So I was reading an article and it mentioned that Tron (TRX) was taking the lead in the Decentralized Web with a large number of transactions. I was not familiar with this crypto currency so I decided to do some research. It took about three hours. I found it to be a total Scam.
But during the first two hours looking over the site, reading articles, viewing you tube videos and more it looked really exciting. I was almost ready to download the wallet. I had a few questions lingering. There were a few odd things and then suddenly the bottom fell out. Brazilian Hair Extensions? What! Yep. I stumbled on the discussion board. It looked good with 40K messages. But these were all worthless, not related to crypto and was a dead giveway I was dealing with a fake crypto. An impressive scam. From there it was all downhill.
So lets take a look at this coin.
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It is #11 on Coin Market Cap. (Great placement)
It has 1.6 million transactions and 660,000 accounts. That is a lot of (fake) people.
There is a huge increase in transactions. About two million a day.
(Note the low periods... that is like 200 transactions likely the "real" activity... but ignore that )
And then there are all of these exciting DApps. Decentralized Apps are the next big thing!
Wow an exciting app store, with forward thinking crypto currencies...
(do we really need an app for trading astroid mining... dude, no. If we have an astroid to mine we need to get there first. They can sell it the old way, word of mouth or craigs list adds.)
Here is the founder in all his glory. This looks so awesome!
Look at the extensive team behind the project. It is a Chinese project.
Look at the exciting Discussion Board. There are over 40,000 Messages. People are excited and engaged in this project.
Oh my word this is the future decentralized internet!
Wait a minute, don't look too closely at the messages. They are filed under the wrong heading. There is no real content. And what does hair extensions have to do with anything?
You thought I was joking. I mean how many hair tips do we need?
Really? You think I need an app for this? Let alone a DAPP? This is not practical!
Here's another app. I don't read Chinese, but in the lower right had corner I know what 0 value in the last 30 days means! It is worthless. SCAM JOKE TRX IS A SCAM. TRON IS A SCAM.
All or most of this activity is a scam/gambling apps that roll dice.
This app has 2,700 people using it every day. It has 2.6 million transactions over the last 30 days.
This screen clarifies that all the activity in the gambling department!
Another "random" look at the message board.
Ok they are claiming 1,134 new account in the last 24 hours. Sure. But they are all fake. computer generated. This is not 1,124 real people.
And the coin hosts 1613 sub tokens...
ok but are they real tokens... lets look at one randomly.
This token was created. But not distributed. Effectively it is a fake token. So even the sub tokens are fake.
Yeah, I wasted a couple hours of my life. I got to reading and it all sounded so exciting and it all looked so good. Then I dove it. I looked other places. In the actually block chain activity. Just pick a couple of random transactions and see if they pass the smell test. They didn't. I believe the entire Tron TRX crypto project is a scam. They are trying to fake it till they make it. And well, that is not real value. That is not worth 1 billion dollars and that does not make them a worthwhile crypto project.