Twitter's 2018 Crypto Ban - #CryptoTrading

Published in Reports · Labeled as ·

An intro to the seemingly anti-crypto shitstorm that hit all social media at the start of April 2018.

Twitter’s ban on crypto-related ads came into effect on Tuesday April the 3rd and saw the social blogging platform follow Google and Facebook’s lead in prohibiting most crypto-related media.

While it’s unsurprising to see Twitter follow the example of other internet giants, it is somewhat unusual to see Twitter roll out such a comprehensive ban. Twitter CEO Jack Dorsey seemed optimistic about crypto when he said he believed it would one day be the backing currency of the internet and the world. Something has apparently changed since then.

Reasons for the social media ban

What reasons could there be for the crypto ads ban?



Twitter, Facebook, and Google have all given the same justification - the protection of customers from scammers. The real intent seems to be the protection of their reputations though.

It is reasonable since particularly for Facebook and Twitter are the top social media platforms and want to lead the industry’s standards. Social media have very vocal users, a platform’s reputation could be walloped if ads listed on their platforms delivered users into the hands of criminals.



But this only explains a generic ban on all advertisements for ICOs. Why is Twitter still more than happy to allow ads for public companies then?

Twitter itself has been a publicly traded company since its IPO in 2013.

To understand the motivation behind the widespread shunning of crypto media we need to look beyond the world of ICOs.



Lack of regulation



The G20 summit last month failed to reach a consensus on how to regulate crypto and curb some of the problems that plague the crypto space. Though some nations and companies have tried to tackle these issues alone they have achieved varying degrees of success. That brings a lot of uncertainty into the industry.

In the wake of these developments we have seen a consensus of sorts from internet giants as they opt to steer clear.



Hacks



These bans extend to ads for crypto exchanges and wallets so perhaps recent high-profile hacks played a role in the harshness of the response. In the wake of the Coincheck hack in which over $500m was stolen from a hot wallet, more than a hundred customers filed class action lawsuit against the exchange.

Self-interest



Giants like Twitter, Google and Facebook won’t be ignoring the potential of the blockchain technology. To think otherwise is naïve.

Mark Zuckerberg has admitted that he is studying it and there are rumors that Google may be looking into issuing their own cryptocurrency.

Judging from this, one emerging possibility is that all these social media giants are to some extent motivated by the need to keep ahead of any possible competition.


Ad bans aren’t necessarily bad



Genuine ICO offerings suffer from the bans against crypto ads as it closes an avenue through which they can garner interest in their products/services.

However, it is unclear how and to what extent it affects them.

Cryptocurrencies have a way of selling themselves as various token communities spread hype on a variety of platforms.

Some companies don’t even have ICOs, relying instead on the quality of their product to generate interest and others offer their tokens for free as part of a community Airdrop.



Banning crypto ads does make it difficult for the laziest of scammers to gain traction. It may be allowing the best or most widely supported coins to thrive, and future developments in the technology could give Twitter and its peers a reason to soften their outlook.

That is a thing of the future though. For now it remains unclear what the social media ad bans will mean for the space but time will surely tell.

Category: Reports · Label: · Author: Altcointrading.net (contact author)

 

Last added to Crypto Airdrops, Bounties & Opportunities
Airdropped Token or Opportunity Airdrop Date About the airdrop Link
$DOT Polka Drop NFT Raffle Live Polka City is a contract-based Polkadot, DeFİ and, NFT cryptocurrency investment platform. They are running a raffle now where purchasing a ticket gets you chance to win an NFT art gallery that pays weekly yield and other commission-generating prizes. Cost of the ticket is 1000 POLC, the main prize generates 1041 POLC per week (50% APY). join
Searching for PIZZA MAN on Phemex Until 22 May (The BTC Pizza Day) To promote their new asset management service, Phemex is opening a quest to search for the og guy who spent 10K BTC on a pizza (Laszlo Hanyecz). They are going to offer him, and 100 winners, to get 1 day of interests on 10k BTC in the Phemex Earn Crypto asset management program. Earn Crypto promises up to 10% APY. Yearly compound rate of 10% translates to about 0.03% daily rate, which could earn up to 3 BTC during that single day. make account on phemex and submit gleam form
Binance to launch NFT marketplace June 2021 If you have not already, join Binance with referral code atnet10perc for 10% lifetime kickback. join
CoinBurp NFT Airdrop Until 7 May Coinburp drops BURP NFT tokens for easy social media follows. It is a governance and utility token and non-custodial NFT app. You gain 10 $BURP tokens for joining our community. gleam form
$ARN token airdrop Until 9 May ARN tokens up for grabs for a set of 8 easy social media tasks. join
$XYM Token giveaway on Latoken Until 10 May Complete simple social media tasks and get a chance to win 1000 XYM tokens ($230) in the giveaway on LATOKEN. join
SafeCovid huge marketing bounty Live SafeCovid is running a vast campaign for all types of content marketing. Blogs, videos, social media - there are categories for all types of content. Submissions need to be posted in bitcointalk thread and recorded into Google Spreadsheets. bitcointalk
Trade tokenized shares of Coinbase on FTX Open The FTX crypto derivative exchange, quickly gaining recognition in the crypto community, added tokenized trading of Coinbase IPO. Loads of other tokenized legacy assets already available. FTX does not require KYC until your total lifetime withdrawals reach 1000 USD. (More about FTX here). see the markets
PYR social media campaign March 14, 2021 for 6 Months till August 14 2021. PYR runs a long social media campaign. You need to engage in various social media channels without mentioning the bounty. Rules in the sign up form. form
Opportunity: Zero fees on DeFi tokens on Bitstamp Until end of May 2021 You can now trade ZRX, MKR, KNC, DAI and GUSD at Bitstamp. Aa a bonus this DeFi-focused batch of cryptocurrencies comes with zero trading fees until the end of May. If you have an old Bitstamp account laying about, might be worth a shot to trade or arbitrage there for a few weeks now. Bitstamp
Blockchain Space Telegram Bounty Until June 2021 Blockchain Space runs a Telegram activity bounty. The most active users will be paid 50 USDT every 15 days. info