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Facebook Is Banning Cryptocurrency, ICO Ads (techcrunch.com)

Posted by BeauHD on from the new-policies dept.

Facebbook has a new advertising policy pertaining to cryptocurrency, binary options and initial coin offerings. The policy specifically prohibits ads that promote those types of products and services "that are frequently associated with misleading or deceptive practices," Facebook Product Management Director Rob Leathern wrote in a blog post today. TechCrunch reports: Cryptocurrencies like Bitcoin, Litecoin and Ethereum, and initial coin offerings have all hit the mainstream, which has promptly resulted in a number of scams. While Facebook says it wants people "to continue to discover and learn" about those products and services, "there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith," Leathern wrote. Leathern recognizes that the policy is quite broad, but he says that's intentional. The plan is to continue working to better detect deceptive and misleading ads that pertain to cryptocurrencies, ICOs and binary options. Over time, Facebook says it will revisit the policy and its enforcement mechanisms as its signals improve. In the meantime, Facebook is encouraging people to report content that violates this policy.

22 of 41 comments (clear)

  1. Have they thought this through? by Anonymous Coward · · Score: 1

    "The policy specifically prohibits ads that promote those types of products and services "that are frequently associated with misleading or deceptive practices"

    This just in - Facebook is banning Facebook.

  2. It's called banning the competition. by geekmux · · Score: 3, Insightful

    Well now, look who's banning the competition...How deceptive of you, Facebook.

    Facecoin ads in 3...2...

    1. Re:It's called banning the competition. by Luckyo · · Score: 1

      You are confusing "public" with "increasingly ideologically progressive media and sizable minority that still trusts them to a meaningful extent". Public by far and large didn't ask for control on "fake news and Russian ads".

      Public seems to be mostly against facebook's "controls on what you see". Ask your less technologically savvy friends what they think about it after you explain what it is you're talking about. You'll find overwhelming rejection of these policies. People don't like being told what they can and cannot see. That's why when google tried to label some links "suspect" in the news section, these generated far more clicks. People want to see that which powers tell them they don't want people to see.

      And this universal. You can find this in nominally free countries in terms of speech like US just as much as in Soviet Union under complete state propaganda.

  3. Youtube next, please by thegreatbob · · Score: 2

    On devices that don't support adblockers easily, a current scourge is some 5+ minute cryptocurrency infomercial that seems to play ~1/5 of the time.

    --
    There is no XUL, only WebExtensions...
  4. Based on past performance... by hyades1 · · Score: 1

    Given that after literally years Facebook still can't distinguish between a breastfeeding mother and a pron star gettin' her ya-ya's out, I can't see this going well.

    --
    I've calculated my velocity with such exquisite precision that I have no idea where I am.
    1. Re:Based on past performance... by drinkypoo · · Score: 1

      Given that after literally years Facebook still can't distinguish between a breastfeeding mother and a pron star gettin' her ya-ya's out, I can't see this going well.

      There's no practical difference. Either way, some titties aren't going to hurt anyone unless they're slapped or smothered with them.

      --
      "You're right," Fisheye says. "I should have set it on 'whip' or 'chop.'"
    2. Re:Based on past performance... by hyades1 · · Score: 1

      I dated a girl with the attributes to deliver such a fate when I was 15.

      Life was good.

      --
      I've calculated my velocity with such exquisite precision that I have no idea where I am.
    3. Re:Based on past performance... by gravewax · · Score: 1

      Given that after literally years Facebook still can't distinguish between a breastfeeding mother and a pron star gettin' her ya-ya's out, I can't see this going well.

      There's no practical difference. Either way, some titties aren't going to hurt anyone unless they're slapped or smothered with them.

      that is completely untrue, the only time I ever came close to an accident was near Bondi beach where a couple of topless woman were walking along the footpath, nearly rear ended the car in front of me and a friend had to get stitches in his head from walking into a post while staring at a particularly nice set across the road. Was funniest thing I ever saw, he will never live that down.

  5. I would never invest by 110010001000 · · Score: 1

    I would never invest in something where the value could drop by 2% in a single day.

