Google Takes A Swipe At Cryptocurrencies

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Google may have lifted the lid on the giant corporation’s love-hate relationship with cryptocurrency with a video advert.

The advert aimed mainly at broadcast viewers on TV promotes the corporation’s CallScreen service with a conversation between characters Abby and Ted.

Abby points out to Ted that his electricity bill is very high. Ted replies that’s because he mines cryptocurrency which ‘takes a lot of energy’.

“Cryptocurrency? That money’s not real,” says Abby says.

“Yeah, well I’ve got news for you: money isn’t real,” Teddy responds.

“You gonna live that lie?” Abby comments as the ad ends.

Google remains tight-lipped about any intended target of the quips.

That’s probably because Google co-founder Sergey Brin has made his ethereum mining activities widely known.

Cryptocurrency mining is energy intensive and sucks power from server farms set up to carry out the task.

On the other hand, Google has lined up with other social media and online advertising giants Facebook and Twitter to ban most cryptocurrency investments – such as wallets, initial coin offerings and spread-betting.

The ban was partly rolled back by Google and Facebook in recent weeks to allow regulated cryptocurrency exchanges to market services online.

Watch the Google ad

Crypto tycoons make rich list

Chinese cryptocurrency entrepreneurs are elbowing their way above traditional business people on the country’s rich list.

The latest list – compiled from the annual Hurun Wealth Report– includes 13 cryptocurrency tycoons.

Their business interest cover coin mining, trading and venture capital funding.

The only crypto entrepreneur to make the top 100 was Micree Zhan Ketuan, 39, the co-founder of Bitmain Technologies, with an estimated wealth of £3.22 billion.

Despite the success of some cryptocurrency businesses, the Beijing government has stepped up efforts to outlaw cryptocurrency trading over recent months by ordering the closure of many exchanges and broker operations.

ICOs still banned in South Korea

One of the main cryptocurrency nations has confirmed a ban on initial coin offerings still stands.

The South Korea government will rule on whether ICOs can continue in November after a review lasting several months.

But spokesman  Hong Nam-ki, head of the office for government policy coordination, did reaffirm the government’s commitment to the blockchain by explaining a budget of £26 million had been set aside for research.

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