Tech giant Google has still not made peace with the world’s progressive movement in the matter of cryptocurrency.
Recently, Google revoked its ban on cryptocurrency ads after banning them in March on the grounds that the ads posed potential risks and threats.
Their recently released ad had a few teasing remarks coming crypto’s way.
The ad, ‘Call Screen: Know who’s calling and why’ was released on YouTube yesterday which was essentially a feature release until a few sizzling crypto remarks came up.
Teddy and Abbie, the two characters in the ad were introducing the recently released feature which allows user to know who’s calling and why with the help of Google Assistant. Teddy’s electricity provider calls to inquire about his unusually high electricity usage to which Teddy says to Abbie ‘well cryptocurrency mining takes a lot energy’.
The reply from Abbie is the real fire ‘That money’s not real’ to which Teddy replies ‘ well I got news for you, money isn’t real’.
Abbie: [sigh] you gonna live that lie?
A harmless banter but goes straight to the hot points. Cryptocurrency critics have raised the question about the ludicrous amount of energy required to mine coins stating that with growing need for electricity, the profits from mining coins are going to fall, making cryptocurrency a failed project in the future.
In a research conducted by Alex de Vries on Bitcoin’s Growing Energy Problem, he estimated the amount of power consumed by miners and how the graph is going to change in future.
‘Bitcoin network consumes at least 2.55 GW of electricity currently, and that it could reach a consumption of 7.67 GW in the future, making it comparable with countries such as Ireland (3.1 GW) and Austria (8.2 GW).’
Viewers on YouTube had mixed opinions about the jokes. Enthusiasts were angry that Google had made a misled argument while critics were happy that the giant served the scammers right.
But some were rational enough to interpret the statements for what they were: A harmless joke.
Google’s stance is almost understandable in this situation. The pace with which cryptocurrency has taken over the financial sphere has not given regulatory authorities ample time to ensure consumer safety — Google wants to take it slowly.
Google executive Scott Spencer has summed it up perfectly for Google. ‘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.’