In the age of social media, anyone, at any time, can rise up to become an influencer.
And they can encourage the masses to do any number of things. Try makeup or read a “hot” new novel. Social media has been a huge point of leverage for musicians or activist or artists (sometimes all three in the guise of a single person) to make their voices heard.
But the intersection of social media and cryptocurrencies — which, depending on how you look at it, are new payment vehicles for the masses — is a bumpy one.
As profiled in CNBC this week, cryptocurrency creators, who ostensibly are out to educate the masses, are finding it tough sledding as their videos are being taken off TikTok. This summer the company put in place a mechanism that flags or bans videos from promoting financial services and products such as cryptocurrencies. In at least some cases, those creators/promotors have said that they will consider taking their activities to YouTube or other platforms.
Beyond the (we would think slight) ripple effect of driving at least some users to rival platforms, there’s a larger issue here for TikTok and by extension other social media juggernauts. When is the line crossed where promotion — that key activity of social influencers as they seek to be, well, influential — becomes harmful to the public at large?
It’s interesting to note that the TikTok mechanism disallows the use of terms like “Binance” or “decentralized finance.” Bitcoin’s a no in a video, it seems. The bans have...
Read Full Story: https://www.pymnts.com/cryptocurrency/2021/social-media-speed-bump-could-slow-path-cryptos/
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