USDD is Justin Sun’s exit scam for TRON
Direct from the desk of Dane Williams.
A look at how USDD offers a way for Justin Sun to dump his self confessed shitcoin TRON, without impacting price.
Justin Sun’s TRON cryptocurrency is a shitcoin.
Everyone who experienced the way he went about taking over the Steem blockchain knows it..
Heck, even Justin Sun himself knows it…
Now, that’s all fun and games as long as someone continues propping up price and the metaphorical music keeps playing.
“Hehehehe buy my shitcoin, hehehehe”.
Oh that silly Justin, he’s so funny!!
But as we saw following the catastrophic collapse of LUNA and UST, it’s less fun when scammy billionaire founders use retail investors as exit liquidity.
And using his own USDD ponzi scheme in order to extract maximum value from TRON via retail investors, before the market catches onto the fact he’s simply running an exit scam, is exactly what’s playing out in front of our eyes.
USDD is entirely centralised
Justin Sun’s exit scam for TRON is made possible by the fact that USDD is entirely centralised.
The screenshots in l337m45732’s post that I linked to just there, shows that this is undeniably the case.
When you claim to be building a decentralised, algorithmic stablecoin, but actually go for explosive growth by minting 94% of the supply yourself, surely you’ve gotta be called out?
CoffeeZilla is all over it:
But I honestly can’t believe that Justin Sun’s USDD stablecoin project hasn’t received more scrutiny from the mainstream crypto media.
CoinDesk instead choosing to essentially conduct interviews that act as ads for his scam and actually referring to him as his excellency is absurd.
USDD is so centralised that 683 million tokens out of the 723 million total tokens that have ever been minted, have come from Justin Sun’s address.
Essentially with the end goal of attracting retail investors via offering a totally unsustainable 30% yield and dumping his TRON bags on them.
Yuck.
USDD’s centralisation allows it to generate the liquidity required for Sun to exit scam
You see the best part about Justin Sun using USDD in this way is that he doesn’t have to dump his core shitcoin TRON on the market.
He can dump it by minting USDD and using it as a shield.
Thus there’s no doubt in my mind that it has simply been created as a way for Sun to dump his self confessed shitcoin TRON, without impacting the price of his core project.
Make no mistake, just like we saw with UST, USDD will collapse as soon as the mechanism to allow anyone to mint goes live.
Everyone who buys this freshly minted garbage will be left holding worthless bags, but his excellency will have already cashed out of TRON and continuing to live the high life under the straight up criminal diplomatic immunity he receives.
Just so fucking wrong.
Final thoughts on USDD being Justin Sun’s exit scam for TRON
I’m both shocked and angry at the fact that USDD and Justin Sun himself is promoted as legitimate in the mainstream crypto media.
It’s utterly disgusting by not only Sun himself, but all the complicit media continuing to pander to this scammer.
But those of us here on Hive won’t.
At this stage, it’s irresponsible for those of us in the community to not spread the message.
So please do the wider crypto community a favour and keep sharing.
USDD is Justin Sun’s exit scam for TRON!
Best of probabilities to you.
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The rogues in crypto focus on stable coins when they are planning their exit.
The strategy isn't new. The rogues in the derivative markets focused on creating high yield fixed interest derivatives as a way to exit their houses of cards.
BTW: It is interesting that the witnesses on HIVE seem to be following Justin Sun with their myopic focus on HBD. 20% interest is absurd.
!BEER
The 20% interest isnt absurd at all. Look at the number of HBD available. How many do you think will be required to be a legitimate stablecoin?
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You would need way more than 10% or even 30% of the market value of HIVE. But even if the market value of HBD was at 30% of HIVE. It really wouldn't matter until people started using the coin as currency.
The Better Answer
But I will give a better answer to your question.
Stablecoin just means "pegged currency."
The HBD conversion formula is sufficient to create a stablecoin. People can hold as much HBD as they need for their local transactions.
