Jack Ma Embraces Blockchain for Ant But Warns of Bitcoin Bubble

https://www.bloomberg.com/news/videos/2018-04-20/how-much-is-bitcoin-really-worth-video

https://youtu.be/SA2wG5st0rk

Billionaire Jack Ma has declared Bitcoin a potential bubble, reiterating his caution over the volatile crypto-currency as his Ant Financial on Monday launched blockchain-based money transfers between Hong Kong and the Philippines.

The founder and chairman of Alibaba Group Holding Ltd. extolled the possibilities of the decentralized ledger on which Bitcoin is based but warned that the digital currency itself may be driven by torrid speculation. Ma made his comments after officially launching a blockchain-based remittance service with Standard Chartered Plc and GCash, Ant’s venture with the Philippines’ Globe Telecom Inc.

Bitcoin set a 2018 low on Sunday before bouncing back a tad, underscoring the volatility that stems from increased scrutiny by regulators even as global central bankers and business chiefs raise questions about its viability.

“Blockchain technology could change our world more than people imagine,” Ma told reporters in the former British colony, home to a large population of Filipino workers and domestic helpers who send money home regularly. “Bitcoin however could be a bubble.”

Read more: Ant Financial Raises $14 Billion as Funding Round Closes

Ant Financial, an affiliate of Alibaba’s backed by some of the biggest names in global finance and investment, has explored blockchain technology for years, including to clean up China’s murky charities. But the remittance service marks one of the first instances of the internet giant using the technology in mainstream finance.

On Monday, Ma also took potshots at the traditional banking industry, saying financial institutions were over-charging for overseas payments. Ant Financial, blocked from buying Moneygram International Inc., now wants to build something better and take blockchain-based remittances beyond just Hong Kong to the Philippines. He didn’t elaborate.

“Traditional financial institutions serve 20 percent of people and make 80 percent of profits. New financial institutions should service 80 percent of people, and make 20 percent of profit,” said Ma.

Read more: Jack Ma’s Too-Big-to-Fail Financial Giant Faces a Clampdown

By Lulu Yilun Chen Bloomberg

Bitcoin Drops Back Below $6,000 as 2018 Loss Approaches 60%

Bitcoin briefly dropped back below the $6,000 threshold breached this past weekend, bringing the loss for 2018 to almost 60 percent.

The world’s largest cryptocurrency by market value traded as low as $5,988, and was down 2.2 percent to $6,044 as of 10:56 a.m. in New York. Bitcoin last traded at this level in February.

Jack Ma Embraces Blockchain for Ant But Warns of Bitcoin Bubble

Bloomberg

Alibaba's Jack Ma says bitcoin is 'likely' a bubble while embracing its ...

 

Jack Ma Claims Bitcoin is a Bubble, not Blockchain - Google News ...

Chepicap

Alibaba chairman advises staying away from bitcoin

Jack Ma, whom is a controlling shareholder in Ant Financial - which is the financial technology affiliate of Alibaba, advises staying away from investing in bitcoin.

yesterday

Inside Bitcoins

Jack Ma Claims Bitcoin is a Bubble, not Blockchain

by Muffie Rojas | Jun 26, 2018 | Uncategorized |. Jack Ma Claims Bitcoin is a Bubble, not Blockchain. This story was shared from this site. Jack Ma went to the ...

yesterday

Fortune

Alibaba's Ant Financial Just Launched a Blockchain-based Remittance Service

Though Alibaba co-founder Jack Ma may think Bitcoin is in a bubble, the firm still believes in blockchain, the technology underlying cryptocurrencies.

yesterday

Chepicap

Jack Ma witnesses blockchain-based project, gushes over future of blockchain tech

Ant Financial, company formerly known as Alipay and affiliate of the Chinese Alibaba Group, launched their blockchain-based electronic wallet cross border ...

yesterday

Fortune

Alibaba's Jack Ma: Bitcoin Is 'Likely a Bubble'

Alibaba's chairman Jack Ma says that the company is betting on blockchain, but advises against investing in Bitcoin. Ma is the controlling shareholder in Ant ...

yesterday

Blokt

Alibaba Founder Jack Ma Warns of Bitcoin Bubble

Founder and Chairman of Alibaba Jack Ma recently spoke about his views on cryptocurrencies, declaring Bitcoin an asset bubble and saying that digital ...

yesterday

Crypto Coin News

Jack Ma of Alibaba Group Holding Ltd (NYSE:BABA) Sends Out A Warning Regarding An Impending Bitcoin Bubble

The executive chairman of Alibaba Group Holding Ltd (NYSE:BABA) Jack Ma Yun is quite pleased with the promise that pulls along with the underlying ...

yesterday

TOINNOV

Jack Ma: Technology by itself is not a bubble, but bitcoin is possible

He actively explores the potential of blockchain but avoids cryptocurrency.

yesterday

Business Insider Nordic

Alibaba's billionaire chairman Jack Ma is warning about a bubble in bitcoin

Jack Ma — the billionaire founder of China's online retail juggernaut Alibaba — is less than convinced about bitcoin's value proposition. Ma repeated his ...

yesterday

LeapRate

Why exactly is Jack Ma calling Bitcoin a bubble?

