How hard was STEEM hit by Facebook & Google Crypto Ad Ban?
All cryptos took very big hits in the week after Facebook announced the Crypto Ad Ban and then 6 weeks later Google did the same thing.
Steem was especially hard hit.
On 29 Jan 2018 (day before FB ban announced) it was $6.32 and a week later on 5 Feb it was $3.41. A 46% drop.
On 13 Mar 2018 (day before Google ban announced) it was $2.54 and a week later on 20 Mar 2018 it was $1.62. A 36% drop.
JPB Liberty is taking action to recover these losses.
Join the $300BN Global Class Action 🌏 Against Facebook & Google's Crypto Ad Ban 🔥. A chance to recover your losses 🌈 from market drops. See more details at https://steemit.com/cryptocurrency/@apshamilton/we-re-suing-facebook-and-google-for-usd300-billion-want-a-part-of-the-action
interesting... you mean you think those 2 companies might be taking their orders from the same masters? lol... How do these black box firms get their revenues? Think about it!
In January my Steem Wallet ( $3,200 Steem Power) was worth $25,600 USD ...... now it is $4,300 USD. So yeah, huge losses thanks to Facebook and Google.
Its going to be tough to prove it was a result of the ad ban and not just market ups and downs
Its unlikely we'll even have to prove damages - 99% of class actions like this settle before the damages stage.
If we win the legal point that Facebook & Google breached Australian Competition Law, then they'll be facing the prospect of potentially huge damages that could bankrupt them and having to pay all our legal costs for arguing about damages for millions of people.
I didn't know it was in Australia I really should read things before commenting
Yes, we picked Australia because its a really good jurisdiction for global class actions.
That's a point that many crypto people make, but its actually not as difficult as you might think! Shareholder class actions regularly get damages related to how much the share went down even when that drop is much less than the drops that crypto suffered.
Look at this shareholder class action being run because of a 10% loss.
Yeah... true, but I joined anyway.