Dave Rubin, the founder and the host of the Rubin Report, has left Patreon with Dr. Jordan Peterson and has begun to develop an alternative solution, possibly involving crypto.
Sharing his Bitcoin address in a statement, Rubin said:
This is why Dr. Jordan Peterson and I are leaving Patreon and working on an alternative. It’s becoming clearer and clearer to me that crypto and decentralization will have to play a significant role.
Mastercard is Doing the Hard Work For Crypto
Decentralization in finance is important in an era in which content creators and commentators sustain their platforms through digital payments.
During a podcast in France, Dr. Jordan Peterson revealed that he was receiving around $80,000 per month on Patreon as compensation for all of his work including the free content he regularly publishes on YouTube, such as interviews and speeches.
However, as the Patreon account of many content creators were banned without any prior notice or explanation, Dr. Jordan Peterson left Patreon, abandoning a stable stream of income to create an alternative to Patreon.
As Dr. Peterson left the platform, he stated:
I’ve been working on a system to allow authors and other people who engage publicly on intellectual issues to interact more effectively with their readers and viewers and listeners. What we’re going to try and do as fast as we possibly can is to set this system up on a subscriber model that’s analogous to Patreon. It will have a bunch of additional features, which I don’t want to talk about right now, and I don’t want to over promise because the system is new.
Based on the recent statements of Dave Rubin, it seems increasingly likely a platform involving cryptocurrencies will be created, as Dr. Peterson emphasized throughout the past month that payment processors in the likes of Mastercard and Visa should not be censoring the accounts they service based on their political bias.
Down we go further into the rabbit hole: why are MC/Visa/PayPal/Patreon acting as censors? They are fighting ‘hate speech.’ But–the Achilles heel of such conceptualization–who defines ‘hate?’ Answer: Those to whom you would least want to grant such power.
If an alternative to Patreon is created by depending on centralized payment processors and settlement systems, it will suffer from the same problem Patreon struggled to deal with; payment processors will simply request the platform to censor accounts or risk losing the services provided by the payment processors.
Crypto is the Answer
Dave Rubin noted that it has become more evident that anti-censorship money in crypto seems like the sole answer to the censorship practiced by payment processors.
Mastercard, PayPal, Visa, and other financial companies have possibly done the hard work for the cryptocurrency ecosystem by giving the incentive to influential content creators and individuals to recognize the necessity and importance of decentralized money.
The motive behind the operations of payment processors based on subjective political bias remains unclear. But, in the long-term, it may increase the adoption of cryptocurrencies that are able to provide financial services to everyone on a decentralized protocol.
India’s proposed crypto ban is ‘corrupt’ says Tim Draper
- India’s proposed bill is “pathetic and corrupt,” Tim Draper.
- Draper is known for his public support for Bitcoin and freedom to use cryptocurrencies.
Following a leaked bill from the India government proposed a blanket ban on cryptocurrency, Tim Draper, a Bitcoin support and investor in Tezos has come out to condemn the move. The outspoken investor has recently advocated Bitcoin to the government of Argentina. He refers to India’s proposed bill as being “pathetic and corrupt.”
He wrote on Twitter:
“People behaving badly! India’s government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership.”
His comments have not been received well by the people on Twitter with some saying that Draper has not confirmed the developments and is acting on hearsay only. Draper is known for his public support for Bitcoin and freedom to use cryptocurrencies and does not support government involvement in terms of regulating the space.
As reported by FXStreet, a lawyer in India shared what he referred to as the evidence of a draft law that could be used to ban cryptocurrencies in India except for the ‘Digital Rupee,” a digital asset that will be issued and backed by the Reserve Bank of India.
More on India’s leaked draft bill: India’s battle with crypto ban continues: “Digital Rupee” to be only the digital currency
France’s Financial Watchdog Proposes ‘Voluntary’ Regulatory Framework for Crypto Firms
The Financial Markets Authority (AMF), France’s top financial organization, plans to release an experimental regulatory framework for crypto firms later this month, according to a Reuters report.
The rules will include capital requirements, tax mandates, and consumer protection protocols – which “crypto-related firms will voluntarily abide by” in exchange for regulatory approval, reports Reuters.
Anne Marechal, executive director for legal affairs at the AMF, called the experimental arrangement a “precursor” for international crypto-specific legislation, rather than the mismatched application of financial regulations written prior to the advent of the asset class.
This is not the first time France has unveiled a “tit for tat” regulatory scheme. In April, the AMF released a requirement for banks to open accounts for crypto firms that “opt in” to being regulated. Part of the PACTE law, crypto exchanges and custodians were also extended the “option” to attain an operating visa.
At the time, Finance Minister Bruno Le Maire suggested the European Union follow “the French experience” by using the PACTE guidance to set up a “single regulatory framework” for digital assets in the EU single market.
These relatively unrestrictive legal measures were taken to promote the growth of small and medium-size businesses. While some governments, organizations, or industry leaders call explicitly for self-regulation or no regulation, many believe clearer rules regarding the sale, distribution, trading of cryptocurrencies would stimulate, rather than hamper, the industry.
Frederic Montagnon, the co-founder of LGO, a crypto exchange looking to expand into France, told Reuters, “When you are an entrepreneur, the worst that can happen to you is to set up your business where there is no regulation, to see an adverse regulatory framework later imposed that jeopardizes your whole business.”
Marechal said “several” crypto exchanges, custodians, and hedge funds are in dialogue regarding the regulatory framework with the AMF, which is also set to approve “three or four” ICOs.
Specifics will arise when the watchdog publishes the regulatory guidance.
For each U.S dollar in BTC spent on the darknet, $800 is laundered, says report attacking Steven Mnuchin’s claims
Following the crypto-focused briefing by the U.S Treasury Secretary, many have drawn conclusions that best fit their financial interests. But, with Steven Mnuchin linking Bitcoin to enabling illegal activities, hardcore crypto-enthusiasts have taken the criticism personally. In an attempt to dispense of this notion, Messari.io published a detailed report to compare the top fiat’s contribution towards fraud, in comparison to the world’s leading cryptocurrency, Bitcoin.
In the report titled, “Bitcoin in the grand scheme of things,” BTC’s contribution toward illegal activities was dwarfed by the strongest of fiat establishments. Through a combined analysis of data from Chainalysis and United Nations Office on Drugs and Crime, the report claimed,
“For each $ (U.S. Dollar) in BTC spent on the darknet, at least $800 is laundered.”
While this revelation may come as a shocker to traditional financial giants, it is important to note that messari.io has considered the total volume of BTC spent on the darknet, which largely comprises of legitimate transfers.
Further, the one-on-one comparison also showed that global economies recorded an explosive increase in their stock of narrow money [M1] i.e. physical money and digital assets. With the European Union leading this race with 0.87 billion in supply, it’s currently 98% higher than BTC’s total supply expected to be recorded sometime in 2020 (considering BTC’s price to be $10,000).
The report also considered the Federal Reserve’s balance sheet from 2009, the year when BTC was launched. The report revealed that the Fed’s balance sheet showed a currency issuance rate of 13,664%, against BTC’s modest 12 billion.
This report was shared by, @fmoulin7, over a tweet directed towards Mnuchin, which read,
“Just a quick reminder… @stevenmnuchin1”
Most leaders within the cryptoverse expect the U.S. government to allow the use of crypto within the limits set by the nation’s ruling government. The remaining however, retain their optimism for a BTC-dominated future, with or without the support of the government.