What's Behind Facebook's Flip On Crypto Ads?

Authored by Michael Scott via Safehaven.com,

After outright banning cryptocurrency ads in January, Facebook has now back-tracked, saying the ban wasn’t the right approach and not in the spirit of innovation.

“In the last few months, we’ve looked at the best way to refine this policy — to allow some ads while also working to ensure that they’re safe. So starting June 26, we’ll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings,” Facebook said in a statement.

The move to reverse the ban has sparked a speculative flurry that this is a precursor to something much bigger for the beleaguered social media giant. More specifically, many think it could lend credence to earlier rumors that Facebook might be interested in buying Coinbase.

Others seem to think it’s just about the money Facebook could make on crypto ads.

In early June, The Economist started off the speculation, reporting about rumors that Facebook might be gunning for Coinbase, one of the world’s largest bitcoin exchange. But there has been absolutely no evidence to support the rumor.

Speaking to the Independent, tech entrepreneur Oliver Isaacs said:

"It wouldn't surprise me if Facebook made an attempt to acquire Coinbase. Whether [Coinbase CEO] Brian Armstrong and the team would agree is another question."

Coinbase itself, of course, has remained tight-lipped, but it’s no secret they’d love to have access to Facebook’s billions of users.

Rumors, though, have abounded regarding Facebook and cryptocurrency, and not just about Coinbase.

In mid-May, rumors surfaced that Facebook was planning to launch its own cryptocurrency with a focus on cross-border payments. While Facebook never confirmed this rumor, either, it was sparked by a statement from David Marcus, VP in charge of Messenger, who said the social media giant was exploring ways it could leverage blockchain.

Then Cheddar breathed more life into this rumor, citing anonymous sources who purportedly said Facebook was actually exploring the creation of its own cryptocurrency that would allow users around the world to may electronic payments to each other. The whole thing was buoyed further by the fact that everyone knows Marcus was an early bitcoin investor who joined the board of Coinbase in December.

Much of it probably stems from the fact that the crypto industry would love to see a headline announcing a Facebook acquisition of Coinbase. That would be a major victory for crypto and total vindication.

By introducing crypto, Facebook could help bring the cryptocurrency world to the mainstream given the vast population it influences. We’re talking about over 2 billion users. That’s a game changer for crypto.

But it’s a juicy bit of vindication that’s not likely to come soon, even if the rumors were true.

The Facebook crypto ad ban reversal also adds more color the polarization of everything and everyone over crypto.

After all, the backtracking comes right after Apple moved to ban all apps that facilitate crypto mining, and Wells Fargo banned crypto purchases with credit cards. Facebook, Google and Twitter arguably started the anti-crypto campaign, so a Facebook flip speaks volumes about what’s to come because all three tech giants banned ads for initial coin offerings (ICOs) and token sales in order to avoid a regulatory mess.

Nothing’s gotten less messier, so is Facebook’s reversal really just about making a few bucks on crypto ads? Is it just about the spirit of things? Or is it our first real indication that Facebook’s future—even if not near-term—will be decidedly cryptic.  

Comments

Adolfsteinbergovitch MasterPo Sat, 06/30/2018 - 00:53 Permalink

Truth is Facebook lost a loot of eyeballs to censorship, privacy invasion and spying and they would do anything not to melt their userbase like snow under the spring sunshine. 

They came to realize this a bit too late. People are fleeing in big numbers. 

In reply to by MasterPo

. . . _ _ _ . . . Fri, 06/29/2018 - 19:55 Permalink

They wanna' show theirs, while being skeptical of shitcoins, all while (trying to) corner/ the market. FB doesn't have a chance, though. Zuck's market cap doesn't impress those who know what the possibilities will most certainly be. When you try to please everybody...

Old tech beware.

Zuck just doesn't want to miss out, which he knows he will.

LetThemEatRand Fri, 06/29/2018 - 19:56 Permalink

Anyone who questions the value of crypto currency technology (blockchain) is missing something big.  The internet became a trillions of dollar industry even though Pets.com had to be put to sleep.  Like everything else in the casino, the only thing that matters is whether you have placed your bets correctly or whether we can even bet yet on the crypto that will be the new Facebook and not the one that will be pets.com.

 

Alexander De Large Fri, 06/29/2018 - 19:56 Permalink

Lol@"Authored by Michael Scott"

What the fuck is this, Jane Eyre?

Thank God the coked up drunk assed fucking Weekend Tylers are about to take over for a couple days.

Tired of this John Quincy Adams bullshit.

stefan-coast Fri, 06/29/2018 - 20:16 Permalink

well, my 200 bucks in litecoin is down to 60 bucks...I am just hoping it doesnt go to zero, cause then its all gone and dont plan on buying more. my hopes are tho, that cryptos do well.  For other reasons than making money.  Anything to mess with the almighty dollar backed by nothing but guns and bombs.

ElHombreDeLosCielos Fri, 06/29/2018 - 20:50 Permalink

It would seem to be only a matter of time before one of the big players adopts crypto in a big way.  In the U.S., Facebook, Amazon, Mastercard/Visa, Apple/Microsoft, or even PayPal come to mind as possibilities.  Whoever makes the first move should do very well.  If I had to guess, I'd go with Amazon, only because Bezos seems to be willing and able to act with more speed and efficiency than the others in adopting new ideas.  Elon Musk might be a good candidate also were he not bogged down with issues at Tesla.

Golden Phoenix Fri, 06/29/2018 - 23:08 Permalink

'Much of it probably stems from the fact that the crypto industry would love to see a headline announcing a Facebook acquisition of Coinbase. That would be a major victory for crypto and total vindication.'

Ummmm….no....that would be utter shit.

To Hell In A H… Sat, 06/30/2018 - 07:28 Permalink

Let me spell out the modus operandi, of Zuckerberg and his tribe for the resident dunces on ZH. The Jew media, their talking heads, Wall Street Journal, Bloomberg, CNBC et al, will be given edicts to hype up certain crypto's, over other crypto's.

This will be done over a period of time until the plebs themselves are regurgitating the same mantra. X crypto-currency  is better than Y crypto-currency. The same shit will be repeated across the entire Jew run MSM space.

The 2nd part of their modus operandi will be Facebook, Amazon, Pay-Pal, Google Visa, MasterCard and the rest of their Jewish corporate organs, will accept certain crypto-currencies and reject the rest.

A year or 2 down the line, a researcher will then publish the fact 95% of the crypto's over hyped, promoted, pushed and finally accepted as the new normal will be Jewish owned, it happened organically and it's just another one of the anomalies. I BET MY FUCKING LIFE ON IT!