Jed McCaleb is an American entrepreneur who gained fame by creating peer-to-peer technologies eDonkeyand Overnet, as well as the bitcoin exchange Mt. Gox. The last one is probably the one that he doesn’t like being connected to, as it was hacked and went bankrupt in a very dubious fashion in 2014. Still, by then he was long gone as the majority owner of the exchange, having sold his shares to Mark Karpelès in 2009. He founded the company Ripple in 2011 which he promptly left in 2013 and went on to work on Stellar in 2014.
He didn’t abandon the project entirely as he kept a bag of Ripple tokens which, as of January 2018 were worth $20 billion, equaling his worth to the 40th place in Forbes’ list of world’s richest people. Therefore Jed easily passes the “quality developer” test mentioned before.
The big business part of the test was passed back in October 2017, when the Stellar network announced its plans to partner up with IBM Corp. and KlickEx. This announcement immediately led to Lumens token price rising by 100%.
McCaleb levelled criticism at cryptocurrency projects that were not Bitcoin, Ethereum or his own Stellar in his recent interview with Yahoo Finance.
“Ninety percent of these projects are B.S. I’m looking forward to that changing,” he said when asked about the outlook for the cryptocurrency industry in 2019, continuing:
“Things like Tron, it’s just garbage. But people dump tons of money into it, these things that just do not technically work.”
Justin Sun seemed to be a marketing wizzard back in the bull days of crypto. Now he just looks like a broken record with only one track that he keeps spinning, without considering what his community or other crypto fans tell him.
Justin Sun should file a patent for his signature move: “announcing the announcement”. Back in the dizzying bull days it was a trump card which propelled Tronix, at the time, an empty project with nothing but whitepaper to show for, to the top 15 ranking on coinmarketcap.
As time passes by and bear’s firm grip of crypto markets squeezed the drunken optimism out of the investors, pulling the same trick out of your sleeve doesn’t cut it anymore.
This was his tweet from last week where he, in his trademark style, hyped up an unknown and multibillion partner. Credulous Tron holders salivated in guessing who could that mysterious partner be and what type of collaboration is it going to be. Well, it ended up being what more cautious among investors touted it to be from the start: a misleading marketing move.
Tronix founder should consult dictionary to check what the word partnership means and also check up the types of partnerships that exist in the business world. If you are a multi-billion business and you talk about partnerships with other companies – people assume you are talking about a business partnerships that entails use of your product or development of a new joint product with that partner firm. Nobody expects that the “partnership” is a consumer relationship where you rent a cloud services from your “partner”.
This is one of the problems of cryptocurrency world in general: regulations are loose or non-existent so any kind of behaviour passes with impunity. The only limit one can have is his creativity and personal, moral tenets which Tronix founder obviously lacks.
Announce partnerships with value and substance or don’t announce anything. As one Redditor jocular comment explains it:
“I partnered with reddit to deliver this comment”
As you might expect it, it triggered an avalanche of hilarious comments like:
“My partnership with McDonald’s for lunch increased gas production by over 50%!”
“I am using Google Sheets to manage my Walmart grocery list == I have partnerships with Google and Walmart to disrupt the food supply chain industry”.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com