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Google responds to CCN closure and cryptocurrency websites facing low web traffic




Google on CCN shutting down following drop in web-traffic and revenue post CORE update: Deal with it
Source: Unsplash

Google and their CORE update made a huge impact on the cryptocurrency community, with several websites recording low views and one major player even closing its doors following the update.

CCN or CryptoCoinsNews, announced on June 10 that it would shutdown owing to the June 3 Google Core update which saw the website’s traffic on mobile plummet by over 71 percent overnight. Citing data from Sistrix, an SEO analyzer, the visibility of the website dropped from 1.2 to 0.6 overnight.

Despite pestering the technological behemoth for a reply, CCN received none. However, a representative from Google did converse with Benjamin Pirus of Forbes.

On asked about the change in Google’s algorithm and the effect of the same, the representative stated that the update was implemented to “keep up with the fast-paced internet environment,” and that the search engine aims to provide “relevant results to those searching the web.”

The representative told Forbes,

“With any update, some sites might not perform as well as in the past, while other sites might perform better.”

Pirus added that the representative pointed to a seven month-old explanation from Google which stated that updates often result in “drops or gains,” and that the update will “benefit” those websites which were “under-rewarded.” The representative also shared information regarding webmaster page guidelines and community forums.

Google may not be directly responding to CCN at the moment, but the latter exclusively lays blame on the search engine for their closure. Jonas Borchgrevink, Founder of CCN, stated that with the drop in web traffic, their ad revenue dropped by over “90 percent.”

Borchgrevink said,

“This happened just after June 3rd and has been consistent after. None of our recent articles drew any significant traffic from Google this past week. We have never experienced that before.”

The Founder added that his team will migrate to, and that other websites should also be “concerned,” about the CORE update affecting their traffic and revenue.

Other crypto-news media sites which are less dependent on ad revenue and more on certain subscription-based plans have not faced any significant drops, following the update. Mike Dudas from The Block attested to the same, stating that the update does ‘trouble’ him but by-and-large, they are not panicking. Coindesk called the update ‘insignificant.’

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Facebook’s Libra is a double edged-sword, but will benefit Bitcoin, says Caitlin Long





Facebook's cryptocurrency Libra is a double edged-sword, but will benefit Bitcoin [BTC], says Caitlin Long
Source: Unsplash

On 18 June, the world’s biggest social media platform, Facebook, introduced its new cryptocurrency, Libra, set to launch in the first half of 2020. The coin that would have its own blockchain will be backed by several sovereign currencies, and these reserves would be managed by the Libra Association. The association will also be engaged in several other key activities, which would focus solely on the development of the Libra ecosystem.

Notably, the coin has brought together major players in both the financial and technology industry including, MasterCard, Paypal, and Coinbase. Despite such strong backing however, the concept of the coin was soon shot down by several influencers and government authorities.

The French Minister of Finance and Economy, Bruno Le Maire, released a statement asserting that Facebook’s digital currency becoming a sovereign currency was “out of question,” adding that “it can’t and must not happen.” Along with this statement, the Finance Minister also raised concerns about money laundering and terrorism funding and urged G-7 countries Central Bank Governors to draft a report on the new “global currency” for their meeting in July.

Further, Facebook’s cryptocurrency is also facing hurdles in its native country. Maxine Waters, Chair of the House Financial Services, has requested the social media giant to hit the pause button on the development of Libra, until Congress and regulatory authorities hold a discussion on the digital currency. This request was put forth mainly because of the firm’s “troubled past.”

In an interview with WhatBitcoinDid, Caitlin Long, Co-founder of the Wyoming Blockchain Coalition, stated that Libra had its pros and cons, adding that it was a “double-edged sword.” However, the blockchain evangelist continued to assert that this was going to benefit Bitcoin, stating that the social networking platform was “making cryptocurrency a mainstream word.” She added that Facebook would introduce the concept of digitally scarce money to people and that these people would look for the best cryptos that would retain the most value over time. That crypto was going to be Bitcoin, she said.

Long stated,

“This is a detour kind of like Andreas analogy, it’s the intranet before internet. We’ve even seen it in this industry, it’s blockchain not Bitcoin but people are coming full circle back around to Bitcoin. These are detours that are ultimately helpful to gaining adoption and wider support, but they’re not where we end up and I think we will end up in Bitcoin.”

Further, Long was asked whether Libra was going to be its own currency, considering it will not be pegged to a specific currency, but several fiat currencies. To this, she stated that Libra was indeed going to be a currency of its own, similar to Bitcoin. She stated that it was going to function like a “central bank,” remarking that it would be a “private version of a central bank.” Long went on to add,

“They’re going to be managing reserves against the liability. For them it will be the people who own the coins and they will be managing the reserves against that […] they are going to be marketing this in the developing world, this is going to be a developing world concept probably more than a developed world concepts […] so my guess is this is mostly an emerging market phenomenon secondarily a European phenomenon and lastly a U.S. phenomenon.”

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