Crypto has been taking hits left and right these days. After a string of incidents regarding stolen funds and cheeky heists masquerading as a legitimate investment opportunity, Facebook, Twitter, and other social media channels are taking a stand.
Previously, Facebook as limiting conversation and links on Facebook in general regarding “investment opportunities related to cryptocurrency.” This meant no more ICO hype, no more predatory ads, and especially no outright token sale information was permitted. Now, Twitter is stepping in to follow suit. The lengths they will eventually go to is still uncertain, but it is an interesting position to take.
On the one hand, Facebook ads have always been against affiliates and controversial ads, but it all depended on the message. It seems that as Mark Zuckerberg puts his hands into crypto, he joins a range of proponents that are attempting to limit the ways that schemers and manipulators can use cryptocurrency as a buzz word to trick people into giving them money.
This only does so much, as when there is money to be made, people will find a way. Still, it’s interesting because of the limitations this places on legitimate companies that are trying to use social media to build their following. This is customary in bounty programs and general efforts to raise awareness for brands.
The Questions This Raises
Even with their efforts to ban ads, there are assuredly ways to get around their filters. The questions this brings up are:
- How are their criteria for what is predatory set?
- Is it a full wall to block cryptocurrency related info and posts while they figure out a better plan?
- What alternative will companies have for spreading their ICOs beyond crypto central sites and platforms?
- What will this mean for the process of introducing cryptocurrencies to anyone not already involved in them?
- Will this contribute to driving cryptocurrencies underground?
There are many questions and not too many answers as of yet.