Content adapted from this Zerohedge.com article : Source
First it was a crackdown on "fake news", then on Russian ads, now it's cryptos.
In a statement posted on its website on Tuesday afternoon, Facebook announced that it has 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."
Facebook lists the follow four examples of ads that will no longer be allowed:
And here is the justification:
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 intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve.
We also understand that we may not catch every ad that should be removed under this new policy, and encourage our community to report content that violates our Advertising Policies. People can report any ad on Facebook by clicking on the upper right-hand corner of the ad.
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.
It is worth noting that the last time Facebook actively engaged in content moderation, when it implemented a "fake news" flag only to see demand for "fake news" stories surge, it will be interesting to note if Zuckerberg's latest attempt to sway public opinion backfires, and leads to even more demand for cryptocurrencies.
As for stunting the popularity of cryptos, if bitcoin, ethereum et al, are indeed dependent on facebook readers to keep the price rising, then it is probably time for a cleansing crash.
It might as well just be the case that facebook bans all crypto related content in preparation of launching some own product. That way they can catch huge attention as no user got annoyed by similar ads first.
Facebook is rapidly turning into a crotchety old man yelling at the kids to get off of his damned lawn. The opposite of cool, they will eventually become a has-been. was at around $17 per BTC. People thought I was mad and that I would lose all my money. People now think I went bankrupt because the television is saying it is a scam, went to zero and/or was banned by gubmint. I remember people here mocking Fonestar with his “tulips” that wouldn’t survive an EMP and gubmint turning off the internet and the electrical grid.have arisen many questions on the security of cryptocurrency and I think that would be the reason behind this act of Facebook.
Also, facebook is in access of everybody and who knows which posts are real and which are fake. Most people within the same country are treating facebook as a medium to buy and sell the cryptos and I've witnessed and read a lot of posts about fraudulent activities. Thank you for sharing with us...
It is such a joy to watch Facebook eat itself.
Am I the only one who sees this company as a complete joke?
It is very clear how they engage in censorship and manipulation. It is amazing that they have any credibility at all.
Zuckerberg sets himself up to be sumcomb. For a man who declares that he wants to help humanity and move the world into the future, we know that this is a false lie. Every step he takes is aimed at silence, enslavement and domination. This is his only goal.
I think I should not be surprised at this move. Many say that Facebook is essentially the government's arm in terms of citizen control. We know that the government is threatened by citations so this step goes along with that.
I just hope the fans wake up .... Time to sleep is over.
Not only are they dismantling alternative media publishers and creating propaganda to direct against users that look at "radical" content, now they are being transparently fascist. Interestingly, Zuckerberg had indicated an interest in a FB crypto, so maybe he just wants to clear out the competition. I'm done with that site. He's gone full fascist.
Company? I wouldn't call the CIA a company.
@zer0hedge...It's strange to read they want to ban deceptive business practices, whereas they still trade their stock. Either there's something fishy or the son of my mother is slow to understand shit. up on Facebook being the lemming that I am and following the herd and after a few days this fucking creep I knew in High School got in touch with me and wanted to go out and have a drink to discuss old times and maybe we could bring the wives along?Jesus H. Christ!I dropped that fucking Facebook and never looked back.Proctor & Gamble was not certain it was getting a good return on its $100 million digital ad spend, so one day they stopped.They found no change in their sales. Of course, no one listened. It is still buy, buy, buy! in the digital ad world.I do worry that the P&G article was fack news.survive an EMP and gubmint turning off the internet and the electrical grid.have arisen many questions on the security of cryptocurrency and I think that would be the reason behind this act of Facebook.
Also, facebook is in access of everybody and who knows which posts are real and which are fake. Most people within the same country are treating facebook as a medium to buy and sell the cryptos and I've witnessed and read a lot of posts ...
Seeing Facebook ban ICO ads does not come as a surprise. While many may see this as a move against cryptocurrencies, it may not be.
I am of the opinion that many of the ICO advertisements that I see on Facebook are relatively spammy. I can't imagine that Facebook would ban these ads for no reason, as they know how big the cryptocurrency community is, so I can't imagine that they did that.
That being said, it should spark more people to want to invest in ICOs, due to barrier psychology. Either way, I am not phased by it - I have never found a great ICO through Facebook ads, I rely on my own research!
Am I the only one who sees this company as a total joke?
