Some breaking news came up yesterday and earlier and on top of that, Facebook is banning ICOs and other cryptocurrencies including Bitcoin on their advertising platform.
It is just another example of people coming down on cryptocurrencies. We got the government doing it big-time. Also the politicians do. We also get social media doing it. So now we got Mark Zuckerberg, so let's go ahead and see what's going on.
Weeks ago, Facebook creator Mark Zuckerberg promised he’d spend the new year studying cryptocurrencies. Apparently, he’s spent the interim studying scammy crypto ads on Facebook, too, as the popular social media platform is banning “deceptive promotional practices” related to cryptocurrencies henceforth.
Source
According to CNBC,Facebook bans promoting bitcoin as well as all cryptocurrencies and initial coin offering with the new “intentionally broad” policy that says advertisements must not include financial products and services that are frequently associated with misleading or deceptive practices in a blog post earlier. They will potentially work to detect deceptive ads and policies prior to revising this policy and how it is enforced.
That means no advertiser — even those that operate legal, legitimate businesses — will be able to promote things like bitcoin and other cryptocurrencies, initial coin offerings — ICOs for short — or binary options, according to a Facebook blog post. That also means that "crypto-genius" James Altucher, whose ads have appeared all over the internet and have become a meme of sorts for the entire crypto industry, won't be able to advertise on Facebook. Ads that violate the company's new policy will be banned on Facebook's core app, but also in other places where Facebook sells ads, including Instagram and its ad network, Audience Network, which places ads on third-party apps. Source
It seems like we’re collecting a pile of bad news nowadays! -But let me share with you some laughable content:
Earlier, an anonymous developer had launched “Ponzicoin”, a cryptocurrency which was explicitly and transparently a pyramid scheme. Despite the coin being largely satirical, with its site full of wry commentary on the wider cryptocurrency sector, it genuinely existed – and sold in such large quantities that the developer was forced to shut down direct sales, “because this was a joke”. Source
Are People Still Interested in Cryptos?
Now, if we look at Google trends to see how many people are searching for anything with bitcoin in it, we will see that the numbers went down significantly in the google search engine. It skyrocketed in December and tripled in terms of total number of searches worldwide and that apparently correlates to the increased number of new wallets from 5% monthly to over 10% in December. Many people thought that the rally would continue to the skies but since early January, this volume has come way down and wide across the board.
More Insights
Under “Prohibited Products and Services”, the policy says: “Ads must not promote financial products and services that are frequently associated with deceptive or misleading promotional practices such as binary options, initial coin offerings or cryptocurrency.” - That’s not a good look. So Facebook basically says that these three things, binary options, ICOs and cryptocurrency are frequently associated with misleading or deceptive promotional practices. This particular statement puts everything and everyone in the cryptocurrency space in bad light. Although ordinary people don’t usually advertise on Facebook, this could still impact those who legitimately earn a living with cryptocurrencies. What more, we can only find Online Gambling in the “Restricted Content” section, though there are lots and lots of scams and bad press associated with online gambling.
Going through this Facebook advertising policy news, I think is bad and it is good. I get the premise of the ban on cryptocurrency as there are people that are getting victimized by people that are taking advantage of the new technology in a bad way. They are scamming people and even without scamming, we can see lots and lots of people taking unnecessary risks. This puts their money and families in bad situations. While I agree with trying to stop that, Some do not agree that it's Facebook’s duty, especially because in stopping all crypto-ads, they really hinder a lot of great creative projects that want to advertise. Hopefully, they will figure out how to solve this problem on facebook really soon.
It’ a double-edged sword. -You cut something down but you cut down good stuff too.
Well, some even say that maybe Facebook just wants to launch its own ICO. -That would be great if they use some sort of “Facebook Dollars” to reward good content. Who knows?! On the other hand, the new ads policy is aimed to improve integrity and security of ads for financial products and services. Only time will tell where exactly this is headed.
Looking at it as well as other news about governments’ take on cryptos, overall, it still seems everyone wants ‘a piece of the pie’. If we approach these issues is simplistic and generalistic manner, it seems to boil down to ‘distribution’. Those who want more keep taking action, redistributing peoples’ money in a good or bad way.
Please upvote, resteem and follow me, thank you.
If there will be a Facebook ICO, I'd love to earn FBDs! For sharing our Steemit articles (which earn SBDs) we'd earn FBDs (Facebook$). wouldn't it be great?
Haha, they might call it 'double jeopardy!
I don't see this as necessarily a bad thing. Most of the ads on Facebook were for scams like bitconnect or shit coins and ICO's. It may take people a bit longer to get into the crypto market now but at lease it will be with good projects that back good technology and innovation.
Always Facebook trying to preserve its monopoly at the expense of eliminating advertising on cryptocurrencies. This strategy will not last long, this empire will fall and the BTC will triumph. Long live Steemit
facebook is trash anyways
they are afraid of rival, facebook if not follow steemit will be lost like BBM. @hiroyamagishi
Looks like someone is getting rid of the competition, potentially planning to release his own ICO? 🤔
Hopefully more and more people get hip to crypto still! This may slow some down, but as mentioned above, the ads I see for crypto's on fb are pretty misleading.
That's a good point. Have you seen any news for Youtube? I think I still saw some crypto exchange ads lately.
FBcoin is comming soon, FB is trying to eliminate the competitors!!
haha very well said!
I kinda wonder if they are also doing this because they plan to launch their own crypto and don't want competition in their own playground.
Exactly what I was looking for!
Upvoted, resteemed and following!
The same platform who wants to decentralise its own, wants to ban the heart of decentralisation...
The reality is that Mark Zuckerberk isn't really the one who does it but the people behind it: gouvernment(s) and big investors...
Concerning Bitconnect, it wasn't a scam but because gouvernments didn't like it and because alot of bad rumors were rising... they had to go down... as always gouvernments have good nice strategies to confuse everyone and obtain what they want... especially when its about money...
This is exactly what the Government have been waiting for. This way they can say that the space needs to be controlled by authorities, governments, and wallstreet. Same lame excuse, same strategies...
Thats a bad news.... and apparently it has also affected the price of crypto... @hiroyamagishi thanks for the valuable info...
How do one advertise cryptocurrency now. FB is one of the easiest ways
hello,
nice piece of work and i want try to discuss one topic
As you wrote in the article, facebook did a ban for crypto advertising. Some people say that it is good because in the crypto world there is so much money frauds, scams or ponzi sh...., . My question is since when facebook and its CEO are taking care of peoples money????
I am definitely sure that this crypto ban has a secon bottom. It is so obvius that it is always about money. CEO of facbook just saw how many benefits are offered by steemit and other social media websites who are based on blockchain. Under the cover of safety and security of people before scams and money frauds there is a private business of not giving facebook clients to the others who may pay them for their sharing as Steemit etc. :).
Am I right ?
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shame to facebook!