Analyst Talks About How Crypto Could Lead To Child Exploitation In The Quest For Mass Adoption
Crypto Could Lead To Child Exploitation, Says Analyst
There is a new subset of cryptocurrencies that are currently growing popularity and these are cryptocurrencies are attached to social media messaging platforms. One of the most anticipated of these is yet to be launched but is believed to be in the works by Facebook and will be attached to the WhatsApp platform and will allow the sending of cryptocurrencies.
Besides the upcoming Facebook coin, one of the most prominent in this space is kin, which is used by the social media messaging app Kik, who are currently crowdfunding to go up against the US Securities and Exchange Commission because of their alleged miscategorization of kin as a security token rather than a utility token. While kin is not one of the biggest crypto tokens in the industry, this recent event has brought forward a conversation about messaging app tokens and what effects they can have on young people who are their major users. Eric Wall, the crypto lead at Cinnober, recently spoke out on what effect they will have on the younger generation who will grow up using it them as the norm.
Wall stated that the use of cryptocurrencies for messaging platforms is one of the most fertile and greatest potential outlets for the mass adoption of cryptos because of their widespread use. However, it must be considered that almost 30 percent of the population is under the age of 18 and they are one of the largest users of these platforms and as such, will be most affected by them. According to Wall, the young people are very excited about the new functionalities of social media messaging apps and also about the prospect of making money on them. However, there are some potentially damaging consequences due to possible exploitation of young people.
Wall has stated that there might be some consequences for this new adoption as it could lead to potential groomers and predictions taking advantage of young people via these platforms which are sometimes anonymous.
What might happen, according to him, is that young people might be lured into sending nude photographs of themselves and other explosive material with the promise of tokens and because a lot of these platforms are anonymous, parents will not become aware and children will be even more vulnerable.
“The darkest part is that this will give a new tool to groomers. Young girls and boys will be asked to show their body parts on cam in exchange for anonymous coins. The perpetrators will know they can get away with it and the kids will know their parents won’t find out,” he said.
This conversation once again brings up the social harm that could be caused by the use of certain cryptocurrencies, especially those that are anonymous. A similar conversation was had regarding the use of privacy tokens for criminal purposes and the same is being done in this case.
Luke Martin, a crypto analyst stated pointed out via Twitter that kin is not very popular among young people these days and that the token would not be entirely used on the application. Wall then agreed but that Kin could be introduced to other apps that have more of an adult audience which further complicates the matter.
What other factors are looked at, the social implications of the mainstream adoption of cryptocurrency needs to be considered as the misuse of tokens for the exportation of children will lead to backlash not only from law enforcement but from individuals themselves who wish to protect young people.