Facebook Bans Crypto and ICOs
A few weeks ago, the glossary for Bitcoin were bold with infectious terminologies of market certainty and optimism. Even though the market had dipped from an ATH of $20000, investors were still looking up with big smiles on their faces and bigger ideas of how 2018 will redefine the crypto market. The expectations were further supported by Facebook’s CEO, Mark Zuckerberg, revelation that he was considering how best blockchain technology could work with Facebook services.
The year couldn’t have started any louder. But a month later, the tune has change. The market is still in a funk and Zuckerberg no longer seems to be interested in the industry anymore, declaring that his company will no longer serve crypto ads. Facebook’s new ad policy will ban crypto-related ads from being displayed to its 2 billion plus users. Ads that can and will be ban include any ad related to cryptocurrencies, ICO offering, any binary option “associated with financial products as these as lead to deception and misleading practices by companies campaigning for new ICOs”.
Addressing the issue, Facebook product management director; Rob Leathern said, “We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. “
Facebook has also admitted though it may not be able to crack down on every cryptocurrency ad on its network, users will be able to flag suspect ads and alert the network
The word ‘cryptocurrency’ represents computer bits which are used as financial instruments. But it seems more likely the word will become a synonym for ‘speculation’ in the near future just like the tulip mania of mid-seventeenth century represents an economic bubble. Most of the said cryptocurrency speculation are founded on the backbones of various social media services such as Telegram, Twitter, and Facebook. Using social networking for advertising to propagate blockchain-based service solutions usually result in productive outcomes.
Facebook new policy seems to be a response to the heavy criticism it’s been facing for fake news and the Russian propaganda debacle. But the technology community, especially blockchain community, still have a vivid recollection of what Mark Zuckerberg said on new year. Rumors within the community was that a digital Facebook coin was most likely in conception. However, the reverse seems to be the case now.
January, 2018 will be remembered as the ‘Ban-fever’ month for cryptocurrencies following the South Korea ban on minor and foreigners from trading cryptos.