Davos Panelist Predicts Bitcoin Will “Go to Zero”

This week, some of the most wealthy and influential people in the world are meeting at The World Economic Forum (WEF), in Davos, Switzerland, to discuss politics and economics, while making predictions and warnings about the future. Blockchain technology was a frequent topic of discussion during the many panels and interviews that have taken place so far.

Bullish sentiment for cryptocurrency was hard to find however, among the elite guests of the forum, many of whom seem committed to the “blockchain not Bitcoin” attitude of traditional financial institutions.

During a CNBC panel at Davos, Jeff Schumacher, founder of BCG Digital Ventures predicted that Bitcoin will “go to zero.” Schumacher said:

"I do believe it will go to zero. I think it's a great technology but I don't believe it's a currency. It's not based on anything."

(In a previous Op-Ed, CryptoGlobe explored where cryptocurrencies derive their value.)

Another panelist in the discussion, Glenn Hutchins, chairman of North Island, pointed out that Bitcoin serves a purpose as a store of value. Hutchins said: "It might be that the role of bitcoin in the system could be to bring value back, to hold your value there while you have tokens that have other use cases that you aren't using at the moment."

However, Hutchins added that he is still more interested in blockchain than cryptocurrency. Hutchins explained:

"I am much less interested in investing around bitcoin as a currency unit or a currency equivalent, or even the blockchain as an accounting ledger. I am thinking much more about the protocols. In other words, what is the underlying protocol going to do as a consequence of which, which tokens are valuable or not... When you send an email out today, you don't think about the underlying technology you are using … So you can hear us talk about … what protocol, what token, what technology solutions, how many transactions per second, but eventually what's going to happen is you are going to put something of value in, something of value will come out the other side and you are not going to care what the underlying technology is"

It is important to note that cryptocurrency is a direct competitor to the industries where these people make their money, while blockchain technology is something that can be harnessed by these interests to maintain dominance in the sector.

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.