2018 has started quite hectic for the cryptosphere. Today, another prominent former small player turned-into-Giant, Twitter, seems to have forgotten its roots. A few hours ago, Twiter made public (confirming some previous rumors) that it will Ban ads related to cryptocurrencies and ICOs advertising across the globe.
The move comes after Facebook and Google announced similar steps recently.
According to many news outlets, the reason behind is the concern of the company regarding customers who may fall easily as preys of scams in the form of ICOs or crypto related solicitations.
Besides from some obvious jokes, there are specific facts to be considered. We may have all seen deceptive ads on the internet, and it just takes some cookies showing you are into cryptos and your facebook feed will feed you things as "Invest in the best ICO in the world, 1000% guaranteed." "Pamela Anderson vouched for this ICO", etc.
There is one case that is quite famous, and I see it all the time in Twitter, is when crypto related renowned individual makes a Tweet and immediately below you can see a sub-tweet promising to giveaway tweets to the public. Of course, to receive them, you need to send a small 0.10 ETH to the claimed ETH address (ahem...).
To provide the Tweet with more credibility an army of Twitter bots will post alleged ETH addresses receipts of the claimed received free ETH tokens.
You do not need to be stupid or a rookie into the scene to fall for that; the truth is the fake accounts look 100% legit most of the time (if in doubt float your pointer above the name to see the real @username).
Let's look into one example;
So, (ROFL) he tweets that any comment that is claiming to giveaway ETH is a scam. And then like 15 comments below, Ta-Dan! there is a Binance @VutinButerin trying to hunt some people down.
Unfortunately, as many times before the excellent and good-will projects lose a chance to advertise sustainable and worthy ICOs, which have nothing to do with scams, ponzis, or reap off schemes. But, there is a need for measures as the ones from Facebook, Twitter and Google. The internet allows a wide array of possible investors (and victims) to come across solicitations and schemes, which people fall easily for. The ultra-hype that happened end of last year was a definite red flag that regulation was needed.
Now, the big internet companies are clamping down on this nascent industry, like in a falling knives catch, trying to avoid possible fines on them for allowing deceiving advertisement. The guilt would be on them for getting a nice profit on that in the form of ads.
Twitter made a statement on Monday,
“We are committed to ensuring the safety of the Twitter community,”
“As such, we have added a new policy for Twitter Ads relating to cryptocurrency . . . We will continue to iterate and improve upon this policy as the industry evolves.”
According to CMC the Crypto Market has reacted quite negatively on Monday, partially to the Twitter announcement (we assume). The Top20 shows an average of 10% in the red. It is expected to continue further coincidentally with BTC failure to remain above the 9.000 mark. At press time it was trading at an average of USD 7.977 per Bitcoin.
These are times of transition, one may say of tribulation for the crypto space. As in a kind of purge, we need to go through some adverse times which may allow the fittest to stand high and robust above the fallen projects. We have seen all kind of projects succeed in reaching dozens of million in ICOs, many times to be then forgotten to oblivion by the media.
Let us Twitter remind us that we are dealing with the monies of thousands of believing small investors, some of them who have played with their life savings. We also as bloggers are bound to defend these people first in front of greedy entrepreneurs looking for a quick buck. That is another reason why I have personally declined to make reviews on lousy low-reputation-scammy companies.
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And market crashes
Everyone should use steemit now
And then what? You will see top 20 whales "tweets" all the time while others are lost in space in within minute. Steemit needs some serious update.
Only a matter of time. :)
I Think Twitter Lunching His Own Coin Very soon
Why so? I was just going through the Trending topics and its all about "earn in ICO", "invest in *** coin". I know there are really good gems in Steemit, but the recommendations right now are not up to the mark.
A good project doesnt need advertisement . Advertisement has only added pain into the crypto. Short term speculation has to wane off.
The does seem to be a war on crypto currency’s, silly fools. Cheers mike
Another good news day for crypto then :-)
This reminds me so much of JP Morgan again.
Only a few days ago the CEO was saying BTC will be the future of money and now this.
In the grand scheme of things, it is not that bad as most adds are by marketers just trying to earn some extra money.
This might actually force people into researching ICOs and coins before jumping in blind and investing.
Great article.
They are covering g themselves as so many ICOs are clearly scams yet make millions!
I thought maybe twitter wouldn't ban ads since the CEO is so big on bitcoin, but just another tech company scared of what blockchain technology can do
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Use Steemit as our social media now!
It is clear, the centralized economy tries to gain time in your business before becoming obsolete.
The communities are strengthened against the oligarchies, it is a very old war that they took for granted.
The story is not over, it has just begun.
Wow, I hope it is like you say, I fear that they will just silent us by creating centralized FIAT pegged versions which businesses will adapt quickly due to lower fees and the convenience that means to have virtual immediate payment gateways.
