Stop Underestimating Justin Sun

in #hive-1679222 years ago

tronvirussunhostiletakeover.gif

I was supposed to write this post a week ago.

Oops.

In any case, a week ago, I was seeing a lot of content revolving around Justin Sun and the new USDD stable-coin token pegged with Tron collateral. Very Luna/UST vibes. Like, it's obviously a scam and people are pointing out the obvious, but the logic used to get there is very flawed.

A lot of people have linked the above video.

9:50 into the 11:50 video

What if you could burn $1 worth of Tron and get 1 USDD?
And then you sell that USDD for... another coin...
without affecting the price... like USDC.

Because that's not how liquidity works?

Seriously though: tell me you don't understand market making and the core fundamental properties of the economy without telling me. Most other people explain the USDD 'scam' in exactly the same way. Justin Sun is going to 'dump all his Tron' using USDD. That's not real. If you think that's Justin Sun's basic bitch plan for USDD, you are sorely mistaken and underestimating him to your own detriment.

Does everyone here forget the Steem/Hive hostile takeover?

We are literally funding a documentary with inflation so that more people can understand this situation. Do we remember how sure everyone was that Sun would crash Steem to zero once he was over and done with the project (myself included). How's that prediction going friends? Pretty good?

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Yeah, that's right, and combined with the value of SBD, farming Steem is still a super profitable activity. It took us like a year to even surpass the price in the first place. That empty husk of a network is still doing just fine from the outside looking in. How many people would have made huge bets to the contrary after Hive went online? They would have all lost. Stop underestimating this guy. He's not going to do what you think he's going to do. Let's be honest. He's smarter than most people.

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Justin Sun has burned a lot of bridges.

But for every bridge that he burns and for every person or community he enrages, he is easily able to polarize that energy and create an equally fervent zealous user base that will blindly follow him off a cliff if that's what he decides to do. Honestly, that's a real skill; just look what he did during the hostile takeover.

He capitalized on all the salty sourness that occurred during various flag wars and the clash of people in charge pissing off entire communities. Being a witness means being a politician. Politicians are bound to alienate certain groups no matter how good they are and their craft. Justin Sun is a very very good politician. Guess who's not so great? The nerds building out this technology. Justin Sun can politically run circles around a career developer/node-runner.

He did it with his acquisition of Bittorrent.
He did it with the SCT Korean community on Steem.
He did it when he tricked three separate exchanges into running hostile code to fight against "hackers" and didn't even get sued for a hack that made three banks insolvent and used investor money to attack their own investment. Think about the mastered level of political skill that these things require. Like seriously though... like he's some common rug-pull scammer. Stop it; that's not the play. This guy finds weaknesses and he exploits them for maximum gain.

Justin Sun is a virus

If crypto is going to survive it needs to outmaneuver not only Justin Sun, but also every other vulture capitalist out there that's trying to extract maximum profits from this grassroots moment. That's a large percentage of powerful people in crypto. If we want to decentralize power, we can't allow these rich and powerful people to recentralize it for themselves. Think about it: almost every single famous person in crypto falls into this category. It's the ultimate uphill battle. And yet it only takes one breakthrough template to be copied a thousand times before communities finally gain control of their own sovereignty.

Conclusion

Anyone who claims that Justin Sun is going to exit scam using USDD doesn't understand the nuances of the game being played here. He hasn't even exit scammed Steem yet. Think about that brain-buster for a tick.

Notice how no one can give a reasonable example of how this exit scam would even work. "Well he's going to dump coins without affecting the price!" LOL... what the fuck? Seriously? Going to dump the tokens without the price going down. Sounds like something an eight-year-old came up with like: "We should float cars using magnets to create perpetual motion machines with zero friction." Yeah... sounds good... until you actually try to do it and realize it's technically impossible to achieve. Eight year old me is suddenly very disappointed.

magnetcarperpetualmotiontruck.jpg

God damn I'm smart!

Seriously though. It doesn't matter if you personally know that Justin Sun is a scammer. It doesn't matter if you think it's obvious. Bing bang boom problem solved just stay away from him? Irrelevant.

Other people don't know what they are dealing with, and he's going to continue being a parasite until we find the cure for these little shits. There's a lot more damage yet to be done before we have a solution to these greedy self-serving people.

We can't just tell other people to stay away from him either. Does that sound like a smart solution? No, that's a lazy zero effort 'solution' to a problem that revolves around someone who is a master manipulator. Spoiler alert: master manipulators are pretty good at twisting that situation around and playing the victim. People like this can only be defeated using the same amount of cunning and effort as they themselves are putting in. Remember that.

