Various companies are taking a harsh stance against cryptocurrencies and blockchain technology. This is not entirely surprising, as these new industries have attracted a lot of attention. They are also subject to a lot of speculation, hype and illicit behavior, unfortunately. All of these factors have forced MailChimp to make a difficult decision.
MailChimp Clamps Down on Cryptocurrencies
In a rather unsurprising turn of events, MailChimp has taken a very strong stand against cryptocurrencies and blockchain technology. Given the fact that Google, Facebook, and Twitter have taken a similar approach in recent weeks, it is evident things are not looking good for the crypto and blockchain industry as of right now. Add to that the declining prices, and we may be in for a very rough ride in the coming months.
According to MailChimp, the company no longer wants anything to do with blockchain technology and initial coin offerings. The latter point is anything but surprising, as a lot of malicious ICOs use services such as MailChimp to mask their identities and market their illicit offerings. It is evident something needs to be done in this regard, although this decision may very well backfire on MailChimp in the future. The company explained its decision as follows:
The promotion and exchange of cryptocurrencies is too frequently associated with scams, fraud, phishing, and potentially misleading business practices at this time. It’s important to note that this update to our policy does not prevent the discussion of related topics in messages sent through our platform. For example, journalists and publications may send cryptocurrency-related information as long as they’re not involved in the production, sale, exchange, storage, or marketing of cryptocurrencies.
One of the bigger concerns regarding this development is the way in which MailChimp will enforce this rule. As of right now, there is a major lack of transparency regarding the methods to be used by this email service provider. There is a big difference between emails related to blockchain and cryptocurrency news and scam ICO messages. An algorithm probably can’t distinguish between the two, and humans are prone to error and bias.
It is evident the company will need to make things a bit clearer in this regard. While this decision is extremely unfortunate, the tech sector continues to take a growing dislike toward cryptocurrency and blockchain tech. That situation may not change for quite some time, as both of these areas present major competition and hurdles for the technology industry as a whole. It also shows why ICOs remain a very treacherous business model.
The bigger question is whether or not other tech companies and service providers will follow the example set by MailChimp. This negative stance toward these new technologies can be considered a new form of censorship. That is something companies should avoid at all times, even though it seems most firms aren’t too concerned about any repercussions in this regard.