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Facebook is banning all ads promoting cryptocurrencies

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Re: Facebook is banning all ads promoting cryptocurrencies

#12
The first ad I saw for Crypto was an ad for Bitmain -- it flashed through my ad blocker enough for me to turn off the blocker to see it. It was Bitmain, advertising a miner back in stock. Clicked it, saw it in stock, then thankfully went back to the fb comments to see someone mention it was a Punycode domain -- was a complete phishing site. There was an 'a' that was actually some other glyph that had a small, nearly pixel-sized dot that made it something other than an 'a'.

I am flabbergasted at why fb would allow punycode domains (especially when the domain listed under the ad was the 'real' domain).

Re: Facebook is banning all ads promoting cryptocurrencies

#13

People should look at FB for what it is. A big shopping mall where everyone goes to walk around and hang out. Don't like what goes on in FB. Stop using it.

What a weirdly tangential thing to point out given the content of the article. Is it possible to write a post on HN that isn't pointlessly critical of Facebook, or have we dropped the facade of "intelligent discussion" when it comes to things that the hivemind doesn't like?

Re: Facebook is banning all ads promoting cryptocurrencies

#14
post #10

Earlier quoted context omitted.

Well one difference is that bitcoin has no intrinsic value, ie, it's online gambling in disguise. I believe that Facebook currently bans ads for online gambling. Don't agree? Ask yourself, why don't you see ads for other commodities, like rice or iron? Because there's no money in that. So how come there's money in ads for bitcoin? Could it be because bitcoin is not actually a commodity?

I hear what you're saying, but am compelled to ask: what intrinsic value does gold have?

Don't know, I don't buy gold either.

Re: Facebook is banning all ads promoting cryptocurrencies

#15
post #10

Earlier quoted context omitted.

Well one difference is that bitcoin has no intrinsic value, ie, it's online gambling in disguise. I believe that Facebook currently bans ads for online gambling. Don't agree? Ask yourself, why don't you see ads for other commodities, like rice or iron? Because there's no money in that. So how come there's money in ads for bitcoin? Could it be because bitcoin is not actually a commodity?

I hear what you're saying, but am compelled to ask: what intrinsic value does gold have?

Gold is intrinsically scarce, but I understand where you're going. Perhaps FB has just seen that this category of advertisement is more likely to attract scammers?

Re: Facebook is banning all ads promoting cryptocurrencies

#16

The first ad I saw for Crypto was an ad for Bitmain -- it flashed through my ad blocker enough for me to turn off the blocker to see it. It was Bitmain, advertising a miner back in stock. Clicked it, saw it in stock, then thankfully went back to the fb comments to see someone mention it was a Punycode domain -- was a complete phishing site. There was an 'a' that was actually some other glyph that had a small, nearly…

Google does the same:

https://twitter.com/Caust1c/status/948680008112816128

Re: Facebook is banning all ads promoting cryptocurrencies

#17

This is weird to me. Does Facebook currently ban advertisements for commodities like gold? If no, then what's the difference between advertising for bitcoin and advertising for gold?

Gold is an actual physical thing? Price fluctuates but it doesn't go up 10000% in a year and then crash back down 50% in a month? Please don't read this to mean I am against crypto, I think the idea behind the blockchain is great, but I can see how FB would want to not facilitate it's many unsuspecting gullible userbase from losing their life savings in crypto and having to answer to congress after the Russia scandal.

Re: Facebook is banning all ads promoting cryptocurrencies

#19
Finally.

I've been intentionally clicking ICO ads so that I get targeted for more ICO ads. It's been interesting.

- Many of them have the most buttery smooth introduction video that was just so compelling to stare at.

- Many has business lines like, "The total market for car loans / social media advertisement / game currency is N trillion...

- The "team" page for them are mostly Russian / Eastern European. Some of them have links to LinkedIn. I looked at their (I believe fake) profiles too. (I don't know why would anybody use their real identity to pull such a thing).

- Some ads are in Korean (understandable, I speak Korean and cryptocurrency is hot over there), some ads are in Chinese including their landing page. Do they expect people to land on those pages and drop money without reading anything?

Re: Facebook is banning all ads promoting cryptocurrencies

#20

This is weird to me. Does Facebook currently ban advertisements for commodities like gold? If no, then what's the difference between advertising for bitcoin and advertising for gold?

Well one difference is that bitcoin has no intrinsic value, ie, it's online gambling in disguise. I believe that Facebook currently bans ads for online gambling. Don't agree? Ask yourself, why don't you see ads for other commodities, like rice or iron? Because there's no money in that. So how come there's money in ads for bitcoin? Could it be because bitcoin is not actually a commodity?

The USD is no longer backed by gold and you could say it also has no intrinsic value.
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