Things Google did to F*ck Bitcoin
©Image of btcmanager

Things Google did to F*ck Bitcoin

By circuitops | The Crypto News | 29 Jan 2020


"Google is just GOOGLE". A multinational technology company (a wholly-owned sub diary of Alphabet) who provides internet-related technology services and products that include google search, Gmail, google docs, YouTube, google cloud and many more project innovations.

Google is indeed one of the preeminent company compare to others. They collect plenty of personal data like Facebook to sell better-targeted ads in return for free software or product access we can use which results in how Google made a whopping $40.49 Billion in revenue (Q3 2019) from July to September of 2019 only. For the past six (6) years, Google is still expanding its innovations to the industry of cryptocurrency where they plan to venture the potential uses and application of cryptocurrency to increase their revenue and collection of data. One cryptocurrency that was involved with Google was Bitcoin (BTC) where they plan to incorporate Bitcoin and its entire ecosystem to Google Wallet and other services. They believe that this move will make a large impact on business and Bitcoin fans, but it’s a different story when we talked about the ideology of data privacy.

Bitcoin, as we all know, is a pseudo-anonymous (not that completely anonymous) and operates in a decentralized way which means Bitcoin address is not tied to the identity of users on a protocol level all transaction is forwarded to a random set of nodes on a peer-to-peer network (P2P) but the Bitcoin network is completely transparent and traceable by anyone using de-anonymize technique. Google in the other hand operates in a centralized way where they monitor and document all their content from top to bottom and keep scam, illegal goods and activities out. With both ideologies combined, Google and Bitcoin are a great match in heaven on paper, but the data privacy perception and management (centralization and decentralization) are completely different - more like trust issues in my point of view which is why both parties go their separate ways. Last July 2014, Google did integrate Bitcoin and other well-known cryptocurrencies into its google search for users to type basic queries such as "Bitcoin Price" or "1 USD to Bitcoin" which shows the current price of the currency.

351665157-9dafffca4e1c1dea0cb1884dc082f1ffe85b794ce129fabd15cb31c84fce832a.png

©Image of Google

For the past years, Bitcoin and other cryptocurrency coins have changed a lot. Some people are still keeping their coins and waiting for the next big wave while Google (an anti-Bitcoin) is plotting a blueprint to destroy and declare war against the cryptocurrency and its community especially Bitcoin. 

 

Cryptocurrency Advertisements

March 2018, Google announced on its website the banning of advertisements for Bitcoin and other cryptocurrencies. Google updated its policy for "financial services that will restrict advertising in cryptocurrency and related content" that took effect last June 2018. This policy was applied on all Google platforms such as YouTube, Google News, Play Store, and some third-party website where Google is selling its advertising. This restriction was meant to ban content that is related to cryptocurrency coin offerings, cryptocurrency exchange, cryptocurrency wallets, faucets, trading advice, and other misleading or deceptive promotional practices.

Short after that announcement, Google director of Sustainable Ads Scott Spencer said in a blogpost:

"We updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference".

He also defended the decision by telling the CNBC:

"We don't have a crystal ball to know where the future is going to go with cryptocurrencies, but we've seen enough consumer harm or potential for consumer harm that it's an area that we want to approach with extreme caution."

 

According to CoinDesk, Bitstamp, and WorldCoinIndex (2018), Bitcoin prices dropped from above $11,000 to below $8,200. Other highest-values cryptocurrencies that time also dropped dramatically.

351665157-c0373adc773dfc3494dc4cc6ae721e6a726231c31be361b943fbb56f680fbe13.jpeg

©Image of WorldCoinIndex

After the end of September 2018, Google did change its mind and allow cryptocurrency ads back to its platform.

 

YouTube Crypto Purge

December 2019, Google strikes back and chosen to removed bitcoin and cryptocurrency-related videos from its popular video platform YouTube without warning or explanation. They also permanently terminated YouTube channels of some YouTubers who also has content about cryptocurrency. This deletion was called "crypto-purge" by many and the main target are YouTubers with small to medium-sized (10K to 500K) subscribers.

Some personalities have raised their voice and call out YouTube on what happened.

Chris Dunn (@ChrisDunnTV) a YouTuber with 221K subscribers called out YouTube:

Chris Dunn is now considering to move his content from YouTube to a decentralized platform.

