- YouTube banning crypto content a “massive blow” to the industry
- Removing videos, on the front end likely pales in comparison to the back-end updates to algos
- Why the ban? “Most people equate a strong crypto with a weaker fiat”
Founder of Quantum Economics and former eToro analyst, Mati Greenspan took to Twitter to announce his stance on the latest unexplained and unexpected ban on crypto content on YouTube.
“In protest of Google's new unexpected and unexplained censorship of crypto content I will be boycotting YouTube until further notice,” said Greenspan.
Dozens of videos of the crypto and blockchain creators have been removed or striked without issuing a warning first on YouTube. Some of these videos have been online for over five years.
50 of my videos just got removed for being harmful or dangerous content. Most of these weren't even crypto videos. Tutorials, explainers, educational videos, Australian housing market updates, economics & negative interest rates. What a way to spend #Xmas. Absolutely gutted 😢 pic.twitter.com/SrGHaLW5na
— Alex Saunders (@AlexSaundersAU) December 24, 2019
A Massive Blow to the Industry
CNBC Host Ran Neu Ner calls this a “massive blow” to the industry.
The leading cryptocurrency exchange Binance also took a step in this direction, calling for the crypto community to unite.
If you're a #Crypto YouTuber that got strikes or videos removed today, please link your channel in the comments below.
We would urge everyone to go through the comments, check out a few channels you've not seen before and show some love and support. #CryptoCommunityUnite
— Binance (@binance) December 24, 2019
Last year, Google and Facebook had imposed a crypto advertising ban that has been long since reversed. But there was no prior warning or an explanation released after the incident from Google or Youtube.
However, major crypto channels like CNBC’s Cryptotarder are unaffected which Greenspan in his Wednesday newsletter explained this could be a way to control how people think.
“Whatever they've done on the front end by removing videos, likely pales in comparison to the back-end updates to the algos and how people find crypto content on the platform,” guesses Greenspan.
Not just removing videos, but I have seen them less in my feeds as recommendations now.
Before @KrownCryptoCave was the top recommendation always. Now I have to go look for him.
— ORGANIC ASTRONAUT (@ORGANICASTRONA1) December 25, 2019
Could this be because Google is afraid of crypto?
According to Tzvi Shapiro, co-founder at First Israel Mortgage it isn’t “surprising” because “Most people equate a strong crypto with a weaker fiat. Companies who have assets valued in fiat don’t want to lose value. Google being one of them.”
Also, it needs pointing out that YouTube has changed its Terms and Services earlier this month stating the platform “is under no obligation to host or serve content.”
However, with no way to know for sure yet the reason behind this and as Greenspan says “it would be quite a stretch to assume that Google is deliberately deploying censorship as a way of staying competitive.”
What’s the Alternative, Anyway?
As for how to proceed further, Mati is clear on that as he announced the boycott, which has been his knee-jerk reaction.
Of course the ultimate goal of protest is to enact change. However, even when that change seems far fetched or unattainable, we still have an obligation to take a stand for what we believe in rather than remain silent in the face of adversity. https://t.co/cw2lA06iqU
— Mati Greenspan [not trading advice] (@MatiGreenspan) December 24, 2019
However, this certainly sheds light on the blockchain-based solutions that don’t get close to the level of experience that YouTube offers, which is the second most visited site on the web by Alexa ranking, with an estimated 28 billion monthly visitors.
As Binance CEO Changpeng Zhao said,
“It may be time the crypto community takes a stab at its own blockchain-enabled censorship-resistant social media platform. Lots of challenges though, spam, scam, trolls, incentives, copyright, token economics, governance, stickiness, privacy… But It’s about time!”