Facebook Bans Cryptocurrency, ICO Ads

Mark Zuckerberg and company are responding to the recent negative press surrounding cryptocurrency in the wake of crashes including the Ponzi scam Bitconnect which promised a 1% ROI per day.

Recently, the ICO startupĀ Prodeum lived and died within the span of a week; and all we have left is a single word on their website:

So Facebook updated their advertising policy yesterday:

“Ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency.”

 

Having spent the weekend looking over some marketing options for a new ICO, I’m happy that my recommendation against using bounties — where free tokens are handed out based on sharing ads on Facebook — is playing out in the new ruleset. Now, if reddit enacts a similar crackdown against bounties or bots, the marketing side of blockchain tech will be in a tailspin. While bots and programmed shills act more human, humans are managing to get better at spotting bots and shills.

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