If the witnesses realized that the formula was more important than the number of HBD in existence; then HIVE could do something truly amazing.
HIVE could create "stablecoins" for all of the major currencies. The system could allow users to choice the stablecoin of their choice. People in the EU might choose the Euro, people in Nigeria could use the Naira. People in Venezuela could choose the bolívar.
You might even be able to create stablecoins for silver and gold.
The system simply needs to use a reputable source for prices. The system could use the same three day formula for conversions.
Having a large number of HBD in existence only creates an existential threat to HIVE. A better approach would be to do something cool like creating a conversion process for different currencies.
ok. maybe, i'm missing it but what do does making a whole bunch of new pegged coins do? aren't all major world currency essentially dollar backed coins now?
if you are trying to spread out risk then having a smaller circulation for each currency seems more manipulatable.
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Central banks often hold US dollars, but the current thinking is that it is best to let the currencies float against each other in open exchanges.
This is why there is an active Forex market.
Attempts to peg currencies have failed. The most famous failure came in 1979 when England was trying to maintain a peg between the pound and deutsche mark.
A piece of human filth named George Soros formed a cartel to short the pound. His group took a 3.3 billion short on the pound which broke the bank of England. George Soros made 3 billion in a single trade. He has used the money to advance far left causes ever since.
Central banks realized that attempts to peg currencies would open countries to economic sabotage and now let their currencies float.
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If HIVE depended on the formula alone with rates from reputable Forex exchanges; then there really wouldn't be any risk.
Remember, the risk comes from the number of coins that people are holding. Prior to the 20% interest, the market cap of HBD was less than a percent of HIVE. One could assume that the same would hold true of the Euro version of HBD.
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That's a Brilliant Video!
Coffe does quality work when it comes to crypto scams. You should check out his other work when you get a chance.
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Hey cheers I might well do that!
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BEER.There are two outliers of this bear market. One is Tron and the other is FTX. I was wondering how they performed so well. It seems that Tron's price is not determined freely on the market. This may be also partially true with FTX.
Same with all exchange coins. At this point when liquidity is running dry all market prices are basically determined by a handful of exchange owners.
Bear markets do tend to intensify this influence though.
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I just don't like this Sun guy. He is just out there to rip people of their hard earned money using different schemes.
You can't trust the mainstream media for anything. Once the price is right, they will promote it.
Thank you for being responsible to share this valuable piece
Not much to like about him.
It was easy to show how USDD was a con from the start.
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I wasn't aware of this. It just makes it so obvious!
You should see his wallet that he uses for voting on Tron DAO "governance proposals".
The requirement for passing is 6 million votes (if I remember correctly) and his wallet holds 6,000,001 tokens.
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We all knew it was a scam when he didn't really change much from LUNA/UST.
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The good thing in this shitshow is that retail will be minimally impacted by the USDD scam. According to the numbers he minted 90% of USDD meaning that someone else invested only 10% of the current market cap. Degens will degen I guess.
Another hurdle for retail is that this is on Tron and no crypto normie uses that chain. The only market I see being impacted by this particular case is maybe Asian.
It still is fascinating to see Justin go. He created his own sandbox and he just does whatever he feels like doing, giving zero fucks about anything anyone outside his own head says.
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Very similar to what I wrote a while back. The same conclusions were drawn.
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Yep, it was a good one.
I actually linked to your blog in the post :)
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Just did another post linking both those posts.
Sun is a good topic. Seems to get some attention too.
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I'm a bit confused by all this.
How does the stable coin help him dump?
Also UST crashed to zero because Luna crashed to zero.
Not the other way around.
Trying to figure out a play by play of how this would actually go down. I mean clearly he's the most blatant scammer in the ecosystem. No denying that. But also at the same time we were all convinced he'd dump Steem to zero as well. Never happened. Even as a scammer he plays the long game. And he's a master of politics and manipulation. Deadly combination.
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