Cryptocurrencies Resume Waterfall Decline After Google Bans Cryptocurrency Ads
First, social media giant Facebook altered its advertising policy to exclude cryptocurrencies, taking the position that the ads were subject to scams, citing among other things, ads for Initial Coin Offerings (ICOs).(http://www.dmnews.com/social-media/heres-why-facebook-banned-cryptocurrency-ads/article/748776/)
But the policy had been applied in a much broader way than just by filtering out solicitations from unethical promoters. Markonomics101 has a sister Facebook Community Page with more than 3700 followers http://www.facebook.com/Markonomics101/.
On the page, any post that even uses words associated with cryptocurrencies can not be “boosted”, which is the term Facebook uses when a post is used for advertising. Even if the post says “Boost Post”, which is Facebook’s way of suggesting that the post be used for advertising, it’s immediately denied approval.
Within this website, in the category called Crypto Corner, features posts that Facebook has denied for boosting. Not one of those posts solicit nor promote anything, but they are used to provide information for a sector that is starved for HONESTY and ETHICS. Even when the post is simply one or two Charts, which are your Friends, it is immediately denied approval by a robot, citing the exact same nonsensical policy that is not remotely applicable.
Facebook advertising, however, is much improved in many ways in that the format has become more versatile and user friendly. However, the lack of human interaction is a major drawback of Facebook advertising which continues to be “hit and miss”, to put it politely.
Google today announced a similar ban on cryptocurrency adverting, citing similar concerns (https://www.newsfactor.com/news/Google-to-Ban-Bitcoin-Advertisements/story.xhtml?story_id=032002XWFZI8. It isn’t exactly clear how this policy will be applied and whether their own robot will make the same types of arbitrary decisions that Facebook’s robot does.
But, what IS clear is that the cryptocurrency market’s dive was somewhat affected by Google’s decision, although not immediately following the ad ban.
At 12:30 am Pst, the top 2o Cryptocurrencies by market capitalization, had shown 24 hr changes, according to CryptoCompare that were breathtaking: https://www.cryptocompare.com/coins/list/USD/1
Readers of Crypto Corner (http://markonomics101.com/category/crypto-corner/) should not be surprised at what has transpired one bit. Some of our recent, key posts: