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Facebook is banning all ads promoting cryptocurrencies

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Re: Facebook is banning all ads promoting cryptocurrencies

#51

Post by delecti »

bhauer wrote: post #10
fwdpropaganda wrote: post #6

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 shiny, stable (chemically and nuclearly), heavy (harder to fake by coating a facsimile), and rare. It's not "useful" per se (outside niche applications), but it definitely has a certain intrinsic suitability as currency.

Re: Facebook is banning all ads promoting cryptocurrencies

#52

Post by SahAssar »

mmanfrin wrote: post #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…

If they would have the same rules as browsers this basically wouldn't be an issue. Those rules are along the lines of "don't mix character sets unless under a ccTLD for that character set". See here: https://www.chromium.org/developers/design-documents/idn-in-...

Re: Facebook is banning all ads promoting cryptocurrencies

#53

Post by wpietri »

dr_win wrote: post #34
fwdpropaganda wrote: post #6

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?

Intrinsic value of bitcoin tokens is the ability to use them to append a hash value into immutable eternal excel spreadsheet with no censorship possible. You can use this to prove some data existed at some point in time (proof of existence) or that some data was published (proof of publication). With these primitives you can build some interesting digital infrastructure (ledgers, smart contract platforms, etc.). That…

The key difference being that the intrinsic use of gold is proven by thousands of years of use and a current robust market in the $100 billion/year range [1], while the "intrinsic value" of Bitcoin has no historical track record and approximately $0 current demand.

An important second difference is that creating a replacement for the intrinsic value of gold is somewhere between difficult and impossible, whereas it appears any hustler who can scrape together three programmers can launch a Bitcoin alternative. Even if Bitcoin's intrinsic value were real, approximately infinite supply means the effective intrinsic value would be approximately zero.

[1] https://www.gold.org/research/gold-demand-trends/gold-demand...

Re: Facebook is banning all ads promoting cryptocurrencies

#54

Post by dghughes »

whataretensors wrote: post #35

Someone should make a cryptocurrency social platform that rewards it's users for sharing content and attention. Like the steemit of facebook. Anyone know of any projects like this?

That reminds me of the Web of Trust a browser add-on only without the actual monetary reward.

I've never heard of steemit.

edit: without not with

Re: Facebook is banning all ads promoting cryptocurrencies

#55

Post by blibble »

tensor wrote: post #20
fwdpropaganda wrote: post #6

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?

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

it will always have value as long as it in the only thing the IRS accepts for taxes due

Re: Facebook is banning all ads promoting cryptocurrencies

#56

Post by lowglow »

meowface wrote: post #24

I am sure real, legitimate ICOs must exist, but I have yet to find one. Can anyone point to one that they strongly believe is legitimate?

I'm biased but I'm running one. I've been a long time member of the hacker/dev community, heck, you can even come to our office and visit with us.

I also run the Crypto Builders meet-up out of Noisebridge here in San Francisco. Come out and hack with us.

Re: Facebook is banning all ads promoting cryptocurrencies

#57

Post by heroprotagonist »

wmf wrote: post #41
meowface wrote: post #24

I am sure real, legitimate ICOs must exist, but I have yet to find one. Can anyone point to one that they strongly believe is legitimate?

Filecoin.

I'm still undecided on that one.

I have seen the website, whitepapers, and different videos.. from promos to some guy giving a talk.

But the only access you get to actually use it is a waiting list, unless you consider some of the underlying IPFS technology it uses that you can get from other sources (which is a different beast entirely).

It's likely I'm not meeting some prequalification requirement for the access, but this unfortunately means I can't get excited. If I can't test it anywhere and have never made it run myself, I have to withhold judgement.

Re: Facebook is banning all ads promoting cryptocurrencies

#58

Post by singularity2001 »

lozenge wrote: post #43
jeeyoungk wrote: post #33

Earlier quoted context omitted.

Sorry, forgot to add that I don't know any Chinese and I don't have any reason to believe that Facebook thinks that.

Maybe the fact you keep clicking on Chinese ads is reason enough?

which would still leave the question why he was offered it in the first place

Re: Facebook is banning all ads promoting cryptocurrencies

#59

Post by HugoDaniel »

They are about to launch their own coin[0]

"For example, one of the most interesting questions in technology right now is about centralization vs decentralization. A lot of us got into technology because we believe it can be a decentralizing force that puts more power in people's hands. (The first four words of Facebook's mission have always been "give people the power".) Back in the 1990s and 2000s, most people believed technology would be a decentralizing force.

But today, many people have lost faith in that promise. With the rise of a small number of big tech companies — and governments using technology to watch their citizens — many people now believe technology only centralizes power rather than decentralizes it.

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. But they come with the risk of being harder to control. 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."

[0] https://www.facebook.com/zuck/posts/10104380170714571

Re: Facebook is banning all ads promoting cryptocurrencies

#60

Post by fwdpropaganda »

blibble wrote: post #55
tensor wrote: post #20

Earlier quoted context omitted.

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

it will always have value as long as it in the only thing the IRS accepts for taxes due

It's the only thing the IRS accepts for taxes, it's the only thing that Saudi Arabia accepts for oil, etc. There's many good reasons for the dollar to have non-zero intrinsic value.
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