Trons Disappointed Fans

Fans That Disappoint

Fans and supporters took to social media to show their disappointment after the ‘secret announcement’  late last night. Justin Sun and the Tron Team apparently didn’t deliver the ‘marketing & shine’ that people expected.

They were expecting the ‘secret’ segment of the announcement to have more ‘pizazz’ and when they didn’t get it, sent off a twitter storm to console each other or complain. Some going as far expressing how they need to do better marketing and hire people who can do a better job presenting with more enthusiasm….

The other side were die hard supporters (who are capable of ignoring even the bad portions of what Tron does) were saying for once something I agree with: that it’s not about the marketing, it’s about the project.

This complaining about the lack of marketing is a serious issue for me. In an age of ICO scams because of all the marketing glitter, you would think the project is what matters most, not the marketing. If you only focus on the marketing you’re going to miss out. And many thousands missed the followings from the Tron Secret Announcement:

1. TVM- Tron virtual Machine. Is lightweight, Turing complete virutal machine devised for the development of Tron’s ecosystem. It aims to provide millions of global developers with a custom- built system for blockchain that’s efficient, stable, secure and easy to optimize, essentially developer-friendly.

2. 40 mainstream exchanges including Binance, Bittrex, Bitfinex, Upbit, Huoni and OKEx have completely the token migration from the worthless ERC20 tokens to Tron’s mainnet TRX without any financial loss so far for the users- although not all normal users/investors have made the exchange.

3. Tron mainnet so far is running smoothly.

4. There are a total of 92,424,664,154.355837 ERC20 Tokens burnt, accounting for 92.42% of the total issued. Before the migration is completed, the remaining ERC20 tokens will remain valid for exchange at Binance and Gate.io.

5. The TRON network will serve as the underlying protocol of Project Atlas. Hundreds of millions of BT users across the globe will become part of the TRON ecosystem. BT will be the largest application on the TRON network, which will allow TRON to surpass Ethereum on daily transactions and become the most influential public blockchain in the world.

As some might know from my previous post about Tron’s lack of care during this migration, I’m not exactly happy with Tron. The migration itself really unsettled me on their ability to actually do properly what they want with investors in mind. But this ‘marketing and glitter’ issue that most of the supporters and fans are complaining about, makes me uneasy that I’m investing in something that people heavily depend on to be marketing savvy.

Dogecoin is a better investment than many of these ICOs and new coins yet it lacks excitement and flair.  Cryptocurrency users and investors are inviting an ecosystem that rewards exciting sound scams and widgets that are guaranteed to fail.  This may work for the short-term but in the long-term it will be the difference between life and death for currency, projects and profit/loss to the investor.

Tron is actually a really good project, it’s made some great strides, and taking steps in the right direction. Do they need to be marketing hype all the time, especially when Investors like me just want the straight talk about what’s happening and what they are doing.

There’s a serious lack of common sense in cryptocurrency and the investors too.

This is money. This isn’t a high school popularity contest, where you need sparkles every time they hold a dance. And this should mean a lot coming from me, considering I am incredibly hard on Tron for their fiasco of a migration.

These are not issues. Their job is to make the project a success and take Tron to new levels, not to sit there with a marketing team to sparkle you with every meeting.

We have real issues here with Tron, and none of it has to do with their marketing. People really need to look at those issues instead of being upset about the marketing or Justin Sun’s lack of ability to wooo you.

What do you think, am I wrong? Should there be more marketing sparkle for cryptocurrency projects?

Cheers,
A.Yasir

 

Bitcoin Anonymity at what cost?

Wasabi Wallet

We’ve already heard of “tumblers” which make it very difficult to trace the true sender or receiver of a Bitcoin transaction.  Now we have the “Wasabi” wallet project, which does something a bit differently.  It actually uses the Tor network to anonymize you on the Bitcoin network.  However, I think this is a risky move because malicious actors on the Tor network (especially exit nodes) have been setup by malicious groups including government agencies for surveillance and other use.

The problem with depending on the Tor network and a third party client is what if someone injects malicious code such as the Bitcoin Gold client scam?  Even if that’s not the case what if some malicious Tor node runners get together and target Bitcoin users and use it to successfully trick the Wasabi client into thinking you’ve received money you don’t have?  It would certainly be an effort and tricky but with enough time, money and resources it is a likely possibility based on the reward value alone.

So, well the idea is well-intentioned I think trying to solve it any other way  is risky and it should be the Bitcoin code base that is modified to support these features.

Another personal alternative is that you can use your own personal proxy or server to hide your real IP as this is already a supported feature of the Bitcoin client itself.

What do you think?

Cheers!
A.Yasir

Dogecon 2018: Vancouver

Such Wow! Much Conference!

Amongst the sea of self serving blockchain conferences, and large scale multi-million dollar Internet of Things conferences and expo’s, was a refreshing Dogecon held in Vancouver that captured the heart of cryptocurrency. The meme essence came to life.

What started off as a fork of Bitcoin, and a running meme joke, became the largest most dedicated community of cryptocurrencers ever. More than Bitcoin, more than Ethereum, Dogecoin’s strong and proudly loved. It’s community strong, not just about value, but about substance. From tipping to charity, to car racing, the Dogecoin is actually the most viable coin out there. And to celebrate the ‘such wow’, Dogecon was held in Vancouver BC.

A conference where nobody talked about panic selling or the market crashing, instead dance parties, rap shows, dinner and a freaking puppy parade- that’s right, a freaking Shibu Inu parade, was held. You can only wish in your dreams that you had seen it in real life, it was just that amazing.

It wasn’t ‘tradition’, with high rolling investors in thousand dollar suits, no this conference was down to earth, honest and genuine- something you don’t see often in the superficial world of Instagram cryptocurrency.

No twitter cryptoinvestors and enthusiasts had lots of good genuine things to say. Four days of celebrations, real discussions, and Dogecoin worship took place in Vancouver British Columbia. And the reviews are in: It was awesome.
Yes Rocco, this is what it should look like.

Even the sponsors proudly stood by Dogecon with ETH Classic joining in.

Just over 200 participants attended Dogecon, and tickets were sold out by the time I posted about it- sorry about that…  It was a breath of fresh air from the stuffy blockchain conferences, it was relaxed and real, and showed what this amazing Dogecoin community is.

So if you’re looking to invest in a good coin, Dogecoin is it.

Why do I say this:
1. Dogecoin is used more frequently than even Bitcoin cash
2. 40th in Market Cap
3. Has been in use since 2010 for tipping, charities, to car racing etc etc
4. It’s the 4th most popular cryptocurrency (yes that’s right, Dogecoin is the 4th)
5. More viable since the community even after the Creator abandoned it, kept it up.
6. Unapologetically a joke currency that became seriously serious.
7. Doesn’t fall under SEC regulations as a original coin
8. Faster and cheaper to use
9. Dogecon!!!
10. It’s a freaking Shibu Inu, who doesn’t like dogs!
11. It’s not all about ‘Bitcoin level value, or pumping and dumping’, its about the coin itself.

Such wisdom! So get yourself some Dogecoin, and bow to Lord Doge.

It’s safe to say that Dogecon 2019 is going to be even larger and better! What do you think of Dogecoin? Is it still a joke coin to you or are you showing some Doge love! I personally mined and owned Dogecoin, and I’ve easily used it, and it’s honestly one of my top 5 favorite coins. If I had to pick something to invest in, I’d skip the ICO’s and Ethereum tokens, and go straight to Dogecoin.

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