Blockchain is not merely a game of capital—it's a fierce competition of technological mastery.
The recent article titled "Market Maker Du Jun" ignited heated discussions across cryptocurrency and blockchain circles, raising critical questions about influence and control in this emerging industry.
Capital vs. Technology: The Dual Forces of Blockchain
The "Vote-to-List" Controversy
Huobi Pro's recent "vote-to-list" initiative spotlighted potential market manipulation. Participants used HT tokens to vote for new coin listings, with top-voted projects gaining trading privileges. EGCC token topped the list with 31.95 million votes—equivalent to ¥44.34 million in voting fees—sparking debates about pay-to-play listing systems.
Huobi defended the model as "decentralized listing," arguing traditional review processes hinder rapid market evolution. However, critics compare this to stock market "pump-and-dump" schemes.
Technological Hierarchy in Blockchain
- Upstream: Protocol developers (e.g., Ethereum, Ripple) building foundational chains
- Midstream: DApp creators leveraging existing chains for applications
- Downstream: Mining operations and exchanges with relatively lower technical barriers
Ruby Shen of China Venture Platform notes: "Real innovation happens upstream. Many latecomers focus on trading while underestimating the tech race."
High-Profile Investors Enter the Fray
During the 2018 Lunar New Year, the "3 AM Blockchain Group" became a think tank for investors like:
- Xu Xiaoping: Advocating blockchain's transformative potential beyond cryptocurrencies
- Xue Manzi: Predicting blockchain will revolutionize credential-dependent industries first
- Cai Wensheng: Emphasizing blockchain's mathematical foundations reshaping business models
Cautionary Voices
VC Zhu Xiaohua countered the hype: "Most ICO projects neglect real-world implementation. Throwing money at untested models invites failure."
FAQ: Addressing Key Concerns
Q: Can blockchain exist without cryptocurrency?
A: Yes. Enterprise blockchains like Hyperledger operate sans tokens for supply chain/logistics solutions.
Q: How do "market makers" influence prices?
A: Large token holders may manipulate liquidity via coordinated buys/sells—similar to traditional market makers but with less regulation.
Q: What distinguishes legitimate projects from scams?
A: Look for open-source code, active developer communities, and tangible product roadmaps. 👉 Learn how to evaluate blockchain projects
The Verdict: No Single "Market Maker"
The blockchain ecosystem resists centralized control. While capital players like Du Jun attract scrutiny, true influence stems from:
- Protocol developers setting technical standards
- Mining pools controlling network hashrate
- Major exchanges governing token liquidity
As Binance CEO CZ noted: "Blockchain’s democratization potential lies in its distributed nature—that’s the ultimate check against centralized manipulation."
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