Alex Saunders (@AlexSaundersAU) CEO and Founder of Nuggets News AU tweeted:

Ran NeuNer (@cryptomanran) a Host and a Crypto Trader tweeted:

After this mass "crypto purge" incident, YouTube Spokesperson said in an interview: "The deletion wasn't a PURGE but only an error", “With the massive volume of videos on our site, sometimes we make the wrong call. When it’s brought to our attention that a video has been removed mistakenly, we act quickly to reinstate it. We also offer uploaders the ability to appeal removals and we will re-review the content”.

 

In the end, YouTube admitted that it was their mistake on their side during the review process. They are now fixing the error and will son reinstate all videos and strikes to be resolved soon.

Google Bank

November 2019, Google has engaged a partnership with Citigroup, Inc. and Stanford Federal Credit Union to launch its own smart checking platform code name "Cache", that checks all accounts and financial details such as salaries, shopping habits, and other money transaction activities of Google Pay Customers. This partnership will allow Google to use Citigroup, Inc. and Stanford Federal Credit Union license to help facilitate regulatory and policy headaches. With this big news, mainstream media and social media personalities are already calling this "Bitcoin Killer" while others suggest that Google is taking a traditional approach with this partnership.

Google Executive Caesar Sengupta told The Wall Street Journal interview:

"Our approach is going to be to partner deeply with banks and the financial system. It may be a slightly longer path, but it’s more sustainable. If we can help more people do more stuff in a digital way online, it’s good for the internet and good for us."

 

With Google entering the Finance Arena, it's putting more pressure on Bitcoin to either adapt or face redundancy since more companies and personality are creating their own cryptocurrency. Some Bitcoin enthusiasts answered back that Bitcoin is designed to be a decentralized payment system, loosening the strings of dependence on traditional currencies and most technology company giants are now moving to implement some Bitcoins features to their existing system. Google in the other hand is rooting for the traditional financial system and adding tech add-ons.

Google might be looking to kill Bitcoin in the future, but for now, it is still very irrelevant since Bitcoin continues to operate in a different sphere of finance than traditional banking and other cryptocurrencies are trying to act as a new checking account. It very unlikely that investors in leading cryptocurrency will want to transfer or exchange their assets into the new Google checking account.

Google's ambition on its upcoming new platform doesn’t have a clear definition, but only the future will tell if Google will follow the footsteps of cryptocurrency or just another innovation of the traditional banking system.

 

Quantum Computer

October 2019, Google released a research paper claiming that they have achieved "quantum supremacy", announcing a historical advancement in computer science. According to the research paper, Google and its research team have successfully used quantum computer, code name Sycamore, to solve a complex problem within minutes that would take existing supercomputers and traditional computers to solve the problem for thousands of years.

According to @mayoinmotion a medium user, Sycamore has enough computational power to mine all the remaining 3 Million BTC in less than 2 seconds which will outperform existing large to small-time Bitcoin miners at a faster rate. However, this article was proven wrong since some computation and figures presented are quite adjusted and customized.

So can Google Sycamore hack or mine Bitcoin? NO - for now.

Google supercomputer is still new and currently, under experimental, it also needs some improvements to have the capabilities to hack or mine all remaining Bitcoin. These so-called improvements are as follows:

  • Sycamore needs more practical applications
  • It has only 53 quantum bits (qubits). To crack Bitcoin cryptography, Sycamore needs more than 1,500 quantum bits.
  • It will take years to research and increase quantum bits. Currently, Google and IBM currently have 53 quantum bits computers which are considered the powerful machine today (2020).
  • Just like a processor, qubits requires a supercooled temperature to operate. Building 1,500 qubits will also require dust, vibration, and contaminants proof.

Right now, Google researchers stated that the power of quantum computing will likely "grow at a double exponential rate", meaning the blockchain obsoletion could come a lot sooner than everyone thinks.

 

Google might failed four times in a row, but they are continuing to find ways to destroy Bitcoin and other cryptocurrency. There are no reasons why they do such act but let's wish cryptography developers to improve existing code and add a quantum-resistant blockchain.

 

"We are safe for now. But let's prepare for the future."


circuitops
circuitops

All lives matter except for entitled people.


The Crypto News
The Crypto News

Learn the latest news about cryptocurrency and its leading-edge technology.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.