Bitcoin (BTC) is a decentralized, censorship-resistant, borderless and immutable transactional tool that transcends the centralized borders to many. However, this is not the case for lots of westerners. These inherent features are not too useful for daily life. Still, with the increase in anti-radical narratives and internet censorship, some believe the need for a decentralized medium of information can’t come fast enough.
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Hacker News Account Purged By Paypal
Early Saturday, there were reports that the Hacker News, a popular outlet for cybersecurity news had all its Paypal accounts closed. The news outlet revealed this on their Twitter Feed with more than 500,000 followers.
The tweet by @TheHackersNews reads:
“That’s so much frustrating.@PayPal has permanently banned all of our accounts without mentioning any reason and hold wallet funds wrongly for 180 days.”
The news outlet claimed that Paypal banned its accounts permanently without giving a reason. The payment giant purportedly added salt to THN’s injury by claiming that they would hold the wallet funds for up to six months. They gave no reason for this decision. After a brief argument, Paypal explained that the specific reasons for such decisions is proprietary and cannot be released.
More good news for bitcoin
When the news broke, the cryptosphere took the side of the news outlet and claimed that the bans were not reasonable and constituted censorship. At the same time, some many bitcoin enthusiasts took time to speak about their dislike for the centralized establishment. A cryptographer and bitcoin proponent, Matt Odell, claimed that when all other paths are closed down, bitcoin would always be there.
Another crypto centric media creator known as Marty Bent explained that such payment processors are slowly losing their minds. This was likely referencing the rise in digital censorship. Bent also said that it is time to level up using cryptocurrencies, particularly bitcoin. This will leave the power drunk companies in the dark,
Bent tweeted in response to the original tweet from The hacker news:
“It seems as though the payment processors are losing their minds. Time to level up with Bitcoin and leave these power drunk companies behind.”
A bright future for bitcoin
Other prominent industry leaders and commentators, as well as crypto friendly startups, come out in solidarity with THN and lauded bitcoin. NVK, a pseudonymous decentralist, also claimed that buying, using, spreading the good name of the first digital currency will lead to victory. This victory refers to one against the centralized powers of the world. A developer at Tim Draper Backed OpenNode, Rui Games claims that such cases of seeming censorship only accentuates the underlying value proposition of bitcoin.
The recent development comes a few days after Patreon, a platform which allows its consumers to give back to the creators banned a psychology professor and popular political commentator, Jordan Peterson, for pushing ideas that were not in step with the terms of service of Patreon. Both bans, whether issued in bad faith or otherwise, only go to show that cryptos have value. However, the public in general has not acknowledged the fact yet because they remain trapped in the traditional system, failing to understand the power of decentralization.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.