Facebook's crypto ad ban is anti-competitive and misleading

in #cryptocurrency3 years ago (edited)

At the end of the day, we're all trying to negotiate what is and isn't real.

Facebook's decision to ban all cryptocurrency ads on the grounds that cryptocurrencies are commonly associated with scams is, on its surface, an attempt to build goodwill with users and governments by claiming that this move protects users from fraud.

But the other side of the coin is that Facebook is also researching how to apply cryptocurrencies for its own benefit. Facebook is framing the debate by positioning its own efforts in a favorable light in comparison to what it has decided should and should not be allowed on its ad networks.

Earlier this week I had a chance to discuss this issue with Naomi Brockwell (@skycorridors). I've embedded the video here with her permission, and am including the link to her original post here.

Whether Facebook wants to admit it or not, it's technologies have a tremendous amount of influence on how people perceive the world. By banning cryptocurrency-related ads, which also includes ads from cryptocurrency bloggers, Facebook is negatively impacting a nascent industry.

The irony of this ban is that it happened to an incredibly vibrant and creative industry. There are already efforts to innovate a solution that makes Facebook's intervention utterly meaningless in the long term.

Thank you for reading,

Josh

Josh Peterson is a writer living in Denver, CO. He is a 2016-2017 Robert Novak Journalism Program Fellow for The Fund for American Studies, studying the impact of artificial intelligence on democracy. He is also an advisor to PassageX, a blockchain startup tackling the secondary event ticket market, and the founder and publisher of The Coin Dispatch, a news and opinion site covering cryptocurrencies, blockchain, and artificial intelligence. Follow Josh on Steemit and Twitter. Keybase for secure chat. PGP Fingerprint: 4507 3000 1A40 2691 DAB8 ED65 A3EA 3629 73FD B7FF. BTC: 14LE7Jv4NZXgtWq876RUdSUVKfZs7rcnzf

Sort:  

First ask facebook to remove sexual content.

Good write. I feel facebook will eventually have its own coin, its impossible to ignore the blockchain!

Once the right % of people learn of blockchain.. 100 monkey effect!!!! So much untapped potential

Obvious profit soon as the tech is implimented they already have the established client base. Plus with steemit leading the way FB has a blueprint to trace.

Just to play devil's advocate here.

  1. Banning ads doesn't really matter for prices. When did you ever see an ad for a big coin on facebook anyway (other than maybe dash). The real coins with real value don't need bullshit ads to promote positive price action. They do it through regular work and updates.

  2. A lot of the crypto ads that we saw were for bullshit coins (like BitConnect) that were essentially taking money from idiot consumers. Sure you could argue that it's anti-competitive, but it's pro-consumer. We have laws that look out for the little guy and I applaud Facebook for banning ads that are misleading and potentially harmful to consumers.

Just my two Satoshi's.

good dessition for facebook

What do you think the impact will be in relation to Steemit if Fb integrates crypto into their platform?

I think Fb do what all big companies doing , wating for a good deal! This design is extrem and let see what happened next.....

I think if Facebook wants to bring up an own coin, it totally makes sense what they are doing now. Many people trust Facebook. They could bring them into crypto. That's easier with no scammers on the own platform. And later on they can say: look here people... these are the companies WE trust in...

Its sad that facebook could be used as such a magnificent tool for all but hasnt been used ti such great potential. It had slowly became one of the most policed sites in the name of connecting people. So many changes to my feed of content i can see and banning certain content have all contributed to my migration here. I will keep my account open on fb. After all, you are deemed a suspect or looked at strangely if you dont have a facebook when somebody asks to add you. But i choose to spent my net time now here. Great eye opening article on how fb is playing god again

Coin Marketplace

STEEM 0.15
TRX 0.03
JST 0.026
BTC 13268.62
ETH 391.10
USDT 1.00
SBD 0.98