I was supposed to write this post a week ago.
Oops.
In any case, a week ago, I was seeing a lot of content revolving around Justin Sun and the new USDD stable-coin token pegged with Tron collateral. Very Luna/UST vibes. Like, it's obviously a scam and people are pointing out the obvious, but the logic used to get there is very flawed.
A lot of people have linked the above video.
9:50 into the 11:50 video
What if you could burn $1 worth of Tron and get 1 USDD?
And then you sell that USDD for... another coin...
without affecting the price... like USDC.
Because that's not how liquidity works?
Seriously though: tell me you don't understand market making and the core fundamental properties of the economy without telling me. Most other people explain the USDD 'scam' in exactly the same way. Justin Sun is going to 'dump all his Tron' using USDD. That's not real. If you think that's Justin Sun's basic bitch plan for USDD, you are sorely mistaken and underestimating him to your own detriment.
Does everyone here forget the Steem/Hive hostile takeover?
We are literally funding a documentary with inflation so that more people can understand this situation. Do we remember how sure everyone was that Sun would crash Steem to zero once he was over and done with the project (myself included). How's that prediction going friends? Pretty good?
Yeah, that's right, and combined with the value of SBD, farming Steem is still a super profitable activity. It took us like a year to even surpass the price in the first place. That empty husk of a network is still doing just fine from the outside looking in. How many people would have made huge bets to the contrary after Hive went online? They would have all lost. Stop underestimating this guy. He's not going to do what you think he's going to do. Let's be honest. He's smarter than most people.
Justin Sun has burned a lot of bridges.
But for every bridge that he burns and for every person or community he enrages, he is easily able to polarize that energy and create an equally fervent zealous user base that will blindly follow him off a cliff if that's what he decides to do. Honestly, that's a real skill; just look what he did during the hostile takeover.
He capitalized on all the salty sourness that occurred during various flag wars and the clash of people in charge pissing off entire communities. Being a witness means being a politician. Politicians are bound to alienate certain groups no matter how good they are and their craft. Justin Sun is a very very good politician. Guess who's not so great? The nerds building out this technology. Justin Sun can politically run circles around a career developer/node-runner.
He did it with his acquisition of Bittorrent.
He did it with the SCT Korean community on Steem.
He did it when he tricked three separate exchanges into running hostile code to fight against "hackers" and didn't even get sued for a hack that made three banks insolvent and used investor money to attack their own investment. Think about the mastered level of political skill that these things require. Like seriously though... like he's some common rug-pull scammer. Stop it; that's not the play. This guy finds weaknesses and he exploits them for maximum gain.
Justin Sun is a virus
If crypto is going to survive it needs to outmaneuver not only Justin Sun, but also every other vulture capitalist out there that's trying to extract maximum profits from this grassroots moment. That's a large percentage of powerful people in crypto. If we want to decentralize power, we can't allow these rich and powerful people to recentralize it for themselves. Think about it: almost every single famous person in crypto falls into this category. It's the ultimate uphill battle. And yet it only takes one breakthrough template to be copied a thousand times before communities finally gain control of their own sovereignty.
Conclusion
Anyone who claims that Justin Sun is going to exit scam using USDD doesn't understand the nuances of the game being played here. He hasn't even exit scammed Steem yet. Think about that brain-buster for a tick.
Notice how no one can give a reasonable example of how this exit scam would even work. "Well he's going to dump coins without affecting the price!" LOL... what the fuck? Seriously? Going to dump the tokens without the price going down. Sounds like something an eight-year-old came up with like: "We should float cars using magnets to create perpetual motion machines with zero friction." Yeah... sounds good... until you actually try to do it and realize it's technically impossible to achieve. Eight year old me is suddenly very disappointed.
God damn I'm smart!
Seriously though. It doesn't matter if you personally know that Justin Sun is a scammer. It doesn't matter if you think it's obvious. Bing bang boom problem solved just stay away from him? Irrelevant.
Other people don't know what they are dealing with, and he's going to continue being a parasite until we find the cure for these little shits. There's a lot more damage yet to be done before we have a solution to these greedy self-serving people.
We can't just tell other people to stay away from him either. Does that sound like a smart solution? No, that's a lazy zero effort 'solution' to a problem that revolves around someone who is a master manipulator. Spoiler alert: master manipulators are pretty good at twisting that situation around and playing the victim. People like this can only be defeated using the same amount of cunning and effort as they themselves are putting in. Remember that.
Justin Sun is not a trustworthy person, but he definitely isn't some second-rate short-term rug-pull scammer. He's very obviously playing the long game, and he's playing it better than pretty much anyone else I've ever come across. Stop trying to oversimplify this situation and act like this problem has an easy and obvious solution. Please and thank you.
Solving the problem of power-hungry greed-monsters is crypto's and society's number one issue right now. Will crypto solve it eventually? Maybe... if we work hard and get lucky and remain patient and are willing to actually do the work while staying consistent. Maybe. Nothing is guaranteed, but that's the goal.