After teasing an announcement for about a week, TRON founder Justin Sun finally unveiled news on June 3 that he paid $4.5M for lunch with Warren Buffett.
Sun loves pulling stunts and creating hype — he’s been doing it for years now. However, his latest publicity stunt will likely be a net negative for the entire cryptocurrency industry.
For a long time, Sun was teasing a ‘special announcement.’ Naturally, the price of TRX rose in the lead-up. Then, the announcement came. Justin Sun had set a ‘world record’ by paying $4.5M to meet and have lunch with Warren Buffet. Sun even got the crypto community involved by inviting blockchain industry leaders to join the pair. The proceeds are said to be going to a charity in San Francisco.
Buffett is a known cryptocurrency skeptic. If anybody thinks he is going to be swayed by Justin Sun and his cohorts, you would be severely mistaken.
Not the First TIme
Sun is probably the most inventive huckster in the entire cryptocurrency space. TRON’s ICO, for example, raised $58M selling just 40 percent of its tokens. The tokens were distributed across all exchanges ‘for free,’ allowing for maximum liquidity on speculation. Massively pumped and dumped in January 2018, Sun has been quiet for most of the bear market.
Then, the hype started up again when TRON announced that it had purchased the torrenting platform BitTorrent. Many employees quit soon after. Then, rather than using the native TRX token for BitTorrent, Sun decided to create yet another token dubbed BitTorrent Token (BTT). The token was sold on Binance Launchpad and seemed to have all the indicators of a pump and dump in the making.
Just Sun Fakes It ‘Til He Makes It
This is the formula for Sun — fake it until you make it. If you hold an ICO with no concept behind it, it will be easier once you finally have money. First, hype the people up to bankroll your non-ideas, and then you flesh out some ideas later as if you’ve had them from the beginning. Rise and repeat.
With the latest Buffett announcement, whatever was left of Sun’s credibility beyond just being a showman is permanently quashed. Worse, it makes the entire cryptocurrency space into a joke. Buffett is most likely not looking forward to that lunch.
Do you agree that Sun primarily engages in marketing stunts that hurt the industry? Let us know your thoughts in the comments below.