One of the most famous and prominent business people in the world has just slammed Bitcoin. Jack Ma, the founder of Alibaba and the fintech company Ant ...

yesterday

Stockhead

Blockchain is world-changing but bitcoin is a bubble says billionaire

He added that blockchain represents a solution for security and privacy, as well as processing capabilitiies for the millions of transactions that Alibaba completes ...

yesterday

Bitsonline

Alibaba Co-Founder Jack Ma Bashes Bitcoin, Leverages Blockchain Technology

Jack Ma, co-founder of the Chinese technology conglomerate Alibaba Group, has yet again raged against the bitcoin machine, calling it a foreseeable bubble.

yesterday

Legal Gambling News

Ant Financial Launches Blockchain Based Money Transfer Services

Ant Financial recently launched a blockchain-based money transfer *service* between Hong Kong and the Philippines.

yesterday

sbDirtySouthSoccer

Jack Ma Embraces Blockchain for Ant But Warns of Bitcoin Bubble

The Chinese investor, who is worth almost $50bn (£37bn), said: "Blockchain technology could change our world more than people imagine, adding that "Bitcoin ...

yesterday

HiBusiness

Jack Ma Of Alibaba Cuts Remittance Costs

The one and only Jack Ma of Alibaba has revealed that Ant Financial Services—an affiliate of the e-commerce company that is Alibaba is no longer going to ...

yesterday

Money Morning

Here's the Real Reason Jack Ma Called Bitcoin a Bubble

Bitcoin prices were slightly up on the day even though Alibaba founder Jack Ma said he believes the crypto coin is a bubble. But there's a big reason why he ...

yesterday

Smartereum

Alibaba's Jack Ma Warns Against Bitcoin; Pledges Support For Blockchain Technology

Once again, the billionaire founder of Alibaba hails blockchain technology, once again he expresses reservation towards cryptocurrencies suggesting it could be ...

yesterday

Kitco News

Stay Away From Bitcoin - Alibaba's Chairman

Share this article: Stay Away From Bitcoin – Alibaba's Chairman. (Kitco News) - Alibaba's billionaire co-founder and chairman Jack Ma said that he has ...

2 days ago

Express.co.uk

Bitcoin news: 'BTC is a bubble' says Chinese billionaire Jack Ma in shock warning

BITCOIN may be the world's most talked-about cryptocurrency, but a Chinese billionaire has warned it is likely a 'bubble'.

2 days ago

Investing.com

Bitcoin Continues Tentative Comeback Despite Alibaba's Jack Ma 'Bubble' Warning

Investing.com – Bitcoin continued its tentative comeback from its swing lower over the weekend but sentiment remained fragile amid sluggish fund inflows.

2 days ago

Coinspeaker

Ant Financial Launches Blockchain-based Money Transfers Between Hong Kong and the Philippines

Billionaire Jack Ma believes that blockchain can revolutionize the world and moves from words to action: the affiliate of his Alibaba Group Holding has ...

2 days ago

EconoTimes

Alibaba chief calls for bitcoin bubble but constructive on blockchain

Alibaba Chairman Jack Ma says that he would stay away from bitcoin because it could be a bubble but he reportedly seems to be constructive on the blockchain.

2 days ago

Inside Bitcoins

Jack Ma Claims Bitcoin is a Bubble, not Blockchain

 

Is Alibaba going to use XRP?? - Topics - Xrp Chat

 

Jack Ma's Alibaba to take on Kuala Lumpur’s traffic Artificial Intellligence project

Alibaba Cloud, which set up a datacentre in Malaysia last year, is considering a second one to further develop a local ecosystem, its president Simon Hu said. — Reuters

https://youtu.be/MwixREUJOI0

Jack Ma's Life Advice Will Change Your Life (MUST WATCH) 

https://youtu.be/lYGGpc2mMno

KUALA LUMPUR: Alibaba Group will set up a traffic control system harnessing artificial intelligence for Malaysia's capital Kuala Lumpur, its first such service outside China, as the e-commerce giant pushes to grow its cloud computing business.

