Coinbase exchange actively engaged in censorship
There’s no doubt that censorship is uncool, and the debate over how much power tech companies should have and when it’s okay to use it rages on.
Tech companies like Twitter have a history of deleting accounts for spreading “misinformation” and have even gone so far as to ban a former US president. More recently, Spotify has come under fire for continuing to host the Joe Rogan Experience after content that some users found offensive went viral on social media sites.
The question of how much power tech companies should have and when it might be appropriate for them to step in is the hot topic online now. Coinbase (NASDAQ:COIN), likely hoping to appear in alignment with the values held by most in the digital asset space, recently issued a statement saying it disagrees with censorship of tech companies.
“We believe this sets a dangerous precedent when technology companies, such as Coinbase, or their executives begin to make judgments about difficult societal issues, acting as judge and jury,” he said in a statement. blog published on February 5th.
Letting the market decide and not censoring anything you disagree with is something most players in the digital currency industry would approve of. But is Coinbase really that clean in this area?
A brief trip down memory lane
In early 2011, citing that he had moved on, Bitcoin inventor Satoshi Nakamoto disappeared from posting forums and ceased to be actively involved publicly with the project.
In December 2015, an Australian computer scientist named Dr. Craig Wright was denounced by Wired and Gizmodo magazines as the inventor of Bitcoin. Shortly after, Dr. Wright gave an interview to the BBC and confirmed that he was, in fact, Satoshi Nakamoto.
It didn’t take long for it to become apparent that many people in Bitcoin didn’t like Dr. Wright or what he had to say. You see, he’s a guy who respects law and order, despises crime and corruption and wants to see a cleaner, better and more efficient world. He wasn’t shy about telling the “crypto bros” how he felt about the direction they were headed, and it wasn’t long before a massive and organized smear campaign began trying to smear him. discredit.
Attempting to defend himself against the fraud allegations, Dr. Wright sued several people who had defamed him online. In response, trading platforms like Binance removed Bitcoin SV from the list, directly contradicting their supposed free market principles in favor of creating a digital currency associated with someone they disagreed with.
Coinbase went further: he never even listed BSV in the first place. It’s true; the best version of Bitcoin, which is the original as described by Satoshi Nakamoto in his whitepaper, has never been part of the most well-known digital currency exchange. Coinbase was only too happy to list many worthless altcoins and the crime-linked stablecoin Tether, but for the simple fact of contradicting their narrative and defending its reputation in court, Dr. is associated have been banned from the biggest trading platforms, and BSV has never even been recognized by Coinbase.
Isn’t it strange? Coinbase CEO Brian Armstrong repeatedly described reading the white paper and a series of earth-shattering revelations about how Bitcoin would change everything, so he must know that BSV aligns with what is written there. More recently, Coinbase, along with several other digital currency exchanges, received letters from Dr. Wright’s attorneys warning them of impending legal action for their improper use of the Bitcoin brand name. Preferring silence to honest speech, Coinbase failed to warn its users or investors about the legal notices.
“At coinbase, we believe this sets a dangerous precedent when technology companies or their executives begin to pass judgment on difficult societal issues, acting as judge and jury.”
Kind of like when Brian unilaterally decided to take BSV off the list and add hundreds of scamcoins instead. pic.twitter.com/UAxGIckAQz
— cryptorebel_SV ⚡ [email protected] ⚡ (@cryptorebel_SV) February 5, 2022
Spare us the pious nonsense, Coinbase
While Coinbase may try to pretend to be one of the cool kids, its actions show differently. It’s a giant corporation that cares about its bottom line, and when it comes to its business interests, it’s just as willing to censor dissenting voices as Twitter and other big tech companies.
When the history books are written, Coinbase will become one of Bitcoin’s enemies. Preferring trading profits over the revolutionary technology that its founder claims to have fallen in love with, note that Coinbase was complicit in silencing Satoshi and suppressing Bitcoin.
Despite what he may say in hypocritical statements posted online, Coinbase is actively involved in censorship. Its users, who may fall for such misleading statements, should be aware of them before choosing to do business with them.
To follow The CoinGeek Crypto Crime Cartel series, which plunges into the flow of groups – one of BitMEX at Binance, bitcoin.com, Blockstream, Metamorphose, Coinbase, Ripple, Ethereum, FTX and Attached—who co-opted the digital asset revolution and turned the industry into a minefield for naïve (and even experienced) market players.
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