So... What About the "Facebook Thing?" Centralized Cryptos Ahead!
Back in January of this year, a bunch of people seemed to get their shorts in a twist because Facebook (and some parts of Google) decided to block advertising related to cryptocurrencies.
Personally, I didn't find it all that surprising: The status quo typically tries to block anything new... perceiving it as a "threat" and therefore trying to eliminate it.
There was a time when there was lots of oppositions to the "evils" of the Internet...
So now Facebook says:
Wild dwarf lupine
"Starting June 26, we’ll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings."
This largely reverses their January verbiage which read “prohibit ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”
Now, I'm not a crypto expert, so how much difference that will make to us here at Steemit I have no idea, and I wonder what it will take to be one of the “pre-approved” advertisers. I don't even know whether if it’s functionally relevant to us.
But Maybe the Psychology Matters...
Backlit leaf
Maybe the psychological impact will be more important: Billions of people will now potentially be exposed to crypto-related ads again, rather than to the previous idea that “Crypto bad, Facebook banned it.”
As we know, most people are “sheeple,” and they make their choices by following the herd.
And even if cryptos are “not for everyone,” the idea that the negative bias will be removed might take us one tiny step closer towards broader acceptance. And if you think about it, "broader acceptance" DOES require bringing the sheep into the fold.
Meanwhile, there are rumors that Facebook might be trying to acquire crypto exchange Coinbase.
Normally, I'd just shrug and move on with my day... but there's something "strangely coincidental" about the ad ban being lifted at the exact same time as the Coinbase story starts circulating.
The Inevitability of Centralization?
In the past 24 hours, I've read a number of posts and articles... many discussing whether these developments would be a "good" thing for cryptos.
Rowanberry in bloom
Whereas I have no idea what Mr. Zuckerberg is up to, I have a strong feeling that something is cooking at Facebook. Did Mark have some strange "Come to Jesus moment" during the Congressional hearings? Are we going to have a Facebook Social Coin?
The gamification of social media isn't exactly a new idea. Klout tried it. Empire.Kred tried it. Others have tried it. For the providers, the game is called "keep users engaged."
I guess the thing that gnaws at the edge of my awareness is that regardless of whether we end up with a Facebook Coin and Coinbase by Facebook... wouldn't that mark an almost inevitable step AWAY from the ideology of decentralization? You don't get much more "centralized" than the 600lb gorilla known as Facebook, right?
Well, those are just some thoughts rattling around my head today.
What do YOU think? What do you know about the Facebook "reversal" of their ban on crypto ads? What do you know about the Facebook/Coinbase rumors? How do you think Facebook acquiring Coinbase would influence the markets? And the future of cryptos? Good, bad, or indifferent? Do you think there's a "Facebook token" of some kind in the making? Leave a comment-- share your experiences-- be part of the conversation!
created by @zord189
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Created at 180629 15:07 PDT
Yeah, FB is trying to cover themselves from lawsuits by lifting that ban right before getting into crypto themselves. It's just where they are. Everyone in the Bay Area is getting into crypto, even those who think it's a racket. No one wants to be left out.
Juts seems to me that Zuckerberg isn't going to let an opportunity slide by... "people" and "eyeballs" are only worth so much, but if you can get to people's money (through some kind of coin/token) then you can move into a whole new league. And FB pretty much means a built-in market.
Very true. The rich are very good at spotting opportunities to get richer. Even if they don't really care about the potential of the tech. They know they want in once they see it is here to stay.
Sadly psychology is always a big part of the markets. They are like sheep and if they get scared they trample things in giant heard and cause quite a bit of damage. Otherwise, they are peaceful animals that you get to collect wool from.
I think it be a bad idea for coinbase to sell to facebook and really bad for cryptocurrency. Many seem to be trying escape the reaches of FB and if they buy that up people will leave on droves.
In many ways, Facebook is "The Evil Empire." If that deal becomes a real thing... it might be a major step towards "mainstreaming," but the question — in my mind — becomes "but at what cost?" Taking a long view... could the outcome be that "centralized cryptos" would gain acceptance, and decentralization becomes just a footnote in the history books? That would be sad...
I'm not sure if there's any truth to the coinbase rumours, but the reversal by facebook is massively positive news for all investors given Facebook's scale.
Hopefully this means that we get a renewed interest in crypto when it's at a bearish point relatively to last year. that's important for increasing adoption and breaking the current trend.
I figure it would at least have to help, in terms of cryptos being discussed in a less negative light. And that would have to be somewhat good for the world, in the long term.
I don't really know what to think, but if it makes Facebook less centralised, then I am all for it. Info use it: when we moved away from the city, it became an important way of sharing our journey with our friends there and all over the world. That said, my settings are really private and I have very strict criteria for accepting friend requests. Will be interesting because if crypto, like the Internet can't be regulated, I am all for it. I am so over big institutions and their bullying tactics.
I think one of the reasons cryptos are met with a lot of opposition is that they have the potential to be an actually effective weapon against big institutional bullies like you describe. Facebook doesn't care about any of us; we're basically "marketing data points."
Exactly. I do hope that they can prevail.
I think you are right about FB. I think they will try to come up with something like FB Coin or something like that, but I don't really care for it since I don't go much on it.
I just know Zuckerberg is exceptionally "opportunistic" and will pounce on anything that will help Facebook gain market share... which they already pretty much OWN, worldwide.
When Facebook acquired Oculus I was excited that it might vault VR into the mainstream. It hasn’t, and you barely hear anything at all from Oculus. I suspect it will be much the same if Facebook wades into the crypto sphere. Just some dabbling, nothing groundbreaking. But that’s just my own $0.002 😁
The Oculus deal was kind of weird... I don't know why FB paid as much as they did; AND they decided to get into something where Sony is already entrenched. Plus, I think Zuckerberg and Co. made a huge mistake thinking people wanted to get into "Social VR." Gaming VR is one thing... but go look at what Second Life managed to not become... No, "everyone" isn't going to be on Second Life; it's a very small niche. You may be right about cryptos, though... although, if they can be presented as broadly marketable, it might become something.
Oh dear!! of course everything is ¡Just Mental! }:)
If anything... A "Come to Jesus moment" were feasible to "keep users engaged."? Tsk Tsk
That's funny! I shrug at how few people actually stop to (a) think for themselves and (b) think through whether the actions they are taking makes ANY kind of sense, at all.
I suppose everything would be fine, if they wouldn't be out there riding a bicycle all the time. };)
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