If you have Internets, you know about the Facebook crypto ads ban. We have indeed tracked the events, and you will find that the ads ban has been reversed, even though not all the way.
Facebook’s decisive no to the crypto-industry left chaos and mayhem in its wake as the news reverberated through the ears of unsuspecting and unprepared crypto enthusiasts on that cold, cold morning on January the 30th:
All ads “promoting financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, and cryptocurrency” were now a no-show.
Facebook is one of the most prominent social portals around. We would probably say the most prominent and we wouldn’t be far off the truth. Facebook runs tons of services, allows us to keep in touch with our nearest and dearest, proudly boast our achievements in a really casual way, and delivers touching recollections of our time together with friends. So it is understandable that its ads section would be a very attractive destination for all kinds of companies, and this includes crypto-related companies, which are generally known to be very industrious on a lot of levels. Facebook banned crypto-advertising in January for the fear of scams of all sorts. It is true, a lion’s share of all ICOs are fake. But is a blanket ban really an answer?
How does banning blankets help?
Just kidding, we know you know what a blanket ban is. Tarring everyone with the same brush is never a good idea, so why Google, Instagram, Audience Network, Twitter, and Facebook have gone for a blanket ban on all crypto ads is a difficult question.
Mark Zuckerberg himself had pointed out crypto-technologies could be useful:
“There are important counter-trends to this, like encryption and cryptocurrency, that take power from centralized systems and put it back into people’s hands. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”
Then there was the ban, as Facebook put it because they were not entirely sure all of the people behind the ads operated on good faith. That, understandably, was met with similar enthusiasm to Trump getting elected in the US at the time, with reactions ranging from despair and open hostility to badly disguised skepticism:
“This policy will definitely protect people from the scams of predatory projects. However, announcing an “intentionally broad” policy is always the easiest way and not necessarily the best route for technology development. I don’t believe that banning e-commerce ads just because people face the risk of buying counterfeited products is a good idea.”
Dejun Qian, the founder of FUSION.
Jack Dorsey, the CEO and co-founder of Twitter, had also expressed an opinion that Bitcoin will be the prime currency of the future:
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin…It’s slow and it’s costly, but as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable.”
With opinions so divided, we did think there was something quite paradoxical to the story to begin with. It logically followed, then, that there would be a reversal of the ban, and, just as we said there would be, it followed.
So what actually happened?
Was it the awesome might of blockchain that became so evident Facebook could no longer ignore it? Was it the money? Users seem to think that with declining numbers Facebook is desperate and needs the money it can make on crypto ads.
The issue, however, seems to run a little deeper, if you take a closer look at the statement by Product Management Director Rob Leanthern, which includes an intention to “ revisit this policy and how we enforce it as our signals improve.”
We think it is possible that in light of the recent events and the news of blockchain being adopted in many more practices around the world Facebook may have caught a whiff of the fact that it is actually a sound technology that can be trusted, and updated its decision.
Making decisions, getting user feedback, and then updating your decision is a completely normal process. The Japanese process of “kaizen” involves making changes, getting feedback, and improving based on that feedback, which is probably the reason why they have the technology that is good 10 years ahead of the planet and 100GBps wireless internet speed while we often feel our local Internet provider still favors dial-up modems.
All in all, it is possible Facebook is coming to its senses. We certainly hope it will go all the way and give us back the intuitive interface reminiscent of the days Facebook was easy/possible to use.
However, we are confident that the world is slowly becoming convinced of blockchain’s might. As traders make mastodonthous figures on crypto as we speak, we advise you start taking this awesome tech seriously and start doing some background research on the possibilities it can provide. That will include reading us. We’re always happy to see you back. Til next time!
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