Not to be paranoid but I could even consider that theory that states that BTC was invented by FBI haha. I always say, blockchain in the wrong hands is actually the end of privacy as we know it.
They will not fall without fighting that is clear, but before we had no tool to defend ourselves.
Before we did not have the ability to object to the information of the media.
Before, we did not have the capacity to become independent of the guidelines of international bankers and countless decentralizations that eliminate usurer intermediaries that we already know.
Anyway (as Chaplin said in the great dictator) the technological advances demand of human kindness.
it is not about security, it is about the threat that cryptocurrencies represent to international banking, and the threat of petro to petroleum. All this plot has a dark background.
They are all delaying the inevitable.
This world of cryptos s going CRAZY \o/ .. facebook, google and twitter now.
cheers
Thanks for your comment, is part of the evolution, we will get a lot of resistance from the system before mass adoption is taken.
This is worse than all the new "free money" app games that are getting advertised on FB & Instagram.
What I found entertaining was that Twitter CEO then did an interview where he said something along the lines of Bitcoin is the future of money... but then they announced that Twitter is banning crypto ads. Hmm... doesn't really make much sense to me. Thanks for sharing!
Ivy
Yep - it seems he wants to be both relevant for cryptocurrencies and at the same protect his own skin. But this then leads to him not being taken seriously... Quite sad
It reminds me to Jamie Dimon from JP...
True! I agree! It is difficult to take someone seriously that seems to change their mind so often on things.
I am honestly not sure if he realizes that cutting out advertisements could potentially harm Bitcoin, at least in the short term. He said that he doesn't support all cryptocurrency though and I don't blame him for that one at all.
Well they are in a way a big machine. Twitter/FB/Google and etc. I think had a behind the door agreements.
Yes. Beacuse tweeter was bad for BTC. A lot of false infos for pumping. Daily traders are shit for crypto
More irony: Google Tel Aviv just hosted a Crypto Meetup where everyone was complaining about the Ad Ban - of which Google is one of the worst offendeers.
Informative post about the land of Crypto! Just like with FaceBook banning crypto advertisement, I don't really think that it will effect much. I mean, how much are people truly influenced by the advertisements that they see here online? I have made a few major purchases in my life and non of them were influenced by online banners or ads, nor did I spend investment money or make a major purchase blindly online.
Also, it appears that anytime something is thought of as taboo and becomes banned somewhere, I feel it has an even larger potential for growth due to the buzz surrounding it. The rap group 2LIVECREW were "Banned in the USA" and became global due to that! #hiphop -Respect
Yes! When Google and their so called Parent Alphabet use their social influence to damage something history tells me that they want it for themselves with as little competition as possible. One example is Automated Vehicles...you could even apply that to Elon Musk's deletion of FB account...
No doubt, for real. Great point. Social influence can damage something...or at least make it cheaper for the whales to load up before prices skyrocket again! -Respect
It will effect only those who are making shit in crypto. Daily traders and Mccafee shitloads
Go Steemit..
Follow me Back
Follow me
Love the CEO's comments on the importance of the blockchain and then the FUD....
Keep up the great posts!
Resteemd
Yap, the hipocresy is too high right now. I do not want to go to the possible conspiracies part of it, have not found proper info. on that to write a well based article.
it is not about security, it is about the threat that cryptocurrencies represent to international banking, and the threat of petro to petroleum. All this plot has a dark background.
????
This is bad
I hope the news and not my post ;-)
yeah the news :)
your post is great
Maybe twitter and facebook will be close someday
That will only happen when the concept of Social media platforms is technologically no longer viable...in other words something bigger, better and cheaper becomes their new business model with more profits
Great post!
Me, I personally think that the ban would not really effect the bigger players. I also agree that there is a need for things like that to happen, keep all the shady ICO out from the investors, which will only strengthen the crypto community by having only legit and trusted projects growing. Instead of hearing FUD after a scam coin crashes.(Bitconeeeeeeeect) haha
Indeed! thanks for your comment Kramer!
... And tomorrow: "WE HAVE DISCOVERED TWITTER WAS INVOLVED IN A QUESTIONABLE USE OF HIS USER'S PRIVATE INFO..."
I will not be surprised, after all they tend to do the same, probably Instagram will have a similar policy soon considering is owned by FB.
https://en.wikipedia.org/wiki/List_of_mergers_and_acquisitions_by_Facebook
With the warm weather coming and a possible stock market correction I predict we will see a rise in bitcoin. Money will clme out of the stock market and go into crypto currency.
Is possible, normally the first half of the year is bearish in cryptos.
Today understand, im holding my coins, today bitcoin has dropped below $7000. Its a great buying opportunity.
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Whats next? Crypto news sites?
Esta claro, la economía centralizada intenta ganar tiempo en su negocio antes de quedarse obsoleto.
