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Google’s Cryptocurrency Ad Ban Signals Company Now Part of “Establishment”

  • David Dinkins
    🤷 Opinions

    By banning all crypto ads unilaterally, Google has shown what it really thinks about freedom of speech, and busts its own iconoclast image

Google’s Cryptocurrency Ad Ban Signals Company Now Part of “Establishment”
Cover image via u.today

The company that once stood up to giants like Microsoft and became famous for its “do no evil” approach has finally joined the establishment. Even though Google claims to be interested in “consumer protection,” an outright ban on all crypto ads seems like an overreach. The company is either taking the easy way out, but making sure they don’t have to actually use critical thinking, or they are out-and-out supporting the war on digital currency.

Google’s director of sustainable ads, Scott Spencer, told CNBC:

"We don't have a crystal ball to know where the future is going to go with cryptocurrencies, but we've seen enough consumer harm or potential for consumer harm that it's an area that we want to approach with extreme caution.”

Do no harm?

If Google lacks a crystal ball, as Scott put it, then why not take a more nuanced wait-and-see approach?

Blogger Vijay Boyapati explained on Medium that Bitcoin is presently in its fourth Gartner hype cycle, driven by institutional investors and growing mainstream interest. He predicts that the present bubble will eventually deflate, only to be surpassed, in time, by a much larger fifth bubble. This bubble, he predicts, will bring in the “late majority” of mainstream users and be driven by central banks adding Bitcoin to their foreign exchange reserves. He doesn’t make a price prediction for this fifth bubble but notes that gold serves a similar role in central banks’ stores. If the market cap of Bitcoin reached that of gold, each Bitcoin would be worth over $300,000.

Don’t take the word of an Internet blogger though. The managing director of the International Monetary Fund (IMF), Christina Lagarde, has written about the transformative potential of cryptocurrencies. As head of the IMF, Lagarde is essentially the central banker of central bankers, meaning both that she is incredibly influential and also that she is the literal personification of “the establishment.” If such a pivotal , and pro-establishment, pro-fiat, person can see the promise in crypto, why can’t Google?

Forget the future

Even if cryptocurrency has only a small chance of becoming the wave of the future, why would Google needlessly antagonize crypto supporters? Anybody can certainly see the importance of avoiding misleading ads and preventing scams, but surely Google could do at least a modicum of research to determine which cryptocurrencies were most relevant and least likely to be scams. A complete ban on anything crypto-related is a serious stretch and makes you wonder why Google is so afraid of digital currency.

The really strange thing about Google’s ad ban is that the company used to - at least before it became involved with China - be an unabashed supporter of free speech on the Internet. Google staunchly defends net neutrality and strong encryption, believing that both are absolutely necessary for free and open interactions online. The reader must wonder why Google is unilaterally banning all ads - themselves a form of speech - related to cryptocurrencies. Even Lagarde, the ultra-establishment banker, can’t deny the transformative potential of cryptocurrency:

“[Cryptocurrency] could, for example, power financial inclusion by providing new, low-cost payment methods to those who lack bank accounts and in the process empower millions in low-income countries.”

If the managing director of the IMF can see this, why can’t one of the world’s biggest tech firms? What say you, Google?

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About the author

David Dinkins is a freelance writer who holds a Master of Arts in history from Louisiana Tech University and has extensive teaching experience both at LSU – Shreveport and University of Phoenix. He got involved with cryptocurrency in early 2014 working as part of the Dash Core Team and have served in the role of writer/editor (mostly editor) during that time. He has edited a huge number of documents for the Core Team, including the Evolution whitepaper, the PrivateSend whitepaper, and many of Evan Duffield’s communications with the Dash Community.

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XRP Currently Bringing 80% of Total Trading Volume on Ripple-Funded Bitso Exchange

  • Yuri Molchan
    📰 News

    A major XRP community member shares data that XRP is generating 80% of volume on Bitso exchange that is Ripple’s partner at introducing On-Demand Liquidity in Mexico

 XRP Currently Bringing 80% of Total Trading Volume on Ripple-Funded Bitso Exchange
Cover image via www.123rf.com

After Ripple had rebranded its xRapid product as On-Demand Liquidity (ODL) and partnered with the largest Mexican exchange Bitso, the introduction of ODL in cooperation with MoneyGram starts bringing its first fruits. As part of the collaboration, Ripple has invested in Bitso and got them to add one of its top executives to the board of directors.

 

On-Demand Liquidity successfully integrated on Bitso

A member of the XRP community @XrpCenter reports that things are looking good for XRP on the largest Mexican exchange Bitso and for Ripple’s ODL product. ODL was introduced there after the crypto giant invested an undisclosed amount in the trading platform.

The chart in the tweet shows that the XRP/MXN pair now accounts for 80 percent of the overall trading volume of Bitso.

Bitso became the key partner of Ripple and MoneyGram at introducing On-Demand Liquidity to the Mexican market. So far, the implementation has been going successfully.

This has not impacted the XRP price much though, since over the last 24 hours it rose merely by 0.54 percent. Unlike it, BTC and its forks – BCH and BSV – have posted much higher gains, as reported by U.Today earlier.

XRP price
Image via Coinmarketcap

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Ripple Dispels XRP FUD Allegations, Q3 Report Blames Twitter Bots

Ripple Dispels XRP FUD Allegations, Q3 Report Blames Twitter Bots

Ripple releases its Q3 report

At the end of last week, Friday, Ripple issued its regular report on the results of Q3. In the document, Ripple covered several major issues, such as movements of XRP from escrow and back to it, recent Ripple’s partnerships with Logos, Algrim and other startups, Coinme crypto ATM network.

Ripple also addressed the issues of FUD (fear, uncertainty, doubt) that has been recently actively spreading around the company and its XRP asset.

Ripple Q3 report
Image via www.ripple.com

What are your thoughts on the Ripple expanding XRP use in Mexico? Share them in the comments section below!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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