Alibaba Cloud, the cloud computing arm of Alibaba Group, said on Monday it plans to make live traffic predictions and recommendations to increase traffic efficiency in Kuala Lumpur by crunching data gathered from video footage, traffic bureaus, public transportation systems and mapping apps.

It is partnering with state agency Malaysia Digital Economy Corporation (MDEC) and the Kuala Lumpur city council to roll out the technology, which would be localised and integrated with 500 inner city cameras by May.

The partnership comes after Alibaba founder Jack Ma and Malaysian Prime Minister Najib Razak launched an "e-hub" facility last year, part of an initiative aimed at removing trade barriers for smaller firms and emerging nations.

Alibaba Cloud, which set up a data centre in Malaysia last year, is considering a second one to further develop a local ecosystem, its president Simon Hu said on Jan 29.

He declined to elaborate on the company's total investments made and planned for in Malaysia, but said it was "no small amount" and that the investments would continue if there was demand for cloud computing technologies.

MDEC's chief executive officer Yasmin Mahmood said there was no estimate of City Brain's impact on traffic in Kuala Lumpur yet. The traffic management system in the Chinese city of Hangzhou had resulted in reports of traffic violations with up to 92% accuracy, emergency vehicles reaching their destinations in half the time and overall increase in traffic speed by 15%.

Najib has forged close ties with China in recent years. Last year, the Malaysian leader announced a slew of infrastructure projects, many funded by China, as he worked up momentum towards a general election he must call by the middle of this year. — Reuters

Related :  Alibaba To Take On Kuala Lumpur's Traffic In First Foreign Artificial Intelligence Project

Relaterd Post

Jack Ma advisor to Malaysian Govt on digital economy to start with e-FTZ

Money games, Earn money nothing can replace the old-fashioned hard-work, honesty; learn Jack Ma's way

Scheme or scam?: Multi-level marketing companies often conduct presentations to potential members promising financial freedom and a better lifestyle

There is no fast track to getting profits or income. Nothing can replace hard and honest work.

IT’s now called the money game but it has been around for awhile, only that it was referred to as multi-level marketing (MLM) or pyramid scams.

There seems to be a resurgence of such scams recently probably due to the economic slow down. While it may be safer to put one’s money in the bank, the reality is that the interest is not that great. It’s the same with unit trust investments.

So, there’s little surprise that many people are attracted to MLM scams, with its huge returns, although they know there’s always a risk behind these schemes (or scams).

These people are seemingly prepared to take the plunge.

New recruits are told to just deposit RM5,000 and stand to gain RM1,000 every month. That’s so attractive – and that is also how one gets sucked into the game.

Imagine this – if there are over 20,000 members and each of them places RM5,000 in the scheme, that works out to a whopping RM100mil collected. The numbers get higher with more members recruited.

And we wonder why there are not many reports made by the victims to the police or Bank Negara Malaysia against these con artists.

I have a relative who pours scorn on his father who works very hard to put food on the table but this arrogant young punk thinks he can make a huge pile of money without selling anything or working for anyone.

Another friend, who declared himself to be mentally-challenged to escape the bill collectors, used to laugh at those studying hard for their exams.

He said although he was illiterate, he would soon make millions and hire graduates to work for him. Of course, he didn’t see his millions.

These people were driven by pure greed, really. Social media is filled with stories of young people making tonnes of money, often living in Dubai, or driving around in gold-plated luxury cars.

Sometimes, famous personalities are dragged in to be part of these advertisements – without their consent, naturally.

Of course, Google and Facebook are not responsible for these fake news and fake advertisements.

The scams include binary option trading which is essentially an unregulated, and sometimes, fraudulent, mainly offshore activity.

Binary option trading involves predicting if the price of an underlying instrument – shares or currencies, for instance – will be above or below a specified price at a specified point in time, ranging from a few minutes to a few months in the future.

Those involve in it receive a fixed amount of money if the prediction is correct or lose the investment otherwise. It is essentially a “yes” or “no” betting, hence the name binary, according to one report.

But that’s another story.

The one that is hitting Malaysians – particularly those in Penang where many scams seem to surface – is the straightforward MLM.

To be fair, there are legitimate MLM businesses. These actually sell products. Members have to sell real products to earn their income, and not sell membership.

You know you are getting into a pyramid scam when they tell you to just put your feet up and get more people to join in.

The MLM is simply about finding new members – or rather, new victims. It is as good as paying you some silly fake gold coins. In some cases, even so-called virtual coins.

You are told that the more members you recruit, you will double or triple your income. The pyramid will come crashing down once no new members are recruited anymore.

