Twitter Bans Crypto Ads and LitePay Ceases Operations
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1:22 Story - Bitcoin dips below $8k on news that Twitter will ban crypto ads starting tomorrow
https://www.theverge.com/2018/3/26/17164426/crypto-twitter-ban-bitcoin-cryptocurrency-ads
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They say this follows Facebook and Google however, Twitter is banning ads as of tomorrow while Google did give a future date when the ban would come into effect, which I’d argue is more responsible.
It says in the 2nd paragraph here:
“The advertising of ICOS and token sales will be prohibited.”
That’s very specific. My question is where does that leave Dash who are running online ad campaigns if you haven’t seen them already.
And where does that leave me and Cryptoversity that sell courses?
I know I’m not allowed to advertise on Facebook or Google because they banned crypto ads outright, where as Twitter are taking aim at token sales.
The only real way to know is to keep an eye on our Twitter feeds and see what crypto ads are still running after tomorrow.
2:36 Story - The outlook for LitePay looks grim as the CEO ceases operations
https://litecoin-foundation.org/2018/03/announcement-on-litepay/
3:52 Story - The Monereo community sends a clear message that big miners should go elsewhere
https://verifiedtopics.com/the-crypto-kill-switch-monero-is-going-to-war-against-big-miners/
Let me summarise this story for you in a few bullet points:
Bitmain launched a new specialised ASIC miner called the X3 which works on the CryptoNite algorithm that Monero uses
The Monereo community responded by saying no thank you, we’re going to make a few changes to our mining algorithm so the X3 doesn’t work anymore
Oh and we’re going to make chances twice a year to make sure any money you invest updating the hardware goes completely down the toilet
The Monereo community wants to keep Monero mining within reach of the average user with a decent amount of computing power
The downside to this approach is that it also means that malware can infect your browser, borrow your processing power to mine Monero in the background and then have the coins you mine deposited into the attackers wallet
So with the best of intentions there are some down sides.
5:08 Story - A few statistics crom Tom Lee showing how crazy it is to lose faith in crypto
So far I’ve watched half of this before getting excited enough to decide to include it in today’s show.
This is a recording that was uploaded on the 21st of February from the Upfront Summit.
It’s a presentation by our old friend Thomas Lee who is a long time researcher and analyst who has cropped up a few times in the crypto headlines over the last couple of years.
Anyway, this presentation is 23 minutes long and well worth a watch or a listen, especially if you’re in despair about Bitcoin dipping below $8k today.
This presentation will return you to optimism based on just a few facts that he shares with you.
His case for crypto is primarily based on the fact that millenials are the generation that will adopt crypto and then become the mainstream.
92% of millenials don't trust banks. That is according to a survey done in 2016 by Facebook
Millennials are defined as anyone born 1981-2000 so that’s me
Millenials as a generation outnumber the boomers
Baby boomers peaked at 79.5m
Millennials 95.8m, so we are the single biggest generation in history and we love ourselves a decentralised system or two
Trust in the US government by citizens is at a 60 year low
Whole bunch of countries trust their government even less than US citizens
Greece, Italy, Brazil, Argentina, France, Spain, Lebanon, Mexico, Chile, Tunisia, South Korea, Colombia and Peru
And no surprise these are the countries where digital currency is beginning to flourish
So the more people lose trust in the government, the more people tend to adopt crypto
So there’s just a taster, but you can understand why 50 year old regulators just don’t get this stuff.
7:36 Story - Market Roundup
https://coinmarketcap.com/
Charts provided by:
Coinigy
https://www.coinigy.com/?r=16171fe8
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Although I am disappointed abiut Litepay shutting its doors I see the fact that it is normal for innovating projects to first fail when something is being born. Also, it is best that it failed now and not during an adoption phase of their product/service. Unfortunately, it seems that the hype got to the team (or leaders) and they could not handle the FUD, regulatory environment, and general price declines. With this perfect storm, they could not have the discipline to achieve their goals. However, the opportunity remains and another project will figure it out as the community learns from this experience. With the Venture Capital available out there, I would not be surprised to see LitePay’s assets be bought and revamped for the same means.
Thanks for the info!
Thanks for share experience front us
For future viewers: price of bitcoin at the moment of posting is 7870.80USD
You really think the drop below is because of the twitter ban? Seeing as how FB and Google have already done it I can't see how Twitter can also really have an affect, I don't really think the dropping price can be contributed to one precise thing, but you're the expert and I actually hope you are right, I hope it pops back up (as I'm sure everyone does :P)
Thanks for the post!
Just watched the Tom Lee video, thanks for sharing!
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