Hello, Guys! Today I’m going to talk about Facebook cryptocurrency because Mark Zuckerberg announced on 30th January 2018 that Facebook is banning Cryptocurrency and ICOs ads from their platform because of deceptive promotional practices. This is a really big news in the Cryptocurrency world. Of course, this does coincide with a drop in Bitcoin and other cryptocurrencies which is quite curious but does make a little bit of sense. So, let’s start-
Facebook has banned Cryptocurrency & ICOs Ads: –
So, recently Mark Zuckerberg published a blog post on their Facebook Business section, he mentioned that they basically have two policies for Ads. These include that Ads should be safe and built for people first. Now, misleading and deceptive Ads he goes on to clearly have no place on Facebook. So, they created a new policy basically and it’s number 29 which is prohibited financial products and services.
In this blog, they also said, “we want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, they are many companies who are advertising binary options, ICOs and Cryptocurrencies that are not currently operating in good faith.”
Now, I think this is good because there’s a lot of ICO scams and really bad and low-quality cryptocurrencies out there. That is just really looking to make money, they don’t actually have anything solid. You know, you can’t find a CEO and you don’t know who the team is so there is a lot of shady stuff out there and we have over 1500+ coins or cryptocurrencies in the market, that’s pretty insane. There are, of course, quality cryptocurrencies and quality ICOs real companies that are planning to do things that have solutions to real-world problems that are gonna partnered with real companies and things a lot that line. But I think this is a good move by Facebook because I’ve seen some of these Ads, I’m sure some of you guys as well. Honestly, it’s a good move and it’s going to help to weed out the deceptive ICOs and cryptocurrencies.
Now, obviously with things like a Bitconnect is a great example of one that was able to go ahead and trick a lot of people into investing into the platform and even though of course just like other Ponzi scheme or pyramid scheme some of the early investors were able to actually make a profit and get their money back out. It leaves a mass majority of the people losing all of their money which could be including their retirement funds like in this funny example but of course, this is a sad example as well on this Facebook Ad post.
So, all in all, I’m actually not against this and I think that Mark Zuckerberg even came out and said that in an earlier conference, Essential the cryptocurrencies were a form of a payment for the future and Blockchain technologies, in general, we’re going to be an actual player and a factor in technology and I don’t think that what they’re doing here has anything to do with Facebook’s Faith in cryptocurrency itself. I think, what they’re trying to do here is stop all the scams that go on with cryptocurrency.