NEWS
IBS Journal April 2018
07
Google set to ban all cryptocurrency transactions from its search engine
G
oogle has announced it will ban all advertising relating to cryptocurrency products and services from its search engine from June 2018 in a move that has been precipitated by
what the giant said were “emerging threats”.
In a blog post, Google declared it was cracking down on “deceptive content”, including commercials for all and any speculative and unregulated financial products such as cryptocurrency exchanges, wallets and initial coin offerings. This also includes all binary options, foreign exchange trading platforms and spread betting sites in a bid to improve the “ad ecosystem” it provides.
Facebook made the same move in January, banning cryptocurrency advertising across the huge media site as well as Instagram and Audience Network.
Cryptocurrencies have been headline news this year after an explosion in the price of bitcoin, ether and similar in December, with Bitcoin’s value hitting $19,850 (£14,214) in mid-December. According to CoinMarketCap, the market is valued at $352 billion, with more than 1,500 types of virtual coin in circulation.
“We see Google’s actions as progressive – as long as it continues to keep an open mind and doesn’t tar all cryptocurrencies with the same brush,” said Chris Keshian, CEO of $APEX Token Fund.
The announcement lowered Bitcoin’s price by more than 5% from
Cryptocurrencies such as Bitcoin continue to come under attack, with Google the latest big company to ban advertising
$9,200 to less than $8,700. Scott Spencer, Google director of sustainable ads, said in a blog post: “As consumer trends evolve, as our methods to protect the open web get better, so do online scams. Improving the ads experience across the web – whether that is removing harmful ads or intrusive ads – will continue to be a top priority for us.”
Google says that it removed more than 100 adverts per second during 2017 – almost 3.2 billion in total – that violated its basic policies.
. Bittrex planning to delist 82 altcoins B
ittrex is to delist 82 altcoins with negligible or no demand, or broken blockchains. This is a result of the recent addition of new altcoins onto the platform, which seems to have backfired.
After Poloniex started facing performance issues, Bittrex became one of the most used altcoin exchanges in the world. The company has added several dozen currencies over the past few months, with varying degrees of success. Bittrex processes every individual altcoin application manually, which means generally many small cryptocurrencies do not make it past smaller exchanges – however, some did make it into Bittrex.
The currencies that will be removed are fairly obscure. However, the inclusion of FC2, GEMZ and METAL on the list is a slight surprise, although none of these markets are performing as expected.
In 26 cases, the respective blockchain is either too slow to process transactions or there are no network nodes left to receive and broadcast transfers. For small altcoins that see little traction, it is normal that they die out within six months. In these cases, users will not be able to withdraw outstanding balances from Bittrex, which will undoubtedly lead to more ERC20 tokens in the future, as the Ethereum network will always be available to move funds around.
It is estimated that 99% of altcoins will never serve any real purpose and should not be listed on any exchanges in the first place. The list posted by Bittrex further confirms this sentiment.
The unpopularity of these currencies will probably mean that the exchange will not see much of a backlash for removing them, beyond a bit of stir on social media.
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