TRON
$0.01305 -2.74%
TRX · 17w

WEEKLY REVIEW - TRONGOLD

WEEKLY REVIEW — TRONGOLD

Since I joined the crypto world a few years ago, I’ve always had this feeling that we’re in the wild west. There are no rules, no regulations and penalties are very hard to enforce. I’ve watched scams unfold, people loose money, and con men get away with stealing digital assets. I’m talking about the ICO rush of 2017–2018. Ethereum gave the start for all these ICOs, and most of them were performed on the ETH network. In the last 1.5 years, there have been roughly 1900 ICOs which raised a total of $12.7B [1]. In 2017 alone approximately 80% of ICOs were identified as scams in a new study performed by the Statis group, by observing the journey from the initial ICO proposal to the listing and trading on an exchange [2]. The study found that 4% of ICOs failed, and 3% had “gone dead.” ICO death was recognized when the token was not listed on exchanges for trading and has not had a contribution on Github for over 3 months.

Source: artsbrevard.org

In the past 6 months, the number of ICOs has steadily decreased, and it seems that a discussion about regulating ICOs is starting, as the U.S. SECURITIES AND EXCHANGE COMMISION issued a public statement regarding ICOs in December 2017, in which it warns individuals to be wary of scams [3]. Recently, Google [4], Twitter [5] and Facebook [6] have banned ICO advertisements in order to protect their users from digital asset scams.

And here we find ourselves again. Tron main net was launched for over a month, making it very easy for anyone to start an ICO through tronscan.org . As a result, the number of tokens on the Tron network have increased at an alarming rate. It feels like the gold rush all over again. And one of the tokens is actually called TronGold. A quick google search will show you an impressive number of tokens which have “Gold” in their name, including a TronGold on the ETH network. One of the main reasons people think it’s a good idea to add words such as “Gold”, “Diamond”, “...

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