The War on Cryptocurrencies – Crypto Industry Hit Hard This Week
Maybe it’s a coincidence that all these major pushes against cryptocurrencies happened in tandem over the last few weeks. Those of us immersed in this industry may beg to differ. Could it be part of a colossal, concerted effort to quash the industry? Let’s take a look at what’s happening and maybe then we can decide whether an all-out war against cryptocurrency has started in earnest.
Facebook Bans All Ads With Cryptocurrency Related Words
No one really saw this coming. The social media giant and #3 website worldwide (#2 if you count Google and YouTube together) seemingly out of nowhere put through an immediate ban on ads promoting ICOs and cryptocurrencies. (If only they would just get over themselves and create their own coin!)
This did not effect just the scam ICOs. In fact, every crypto business (including TruDex!) was faced with zero notice and sudden inboxes filled with “Your Ad has been disproved” messages. Okay, fine, it’s onto Telegram.
Telegram Gets Removed From Apple’s App Store
What?! Right as we are planning a social media push away from Facebook and towards Twitter, Reddit and Telegram, we see this bit of juicy news: Apple removes Telegram from the App Store due to “inappropriate content.” Somehow Telegram managed to muscle it’s way back onto the App Store within 24 hours, but it was never revealed what was meant by “inappropriate content”. What was that all about?
Worldwide, Crypto Takes Huge Hits
Not only has social media been reeling from disruptive cryptocurrency news, but the global atmosphere has not fared much better. Stories of bans, regulations and crackdowns have flooded the worldwide crypto community:
- The SEC announced its implementation of a court-approved emergency asset freeze for AriseBank, which claimed it raised $600 million during its token sale. So maybe a cryptocurrency calling itself a Bank was a bit premature!
- In Japan, regulators reacted to a hack on Asia’s biggest exchange, Coincheck, which lost about $500 million in crypto. The stolen NEM coins were held in storage linked to the internet, making it easier for hackers to steal the cryptocurrency. Was anyone in the industry really surprised? Many ICOs do not even address security whatsoever in their whitepapers. And why do these stories never ever mention ways to keep your crypto safe?
- Speculation was flying around, of all places, South Korea. This hotbed of tech and home to a mass crypto-ready mindset was now being painted as the next country to ban ICOs. On the other hand, CoinTelegraph published confirmation from South Korea’s Finance Minister that points to an altogether different stance.
“South Korea Finance Minister Kim Dong-yeon has reaffirmed that the government will not ban or otherwise “suppress” cryptocurrency in the country, according to a statement reported by Reuters today, Jan. 31.”
Bitcoin Takes a Dive
In the midst of all this, Bitcoin, currently valued at just over $9000, seems to be staggering from its lofty 4th quarter 2018 heights. And with the drop in BTC value, so goes the majority of altcoins, bringing the total market cap down to $437,294,598,749. A far cry from the $700 Billion reported just a few short weeks ago.
Is There More Bad News?
Of course there is. I could go on all day long citing stories from major press outlets about how Bitcoin is tanking, cyrptocurrencies are a scam, lots of “bubble” talk, yada yada yada.
If you’re in this space, you have probably been waiting for this pushback. Afterall, what government today wants to lose control? What centralized entity enjoys threats from a people-led, decentral movement that is powered by the unstoppable blockchain and a mobile-armed global population? They are pushing back folks, with all their force and might.
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