Las comunidades se fortalecen contra las oligarquías, es una guerra muy antigua que daban por ganada.
La historia no ha terminado, acaba de empezar.
That's how Bitcoin prices reacted to similar news from Facebook and Google. The reaction is diminishing as investors get used to the news, and hopefully more people will see that this is a positive move. Get rid of the scammers and the crap coins, and the market will become more robust, more appealing, and it will offer better value to new investors, which will mean more money coming in.
It is, to some extent, decentralized regulation.
Twitter ki the best for me
Give succes brother
The Crypto Ad Ban is anti-competitive conduct masquerading as consumer protection.
Tweeter was bad dor crypto anyway. Only pumping tool for Mcaffes and shitloads
Thanks for participating to the rest this situation. The truth already falls into abuse. Greetings from Venezuela
Having centralised companies controlling behaviour in social media can have adverse effects. Hope Steemit can grow stronger now. Also, check out Leeroy, it's a blockchain based decentralised Twitter. Hope that takes off :)
Really?
I have a feeling that these big social media companies saw how big crypocurrency is going to be in the future, now they are scared that crypto is going to take the bigger peace of the pie. at first it was facebook banning crypto, followed by google, now it is twitter.
Once Henry Ford said "It is clear that people do not understand the banking and monetary system, because if they understood it, I think there would be a revolution tomorrow morning" in other words, the big media are doing everything they can to say that this cryptocurrency does not work, why does not it work? What are the scientific bases that support this accusation? Is it really a scam as they say ?, Let's see from another perspective, today the only currency with which you can do the vast majority of global transactions is with the dollar and to buy oil must be made exclusively dollars (Until this March 26, 2018), and all this due to a meeting held by former US President Richard Nixon with Saudi King Faisal bin AbdelAziz in June 1974 where they agreed that any transaction for the purchase and sale of oil must be made with dollars in exchange for protection, hence the Petrodolar denomination. The reality is that the dollar is currently imposing, forcing various nations to acquire dollars and then borrowing with the Federal Reserve System in its acronym FED (which is not government but private). Look what happened with Iraq and Libya, countries that challenged the Petrodolar, accepting euros instead of dollar for the sale of oil and look what happened to them were destroyed, now it is China that currently challenges the Petrodolar, China is the buyer number 1 of petroleum worldwide, China buys oil to Russia, and from this March 26, 2018 decided that all its oil purchases would be paid in its Currency Yuan (Who will want Yuan instead of the dollar? , but the reality is this country to make the Yuan attractive, announced that its currency returns to the gold standard if it will be backed by Oro, "Tremendo detalle" No, that means that the Yuan since this March 26 is the only one currency that is backed by Gold worldwide, large entrepreneurs know very well that a currency when it is backed by a precious mineral its value increases,
I dont think its going to make much impact for crypto users as there are lot of platform available that can make more sense to get updated and as example steemit.com seems perfect to me.
I've never been on Twitter in my life so I cant boycott them
Twitter, Facebook and Google can all team up for all i care but concurrency is here to stay. trying to stop it is an effort in futility. they are only trying to stop the inevitable.
The Elite tries to end the cryptocurrencies, petro and petroyuan
Once Henry Ford said "It is clear that people do not understand the banking and monetary system, because if they understood it, I think there would be a revolution tomorrow morning" in other words, the big media are doing everything they can to say that this cryptocurrency does not work, why does not it work? What are the scientific bases that support this accusation? Is it really a scam as they say ?, Let's see from another perspective, today the only currency with which you can do the vast majority of global transactions is with the dollar and to buy oil must be made exclusively dollars (Until this March 26, 2018), and all this due to a meeting held by former US President Richard Nixon with Saudi King Faisal bin AbdelAziz in June 1974 where they agreed that any transaction for the purchase and sale of oil must be made with dollars in exchange for protection, hence the Petrodolar denomination. The reality is that the dollar is currently imposing, forcing various nations to acquire dollars and then borrowing with the Federal Reserve System in its acronym FED (which is not government but private). Look what happened with Iraq and Libya, countries that challenged the Petrodolar, accepting euros instead of dollar for the sale of oil and look what happened to them were destroyed, now it is China that currently challenges the Petrodolar, China is the buyer number 1 of petroleum worldwide, China buys oil to Russia, and from this March 26, 2018 decided that all its oil purchases would be paid in its Currency Yuan (Who will want Yuan instead of the dollar? , but the reality is this country to make the Yuan attractive, announced that its currency returns to the gold standard if it will be backed by Oro, "Tremendo detalle" No, that means that the Yuan since this March 26 is the only one currency that is backed by Gold worldwide, large entrepreneurs know very well that a currency when it is backed by a precious mineral its value increases,
it is not about security, it is about the threat that cryptocurrencies represent to international banking, and the threat of petro to petroleum. All this plot has a dark background.
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