Decentralization Archives - Cryptocoin Spy

If there is one thing that any cryptocurrency enthusiast should know by now, it’s that the issue of cryptocurrency is polarizing. There are those who swear up and down that Bitcoin is a scam simply meant to fool new investors, and that the entire ICO sector is a sham – while there are many others who believe that cryptocurrencies will fundamentally change the way that we live and interact with each other.

It appears that respected and well-known publication TIME has made their opinion known – well, at the very least, a TIME writer has, and, unlike many other mainstream news publications, is actually advocating for Bitcoin development. The TIME column has quickly gained traction within the cryptocurrency community.

About The Column

The author is one Alex Gladstein, the chief strategy officer at the Human Rights Foundation and the Oslo Freedom Forum (according to his Twitter bio). The column’s title is quite a bold one – “Why Bitcoin Matters For Freedom”, and Gladstein tweeted out a link to the column. The tweet has already garnered over 1,000 likes and 400 retweets:

https://twitter.com/gladstein/status/1078614849305890816

One example of how Bitcoin can change the world that is explored is an obvious one that cryptocurrency proponents are already aware about: Venezuela. Because of the economic crisis in Venezuela caused by hyperinflation; many have turned to Bitcoin as a means of avoiding the strict financial control associated with the country.

Measured Praise

It’s important to note that the column was not simply an advertisement for cryptocurrency markets, as Gladstein acknowledged specifically that “speculation, fraud and greed in the cryptocurrency and blockchain community have overshadowed the real, liberating potential of Satoshi Nakomoto’s invention.”

The column did not simply provide Venezuela as an example, but pointed to the fact that cryptocurrency can disrupt the remittance industry, a point that is brought up by many that believe in the potential of blockchain. Gladstein even stated that decentralized technology in general allows for users to avoid the traditional financial system and social networks that could ultimately be used against us.

The column ended by pointing out that Bitcoin can help many people who live under authoritarian rule, and can financially empower populations that normally might not have the opportunity . Gladstein stated: “If we invest the time and resources to develop user-friendly wallets, more exchanges, and better educational materials for Bitcoin, it has the potential to make a real difference for the 4 billion people who can’t trust their rulers or who can’t access the banking system. For them, Bitcoin can be a way out.”

Founder Is Interested

It is currently unclear as to what exactly Facebook might be doing with these new positions, although Mark Zuckerberg himself (the founder of Facebook) hinted that he might be developing his own cryptocurrency. Although he did not specifically say that this was in the company’s plans, he stated in a Facebook post that he was interested in decentralization and its implications.

Specifically, he stated: “With the rise of a small number of big tech companies — and governments using technology to watch their citizens — many people now believe technology only centralizes power rather than decentralizes it. There are important counter-trends to this –like encryption and cryptocurrency — that take power from centralized systems and put it back into people’s hands. But they come with the risk of being harder to control. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”

Mark Zuckerberg’s sister, Randi Zuckerberg, appears to be quite interested in the cryptocurrency sector. She recently joined the advisory board of Huobi, one of the world’s leading cryptocurrency exchanges. The board also includes Jihan Wu, the founder of Bitmain, the world’s largest Bitcoin mining company.

Share Price Struggling

Facebook is one of the most important social media companies in the world, and a significant percentage of the world uses the platform. Specifically, the company boasts over 2 billion monthly active users. The company recently announced a share buyback plan, as well, because of various scandals that have caused the company to lose over $100 billion in market capitalization.

There are some that argue that Facebook took the biggest hit in share price because of the Cambridge Analytica scandal, where it was revealed that the British political consulting firm (now out of business) had exploited Facebook user information to influence the 2016 U.S. election.