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Justin Sun Reschedules The Lunch With Warren Buffet And Reveals Next Phase Of Tron Buyback

Tron’s founder Justin Sun says that he’s expecting to launch the next phase of the company’s $20 million buyback plan soon.

He is also reportedly planning to reschedule his lunch with Warren Buffet.

Justin Sun’s famous lunch with Warren Buffet, rescheduled

You may recall that Sun apologized following the failure regarding the Warren Buffet lunch.

As you already know, he was supposed to meet with Buffet on July 25 and he even invited more friends with him, and he even wrote to President Donald Trump to invite him as well.

Back in July, it was reported that Sun is unable to attend the lunch due to some disturbing reasons. Sun addressed the issues online.

Tron’s buyback plan was revealed back in June

Tron’s multi-million dollar buyback plan has been announced for the very first time back on June 25, 2019.

This new phase is designed to promote the developments of Tron’s blockchain ecosystem.

Sun’s announcement met some pretty harsh criticism on Twitter where people have been voicing their concerns about Tron’s marketing efforts.

The community was worried about “Tron’s Tesla giveaway snafu, the canceled lunch with Buffett, announcements of upcoming announcements, a sinking TRX price relative to other altcoins and Tron’s slide to the 14th position, as reasons for a tarnished reputation,” according to the online publication the Daily Hodl.

Here’s Sun’s tweet regarding the buyback plan:

Community feedback

As we said above, a lot of Sun’s followers are still upset due to the issues mentioned, but there are also a lot of supporters as well.

Someone said: “At least someone will finally be buying $TRX then.
When will you announce the announcement of the announcement of the next phase?”

Another Twitter user posted: “Mistakes made affect the current situation. Who wants to withdraw the free path (so do not pump the value now, because more will go away) In 2020 burn more TRX & BTT & WIN. And keep your mouth shut when you are tempted to burn another foolishness. Good luck.”

Someone else wrote: “2020 will be crucial for trx supporters. No one knows whether the “frozen” trx will be dumped into the market or not. And, the foundation didn’t state that they won’t do it so. Anyway, can’t blame him if he chose to do a final cashout and enjoy the rest of his life.”

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Tron

TRON Price Analysis: TRX/USD rejected a key trendline

  • TRON is trading 2% higher on Tuesday on a good day for the crypto market.
  • The price rejected off a key trendline area and now has pushed higher.

TRX/USD 4-Hour Chart

TRON has pulled back in recent session and now we will find out if it was just a retracement or something more serious.

The price had been on a great run of late and reached a peak of 0.02680.

Now the price has pulled back it rejected a trendline on the 4-Hour chart.

More importantly, the 0.0200 psychological level remains intact.

If the bulls are to regain control of this market then a break of 0.02377 would be a great sign.

TRON analysis

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Tron News Today – Headlines for February 16

  • Tron acquires Steemit
  • Tron Investors aren’t enthused by the development
  • The network hopes the move will add more value to its offering

Tron News Today – Tron, the Justin Sun-led Blockchain network has recently been on a spending spree. The network has been acquiring several major Blockchain-based firms and announcing some notable partnerships. This is part of Tron’s effort to craft more utility around its Blockchain and provide value for its native coin the TRX token. The most recent addition to the TRON network is Steemit. Steemit is a content sharing platform that offers rewards to its users and influencers when they offer quality content that’s well-received by the members of the forum.

Tron has described the acquisition as highly strategic because it allows the entity to expand it’s list of DApps further because of the sheer number of apps that have been created on Steemits’ blockchain.

Tron Price Responds after the Recent Acquisition

Tron’s latest milestone was announced on Twitter. It was the content sharing platform’s founder, Ned Scott, that noted that after nearly four years of working on his project, the decision to sell to Justin Sun’s Tron came up. The exact details of the terms of Tron’s new acquisition remain unclear but it appears that Tron is still looking to advance the retail adoption of its Blockchain network and native crypto through the new arrangement, with Steemit. The Blockchain firm wants to take advantage of the ongoing growth of Steemit as a fresh catalyst for TRON.

Via another post, Sun discussed Tron’s latest company acquisition. He noted that both entities working together will usher in an era of decentralized social networking. All will be to the benefit of Tron and Steemit. In Sun’s words:

“We are very happy to welcome Steemit to the Tron network. Together we will launch an era of decentralized social networking.”

Investors Aren’t Enthused About the Acquisition

Seemits’ Blockchain STEEM token is currently trading on the red. The coin is down by 12%. Its current price is just under $0.25. It is important to note that this decline comes in tandem with the news about Tron’s foray into Steem’s ecosystem. It is also important to indicate that the decline in the tokens price comes as the entire digital currency market faces less turbulence. However, the move suggests that investors do not believe the partnership will offer much value to Steemit Blockchain.

As the Tron network further unveils its plans with regards to how it’s the latest move will ensure that its Blockchain adds value, chances are that investors will be able to gain better insight regarding whether the partnership with Steemit will be a positive one in the long run.

