Are Corporate Giants Teaming Up Against Cryptocurrencies?
First Facebook, then Twitter and Google; now Mailchimp? Seems a little suspicious to me…
READERS WARNING: The following material may contain some amounts of bias; I am a millennial. If at any time it becomes unbearable, feel free to let me know in the comments.
First, let’s look at these “Corporate Giants” Market Caps:
Not #1
Market cap: 730 Billion
MailChimp isn’t publicly traded, but estimates show that it has a 1-3 billion dollar market cap.
Now, let’s compare those numbers with those of cryptocurrencies
Bitcoin and Revain are ranked the same on coin market cap as Google and Facebook., This is by no means a comparable measure, I was just trying to show the ranking and the size of the corporate giants versus the cryptos. (Two important notes: t There are not 1605 cryptocurrencies on Coin Market Cap and since MailChimp isn’t yet publicly traded, I did not use it above.)
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For those of you who don’t know about what is going on, here is a strong article to catch you up on the current situation: http://www.dmnews.com/social-media/heres-why-facebook-banned-cryptocurrency-ads/article/748776/.
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My Opinion
Phishing and malicious activity is supposedly why companies are starting to ban crypto advertising. Yet, that hasn’t stopped companies from spamming our inboxes or selling (perhaps even just giving) our personal information away to solicitors. Personally, I don’t think that phishing is the problem; I think the problem is the people who are investing blindly or sending money to endlessly worthless altcoins and reaping the consequences.
And you know how not to fix this problem? Ban it. Case in point:
The ban on alcohol in the 1920s - didn’t work. And currently - how’s it going with marijuana? The solution to the problem is never banning it; it simply doesn’t do any good or fix the situation sustainably. ecause the root problem was never fixed.
Stop & Smell the Roses
Let’s play devil’s advocate for a second; let’s think about why companies are implementing these laws and taking precautionary action against cryptocurrency versus getting to the root of the problem.
Many corporate structures today are still based off their founding structure. We’re talking accounting system, infrastructure, and even motives from America 30+ years ago. Asan accounting major as well as a crypto advocate, I see how our current accounting models have been grandfathered in from the past. (One solution to the accounting problem would be triple entry accounting; that is another topic in and of itsself.) Current corporations have become professional contortionists bending and navigating loopholes to make new accounting technology “with” with old methods. Businesses have become big and clunky; they can no longer bend through these loopholes. They need to streamline and become more efficient, agile and aerodynamic in order to keep up with current needs.
Our nation has changed drastically in the past 30 years; everything has changed from mobile devices to media coverage to cultural institutions. Moore’s Law states that technology doubles every year or two. This doubling rate outpaces the rate at which most large corporations can grow and implement new technology.
Now, think about it from the business perspective for a second. Your corporation is solidand stable, currently based off the same business model it was founded on. To update your company’s infrastructure accordingly would require time and resources as well as research and development. e. A lot of corporations aren’t willing to do that. . However, many argue that the change to implement blockchain into the corporate system wouldn’t be as hard as it is made out to be. Businesses & Corporations have to do what they need to do to survive. I get that. I like to try to understand everyone’s perspective in order to make a logical conclusion. But after doing researching and reading countless resources, I still cannot seem to make sense of those who argue against crypto and blockchain. I’ll just let the picture below explain.
Solution?
I don’t know if anyone of these companies are working on a solution to this problem but the only likely one that I can see creating one or even attempting one is Google. I trust Google to be more concerned for the people’s problem rather than themselves. Considering that they are the main search engine that everyone uses, they must look out for us. I trust that they know what they are doing considering they are always innovating and adapting while trying to improve the situation at hand.
With that said, the solution to this problem is going to have to start with being willing to change. People and companies are going to start to have to see blockchain and cryptocurrencies as an important asset to further advance their business. There is no threat posed in blockchain, bitcoin, or another cryptocurrency. The media and corporations are spreading the word that we need to get rid of blockchain and bitcoin because it is a threat. This takes me back to my days in elementary school, when the rule of whomever “Smelt it, Dealt it” was used against those who tried to blame other people for farting. In this case those who are crying out that this is a threat, are the same ones who have the most to hide. The only reason that this could be a threat is with what it offers. Transparency.
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Censorship
Many have taken to social media and claim that this is an issue of censorship. MailChimp responded with, “Cryptocurrency-related information isn’t necessarily prohibited. It can be sent as long as the sender isn’t involved in the production, sale, exchange, storage, or marketing of cryptocurrencies.”
I personally do not think that this is a case of censorship. But I do believe that this could be a potential precursor that could lead toward censorship of cryptos if the problem becomes worse. For right now I think the biggest concern would be how they enforce this rule.
The Merkle puts it well:
“The bigger question is whether or not other tech companies and service providers will follow the example set by MailChimp. This negative stance toward these new technologies can be considered a new form of censorship. That is something companies should avoid at all times, even though it seems most firms aren’t too concerned about any repercussions in this regard.”
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Conclusion
The best way to sum up how I feel about this whole fiasco is a quote from Zoe Keating, “I just believe in transparency in everything. How can we build a future ecosystem without knowing how the current one actually works?”
At GNEISS, we currently use MailChimp to send out our brand’s communication and updates. . And we will always be communicating with our followers regardless of the hurdles that we face.
We are only one of many in this crypto-community who are taking action against this. Here at GNEISS we enable you to create, transfer, mint, burn, exchange, tax, or pay dividends to any crypto-asset or smart contract on our decentralized blockchain-powered trading platform. We make that possible because we want you to be able to take control of your own business and connect you peer-to-peer in a decentralized market while at the same time eliminating the need for the third party. Our smart business structure virtually eliminates the possibility of fraud, greatly reduces transaction fees, and can be used for any type of crypto-asset, financial transaction, or investment without the need for any middleman. Click here to find out more about us.
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Challenge me to a thoughtful discussion on where you currently stand in this situation in the comments below!
-John Evans