The current tron coin crisis is a mess. It’s almost exactly as bad as the recent crash in Ethereum and Litecoin, but with a lot of confusion and noise. Most of what I’m writing and saying about it here is common sense, but there are a few points that are new things I learned since the last time I wrote about tron.
The problem with tron is that it’s not really an open source project. It’s more like a closed source project, but they try to pretend otherwise by saying they’re giving away their software and that anyone can copy it and use it for free. But nobody really believes them, because if they did people would be using their own code instead of copying tron’s.
I don’t think anyone has figured out how to make money on tron (short of buying coins at $0.31), so all the attention is on trying to get coins back out fast enough to make money while they still have value.
Tron is like a bank: you deposit your money, the bank pays you interest, then you have to withdraw your money before you go broke or the bank manages to lose all your money somehow.
The way to do this is for somebody to figure out another way to get money
There are two main reasons why the price of tron has crashed to a tenth of its previous value. One is that the price has been falling consistently since the end of last week. The other is that in the days around the crash, there were several news items about tron coin being hacked and having its funds stolen.
It’s impossible to know whether these events have any connection with the current price drop, but if it turns out that they do, then I think we can expect things to get worse.
The price has fallen not because tron is inherently a bad investment, but because it’s a really exotic one. It’s an asset whose value depends on lots of other assets whose value is regulated by very complex rules, which are all so new that nobody really understands them yet. The more unknown things there are in the system, the harder it is for people to understand how everything works together.
So if you’re thinking about buying tron coin at any time in the near future, you should be aware that:
We are living in a crypto currency crash. We have been for the last three months, and it’s just getting worse. The price of Tron coin has fallen from nearly $20 to about $1.70, which corresponds to a loss of more than 80% from its peak value. It seems that everyone is trying to jump on the Tron train now, with every day bringing new stories about people who bought at huge prices only a few weeks or months ago, losing everything.
The cause seems to be what we might call crypto currency stock speculation. When crypto currency prices rise rapidly, there will be a lot of money to be made by buying up all the coins you can get your hands on, then reselling them at the higher price when they inevitably crash. Some people do this while trying to ignore their losses and pretend they are still making money; others do it while hoping to make up their losses by selling out before the inevitable crash
But no matter how much money you make as a crypto currency speculator, it is always possible that you will lose all your money. This is because crypto currencies are not like stocks or bonds; for one thing, there is no third party regulating the market; for another, there is no way you can know in advance
Tron was supposed to be the coin that would change the world, which is why it got so much attention. But instead of changing the world, tron crashed.**
The first few days after launch were a disaster. But if you had read my blog before the crash, you’d have known — and you would have known to leave your coins on the exchange as soon as I said that they were going down. It turns out that people are bad at predicting crashes. So I don’t blame anyone who bought tron after June 1st, because I told them so.
But it’s not just that people didn’t know how to bet on this thing; they also didn’t know how to follow directions. They kept buying, and no one explained what was wrong with this plan. “As soon as I get on the exchange, everything will be fine,” they said. That made things worse: people were buying way too much tron, waiting for prices to drop rather than selling when prices were low enough for them to get out without losing too much money.
And then there was all that hype about tron being a better Ponzi scheme than bitcoin — which wasn’t true at all but is exactly what everyone wanted to hear in order to justify paying
I know that many of you have been waiting for a post about Tron, after I published my information about the upcoming coin burn. Well, the day has come.
I started writing this article yesterday, when it was still unclear whether the hard fork would go through. But as the afternoon went on, I slowly came to the conclusion that this hard fork was really going to happen. And if it did, there was no way I could write an accurate article about it without first knowing what the outcome would be.
So I waited all day in anticipation of the Ethereum Classic fork. And now it is time to tell you what happened in Tron and why this fork is happening.
Bitcoin has been a great success in part because it was the first coin to succeed at replacing Bitcoin as a unit of account. It is also the first coin to have a native exchange trading against it. But it is not the only one. There are others that are trying to do the same thing.
There are medium-sized coins, like neo, that aim to be more stable than bitcoin and to fill a similar role as Bitcoin as medium of exchange. But there are also small coins that flame out quickly, like bitconnect and diamond: just two months after opening for business, Bitconnect announced that it would be shutting down operations. And there are also some that have been around for years without being able to get off the ground: tron, diamond, and (until last week) Bitcoin Gold.
In this article I will try to explain why these failures have occurred, and suggest strategies for dealing with them.
It was a stunning sight, like something out of a movie. The lights suddenly went out on BitTorrent.com, the world’s biggest torrent site, with more than two million users daily.
“The Domain Name System thing,” explained one of BitTorrent’s founders, “is quite complicated.” And then the lights came back on.
They were briefly off again this week because of a hacker attack that disrupted Internet routing in Asia. But yesterday things seemed to be going smoothly again: the site was up, everyone was downloading from it, and so on.
But now it looks as if the whole thing is going to crash again. There are rumors that BitTorrent will shut down for good very soon (though its founder says he can’t confirm or deny this). There is even talk among some long-time users that the site is being taken over by the FBI , though that seems unlikely from what I can tell.
The crisis has been unfolding for months, but people only started noticing when the site stopped working for several weeks last autumn. Then there was an “announcement” of some sort, which turned out to be just a single paragraph on a blog entry. This week and next are supposed to be “shutdown” weeks – when no new content