As we have previously reported the Tron foundation is one of the most active of cryptocurrency platforms in terms of news updates. This news is significant for investors in TRX as it shows significant transparency in terms of progress and development.
Justin Sun is highly active on social media championing the use case for Tron/TRX and all of the projects they are involved in. One problem that this brings however, is that Justin doesn’t seem to respond to community complaints and issues within the existing infrastructure Tron has in place. With this in mind we felt it was a good time to send an open letter to Justin Sun.
Open letter to Justin Sun
Dear Justin Sun,
We hope this letter finds you well.
As a prominent figure on Social media you are one of the most active CEO’s of a cryptocurrency in terms of project development and providing your investors with information. Many cryptos and blockchain platforms could and should take a leaf out of your book when it comes to providing information. We look forward to this being a business model you plan to continue for many years to come.
However, we would like to take the opportunity through this open letter to ask you to take your information provision to an even higher level. How do we feel you could do this?
Whilst we admire the progress and product expansion, there a hundreds if not thousands of threads on social media asking you to address problems within the current infrastructure you have in place. Without addressing these requests, we feel you are leaving yourself open to scrutiny and accusations of a lack of care for the long-term supporters of Tron and investors in TRX.
We realize that you are probably tagged in hundred’s of posts per day on social media and that it will be impossible to respond every single time. As such we want to use this open letter to point out a few issues you may have missed and which we have identified as being recurring concerns within your community:
- The ease with which people are able to create “scam” tokens on the tron network. A number of prominent (and dare I say best) tokens on the Tron network are riddled with copycat tokens aimed at duping investors into buying the wrong token when investing in a project. Of course we realize that it is a fair argument to state that people need to DYOR and buy the correct token, but scammers are way ahead of you on that and prepare their mimic tokens to perfection in order to illicit profit.
One of the earliest calls for a response to this came from a twitter user alarmed by the number of people scammed into buying the wrong token when purchasing tokens issued by the highly promising Seedit project. The tweet dates back to September of 2018 and nothing has been done to address the issue with 4 or 5 mimic coins currently available on Tronscan
Whilst I am exited by everything that @justinsuntron and the @Tronfoundation are doing, I am concerned by the lack of control over the functionality of #tronscan. It is far too easy to create a coin on there, and this has seen a number of people buying a scamcoin rather than,
— chem inspecto (@crypto_inspecto) September 30, 2018
Other high profile projects that suffer from these mimic tokens are, among others, the well established IGG which has 7 or 8 of them currently pretending to be real, TronBet with 5, and the new up and coming high flyer project in development (and favorite of John McAfee) Beatzcoin which has a couple already.
- Scam projects. Of course in the world of crypto, like any walk of life, scammers are working 24/7 to con people out of their hard earned cash/TRX and it would be a little unfair to ask you to Police everything. That being said, when concerns are raised within the community a well considered evaluation of the project should be carried out. (see below for our suggestions). This must become a priority when it becomes clear that the community is blatantly being scammed.
There have been a number of scams on TRON as there have with ETH (AriseBank is a significant one on there and the investigation has led to the imprisonment of the culprits) but the most blatant has been Reyna. This project was operated as a Ponzi by it’s “architect” Anthony Kudaev who issued token upon token within tronscan with each having it’s own “use-case” in, what has become apparent, were non-existent developed sub-platforms of the Reyna network.
10’s of social media accounts were sounding warnings about this project for a considerable amount of time before all associated REY tokens were delisted but the considerable delays allowed the unscrupulous “owners” to dump considerable amounts of their scam coins on the market making millions of TRX in the process.
— Guido Janssen (@otsz) January 13, 2019
Our suggestion for the Tron blockchain (and others for that matter) would be to take a similar stance to that taken by some of the large cryptocurrency exchanges such as Binance and Kucoin. These exchanges hold the cryptos they list to a high level of consistency, transparency, and in their own words are doing their due diligence on the projects to protect the best interests of their customers.
A perfect way for you to start this due diligence would be with a new “project” that has suddenly appeared on the Tron Network. This project has direct ties to the defunct Reyna project and Anthony Kudaev and has the alarm bells sounding on social media. With a company of your size you have the capabilities to do far more due diligence than any individual can do and can prove that this project is legitimate (as they would have us believe) or a continuation of the Ponzi under a different name (as most would believe). Here it is for your consideration
Dear #TRONICS after talks with Project members we have decided to offer you a Swap.
The Exchange ratio will be as follows: 2 REY per 1 IRC. If a problem arises during transition of SWAP, please contact/email – email@example.com://t.co/Axi5QijZTC pic.twitter.com/iVLjFhUG32
— Iseri Project (@iseriproject) April 1, 2019
- And finally, please stop all the announcements of announcements. FUD as you know is easily created and having so many projects in the announcement faze having been pre-announced by yourself is leading to confusion and FUD. The build up to project Atlas was great, the project looks great, but soon after the announcement everything has seemed to go quiet. This silence could have been down to the announcement of the BTT BitTorrent token and the ensuing FOMO this created. Announcements of announcements about this project followed by the relative silence (or passing of timelines announced) after the token sale have led to FUD being spread around. This silence could be down to the purchase of CoinPlay which was announced without any real depth. And the tweet issued by yourself announcing the SunNetwork has created more volume to the FUD casters as this unknown project is causing more confusion.
#TRON will release the detail of #Sun Network soon! #SUNNetwork is our layer 2 solution to achieve 100X scalability. #TRON’s dapp usage is poised to scale from the current millions to hundreds of millions after launch. GO #TRX and #BTT! #BitTorrent #BTT #TRX
— Justin Sun (@justinsuntron) April 3, 2019
Obviously we are not in a position to advise you how to conduct a business, we are just two guys trying to offer the crypto world a news resource they can go to for real news instead of the click-bait baseless price prediction/manipulation media that is prevalent in this industry. That being said we are both investors in cryptos, have had considerable success in our chosen fields prior to semi-retirement, and have a passion for good projects to succeed. Our open letter to you is therefore a combination of passion for crypto, our observations based on having followed you and other CEO’s on social media for a number of years now, and the observations of countless others.
With Kind regards,