Tron Gains 12% as Justin Sun Promotes a Latent Ponzi Scam
December 23rd, 2019
Tron [TRX] gained 12.34% as price soared past $0.015, it rose from $0.135. It logged a high at around $0.016 as the price upside eventually cooled down after the launch of the game.
“Playing the game” is essentially just buying a box on the just.game website. According to the about page, it will help the box holders to earn rewards through the game.
It sounds like a huge Ponzi scam, Justin Sun, however, noted,
It is one of the big moments for the DApp industry. Running on the Tron blockchain is right now the best app on the DApp ecosystem.
Justin Sun Fails to Get in Himself
The rise can be attributed the Justin Sun opened up live streaming of the launch of the game with an attempt to get in on the action.
However, despite his continuous attempts to buy the “box”, the site continued showing an error message. Justin Sun seemed overwhelmed by the game, he couple of times screamed,
“I don’t know why, why I can’t buy it.”
While he was attempting to buy the boxes himself, a couple of people in the live chat expressed similar concerns, hinting at possible bot action running the program.
Eventually after successive tries, the lead creator of Tron got in the game. He further reports that more than 400 million TRX has been spent in the game. However, about 125 million of those were invested by him only live on screen.
So What is the Game?
The game actually involves only buying up of boxes using TRX. This is a part of an experiment to build a decentralized system.
It requires the participants to invest in the program and spread it and earn loyalty rewards from it. Sounds like a classic ponzi scam.
Ironically, Sun also kept pulling up the price chart of Tron [TRX] on his screen looking at the action. The upside to the price is partly because of positive price action in Bitcoin [BTC] as well. However, while Sun aims to achieve a total investment of about $15 million today. The “boxes” are expected to earn rewards for owners.
The price of Tron [TRX]at 5: 00 hours UTC on 23rd December 2019 is $0.0147.