After a comedy of errors, Justin Sun’s star-studded lunch with Warren Buffett was officially cancelled. Sun is the founder of the Tronix project (TRX) and associated Tron blockchain. He is also one of the most consistent self-promoters in the industry. He originally won the lunch in a charity auction. In the time since, it slowly expanded to include several other high-profile crypto-entrepreneurs. Further, the time and place of the lunch changed several times since the original win. To his immense credit, Buffett rolled with the punches and displayed a willingness to work with Sun’s requests. Given his well-known thoughts on cryptocurrency, this is even more impressive.
Rumors are flying about Sun’s reason for cancelling. He initially claimed to be suffering from an unspecified illness. Some media outlets were reporting that Sun was potentially detained in China. Yet, soon after this claim, an apology letter from Sun went public. In it, he apologized for his often overboard promotion of the Tron Blockchain project.
The ‘Power of One’ Luncheon
The lunch in question is the 20th annual Power of One charity luncheon with Warren Buffett. Justin Sun is another in a long line of Chinese businessmen to bid and win on the prized lunch. Admired for his nearly prescient investing, Buffett’s charity lunches are always a top earner. Over the past two decades, the lunches have earned millions for Power of One.
Given Justin Sun’s previous persona, his bidding on the lunch is no surprise. Sun fancies himself as one of the cryptocurrency industry’s greatest advocates. He would not pass up the chance to sell the concept of cryptocurrency to Buffett. Buffett, meanwhile, views cryptocurrency as straight-up toxic.
Justin Sun’s New Troubles
Sun’s apology letter set off a series of sub textual alarms. Despite several setbacks in Tron’s development, Sun previously remained upbeat and confident. His sudden humble demeanor left many suspecting he is suffering increased governmental scrutiny. After all, Tronix was one of the last ICOs to come out of China before they banned the practice.
Sun intended for Tron to create a new, decentralized media hub. In practice, Tron’s dApps tend towards gambling and pornography. These industries are heavily regulated by the Chinese government. China is unlikely to care if Tron is aiding illicit content intentionally or unintentionally. Further, as the public face of the company, this could have serious repercussions for Justin Sun himself.
Article By: Adam Stone