2018 is only a month old but we would like to be the first to claim this is not going to be Mr Zuckerberg’s greatest year yet. In a further advertisement embarrassment for Facebook (which got caught red-handed in the US and Europe already for allowing Jihadi extremists and pedophiles to post publicity on their site) has decided to pull the plug on advertising for all crypto currencies because they are “frequently associated with misleading or deceptive promotional practices”. Well, duh.
In an update to its list of “prohibited content”, the company added the rule to its advertising policies earlier this week.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Facebook is banning all ads promoting cryptocurrencies — including bitcoin and ICOs <a href="https://t.co/ryT5xJ3YbL">https://t.co/ryT5xJ3YbL</a> <a href="https://t.co/RYtzMBlz5c">pic.twitter.com/RYtzMBlz5c</a></p>— Recode (@Recode) <a href="https://twitter.com/Recode/status/958414644582010880?ref_src=twsrc%5Etfw">January 30, 2018</a></blockquote>
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Rob Leathern, a product management director at the social network, claimed that: “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, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”
Examples of banned adverts which were still being offered by Facebook included: “Click here to learn more about our no-risk cryptocurrency that enables instant payments to anyone in the world” or “Use your retirement funds to buy Bitcoin!”
There is however another side to the story, that of ‘Ponzicoin’, a ‘joke’ cryptocurrenty setup by a developer who clearly stated that he was selling a Ponzi-scheme (for those of you who don’t know what that is, see the hereunder video.
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The scammers did manage to make $250k though, by advertising on Facebook. Auch.