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Cryptos Resist Social Media Crackdown

BTC

Within two weeks, Twitter will reportedly ban cryptocurrency ads, taking cue from Facebook and Google, but Bitcoin prices aren’t budging, and the general consensus is that social media doesn’t dictate the rules of this game.

On Sunday, media cited unnamed sources as saying that Twitter was planning to launch a new policy that would block all ads associated with cryptocurrency exchanges, wallets and initial coin offerings (ICOs).

While Twitter has neither confirmed nor denied reports, such a move would follow Facebook’s in January and Google’s just earlier this month.

And it comes as no surprise in the wake of Twitter CEO Jack Dorsey’s hints that he was planning on taking on scammers to protect users.

Meanwhile, Google and Facebook have both recently implemented policy changes to remove cryptocurrency-related ad content.

Facebook said in a blog post in late January that it would block "ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency."

Internet giant Google announced just last week that it would include cryptocurrency in its restricted list starting in June, effectively banning ads for crypto exchanges and token sales.

Google recently announced that it would ban all bitcoin and ICO ads by June, along with a host of other financial products.

Here’s why cryptocurrencies aren’t sweating the social media crackdown: Because the bans do nothing to hit out at comments on digital currencies. So the ‘social media’ part of social media remains intact.

While the bans on Google and Facebook remove what some say represented 60 percent of digital ad spending last year, online advertising does not appear to have played a major role in the rise of cryptocurrency.   Related: Economic Pressures Weigh On Banks And Borrowers

On Twitter, it’s not about ads; it’s about who everyone’s following, and that includes some major crypto VIPs, founder and talking heads, such as …

Vitalik Buterin, the co-founder of ethereum:

(Click to enlarge)

Or Charlie Lee, the creator of Litecoin:

(Click to enlarge)

Or, perhaps the more controversial Roger Ver:

(Click to enlarge)

The point is, cryptocurrency doesn’t really need online advertising, especially on Twitter where it has as many followers as you can count. This is where the real story is told—and sold.

And some think the ad ban itself could backfire, as scammers adapt to a new playing field—as they always do.

Angus Brown, co-founder of Centbee, told media: "I think a ban is unfortunate and reactionary. There is massive interest in Bitcoin, not just as a speculative investment, but as a means of payment.

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"People need to be protected against scams; however, education is the best mechanism. This ban may well drive scammers to use different mechanisms."

Still others feel that social media outlets are opting for a ban rather than educating their users simply because they don’t understand the nuances of cryptocurrencies and the blockchain.

So far, none of the ad bans has managed to plunge bitcoin into any territory from which it hasn’t been able to recover.

By Jan Bauer for Safehaven.com

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