What Is Behind the YouTube Crypto-Purge?
Crypto enthusiasts and influencers have been mystified lately by a Google decision. The search engine giant has taken down hundreds of YouTube videos about Bitcoin (BTC) and other digital currencies. What is their reason for this YouTube crypto-purge and what impact could it have?
What Exactly Has Happened?
This isn’t the first time that Google has taken a controversial stand on cryptocurrencies. In 2018, the company banned all crypto advertising. The knock-on effect at that time saw the price of Bitcoin fall. The ban was then over-turned after just a few months.
Now, the YouTube crypto-purge hasn’t affected all videos. Instead, they have only removed certain videos. Early reports suggest that smaller channels have been targeted. Big names in the crypto industry have largely been unaffected.
The purge seems to be continuing too. Some content producers have been unable to add new videos for several days. Others note that more videos are blocked each day. Some fear that they are close to losing their channel altogether.
The Reasons for the YouTube Crypto-Purge
Crypto YouTubers are now looking for a reason for this purge. Some have taken to Twitter to demand answers. It has been noted that banned videos are often marked as ‘harmful or dangerous content’. The phrase, ‘sale of regulated goods’ has also been used.
Could it be to protect investors from scams? This seems unlikely. The channels targeted seem to contain a broad mixture and certainly most don’t look like scams.
The Possible Effect
The YouTube crypto-purge could have a negative effect on the industry. Many newcomers head to the video-sharing site to research a new subject like this.
If they find it difficult to get informed, this could turn them away. It is ever worse if they see a warning that suggests it is harmful or dangerous content.
The most intriguing possibility is that the crypto community could use this event as an incentive. Perhaps they could produce a decentralised blockchain platform for video-sharing. This could challenge YouTube and avoid censorship.
Changpeng Zhao is the founder and CEO of the Binance exchange. He said on Twitter that it may be time for a “blockchain-enabled censorship-resistant social media platform”. There have been attempts to do this before. The Viewo and Flixxo ICOs are two examples of how this could work.
It is difficult to predict what will happen until we find out the real reasons for the YouTube crypto-purge. This is a developing story at the moment. There are sure to be some more twists along the way.