Cryptocurrency has not been viewed as a positive change among the major tech companies. Recent announcements have come down the line that Google, Facebook, and Twitter have all banned advertising in the cryptocurrency space with Google and Facebook banning all crypto-ads and Twitter banning ads associated with ICOs. However, today, the cryptocurrency smack down being handed to the sector from some of the world’s most popular online hubs is continuing.
Google Bans Cryptocurrency Mining Extensions From Chrome
Google Chrome has the ability to add various extensions to the browser. These extensions are like pieces of software that can be used to do anything from check the code on a website to draw a picture. Many of these extensions also allow for the mining of cryptocurrency. However, starting today, the extensions that allow for the mining of cryptocurrency will no longer be allowed.
In an announcement, Google said that it will no longer be allowing chrome extensions that are made for the purpose of mining cryptocurrency. The tech giant said that the change to the rules had to do with a rise in malicious extensions being added to chrome for the purpose of mining cryptocurrency.
Essentially, Google says that they have seen several cryptocurrency mining extensions that seem harmless. However, many of these extensions install code that mines cryptocurrency in the background without the user’s consent. Of course, because of the massive CPU power required to mine cryptocurrencies, this can lead to reduced performance in the computer these extensions are installed on.
Also, Google won’t stop at banning new cryptocurrency mining extensions. While currently used extensions aren’t going to be purged today, the company did say that it planned on delisting extensions from the current list that are associated with the mining of cryptocurrency. Google said that starting in late June, it will work to purge these extensions from the Google Chrome Store as well.
What’s The Big Deal?
At the end of the day, the popularity in cryptocurrency has led to a rise of scams, hackers, theft, and more. Unfortunately, regulatory bodies are incapable of doing much, or at least, they have been incapable of doing much thus far. This has a lot to do with the decentralized nature of cryptocurrency in general.
While regulators haven’t been able to do much, larger companies have their own rules to follow and they do have the ability to act, at least within their networks. As scams continue to run rampant through the cryptocurrency sector, these companies have decided to put their fut down to protect their users. The only problem is that all of this news is bad press. After all, how does it make the cryptocurrency sector look when the only way to combat scams and frauds is to completely shut down an entire industry’s ability to advertise?
At the end of the day, the fact that scams are running rampant through the cryptocurrency sector is a big concern. Ultimately, these scams need to be stopped in order for investors and consumers alike to look at cryptocurrency as a viable financial option.
Help Us Stop Scams!
We’re here to help bring a good name to the cryptocurrency sector by uncovering scams and pushing them out of the industry. You can help with our mission! Do you know of a cryptocurrency related scam? If so, throw Scout the Scam Sniffer a bone and we’ll investigate the scam!