Fri. Aug 19th, 2022

Even though crypto is showing green shoots of a maturing industry, major social media platforms have a love/hate relationship with the market. Most recently, YouTube has removed a spate of crypto-related videos, many of which were educational in nature, deeming them harmful and leaving content creators fleeing for decentralized platforms. This has the crypto community crying censorship foul.

The latest YouTuber to see his video bumped from YouTube was Chris Dunn, a venture partner with nearly 47,000 followers. Dunn informed the Crypto Twitter that his YouTube videos were removed after the company decided they were “harmful and dangerous content.” Dunn, who boasts 211,000 followers across millions of views on his YouTube channel, tweeted:

Source: Twitter 

Other YouTubers are worried the same thing could happen to them.

Source: Twitter

While Dunn’s videos are educational rather than controversial in nature, the only thing we could find was this warning that the content creator issued on his YouTube page:

“People have been creating fake social media profiles and messaging app profiles pretending to be me and other people in the crypto space, then sending messages trying to get people to send them bitcoin. Never send your cryptocurrency to anyone who guarantees they’ll make you money by trading it for you. Be smart!”

Perhaps in its attempt to rid the platform of fake users, YouTube took things too far and included the authentic channel in its purge. Incidentally, no social media platform appears to be immune from fake accounts. In recent days, billionaire crypto trader Mike Novogratz responded to a Twitter thread that informed him of a scam account using his name.

Source: Twitter

It might be too late for YouTube to win Dunn back, as he is already hunting alternatives, telling his Twitter followers:

“Thanks for the support and comments guys. The crypto community truly is awesome. I should’ve put my videos on decentralized platforms a long time ago, but lesson learned! This is a clear example of why we need to decentralize the web!”

Dunn’s followers recommended decentralized platforms including Holochain, which they say gives users the opportunity to earn HoloFuel, which they liken to ETH gas. Other recommendations were:

  • Temporal (Cloud)
  • BitTube

Dunn said he is “open to suggestions” and “will likely test all the available options.”

Crypto Mining Crackdown

YouTube isn’t the only one cracking down on crypto. And while China has not rolled out the welcome mat for crypto miners, it appeared to be warming up to the idea on the heels of the government’s new love affair with the blockchain. Nonetheless, a report reveals that Chinese authorities have scooped up thousands of crypto mining machines for reportedly illegally consuming too much power. According to reports, the bitcoin mining operations were running 24/7 and used as much as 40x more power than the average household.

The purge was the result of a raid by authorities on households and businesses in which they were hunting unusual electricity usage. The probe has been unfolding for months and in total, authorities have seized thousands of ASIC miners and high-power transformers, Cointelegraph reports citing CCTV. Police allege that crypto miners were siphoning power from a local village.