Justin Sun is not a trustworthy person, but he definitely isn't some second-rate short-term rug-pull scammer. He's very obviously playing the long game, and he's playing it better than pretty much anyone else I've ever come across. Stop trying to oversimplify this situation and act like this problem has an easy and obvious solution. Please and thank you.

Solving the problem of power-hungry greed-monsters is crypto's and society's number one issue right now. Will crypto solve it eventually? Maybe... if we work hard and get lucky and remain patient and are willing to actually do the work while staying consistent. Maybe. Nothing is guaranteed, but that's the goal.

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Great read. I would love to know more about your thoughts on Justin's game plan.

Posted using PALnet

Understand the past always prepares the future.
I never think this guy will ever exit scam any crypto.
He will always play all cards since he has the dough to do so.

Posted Using LeoFinance Beta

I agree.
He plays smart, and wins big by earning every day, not just a number go up payday. Plus he knows how to make number go up, then sell.

Posted Using LeoFinance Beta

Justin sun everywhere,this guy will be someone never to be forgotten in the history of crypto

Thanks for reading my post

Your welcome, thanks for sharing.
:)

Posted Using LeoFinance Beta

You are welcome and thanks for reading my post

I will be like him soon it's a matter of time so watch out 😎

Posted Using LeoFinance Beta

Go for it, set your sights high.

Posted Using LeoFinance Beta

Thank man @shortsegments

I believe it, keep going!

Posted Using LeoFinance Beta

Why do you think he's bothering with USDD? I honestly don't know enough about it to figure this out... I just know that I wouldn't touch it because I simply don't like him.

Because it's easy free money.
Every network needs their own stable coin.
I've said as much on multiple occasions.

Tron will spike up when it starts getting burned for usdd

So everyone who has quietly stayed staked on steem and has been earning steem power, which means they have been earning tron, is going to get a pay day.

I want to say "lucky" but I had the opportunity to do that as well and didn't.

Posted Using LeoFinance Beta

Wish we could get #StopTalkingAboutJustinSun trending… guess that would be counterproductive though. Perhaps a last warning for everyone.

:)

Posted Using LeoFinance Beta

Have you seen this?

“Justin Sun says he's ready to spend $5 billion on acquisitions as crypto firms struggle”

Also I disagree with Justin Sun being smart,he is fearless of consequences and if you don’t care about consequences you can make some serious money until you get caught. That is nearly a super power until you hit a brick wall.

I agree. Justin Sun hasn't really done an exit scam yet but I do think he is taking profits. So I wonder just how much profits he has taken.

Posted Using LeoFinance Beta

Maybe we'll get lucky and Justin Sun will finally catch the eye of anonymous... They're going after do Kwon now after all.

Posted using LeoFinance Mobile

Justin seems to have a lot under his sleeves . 🌚

He's certainly not a trustworthy person, but he's far from dumb.

Anyway, the crypto world would be better off without him.

Ha Ha
You are so nice…

He's certainly not a trustworthy person,

:)

Posted Using LeoFinance Beta

If not an exit scam for TRON, do you mind going into a bit more detail on how you view Justin Sun's play with USDD and how his original shitcoin fits in?

Likewise for STEEM.

I mean you're right that it hasn't gone to zero yet, but how would you describe the unsustainable nature of taking full control of that network and its token?

Posted Using LeoFinance Beta

The goal is to extract as much value as possible for as long as possible.
It's all a slow bleed to attain more and more Bitcoin.
A coin like USDD can x100 Tron just like UST did to Luna.

Gah, then he owns a large chunk of all the networks.

Asshole.

You think he secretly holds large amounts of HIVE?

Posted Using LeoFinance Beta

Unclear, but if he does it's on the exchanges.

Yep. Fool me once…

Posted Using LeoFinance Beta

Here's to #goals, Only Time will tell. Good ftw. #progress #success #winning

Posted Using LeoFinance Beta

im staying far away from stable coins as I lost a lot in just but I do own eth and btc

HBD?

yeah HBD AS WELL but I have recently bought evmos with hbd so I have few left

A real Vulture Capitalist but not a stupid one for sure!

I think USDD first stemmed from making a copy-cat on Tron idea + owning liquidity motto. Many people forget about the benefits of owning liquidity on the coins some parties print. Make people use USDD -> Convert it into another stablecoin -> Collateralize it in DeFi -> sell X coin for Tron -> Use Tron for USDD and repeat

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Posted Using LeoFinance Beta

Money talks in this world and this guy keeps gobbling up assets and turning out fuel to keep going. I think showing him as a virus and how a virus works is spot on and every time you think he's done and over with he's on to the next.