But some dubious MLM have gotten smarter. They sell products but they are mostly “worthless” goods like accessories, stones, cosmetics, health and beauty products, among other things. Some sell low-quality health gadgets with unproven scientific claims.

Come on, don’t tell me your home is filled with air purifiers and magic water dispensers? Or you have some lucky charm? Or stones?

According to Mark Reijman, who advocates financial literacy, these MLM use cheap products to hide the fact that members are actually investing in a pyramid scheme,

He said the products are there simply to hide the truth. Members are investing in a pyramid scheme!

“If the MLM cannot explain the source of profits or give details about the technology of the products, or do not permit you to show your contract to outsiders, they are hiding the fact that their product is useless and the profits come from new recruits and not from product sales.

“Be wary when you are asked to buy a large inventory of the product. Don’t fall for ‘patented’ or alleged ‘US technology’ or secret recipes. It’s all smoke and mirrors.”

He advised the public to be on the alert if the product is not sold through regular channels that have served societies for millennia, such as stores and (online) market places.

“If it is such a great product, why can it not be sold through other channels? Perhaps because those channels don’t allow you to recruit new members and they want to protect their reputation against fake or low quality products?”

There is a lesson here – nothing can replace the old fashioned values like hard work and having honest earnings. Greed should be kept at bay.

In short – pyramid schemes are unstable because at every new level it will require more recruits in an exponential manner, as Reijman warns.

Soon, the scam will run out of people who fall for the scam, at which time the payments stop and that’s when press conferences are called by the victims.

Millions lost because of a hacking job? – now that’s something new.


By wong Chun Wai On the beat

Wong Chun Wai began his career as a journalist in Penang, and has served The Star for over 27 years in various capacities and roles. He is now the group's managing director/chief executive officer and formerly the group chief editor.

On The Beat made its debut on Feb 23 1997 and Chun Wai has penned the column weekly without a break, except for the occasional press holiday when the paper was not published. In May 2011, a compilation of selected articles of On The Beat was published as a book and launched in conjunction with his 50th birthday. Chun Wai also comments on current issues in The Star.

Related:

Company under the spotlight after investors did not receive payment ...

 

I am still in Malaysia, says JJPTR founder on FB page - Nation

 

 

Cops start probe into JJPTR - Nation | The Star Online

 

Get rich or poor schemes - Business News | The Star Online

 

More forex schemes are falling apart - Nation | The Star Online

 

Virtual money scheme offering 24% returns - Nation | The Star Online

 

Penang mall where cash is not king - Nation | The Star Online

 

Money games in Malaysia see increasing players - Nation | The Star ...

'Expose dubious financial schemes' - Nation | The Star Online

 

JJPTR founder says he's seeking help from IT experts - Nation 

 

Investors may lose RM500mil - Nation | The Star Online

 

 

Jack Ma - How To Become A Billionaire (MUST WATCH!)

Jack Ma, founder of Alibaba, is a self made billionaire with a net worth of over $26bn. Discover the secrets to his success in this speech followed by a very interesting Q&A
.


https://youtu.be/-JM_bA3EoMo

China's Top Billionaire explains what's wrong with Donald Trump's Populist rhetoric (2017)

https://youtu.be/Q-0jbIC4yig



Published on 28 Jan 2017 Jack Ma shares his views on globalization and Donald Trump's populist rhetoric. ---------------------------------------------------------------------------------------------------------- Jack Ma founded Alibaba Group, the world's largest collection of e-commerce websites. The Hangzhou, China-based company operates sites

https://youtu.be/yfJlOdgopDo

Published on 24 Mar 2017 In a press conference on March 24, Alibaba Group founder and business magnate Jack Ma spoke about bringing business to Malaysia, his role as the Malaysian Government's digital economy adviser, the Digital Free Trade Zone and his electronic world trade platform initiative. Here is the full press conference of what happened that day.

Jack Ma's Top 10 Rules For Success

Published on 2 May 2015 ✎ Jack Ma is a Chinese business magnate who achieved major success and became a billionaire by founding Alibaba group, a family of successful Internet-based businesses. Jack Ma started his business with $20,000 that his wife and friend helped him raise. He is the first mainland Chinese entrepreneur to appear on the cover of Forbes. He is one of the richest people in the world with an estimated net worth o



https://youtu.be/9e_mqibZc-Q


Related posts:

YBs, please lend us your ears

 

Mind your words, please!

The colour orange: Oren refers to the orange colour of the T-shirts that those arrested by the MACC have to wear when they are brought t... 

Let us do more against graft, bring corrupt culprits to court fast !