Facebook Banning Cryptocurrency Ads, ICOs - This Is How It Starts...
In a blog post published today by Rob Leathern, Facebook Product Manager, a new ad policy was announced by 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.
Facebook is a private company and it has all the rights in the world to implement whatever ads policy it wants. So I see nothing inappropriate here for Facebook. After all, it has to protect its investors, right?
But I do see something else, something more interesting than that: Facebook finally recognized publicly the threat cryptocurrency poses to its own business. It think it cannot get more public than that.
Because, let's face it: who is going to decide what is misleading and what is not? Where do you draw the line between a legit campaign for, let' say, a new exchange, and a really scammy ICO for an inexistent product?
There's only one small step from this position to a new "cryptocurrency", that is not misleading at all, because, well, it's made by your good ol' Facebook site, that you all know and respect, despite its fake news campaigns, its Russian ads and all the other crap that is feeding you, just to be able to sell your data to advertisers...
Of course, this may be just a step in the right direction, in which real scams are fenced, but given Facebook history of "divide and conquer, and if you cannot conquer, then just buy it, and if you cannot buy it, then copy it", I simply don't buy it.
I'll buy some real, decentralized crypto instead...
Later edit: according to a short piece published on the site recode.net: "Facebook’s board of directors includes two investors — Marc Andreessen and Peter Thiel — whose firms have been prominent crypto backers. Facebook Messenger boss, David Marcus, is also on the board at the popular crypto exchange Coinbase." . Talk about unfair advantages...
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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i ve allways thought that there is enough space for fb and the rest, where the rest fight to bite a piece of fb's cake.
But with this policy they are giving a new advantge to the rest because crypto's won't dissapear, however they are saying that they can publi any other scam business but not crypto's? wtf ..
Probably they are already in working in their own "fbipple" we will see soon:)
thx for sharing i'm not using my fb acc for years so i don't get this news anymore
I've said it before and I'll say it again - 2018 is going to be a very interesting year ;-)
I though the same thing, when I first read your title, FB wants in and it needs to limit the competition.
Also Amazon is preparing to get in. They would like to implement it into their marketplace, selling around the world and use one single currency.
Big changes are on the way. How much say in all this we are going to have?
Hahahahahah! Facebook has been going to shit for years now, this is just another nail in its coffin! Yeah, let's ban russian ads, and post our own! Yeah, let us decide what is fake news! Yeah, let's ban crypto because some our scam, so we can get our own in! Oh boy, this is hilarious!
Agreed and we must continue to build alternative to Facebook ghettos and monopolies globally. Upvoted.
Indeed, hence my being on steemit. I came here precisely because of censorship and lies.
they are just afraid..
zuckie, king of FUDie
The scam isn't crypto, the scam is Facebook.
Great points!
Just a minor correction. Facebook is a publically traded company, not a private one.
Steemit is coming! Take down ads all they want, nothing FB can do about it!
he needs to protect all the auntie and grannies from the crypto boogie man .... ooooooohhhhh
Hes trying lol. Cant keep him in the closet forever though! Crypto night is coming, and boogie man comes out at night
They can't ban people sharing stuff about crypto.
Actually they can. Not really ban, but they will probably kill the reach of these posts.
Facistbook does have "algorithms". You can share stuff but that doesn't mean Facebook will show it.
I noticed even over a year ago that FB would take care NOT to promote my post in peoples feeds if it had a Steemit link in it. They arent dummies
Thank you Facebook for showing your cards and for the free advertising!