Alibaba Founder Jack Ma Says Bitcoin Is a Bubble, Blockchain Isn’t

  • Alibaba founder Jack Ma argued bitcoin is in a bubble, while defending blockchian technology isn't.
  • Per his words, most people are looking at it like it's a gold mine, and fail to see its true potential. His company leads the race for blockchian patents, but has been staying away from cryptos.

Jack Ma, a Chinese business magnate who founded e-commerce giant Alibaba, has recently joined the “bitcoin is a bubble” bandwagon, while arguing that blockchain technology isn’t. Ma’s words came during a speech at the Second World Intelligence Conference in Tianjin, according to local news outlet 8BTC.

During the event, Ma revealed he’s been researching blockchain technology for years, and that he believes it can help solve some data-related problems our society currently deals with, on governmental, corporate, and individual levels.

Per 8BTC’s report, Ma stated he’s been eyeing blockchain technology ever since he found out it could solve privacy and security-related issued, as security “is the top priority of Alibaba.” Reportedly, the e-commerce revealed its full-year revenue was of $39.9 billion last year, after seeing “trillions of transactions” go through its platform.

Ma noted most pay attention to blockchain technology because of bitcoin, and argued the cryptocurrency was in a bubble, not the technology itself. 8BTC’s report reads:

“He said people with superficial understanding of blockchain think it is a huge gold mine. We should seek solutions for data and privacy security from blockchain, in a bid to create values for the society. While for the moment, many see it as a money-maker, it’s screwed.”

8BTC

Notably this isn’t the first time Jack Ma addresses the flagship cryptocurrency. Back in November 2017, he was asked about bitcoin and claimed that while it was “very powerful,” he wasn’t interested in it, but in how it could help society.

Later on, in December, the businessman was still wary of the cryptocurrency, despite its then $15,000 price tag. He was quoted as saying:

"I don't know about bitcoin at all. I'm particularly puzzled. Even if it can really work, the rules of global trade and the financial system will be completely changed. I don't think we are ready. So I'm still paying attention to Alipay... to the US dollar, and the euro. We have a team that studies blockchain, but bitcoin is not something that I want to pursue. We don't care about bitcoin."

Jack Ma

Reportedly, Alibaba is the organization holding the largest amount of blockchain-related patents in the world, but has been avoiding cryptocurrencies. Earlier this year Alibaba Cloud denied rumors suggesting its “P2P Nodes” network was cryptocurrency-related. Last month Taobao, an Alibaba subsidiary, blocked cryptocurrency and ICO-related ads from its platform.

 

Featured image by JD Lasica, Flickr, CC by 2.0

Nearly Half of Justin Sun's Recent Followers May Be 'Bots,' Research Finds

  • Many of Tron founder, Justin Sun's recent followers on Twitter may be 'fake" accounts. 
  • This, according to recent research conducted by Twitter user Geoff Golberg.

A recent analysis conducted by Geoff Golberg, an online researcher, has revealed that a large percentage of TRON Foundation founder Justin Sun’s Twitter followers might be fake and/or bot accounts. According to Golberg’s investigation, many of Sun’s mostly new followers on Twitter are accounts that appear to be only a few days old.

As first reported by TrustNodes, there are around 50,000 new Twitter accounts that recently started following Sun, a former Ripple Labs employee. Significantly, Golberg’s research analysis found that approximately 20,000 of Sun’s new followers had accounts which were created in the past 24 hours. These “zero day" accounts mostly had no or very few followers and many of them had never even tweeted any messages.

Twitter Accounts Following Sun Created This Month

Golberg, whose research efforts are mainly focused on detecting manipulative or exploitative activities by Twitter bots, confirmed via the microblogging platform that approximately 20,000 of Justin Sun’s “most recent 50,000 Twitter followers are accounts which were created this month.”

Examining the accounts a bit more carefully revealed many of them have a string of eight digits after their display name. This, Golberg argued, may suggest such accounts were quickly created by some type of automated software. Notably, the researcher mapped the suspicious accounts by the date they were created and found that the majority of them are most likely fake.

On several occasions, the Tron founder has bragged about surpassing Ethereum co-founder Vitalik Buterin in terms of followers on Twitter. However, a detailed investigation reportedly conducted by an auditing website has found that about 90% of accounts following Sun had various “URL issues” and that nearly 70% of such accounts had “suspiciously small number of followers.”

Research Methodology May Not Reveal 100% Accurate Results

Additionally, roughly half, or 50%, of the Twitter accounts created were only an average of 3 months old, the auditor noted. These same suspicious accounts also appear to have very low levels of engagement on the social media network as the majority, 60%, are following very few other Twitter accounts.

According to TrustNodes, the research methodology used involved obtaining a sample of 2,000 of Sun’s 1.01 million followers. As acknowledged by the researchers, there is potentially some level or percentage error in their estimates - given the relatively small sample size.