Twitter, one of the largest social media platforms, announced it will ban advertisements of crypto ICOs (Initial Coin Offerings) and token sales.
The move follows a ban already announced by competition including Facebook and Google.
Bitcoin reacted with price drop.
“Advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally,” a Twitter spokesperson said in an emailed statement Monday.
Explanation
Twitter spokesperson explained the motivation behind the move. He said Twitter is aware that a lot of crypto related content is related to fraud and deception, both paid content but also organic.
Facebook already banned ICO related ads in January. Google plans to ban such ads in June.
Is that all bad news for Crypto?
Crypto currencies reacted with another selloff, but is that really that bad news for crypto? I believe the less fraud and scam allowed in the crypto eco system, the better for genuine systems. Less investor money put into criminals pockets may mean more capital to be spend on good technology.
What are your thought on the ICO bans?
Now that's a tiresome back and forth by Twitter, but good that's clear now. It might be a blow to crypto momentarily but in the long run this move should only affect the scamy ones, the solid Coins will always retain their word of mouth.
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Yes, and also, how often do you see ads on facebook or twitter regarding IPOs on Wall Street? I guess never and the stock markets manage to survive without facebook somehow :)
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I think they are good not to plaster ico ads, not that i use social media sites like shitter or fakebook but its good in many reasons. A) we get great prices to buy tokens of great buisnesses when the sell off happens
B) the masses who are (soon) to be also getting into investing in crypto,wont loose all their cash on shitcoins and possible scams from icos. Thus not deterring firsttimers,who if they want to invest will do own homework and then find the better choices of coins and tokens.
And C) advertisment for 40,000 icos is just plain annoying
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Without huge PR the market may start moving slower, possibly slightly less volatility, lower peaks, shallow dips. Nothing negative if you ask me.
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Sounds kinda nice 😁 but you know the best form of promotion and ads,word of mouth and the cats out the bag now 😀
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I genuinely view this as a positive move. It will have some short term effect on Bitcoin prices, as it did on news that Google and Facebook were taking a similar stance.
BUT, the fewer opportunities for new and experienced investors to get scammed, the more faith the community will have in crypto and the greater the uptake will prove to be in the long term.
Unfortunately, we've just got to get over the initial FUD that this kind of story attracts.
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Exactly! And looking at your chart it looks like each dip after FUD isn't as deep as the previous one. The market is stabilizing - possibly OVERSOLD.
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Thx for another informative post. Easy to read.
Please continue up with creating interesting content - it may be hard at the beginning to build reach and solid followers base.
Steemits needs solid content builders so just dont ever give up! :)
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