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Facebook bans Crypto-Currency Ads

In a move that is sure to draw some backlash, Facebook has decided to ban all ads that advertise any type of Crypto-currency, including Bitcoin. While Facebook cites online scams as one of the motivations, they have made the rules broad and all encompassing.

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Discussion with Rival Read
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Rival Read11 months ago
Facebook is a private company and is entitled to exercise their right to ban crypto ads. Their reasoning seems pretty sound. There have been a slew of online scams involving crypto currencies, and banning them altogether seems like a fairly easy way to solve that problem. People sometimes see Facebook ads as a point of authority (cue 2016 US election) and can often be swayed by misleading information. Taking this type of a step protects the company's integrity.
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Jeremy Williams11 months ago
Sure, that's all well and good on the point that private companies have the freedom to do what they want. But shouldn't there be some oversight? Shouldn't people who work in the industry have an avenue to protest this other than just "hey let's all leave Facebook". What if Facebook decided to ban all ads that promote global warming as a risk to humanity? Shouldn't there be a place that Facebook can be held accountable outside of the 'free market' argument?
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Jeremy Williams11 months ago
On a platform that still allows ads for multi-level marketing companies, ads for self help nonsense, and even ads for anti-science rhetoric, it seems entirely deliberate that Facebook has decided to stop allowing the advertisement of crypto currencies. I can't help but think that Mark Zuckerberg is annoyed that the Winklevoss twins have had enormous success with Bitcoin, and because of their previous head-butting, he's decided to try and affect their overall success.
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I'm not against Facebook banning ads that are obviously scams. But why ban all of them. Crpyto is already a legitimate form of currency. Are they too lazy and poor to employ more ads managers to make sure the ads that are published are legitimate? This seems like overkill for a fairly harmless type of ad.
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Jordan Supeene10 months ago
Seems to me Facebook is trying to make a moral or political stance... or as Jeremy pointed out it's possibly a decision to hurt an old rival. Whatever the reason, it seems like Facebook has now set a standard to ban advertising from a whole host of potential 'threats' to it's users. That's their decision to make but this stance seems to be a red herring. Perhaps they should be focusing their attentions inward to correct some of the threats within their own system.