IN THE NEWS - Facebook Bans Crypto Ads
Facebook announces a new policy "to make it harder for scammers to profit on Facebook"
No more Facebook Ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency."
The Facebook announcement reads - "Two of our core advertising principles outline our belief that ads should be safe, and that we build for people first. Misleading or deceptive ads have no place on Facebook."
"We’ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency."
"We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith."
"This policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook."
* Posted by Rob Leathern, Product Management Director, Facebook
Another Black Swan
January is on record for the most sightings so far of Black Swans. It's been a rough month for Crypto-Currency Investors and Speculators and Promoters as the Regulators and now Facebook take steps to rein in the rapid spread in popularity of Bitcoin and crypto-currencies.
A Facebook spokesperson told Business Insider that the new rule bans all ads related to cryptocurrencies — not just those directly trying to sell cryptocurrencies or cryptographic tokens. So ads for Bitcoin wallets are also banned, for example, as are ones for Ethereum-mining hardware.
"Another ad that Facebook is targeting is the one that promises the absence of risk. That seems to have been the approach of Bitconnect, which was guaranteeing fixed returns and has since been hit with its second class action lawsuit claiming an investment scam."
Yeah right
:) I'm watching for YouTube to follow Facebook's lead. Facebook generated good ad income from crypto ads, both generated a lot more traffic, Facebook with crypto support and promotion pages, (will they shut them down too?), and YouTube with lots and lots of crypto promoting videos.
Probably not, we'll see.
January has been pretty hard for the crypto market as a whole. But downturns like this are part of what people should expect with this market.
Facebook is growing more and more controlling over what people are allowed to see on their platform. This censorship is a slippery slope and over time will only get more drastic.
Thanks for the comments @thedarkhorse, much appreciated.
I expect the longer trend over the year will again turn upwards. Bitcoin is still way up from where it was last summer. For those who got in late to the party for Bitcoin or Ripple though I expect there may be some long faces until this market finally finds the bottom floor for this go round and finally starts climbing back up.
A lot of the sales hype was promoted over Facebook and YouTube. One down and . . . ???
True. For the ones that got into crypto late last year this is really bad. Howerer, the upward trend will come sooner or later. HODL.
yes there are a lot of people finally got onboard last fall only to see their investments drop drastically in value. And for some their money is locked in to a plan where they can't get it out yet even if they wanted which may be a good thing - as the value should be on the climb again over the next few months.
The ones that are really hurting are those that mortgaged homes or took out credit card debt. Almost said or worse took out credit card debt, but if you walk away from your unsecured debt it's not the end of the world. If you stop paying a mortgage you can't afford that is a major life changer.
The key is to many people trade with emotion vs logic. They have a very bad habit of buying high and then selling low.
For all the bad press financial advisors get they serve a purpose and that is to help keep people from following their emotional trading ideas.
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