Justin Sun Visual China Information
On June 4th, Justin Sun, the founder of TRON born in the 1990s, announced that he had won the 20th Buffett Charity at a record-breaking bidding price of US$4,567,888 (approximately RMB 31.53 million). Lunch.
In the early morning of that day, Justin Sun published a "Letter to the Community" through TRON's official Weibo. In the letter, he stated that he is a long-term believer in Buffett's value investment philosophy and believes that long-term value investment strategies and cryptocurrency are the same. "This participation in the Buffett Charity Luncheon is not only the highlight of my personal career, but also a significant day for TRON and BitTorrent, and it also symbolizes the victory of the entire blockchain community," Sun Yuchen said.
Justin Sun and his TRON
Public information shows that Justin Sun was born in July 1990. He graduated from the History Department of Peking University with an undergraduate degree and studied at the University of Pennsylvania, a prestigious Ivy League school in the United States. In 2013, Justin Sun, who was still a Bitcoin enthusiast at the time, came into contact with the Ripple Labs project in Silicon Valley. He bluntly said that Ripple is even more magical than Bitcoin. “This is a decentralized payment system supported by a value network that allows different currencies to be used. Exchange money freely, for free, with zero delays.” More than a month later, he returned to China to start his own business as the chief representative of Ripple Labs Greater China.
After returning to China, Sun Yuchen, who became an entrepreneur in the currency circle, began to focus on the creation of circles and personalities. Since March 2014, Sun Yuchen has been doing publicity by accepting media interviews and participating in forums. On the other hand, he has established Ruibo Technology and received investment from Xinzhongli Capital, IDG Capital, Zhongke Capital, Qingkong Technology Innovation, etc. A multi-million-dollar Series A financing co-invested by a venture capital firm. In 2015, Justin Sun was selected as one of China’s Forbes 30 Entrepreneurs Under 30 and selected into Hupan University. Since then, "Jack Ma's disciple" has become Sun's favorite title.
According to the official website, TRON is one of the world's largest decentralized application operating system protocols based on blockchain. The team has more than 400 members. Its main purpose is to promote the decentralization of the Internet and build infrastructure for decentralization. BitTorrent is a technology company acquired by Sun Yuchen in 2018. It is mainly based on the communication protocol of P2P network file sharing. Sun Yuchen said that the acquisition of BitTorrent is a manifestation of Tron's strategic determination. BitTorrent and its global installed users will become part of the Tron ecosystem.
was nominated by "Bitcoin's richest man" Li Xiaolai and was fooled.
Like other "coin circle bosses", there are endless doubts surrounding Sun Yuchen about "cutting leeks", "plagiarism" and "air currency", and he was even dubbed "coin currency". The title of "circle micro-business".
After the TRON project was launched in August 2017, it raised approximately 400 million yuan from the community through ICO (initial token issuance), consistent with the core logic of the currency circle. In the original idea, Sun Yuchen said that Tron would be made into a decentralized content and entertainment platform so that entertainment practitioners can make money by taking TRON tokens (TRX).
However, in the past two years, no practical product has been launched. Instead, TRON has been listed on multiple overseas exchanges. Vitalik, the founder of Ethereum, also questioned the white paper of TRON, saying that the efficiency of copying and pasting the white paper of TRX is much higher than the original one. In addition, Justin Sun’s TRON coin was once called “the largest air coin” with “no technical team”. After the news of Justin Sun photographing Buffett's lunch came out, some insiders bluntly said that Justin Sun may have withdrawn the currency directly from the exchange, without even using legal currency. According to
CoinMarketCap data, TRON (TRX) is currently quoted at approximately US$0.03, ranking 12th on the digital currency list with a market value of nearly US$2.248 billion (approximately 15.5 billion yuan). However, compared with the highest price of US$0.3, the current price of Tron has dropped by nearly 90%.
In July 2018, a recording of "Bitcoin's richest man" Li Xiaolai's "cutting leeks in the currency circle" was made public. In the 50-minute recording, Li Xiaolai commented on a number of so-called "crypto giants", especially pointing out that Sun Yuchen was a liar."If you go to see Justin Sun again, you don't have to tell him. He must be a liar." As the market value of TRON gets higher and higher, Li Xiaolai said, "Whoever looks at it is confused, and to what extent are they confused? Even though they know he is liar, they don't even think about it. I'm embarrassed to call him a liar, but I'm afraid that others will call me stupid."
In response, Sun Yuchen retorted on Weibo, "I heard that I was shot while lying down again." However, in previous media reports, Sun Yuchen once generously explained, "A start-up company like ours is, to put it bluntly, too low. We can only rely on the boss to make crazy announcements and do PR to attract the attention of investors. Otherwise, how can we follow the trend?" Big companies are dying after 3 months of inactivity. PR here is the beating heart. It’s hard to look at it if you don’t.”
The digital currency market plummeted by 7%
When it was reported that Sun Yuchen had won Buffett’s lunch and would attend the banquet with several blockchain industry figures, some investors believed that the currency circle had another major benefit and that the bull market was already "on the horizon".
However, at 4 a.m. on June 4, when Justin Sun forwarded the report that "Buffett said he was very much looking forward to meeting Justin Sun and his friends," the total market value of the digital currency market was still close to US$270 billion. Starting at 7 a.m., the digital currency market experienced a one-hour plunge, with the total market value falling to US$250 billion, a drop of nearly 7%, a change from the crazy rise in the digital currency market value in the past month.
Specifically, after Bitcoin fell from a stage high of US$9,000 on May 31, it failed to maintain its defensive position of US$8,500. It fell from US$8,510.58 to US$8,007.24 at 7:00 this morning, a drop of more than US$500. The rebound in prices at the end of May was completely reversed. The situation of other mainstream digital currencies is not optimistic. The top five other currencies by market value, Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Litecoin (LTC), generally fell. 7%. Justin Sun's TRON currency plummeted 13.28% in one hour starting at 7 a.m., and was still down more than 9% as of press time.
Industry commentator Xiao LeiKanshi posted a comment on Weibo, saying that Sun Yuchen’s $4.56 million purchase of Buffett’s lunch should be a big negative for the cryptocurrency industry, because both the official and the media will be wary of this kind of information. Looking at the history of the industry, it will become a historical mark of the industry’s madness. For Sun personally, in addition to showing off his wealth and exposure, it may be difficult to obtain anything substantial, because Buffett will certainly not debate Sun's views on cryptocurrency, and there will be no contribution to the industry.
It is worth noting that at the Berkshire Hathaway shareholder meeting in May, Buffett also commented that Bitcoin speculation was like gambling in Las Vegas . Buffett's attitude towards Bitcoin has always been consistent. As early as 2014, Buffett commented that Bitcoin was just an illusion, and later reminded many times that Bitcoin is more toxic than rat poison.
Regarding Sun’s photo of Buffett’s lunch this time, some insiders directly teased Sun and suggested that “Jack Ma’s disciples” (Sun’s self-proclaimed name) should call Jack Ma this time for dinner, which would give him better exposure.
"I wonder how Sun Yuchen, a micro-businessman in the currency circle, will promote this dinner in the future? Will he become a disciple of Buffett in the future?" an industry insider told The Paper.