It is so obvious how they engage in censorship and manipulation. It is amazing they have any credibility at all.
Zuckerberg is proving himself to be a total scumbag. For a guy who professes to want to help humanity and move the world into the future, we know this is a boldface lie. Every step he takes is meant to silence, enslave, and control. This is his only objective.
I guess I shouldnt be surprised at this move. Many are mentioning that Facebook is basically an arm of the government in terms of the monitoring of the citizens. We know the government is threatened by cryptos so this move is in line with that.
I only hope the masses wake up....time for sleep is over.
Are you the one who copied this post, or was it @thejoker5
It wasnt me...look at my blog.
The masses won't wake up as long as facebook isn't publicly exposed or replaced by an uncensorable platform just like e.g. steemit.
I personally wouldn't be surprised to see them launching their own crypto soon...
So you can post radical videos which when get taken down you protest and get them reinstated - you can buy weight loss pills at the click of a button and you can get bully someone from thousands of miles away yet you cannot post about cryptocurrancies, something that will have an impact on virtually every member of Facebook if not right away at least in the future.
It makes no sense that someone who has the power to reach so many people and help educate them chooses instead to ignore the opportunity in front of him.
I understand that there are many scams out there but if he did his homework ( or got his minions to do it ) they he has a platform to educate with the right information and products.
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Proctor & Gamble was not certain it was getting a good return on its $100 million digital ad spend, so one day they stopped.
They found no change in their sales. Of course, no one listened. It is still buy, buy, buy! in the digital ad world.
I do worry that the P&G article was fake news (from P&G) as I cannot imagine any company, let alone a huge conglomerate, spending $100 million per year without a mechanism to learn the ROI quickly.
Facebook will not be able to stop hacking
I understand what Facebook wants
Most important now most traders and traders go to me steemit community and this will be very special sir
I'm excited to order this will be Steemit is the best of Facebook and just need time. @zer0hedge
This is actually a good thing for FB to go after. These advertisements come from low-income, low-education, and often foreign assholes. This has nothing to do with real cryptos.
but rather are terrible and annoying scams. As a regular author about MLM and its BS (www.themlmsyndrome.blogspot.com), these fake crpyto douchebags have been all over the MLM "business opportunity model".
These things are a gigantic nuisance, and if you need any reference to how awful they are, then check out "One Coin" and what is happening to them (they overtook Amway)
decentralization is not popular among the elites. expect these types of moves as the giant corporations try to hang on to each customer. They are a dying breed. Just like people are waking up to the propoganda news we have, they will soon wake up to the extreme level of censorship. Steem, Bitshares and EOS promise to be free of censorship because they are fully decentralized and transparent, and include built in governance to simply vote out players that misbehave.
Yup, this has everything to do with preserving a centralized corporatocracy with a manufactured spectrum of financial options for consumers.
That was freaking poetic! I'm going to throw you a couple pennies thereby bypassing the current centralized model of paid advertising in an all out effort to stick it to the man!
Zer0hedge...bro absolutely love it. People losing their life savings because they have no common sense. At least Tulips were tangible and real.About 6 years ago I signed up on Facebook being the lemming that I am and following the herd and after a few days this fucking creep I knew in High School got in touch with me and wanted to go out and have a drink to discuss old times and maybe we could bring the wives along?Jesus H. Christ!I dropped that fucking Facebook and never looked back.Proctor & Gamble was not certain it was getting a good return on its $100 million digital ad spend, so one day they stopped.They found no change in their sales. Of course, no one listened. It is still buy, buy, buy! in the digital ad world.I do worry that the P&G article was fake news (from P&G) as I cannot imagine any company, let alone a huge conglomerate, spending $100 million per year without a mechanism to learn the ROI quickly.thank you for sharing with us...
Social media such as Facebook need to do more of these checks. Unfortunately, thieves think more than employees. They find more ways. Companies like Facebook need to catch up with these roads and this pace. Otherwise it will compromise its brand value. Facebook is also used as a tool in the world of cryptography. It's used to buy and sell crypto parallum. The lack of such controls is really sad where such large transactions take place. In their Heleki statement, they say they do not grow up. It's a complete stupidity. These ads are already approved by you. Do you think of your brand value or just money? It is obvious that you only think of money from these explanations.
