagine they should favor BTC as it is not anonymous and is easily and fully trackable.  If people switched to more private based coins they’ll have little chance at regulation such as with Monero.

What does “HODLING” mean in cryptocurrency and Bitcoin Trading Strategy?

HODLING-POST-AreebYasir

So here’s the post on Bitcointalk.org that apparently started it all once it made the rounds on reddit:

 

I type d that tyitle twice because I knew it was wrong the first time.  Still wrong.  w/e.  GF’s out at a lesbian bar, BTC crashing WHY AM I HOLDING? I’LL TELL YOU WHY.  It’s because I’m a bad trader and I KNOW I’M A BAD TRADER.  Yeah you good traders can spot the highs and the lows pit pat piffy wing wong wang just like that and make a millino bucks sure no problem bro.  Likewise the weak hands are like OH NO IT’S GOING DOWN I’M GONNA SELL he he he and then they’re like OH GOD MY ASSHOLE when the SMART traders who KNOW WHAT THE FUCK THEY’RE DOING buy back in but you know what?  I’m not part of that group.  When the traders buy back in I’m already part of the market capital so GUESS WHO YOU’RE CHEATING day traders NOT ME~!  Those taunt threads saying “OHH YOU SHOULD HAVE SOLD” YEAH NO SHIT.  NO SHIT I SHOULD HAVE SOLD.  I SHOULD HAVE SOLD MOMENTS BEFORE EVERY SELL AND BOUGHT MOMENTS BEFORE EVERY BUY BUT YOU KNOW WHAT NOT EVERYBODY IS AS COOL AS YOU.  You only sell in a bear market if you are a good day trader or an illusioned noob.  The people inbetween hold.  In a zero-sum game such as this, traders can only take your money if you sell.

My wife asked me what the term “HODLING” or “HODL” meant because it’s been referenced all over social media.  I honestly just thought it was the ticket symbol for Interstellar Holdings HOLD spelled wrong!

In the above post the poster goes on a rant about why they decided to hold apparently to spite the “day traders”.  Some have said the poster was drunk but could it also just be an angry rant, combined with life issues and a few typos?

We may never know for sure because I haven’t read the hundreds of pages in the thread and I am not sure where the poster is now or if they’ve still held their BTC or not.  If they’ve still hold on until recently they’ve obviously been right to hold but as we all say “hindsight is 20/20” back in those days no one was sure Bitcoin would continue its metaphoric rise to hit the 20K mark and settle back down at the approximately 13K mark at the time of this writing.

Whatever the real story may have been behind the post, a lot of crypto traders and investors are really referring this rant to explain just how wise it is to hold onto their currency despite apparent crashes.

Personally I’m all for HODLING if it’s based on fear and not by a real technical or game changer in a currency.