Twitter Rumor
So there's a rumor going around that the person being assaulted by potential market manipulation was none other than Justin Sun. He almost got a $1B position liquidated but added more collateral to it ($300M).
In the wake of this happening SBD then exploded to all time highs not even seen in 2017. Pretty crazy stuff. SBD now has a higher market cap than the entire Hive ecosystem. Pretty batshit. I should go make a post over there and sell the rewards for Hive... it's been a while. Too bad I can't copy pasta this one without getting negative attention.
https://www.theverge.com/21459906/bittorrent-tron-acquisition-justin-sun-us-china
So this is a crazy article about Justin taking over Bittorrent. It's super long and I only skimmed it. We all know what a chaotic psycho he is, why preach to the choir? But I do remember something very significant from the article:
“Justin Sun wants this to be a porn app so it can get around the Chinese censorship laws and Great Firewall.”
The key was exploiting the BitTorrent protocol. “Because the nature of [peer-to-peer decentralized sharing] it’s extremely hard to track down and shut down when something gets started and gets seeded and gets transmitted,” a former employee explained. “Best case scenario, people can talk about freedom, democracy, Tiananmen Square, and political reforms and all that stuff.” But it was a Pandora’s box, they explained. Anything could be live-streamed — child abuse imagery, terrorist content. “Even worse, you can have people livestreaming themselves murdering people. And the government and authorities wouldn’t have a way to shut it down.”
Now, the team knew and confronted Sun. But his response shocked them. “He explicitly wanted Pandora’s box! To him, because in China, in their environment where everything is restricted, where everything is so tightly controlled, he imagined if he can open this Pandora’s box and then the government can’t shut it down. He would have an exclusive stranglehold on the market in a place where anything goes. Anything that people used to not be able to see, to do, to broadcast... Now, anyone can do that, at any point, and it’s unstoppable.”
And everyone would use Tron’s cryptocurrency to buy in.
lol holy shit.
So yeah Justin Sun is a fucking hurricane, and he is constantly in rampage mode. Seriously I need to read that article fully but I'm too busy with other stuff. Don't have the metal energy for it.
The point here is that it would make a lot of sense that he's already made many enemies in high places, but a lot of those enemies are also the enemies of crypto in general. Could his presence end up being a net gain for cryptocurrency and the world in general? However unlikely, it is possible.
Not that I'm rooting for child pornography and snuff films to rampage the internet, but on a very real level we don't get to decide to throw the baby out with the bathwater. If we want to live in a censorship resistant environment then we have to take the bad with the good. There's a reason why freedom of speech is allowed to be attacked so often: allowing people to say whatever they feel like isn't always great. The communities we forge will have to come to consensus in order to censor content that is truly worthy of being censored, and even then that is a slippery slope: some communities will allow everything just out of spite for the old system.
Silver lining.
If Justin Sun is going to run around like a maniac poking holes in the legacy economy: I'm all for it. This house of cards needs to come down sooner or later. Who knows, perhaps he will be a major catalyst.
However I do know one thing:
I'm very glad Hive has fully distanced themselves from the situation.
And then he got sucked in anyway and died IIRC.
#spoilers
Conclusion
Will hurricane Sun wind up doing us a favor one of these days? It's possible. The enemy of my enemy is my friend. That being said, he's quite the Chaotic Neutral character. Anything goes with this guy. I think at the end of the day all we can do is run for cover as the bomb continues to tick.
It's honestly hard to believe how this kid is still alive considering all the crazy shit he is pulling. Perhaps the world is far more lenient than we conspiracy theorists are willing to admit.
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