Steemit te new count. I joined Steemit and did not use any other social media to join. I did not hear it. It's really great that Steemit's one of the nicest parts is not having any ads in it. I hope they will not change it. Steemit, like Whatsup, without ads. I want to thank Steemit for these. @zer0hedge
very well posted again by you sir @zer0hedge i like it keep it up
hot post of the day bitcoin and other coins going down i m so sad about it
If you look at crypto markets nearly all coins are down, could this Facebook ban be one of the causes?
I don't think so most of these coins putting up ads of ICOs and no risk cryptos are not legit and not listed on notable exchanges, Facebook is helping us by making sure noobs are not scared away from cryptocurrencies because of companies which are not operating in good faith. This creates an opportunity for noobs to research properly and invest in the legitimate coins.
The tokens were down since early the morning...I think it has more to do with the exchange news more than FB.
Their ban has to do with advertising which might not have been a big part of the ICO advertising market.
I feel this is a step in the right direction. Great read!
oh so good looking paragraph describing well that you posted above at the top of the post amazing post as a blog good platform provided by the steemit to share our thoughts in free of cost
I loved ICO , having invested in one. And I loved the financial business, but now it is almost all scam.
wow very helpful post & thnx for sharing @zer0hedge
Can we share our own blog posts at least?
**This Facebook has signed a death sentence for himself :)
I won't be too shocked if there is indeed a correlation between fb news and demand for btc. But I think it is too insigonficant. I am all up for a cleansing crash, LOL. Its been long anticipated.
Facebook think it can manipulate us? First fake news, and now this. I am disappointed in them.
Facebook is going down hill big time!
Recent scams of millions of BTCs in Japan and 10% of ICO have arisen many questions on the security of cryptocurrency and I think that would be the reason behind this act of Facebook.
Also, facebook is in access of everybody and who knows which posts are real and which are fake. Most people within the same country are treating facebook as a medium to buy and sell the cryptos and I've witnessed and read a lot of posts about fraudulent activities where people were asked to transfer cryptos against cash in their account and are being deceived.
In order to reduce the negative effect of scammer, we dont have to prevent legitimate sites. I think there should be a better alternative to this than to ban it all.
I think this will pave a way for them to come into this platform and have a nice time blogging about their services or crypto
To be honest, Cryptocoins don't really need facebook ads to work anyway. People will hear about it one way or another, and the fact that Facebook even needs to ban them, means that their popularity is greater than ever.
They don't want people hoping into the space before they offer their own: A) P2P Wallet B) Exchange C) Coin/Token
Get ready guys , Fb will create their own cryptocurrency in coming days .
The show is just beginning , we are blessed to posses cryptos .
facebook is not in the old power anymore, I think. most of what you did was revealed to be unreliable. there are too many viruses. they can not even provide solutions for theft. it does not surprise me that they make mistakes in places where there is more money
This is a normal thing for Facebook to be doing, they were promoting scams as many of the ICO´s ads are about projects that have no real fundamentals behind it.
Another explanation is that a lot of the ads would lead the users to suddenly be trapped and close of being caught by an hacker!
Thanks for the info @zer0hedge
Awful choice by Facebook @zer0hedge. If I'm into crypto or bitcoin, I most likely want to see ads about it. Who does Facebook think they are? I'm fairly certain they've also done this with medical marijuana, guns, and other sensitive categories. Apparently a Bitcoin company can't advertise on there, but they don't have an issue with Russia placing ads designed to stroke hatred & division within our country!
...or perhaps Facebook is getting ready to launch their own coin...?
wow well information in bitcoin i like it ..... thanks for shareing
it is very sad to hear
If the answer is yes, I have some unicorns you might be interested in..
Send 200 sbd to me right away, and I'll ship 2 - yes ! 2 - of them off to you, right away.
(postage included in this great price!!!)
Good step taken by Facebook..Appreciated !
Isn't it obvious that the Facebook Boss is feeling insecure about this already?
This ICO is surely operating in a good faith and since I can't post it on FB, here it is: https://steemit.com/ico/@cryptoclick/eroiy-coin-major-pre-ico-opportunity
😊
I guess zuckerberg is angry missing out on the whole crypto thing...
or..
Is he trying to eliminate competition when FB eventually either a)adapts & implements its own crypto or B) align himself with a well known alt coin.
He's got a sandbox type mentality in business so i honestly believe A.
We'll see...
Nice article to share.