    1. Re:I would never invest by tlhIngan · · Score: 1

      :I would never invest in something where the value could drop by 2% in a single day.

      That really limits your investment options, because even stocks and index funds can drop by 2% in a single day. (On the Dow Jones, that's only a 200-300 point drop, which happens often enough). And without equities, you're investing in only guaranteed investments which at best only give you what you put back in after inflation.

    2. Re: I would never invest by gravewax · · Score: 1

      2% is a pretty massive amount to rise and fall on a daily basis and most crypto currencies fluctuate far more than that, dips here or there can happen that much but if you are in something that is fluctuating that wildly every day you either have plenty of spare money to lose and hence can afford high risk investment, are a gambler or just bad investor.

  6. Cryptocurrencies aren't 'crypto' by Mister+Liberty · · Score: 2

    See Bruce Schneier et al.: https://www.schneier.com/blog/...

  7. tyranny by deodiaus2 · · Score: 1

    I thought this was the country of the free.

  8. What ads will be banned by SJW? by AHuxley · · Score: 1

    What comments will be next?
    What ads will be next?
    Book reviews, authors that don't have the correct party politics? Only one side of US politics will be fully supported on social media?
    Movie reviews that are not 100% positive?
    Users that comment or link in the wrong way?
    Comments about politicians that are not of the approved party?
    Any ads for books about history?
    Art? Any ads that show different parts of the USA will have to get extra approval?
    Culture? No commenting on why the ads got banned?
    News? No news about the banning of ads?
    Faith? Time to enforce other nations blasphemy laws globally?
    What will the SJW at social media be banning next to show more virtue signalling?

    --
    Domestic spying is now "Benign Information Gathering"
  9. Re:asscoin by Joce640k · · Score: 1, Informative

    I've just invested heavily in Ponzicoin. It's the future.

    http://ponzicoin.co/home.html

    --
    No sig today...
  10. All for banning ICOs by Anonymous Coward · · Score: 1

    Most ICOs are downright scams.

    Established crypto currencies on the other hand probably shouldn't be banned, but then again you are talking about FB users who are too dumb to do their homework before investing and probably shouldn't be playing around in the crypto markets anyways. I am sure we have a lot of dumb late investors that put money in the 1st couple weeks of December who are still at a loss, and may never get their initial investment back since the bitcoin market seems pretty content to hover around the 10-11k mark right now.

    I myself have pulled my money out. I still have a 400% increase of the money I put in back in Aug 2017. I only wish I had pulled it out during that peak the 2nd weekend of Dec. Still glad for the increase I got on my money though.

  11. Two types of buyers of cryptocurrencies by Anonymous Coward · · Score: 1

    There are types of buyers of cryptocurrencies:

    1) People that know what cryptocurrencies are. They believe they're needed to decentralized, etc.

    2) People that see things on Facebook/Youtube/etc., saying "OMGZ, I GOT MY LAMBORGHINI FROM BITCOIN," have no idea what the things people in #1 are talking about, but buy anyways because BIG MONEY NO WHAMMIES.

    Banning ads on Facebook only impacts group #2. If you're legitimately part of #1, you have better sources. This seems like a responsible action on Facebook's part.

    1. Re:Two types of buyers of cryptocurrencies by circularWaffle · · Score: 1

      You do have a very valid point.

  12. many?? by gravewax · · Score: 1

    "there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith"

    many? I challenge you to point out ANY binary options company that is acting in good faith, they all rely on suckers inability to do basic maths.

  13. How about... by circularWaffle · · Score: 1

    ...Instead of letting any basic shitcoin post ads, you let reputable coins advertise and there won't be so many scams circulating through ads. If you're able to find out that a page is based on Russian propaganda/fake news, I think you can do a little research on a coin before you allow it project sponsored ads to everyone on Facebook.

    1. Re:How about... by Khashishi · · Score: 1

      "reputable coins"??

  14. Re:Cryptocurrencies getting worse by circularWaffle · · Score: 1

    Get in on this fire sale, or panic and get out. Only window lickers panic, though. So, have fun cleaning the windows.