Facebook Is Banning All Ads Promoting Cryptocurrencies

The policy will be “intentionally broad” while Facebook works to understand which ads are deceptive or misleading, from companies “not currently operating in good faith,” the company said Tuesday in a blog post. Facebook, along with its other properties including Instagram, won’t allow ads that say “Use your retirement funds to buy Bitcoin!” for example, or those that promote binary options trading, a risky derivative with an all-or-nothing payoff.

“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” Facebook said.

Paves the way for Facebook to put out their own coin. Zucker has already been on record as saying he would explore crypto, so this is of little surprise.

Silver lining is that, perhaps we will see less scams and scam projects. That would surely help.

Facebook Inc. is banning ads on its social network that promote cryptocurrencies, initial coin offerings and binary options, saying they’re “frequently associated with misleading or deceptive promotional practices.”

fortune.com...

I don't think the Facebook CEO is going to 'take on' any other crypto. It will be his own.

The Facebook founder went on to lament how this potential seems to have been corrupted by some big tech firms and governments that instead use technology to monitor people. He said he views cryptocurrency and encryption as potential tools for countering this trend, giving people back the power that’s currently held by centralized systems.

futurism.com...

a reply to: JinMI

I doubt their doing it because they're pure like driven snow. FB always has an agenda.

a reply to: BotheLumberJack

Absolutely. Given the resources, they could put forth their own token.

I'm not sure how to feel about that.

A curious addendum.

qz.com...


I was not aware of the possibility of competition with old foes.

originally posted by: JinMI

The Facebook founder went on to lament how this potential seems to have been corrupted by some big tech firms and governments that instead use technology to monitor people. He said he views cryptocurrency and encryption as potential tools for countering this trend, giving people back the power that’s currently held by centralized systems.

futurism.com...

There's a certain innocence to those who really believe that cryptocurrency is going to "counter the trend, giving people back the power". Governments and bankers are already fretting over how to control it and the IRS has just stuck their big nose in. Your coin profits will be counted as income that you'll have to pay tax on. This isn't the path to utopia.

originally posted by: JinMI
A curious addendum.

qz.com...

I was not aware of the possibility of competition with old foes.

Great story. I didn't know that either!

originally posted by: LogicalGraphitti

originally posted by: JinMI

The Facebook founder went on to lament how this potential seems to have been corrupted by some big tech firms and governments that instead use technology to monitor people. He said he views cryptocurrency and encryption as potential tools for countering this trend, giving people back the power that’s currently held by centralized systems.

futurism.com...

There's a certain innocence to those who really believe that cryptocurrency is going to "counter the trend, giving people back the power". Governments and bankers are already fretting over how to control it and the IRS has just stuck their big nose in. Your coin profits will be counted as income that you'll have to pay tax on. This isn't the path to utopia.

Good! then we can write off losses as well! LOL!

a reply to: LogicalGraphitti

"The power?" No. More power, some power even a large step back toward freedom? Yes.

Zuckercoin has a nice ring to it.

Perfect for buying junk for FB games.

originally posted by: LogicalGraphitti

originally posted by: JinMI

The Facebook founder went on to lament how this potential seems to have been corrupted by some big tech firms and governments that instead use technology to monitor people. He said he views cryptocurrency and encryption as potential tools for countering this trend, giving people back the power that’s currently held by centralized systems.

futurism.com...

There's a certain innocence to those who really believe that cryptocurrency is going to "counter the trend, giving people back the power". Governments and bankers are already fretting over how to control it and the IRS has just stuck their big nose in. Your coin profits will be counted as income that you'll have to pay tax on. This isn't the path to utopia.

Yup, let them try it. Just like the controllers don't pay taxes, have money in off shore accounts, they too will have the crypto hoarding abilities without penalties. Can't have the peons win.

The Facebook founder went on to lament how this potential seems to have been corrupted by some big tech firms and governments that instead use technology to monitor people. He said he views cryptocurrency and encryption as potential tools for countering this trend, giving people back the power that’s currently held by centralized systems.

Zuck is worried about your privacy.

Did someone screen cap this?

They're also doing this because of BitConnect and others who have used social media to commit fraud or to engage in ponzi schemes.

Of course, FB is going to launch their own ICO eventually, but at the end of the day, most of the ads for crypto on social media is for scams run by assholes like Tai Lopez.

a reply to: JinMI

That's most likely exactly what they're doing. They're about to debut their own coin.

It will only delay the inevitable.

It is probably because the are being inundated with cryptoscams. This happens all the time when something gets hot and then all the scammers come out advertising to suckers.

a reply to: Edumakated

That's certainly the outward message. No question.

However, the scams are not only coming from the crypto sector. There are plenty more and given all the recent information, it stands to reason that FB is pushing out would be competitors.

Interesting to see and I wonder if their currency is going to actually gain a foothold.

a reply to: JinMI

This is becoming a very common theme with anyone or any government with a captive audience. FB for example can easily promote its own crypto while simultaneously pumping it's success with 100% upvoted fake news driven by FB itself.

Take China for example. They recently passed a law stating no company in China may use any form of crypto currency for the purposes of cross border payments. China passed this law in direct opposition to the new MoneyGram and Ripple proof of concept partnership. Once the proof of concept proves to be successful Ripple is going to see a very important mass adoption boost and the price will reflect that as more investors buy into Ripple. That as well as Ripple will soon be traded in Saudi Arabia. This is going to be huge. Buy XRP now while the price is still very affordable.

China is currently working to develop its own crypto and will mandate the only crypto to be used in China will of course be Chinese crypto. China has the largest captive audience in the world. However, China only accounts for less than 3% of all MoneyGram transactions so they run the risk of completely alienating themselves. China does what China does best. Copies other's IP and passes off a cheap imposter.

FB will suffer the same demise.

a reply to: projectvxn

Tai Lopez is a first class snake oil salesman d-bag. Eventually, he will be taken down for running a ponzi scheme. You heard it here first.

a reply to: Outlier13

FB is a massive corporation now. Tied in to every facet of modern culture. By providing financial incentive for using its product for those that already use it would create a mass amplification.

originally posted by: Outlier13
a reply to: projectvxn

Tai Lopez is a first class snake oil salesman d-bag. Eventually, he will be taken down for running a ponzi scheme. You heard it here first.

I honestly hope so.

There is no such thing as a free lunch....bail out now....the ship is unavoidably sinking.