Many new Tron (available on Binance) (TRX) investors seem to be at their wits end with the current bearish fall of the cryptocurrency, that once saw daily gains over 100, a few days in a row, in the first week of January.
Justin Sun, TRX’s cryptocurrency founder, has a very impressive resume with being named in Forbes’ 30 under 30 Asia, just last year. He is the founder of China’s Snapchat, Peiwo, at only 27 years old. Many have backed the Tron (available on Binance) (TRX) network and his cryptocurrency based off of his resume alone.
However, the most serious issues stem from how the founder conducts his PR or updates on the Tron (available on Binance) foundation via his personal Twitter (NYSE:TWTR). Most TRX enthusiasts that got in on the project well before it hit its stride back in mid-December will argue that this is just Sun’s way of promoting his coin, including his informal livestreams, and always has been. That may very well be true but it seems to have gotten the founder in a lot more hot water lately than it has done him good.
Shortly after the coin broke into the top 10 cryptocurrency market, Sun received a copious amount of negative press. On Jan 9th, we reported that someone had called out Justin Sun and the Tron (available on Binance) Foundation for plagiarism of its white paper with its competition Filecoin. Like many of these blockchain start-ups, they tend to aim towards very similar things. Just like any project in any sector, copying what someone has already done but doing it better is all a part of the game. However, the White Paper put out by the Tron (available on Binance) Foundation lacked any sort of references, which lost a lot of trust by investors and dropped the coin over 35% that day.
The following day, Sun posted a long-awaited partnership announcement that also received some negative feedback.
Source: Twitter
Many of his followers thought that the announcement was misleading and a stretch, as Baofeng (SHE:3004311) is far from the Chinese Netflix (NASDAQ:NFLX); instead, Baofeng’s focus is more on a video player software, not on producing any content of its own. The announcement also hinted that the partnership was not with Baofeng per se, but rather a subdivision of the company, which stretches the truth a bit.
Lastly, two weeks ago it was pointed out that Tron (available on Binance) violated licensing rights by borrowing code from Ethereum (available on Coinbase) without correctly citing – again. The Tron (available on Binance) foundation was quick to respond, blaming the missing citations on “festinate time” but went on to otherwise dodge the controversy for two weeks. Since then, the Tron (available on Binance) foundation has posted an official statement on the matter on GitHub, which isn’t the greatest place to clarify a controversy of this magnitude.
What makes matters worse is that TRX is only six months old and its team has yet to showcase any legitimate use of its technology.
However, the latest updates via Sun’s Twitter, shown below, show some sort of glimmer of hope for those on the Tron (available on Binance) “HODL” train.
Source: Twitter
Source: Twitter
If these claims come to fruition, TRX might just have a chance to rebound. Especially since that second Tweet has to do with the Tron (available on Binance) protocol and its main net. Say what you want, but a company can only survive so much bad publicity before it smolders away and Tron (available on Binance) might be at max capacity right about now. The entire cryptocurrency market faces criticism every single day but it’s getting difficult for investors to ignore the red flags that Sun and his foundation are hinting right now.
Source: CoinMarketCap
At press-time, TRX is selling at $0.08 a coin, down -5.94% in 24 hours. For the week, Tron (available on Binance) is down -50% but for the month, it is up 700%.
Featured Image: twitter