[2018-10-17] Is bitcoin real money? Tech giant Google says ‘NO’

[randall_boss]

Bitcoin and other cryptocurrencies have been ridiculed by search engine giant Google in an advert promoting its new Call Screen service.

Google Call Screen promises to help you deal with calls from unknown numbers or people you'd rather avoid.

The service works by answering incoming calls, asks the person for more information and offers options throughout the screening process to better handle the call.

To promote the feature, the tech giant released an advert starring The Daily Show comedians Dulcé Sloan and Ronny Chieng, dressed as Google employees, screening calls.

The minute-long advert ridicules bitcoin mining, stating the activity costs more in energy than the profit it earns, and even describes cryptocurrencies as “money that isn’t real”.

But a cryptocurrency expert believes Google has again shown a lack of understanding about the sector, by failing to grasp how they are evolving and becoming more efficient.

Stefania Barbaglio, the founder of Cassiopeia Services, said: “It is surprising that a company of Google’s standing would publicly show this level of skepticism towards crypto and blockchain.

“It demonstrates superficial knowledge of the crypto space, showing that Google is clueless about the potential behind crypto.”

A major criticism of bitcoin is that it consumes vast amounts of power to keep it running around the world.

Bitcoin mining consumes a lot of energy, with a recent PricewaterhouseCoopers report estimating that it takes 2.55 gigawatts to run bitcoin’s software globally.

Full article : https://www.express.co.uk/finance/city/1032940/Bitcoin-news-latest-BTC-is-bitcoin-real-money-cryptocurrency

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[carlfebz2]

Whats new?

Even how many times they do call out Bitcoin isn't a real money then it doesnt really matter at all and not only Google do only have comments but also on other industry as well.
Each do really have their own point of view but Bitcoin would just move on its own path no matter how they do negatively treat it.

[Kakmakr]

Does anyone have any idea how much electricity is spend daily to run Google's massive IT network? All of this is done to line Google's pockets with profits and also to assist in spying on people's personal data for the US government.

Strange how people justify/ignore their own power consumption, but they have a lot to say when other technologies are doing the same.

I think they are secretly working on their own "Blockchain" based technology and they just want to pave the way for their own private Blockchain. GManCoin will surely be launched very soon.  

[buwaytress]

Does anyone have any idea how much electricity is spend daily to run Google's massive IT network? All of this is done to line Google's pockets with profits and also to assist in spying on people's personal data for the US government.

Strange how people justify/ignore their own power consumption, but they have a lot to say when other technologies are doing the same.

I think they are secretly working on their own "Blockchain" based technology and they just want to pave the way for their own private Blockchain. GManCoin will surely be launched very soon.  

And that's not even counting, if they want to play the non-context game, how much google facilitates crime and fraudulent commerce. Want to advertise scams? Google is easy to bypass and get your scam shown to millions of potential victims, all being powered by expensive networks.

Censorship? Political machinery? Venezuela, Malaysia are those I know who thank Google and Yahoo and co.

Google isn't even "real" information, but it works doesn't it? Semantics. Makes the news go round.

[crypto-dude]

Google is stupid, they thought they were experts in all domains, but there are so many idiots in google.

[odolvlobo]

Look, I am a cryptocurrency expert, too. In my opinion, some people are taking that spot way too seriously. It is funny. Get over it.

[Kemarit]

LOL. Their argument is that Bitcoin consumes a lot of electricity? Wow, I though that Google is much smarter than this but it looks like they really don't understand or chooses to ignore that bitcoin/blockchain is the new technology. It seems that they're already threaten by the whole crypto sphere and somewhat afraid that its going to be a threat for them in the future. So as early as today, they have to eliminate the competition and yeah perhaps they're thinking of having their own coins as well. Its pretty obvious that something inside Google is not comfortable with Bitcoin. 

[1Referee]

It all comes down to how usable or not usable people think Bitcoin is.

In most cases those who believe it is usable, will be able to look through the energy consumption of Bitcoin and acknowledge that it is securing close to a trillion dollars worth of on-chain transactions every year. In other words, the energy consumption has an actual purpose, and one that allows Bitcoin to become and remain the most secure/powerful 'computer' network ever in existence.

Those who don't believe Bitcoin is usable, or believe it doesn't serve a purpose at all, will always think Bitcoin's energy consumption is a waste. Let them think whatever they want, it's their rightful opinion, but one out of ignorance.

