In other news, it seems that cryptocurrency and blockchain associations from Russia, China and South Korea have signed the agreement to create Eurasian Blockchain Association (EBA), which will be filing a lawsuit in May against Facebook, Google, Twitter and Yandex for banning crypto-related ads.
RACIB’s president Yuri Pripachkin was quoted by Tass and Interfax as saying that this refusal to advertise crypto shows that there was a “cartel collusion,” adding that, “We think these four companies are using their monopoly power and have colluded to manipulate the market,” as the bans led to market drops.
In my humble opinion, this is defiantly being done on purpose for a multitude of reasons. Causing FUD (fear, uncertainty, and doubt) creates a reaction. That reaction is a drop in prices which in turn will create a lower entry rate for those companies to enter the market. I believe they know exactly what they are doing. I don’t believe they fear blockchain or crypto. Instead, they are going to use their power to manipulate the markets so they can enter at a lower cost. If these social media companies really are trying to “protect their users” they wouldn’t be selling their data, but that’s a whole other topic itself.
Eliminating potential scams and misleading services may potentially help to inspire greater public faith in the crypto industry, but removal of ads and 'suspicious' accounts may have at least two major downsides. For one, there's no guarantee that a ban will actually work, or that it won't unfairly discriminate against legitimate crypto businesses and services.
There are a lot of people in the crypto world who are saying this is a good thing and that it will stop people from being taken advantage of, therefore people will feel safer about crypto. I say give me the freedom to make a bad decision and maybe…just maybe… I will learn from it and make a better one next time.
How many times will you hit yourself in the head with a hammer before you realize that it hurts?
What are your thoughts?