Posted Using LeoFinance Beta

Interesting comparison.
A virus… moves in, gets you to stop making everything you need to live, and focus on make more copies of themselves until your cell bursts wide open, and then they move on…
Definite similarities there, except we moved on instead.

😉

Posted Using LeoFinance Beta

Hmm, he owns/ controls Poloniex. I think there are a lot of combinations to "use" his stablecoin and blow it up.

If nobody ever wants tron back, the ponzi works.

So it needs only to run as long as he need :D And at some point it bust, print more tron and he promotes everyone can be Tron billionaire for 1$.

It would also bust if Tron falls from 0,06$ to 0,006$.

Luna had the same problem, a to big % move can be dangerous.

More interesting is the way it could tron moon.

Tron into USDD, USDD buy more Tron, into more USDD, and so on.

Rug the market with large stake to create USDD ( his foundation stack for example) and not all at once, dump it over time.

The cash cow is born.

Why would Steem be a quick exit scam, how much did he pay Ned, that alone should tell you everything since now he's that much in the hole, and scammers which don't seem like the long con type, yet the long con is exactly what SunWhoreJustin is doing.. In the end, only he knows what he has envisioned, but rug pull is all it'll be.

Nah, no rug pull. It's like buying Real Estate, you don't flood your own lands... on purpose.

Posted Using LeoFinance Beta

We shall see. One hostile takeover and everyone screams bloody murder... Its "like" buying real estate after you intentionally cause a catastrophe to plummet the value and scoop it up for pennies on the dollar?

If we want to decentralize power, we can't allow these rich and powerful people to recentralize it for themselves. Think about it: almost every single famous person in crypto falls into this category. It's the ultimate uphill battle. And yet it only takes one breakthrough template to be copied a thousand times before communities finally gain control of their own sovereignty.

Pure gold this quote.

I realy think we should stop looking for logic in the person. Its the same as the theory for Mr.Market. We should look at whats rational from our side.

USDD is a copy/pasta same as a lot of Tron things and it was launched in a bad timing. He is now yet again forced to keep the project going only to save face. Value extraction is not possible under the curent market conditions. In theory he can dump tron without nuking the price with conversions to USDD and then sell USDD in OTC deals. Terra was selling UST in a billion dollar tranches. So the scenarios in that videos are not totaly mistaken. If the price of Tron goes up he dont even need to bother to convert.

If your project dont succeed, maintaining them comes at cost and can be expensive. The bigger they are the bigger the costs. He has like 90% of the USDD supply, and USDD is still struguling to stay st $1. Meaning everyone else is selling yield. He can bust the price for a while, but if the project expenses grow at some point the money to burn will run out.

Yes, dont underestamate the guy, but dont give hime to much credit to. He just goes for thing that seems hot at the moment.

Justin Scum* 👀

Posted Using LeoFinance Beta

Congratulations and Thank you.
You have achieved the power and status here to speak the truth. Justin Sun is very, very bright, and knows much more about the crypto game now, then many of us will know in our lifetimes. Trying to reduce him to anything else is self defeating. The first step in preparing for any conflict is recon obtaining information on your opponents strengths and weaknesses. The second thing is never underestimate the ability of your opponent to do the same thing. So if you know what your weaknesses are, and refuse to fix them, expect your opponent to exploit them and defeat you.

Posted Using LeoFinance Beta

People don't stay wealthy for generations out of mistakes.

There are calculated moves that are made to ensure that the next generations are just as wealthy.

I am glad people understand what is going on here, I am not sure its so bad though. Right now crypto is so small that we need everyone to grow it.

Even billionaires who are going to grow x 100 like the rest of us are here to do as well.

Like always, if you start with more, you get to have more.

Posted Using LeoFinance Beta

People don't stay wealthy for generations out of mistakes.

Agree 100%

Like always, if you start with more, you get to have more.

Agree 100%

Posted Using LeoFinance Beta


The rewards earned on this comment will go directly to the people( @lindoro ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.

I enjoyed reading your perspective, and agree with it.

Even us, here at HIVE, the bad taste in our mouth is that he tried to control us, tried to buy us, etc.

But for most of us, he actually lined our pockets. The chains split, and airdrops happened, and everyone who stayed put, grew their bags. He didn't go around checking (on everyone, lol, only on some people) to see who moved to HIVE and take their money away.

So yeah I'm cautious of Justin Sun, but... thanks for the income?

Its like walmart. I don't like shopping there, but sometimes, you only have 1.24 to spend on shampoo.

Posted Using LeoFinance Beta

LOL
Sometimes you have this hilarious practical, down to earth humor, which makes me smile.

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