[Harlot]

It doesn't matter what this people are saying as it is merely just an opinion by them, what I do care about is once their is a legal definition on what Bitcoin is. With this we are setting up a standard in the world where we can now argue that the law says this otherwise. Bitcoin being defined by the law has more bearing as they are the ones who have set up a classification on what Bitcoin is. But until then where we still don't have a proper legal framework yet what we all are seeing is a opinion of another person or entity which has no bearing.

[AltEvangelist]

Look, I am a cryptocurrency expert, too. In my opinion, some people are taking that spot way too seriously. It is funny. Get over it.

+1
It's just a funny spot. Not to be taken too seriously.
That bit is probably an extension of Ronny Chieng's previous coverage on cryptocurrencies for The Daily Show: https://www.youtube.com/watch?v=nRItzSX0aCM

[veleten]

Google is not oblivious to the effect bitcoin and cryptocurrencies have
they have one of the best team of analysts money can buy, so it is not negligence or blissful ignorance on their part
it was made for purpose and knowingly , meaning that Google and all the forces behind it not only sceptical about crypto
but it is in their interest to not to allow faster adoption of bitcoins for some reason (take their crypto ads ban, for example)

[Alex_Zi]

Google just want to create own cryptocurrency. Bitcoin and other cryptocurrencies with which you can pay for goods and services or you can sell something for it - is money. That's all. Google just behind the BTC!

[timerland]

Is it just me, or are the people in charge of the advertisements the ones who came up with the comments regarding bitcoin, but not anything official from Google itself? That was what I saw from the article.

Anyhow, whoever made these comments should take a look at their fiat currency.

If you argue that bitcoin isn't "real money", then fiat currencies are literally even worse being just pieces of paper that can be issued at any time by the government. At least bitcoin has a supply cap, in that regard. But it does goes to show that the people making the advertisements (not necessarily google) do not have a good understanding of the merits of BTC whatsoever.

[xFiber]

What is 'real money' even supposed to mean? Money is arguably the biggest illusion of our society so I find it incredibly amusing how they're labeling Bitcoin as not being real money? At the end of the day money is an agreement. As long as people are willing to exchange their time, services or goods in exchange for a fancy looking piece of paper or an increased digit on a screen money is real, right? And this is also the case for bitcoin. I get that they might have a hard time getting over the fact that there's no physical aspect to this form of 'money' but that doesn't discredit Bitcoin as not being money.

[ZombieSlayerTank]

As long as a cryptocurrency creates value for individuals, it is considered "money."

[BLAST2MARS]

People just need to agree that it has value and that's why fiat still exists. But I was really disappointed with Google. The could have said that it's an asset or property on their own perspective and not like this.

[BitHodler]

I get that they might have a hard time getting over the fact that there's no physical aspect to this form of 'money' but that doesn't discredit Bitcoin as not being money.

Fiat isn't fully backed in physical form either. Meaning that if we are all trying to physically withdraw our fiat currencies, it simply isn't possible because we wont come further than 1-2% in total.

This directly implies that 98% of all the fiat in circulation only exists in digital form, while Bitcoin can be turned into physical money by simply exchanging private keys in form of coins, paper and plastic notes, and so forth.

In other words, Bitcoin technically speaking is more money than fiat is, but it enjoys multiple orders of magnitude less acceptance. We can definitely work towards more acceptance.

[magneto]

To promote the feature, the tech giant released an advert starring The Daily Show comedians Dulcé Sloan and Ronny Chieng, dressed as Google employees, screening calls.

Are these two people necessarily spokespeople for google, though?

The minute-long advert ridicules bitcoin mining, stating the activity costs more in energy than the profit it earns, and even describes cryptocurrencies as “money that isn’t real”.

I mean, these people aren't wrong when it comes to bitcoin mining. Most people tend to think that bitcoin mining is profitable, while in reality, unless you have very cheap electricity and have a whole farm of mining rigs as well as cheap equipment, you are very unlikely to make a profit just by solo mining or joining a pool.

But they're certainly wrong about cryptocurrencies not being real money. It's much realer than fiat currencies in my opinion simply because nobody is able to 'print' more of it, when they feel the need to, as to inflate the supply. But again, they may not represent google's stance on the matter at all.