Successes and failures rarely come overnight, at least if there’s no foul play involved. The cryptocurrency media site CCN claims it took 6 years of work to build their success, but only one night (and a Google Core Update) to take it down. By changing the search algorithms, Google allegedly caused a fall of 71% in the site’s mobile traffic, almost pushing the team of 60+ people completely out of business.
As Cointelegraph reports, this is only one instance of centralized corporate power showing hostility towards crypto. Apart from Google Ad’s censorship-related back and forth targeted at crypto businesses, many e-commerce companies, payment providers and banks have also demonstrated a not-overly-enthusiastic approach – at best – when it comes to cryptocurrencies. A number of high-profile companies are hesitant to introduce, have removed or have banned crypto payments. The mistrust is based on the currencies’ volatility and the blockchain’s anonymous nature, or simply the notion that “cryptocurrency is junk” (quote by Mastercard President and CEO Ajay Banga).
Perhaps this is just another instance of the story as old as time – the new school and old school, the French Revolution, David versus Goliath. A new force appears, threatening to disrupt the ways of the old world, but no establishment ever goes down without a fight. It would be nice, however, if there had to be no fight – if those with means had a sympathetic ear for those with ideas and the new (financial) world wasn’t built in the dominance of one side, but in the dialogue of both – and for the benefit of the both.