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Steemit Moving to Tron Could Mean a Different Ballgame for BitTorrent

With Steemit acting as a content sharing platform and BitTorrent as a file-sharing platform, the quality of media entering the Tron ecosystem is unimaginable

On 14th February, Justin Sun the CEO of Tron and BitTorrent announced a strategic partnership revealing Steemit’s migration to the Tron ecosystem. According to the alliance, Steem will be migrating from its proprietary blockchain to Tron’s, indicating how the $Steem tokens will also be a part of the TRX ecosystem. In addition to this, decentralized applications [dApps] based on its blockchain will also be moving to the Tron blockchain. 

Launched in 2016, Steemit is a blockchain-based blogging and social media site. It follows a similar incentivization system to Reddit — rewards for curating and publishing quality content. As per the stats showed by Similar Web, Steemit has a traffic of over 7.80 million; the biggest player in the cryptospace in terms of providing an alternative income model to content creators. 

Technical Marketing

Tron has always lived up to its reputation for brilliant marketing. Right from John McAfee’s advocacy in 2017, the 1 billion TRX [ERC20-based] token coin burn followed by the acquisition of BitTorrent in 2018 and the build-up for a 5 million dollar auction lunch with Warren Buffet – they’ve mastered the art.

Nevertheless, questions around the technicality of its biggest acquisition – BitTorrent has bothered the tech-side of the crypto community for a while now. The former Chief Strategy Officer at BitTorrent, Simon Morris, who nearly worked for a decade on the software stated that there’s literally  “no way” Tron’s blockchain could handle the transaction volume needed to tokenize BitTorrent. 

Additionally, he even said that “it’s [Tron] basically a marketing machine layered on a very thin veneer of technology”.

To break it down, BitTorrent works on the simplest but exceptional P2P sharing mechanism. The seeders upload the content, and the leechers download the content on the basic tit-for-tat principle wherein, the more files one shares, the faster the download gets. Content is broken into pieces and everyone broadcasts the pieces they have, boosting the speed of distribution.

Under Justin Sun, the model works on an additional incentive structure with a monetary value measured as BitTorrent tokens [BTT]. It was said that BTT would allow BitTorrent clients to bid and earn, along with upstreaming their bandwidth options that can be used to purchase content, tip and crowdfund content creation.

Don’t neglect – Compatibility, and Security

Questions raise when practicality comes in the picture. For instance, u/bloodmoonslo a Redditor created a post on Tronix addressing the BTT incentive flaw. 

His concerns were that uTorrent had similar properties to an ISP throttling [intentional slowing/speeding of bandwidth]. The download speeds BitTorrent possesses are:

  1. A base unboosted speed
  2. A BTT based boost [includes spending of monetary value for download speed]
  3. Original download potential through another torrent client [that doesn’t throttle]
Image source: Reddit

As observed in the above image, uTorrent and QbiTorrent are running with the same VPN & Proxy settings. Both the clients are set with no connection limits and data usage restrictions on a 100mps hardwired connection.

The downloading speed of QbiTorrent is higher than BTT boosted torrent speed, concluding that paying up to download would still make no difference. Although possibilities are that uTorrent boosted onboards more seeders and becomes faster than other client channels.

But it’s also important to be aware that the downloading of this file started with uTorrent unboosted,  followed by uTorrent boosted and another client [QbiTorrent]. And according to the mechanism, this, in turn, could’ve created a slower download speed since in the first download the least amount of peers were connected. 

Indicating that a better example would be to run three computers at once, downloading the same file. Funny enough, even this would possibly be flawed as the three would be downloading the file amongst each other as well.

According to the research paper “An Empirical Study of Seeders in BitTorrent” established back in 2006, significant data was recorded.

The case study shows that as the download rate of a particular file increased, the rate of its seeding decreased; due to a relative increase in the number of temporary seeders in the swarm caused by users leaving their clients unattended for longer periods.

In layman terms, the seeding of a particular file decreases as its download increases caused by the increase in the number of temporary seeders generated through unprotected clients. How hackers can use your computational power to mine cryptocurrencies if your device is left unsecured? The same way temporary seeders use unattended clients to seed files and as rewards get better downloading bandwidth. 

Bringing us to the point that possibilities of the same in the current ecosystem would risk the monetary value [BTT] people hold as higher bandwidth is not the only reward in the ecosystem.

In an era where websites such as Netflix, Hulu, Amazon Prime where one can watch content without any hassle the possibilities of people downloading pirated content from BitTorrent might not be in fashion anymore at least for the entertainment sector. 

Nevertheless, BitTorrents 150M userbase clubbed with Tron’s 22M and Steemit’s 1M do not only have the potential to disrupt the existing media segments but also to revolutionize its production. 

With Steemit acting as a content sharing platform and BitTorrent as a file-sharing platform, the quality of media entering the Tron ecosystem is unimaginable. Steemit’s information quality, self-curated data, and regional content complimented with BitTorrent’s uncensored media, unlicensed usage and free software, gaming, and application base could break the norms.

The vision of tokenizing the world’s largest decentralized file-sharing platform – BitTorrent collaborated with Steemit’s current progress might support Tron’s vision to build a free, global digital content entertainment system with distributed storage technology, for easy and cost-effective sharing of digital content.

Provided the team changes its priorities from Marketing > to Technology.

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