Bitcoin Sinks As Google Moves To Ban All Crypto, ICO Ads In June

[Hydrogen]

Mimiccing its biggest rival for ad dollars - Facebook - Google will ban online advertisements promoting cryptocurrencies and initial coin offerings, and "other speculative financial instruments" starting in June.

Some aggressive businesses found a loophole: purposely misspelling words like "bitcoin" in their ads. A Google spokeswoman said the company’s policies will try to anticipate workarounds like this.

The reaction was immediate across the crypto space but for now is somewhat subdued...



Link to image: https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-13_21-07-07.jpg

Alphabet’s Google said the new policy will become effective in June across ads bought on its search and display-advertising network, as well as its YouTube unit.

But, as The Wall Street Journal reports, the policy also will restrict ads for nontraditional methods of wagering on the future movements of stock prices and foreign-exchange, such as binary options and financial spread-betting, Google said.

Google said last year it removed more than 130 million ads that were used by hackers to mine for cryptocurrency. That is a very small percentage of the ads run on Google’s ad network.

The company’s director of sustainable ads, Scott Spencer, declined to comment on how much potential ad revenue the company would be turning away by enacting the new policy, saying the decision was made to prevent consumer harm.

One wonders when the crackdown will start on inverse VIX ETFs, or just S&P ETFs, or brokerages? Aren't they all capable of doing consumers "harm"?

As a reminder, here is Facebook's justification:

We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.

This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve.

We also understand that we may not catch every ad that should be removed under this new policy, and encourage our community to report content that violates our Advertising Policies. People can report any ad on Facebook by clicking on the upper right-hand corner of the ad.

This policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook.

Which roughly translated is "because we know what's best for you!"

https://www.zerohedge.com/news/2018-03-14/bitcoin-sinks-google-moves-ban-all-crypto-ico-ads-june

CNBC link for those who dislike ZH: https://www.cnbc.com/2018/03/13/google-bans-crypto-ads.html

....

Recently there have been calls for google to return to its ages old stance of: "don't be evil"? I'm not certain if this qualifies.



This could open the door to smaller and more independent advertisers gaining market share on both google and facebook. It is reported that there are many small crypto exchanges like Robinhood.com who are gaining millions of new accounts due to banks and others banning the purchasing and selling of cryto.

There is clearly a market demand for the purchase and sale or crypto and there is undoubtedly a demand for advertisements. This linked demand could be denominated in millions of dollars. That money has to go somewhere. If facebook and google don't want the cash revenue, it is likely to go elsewhere which could undermine those larger entities over the long term.

[Eternu]

Dropping out those adds was smart thing if you ask me, because Facebook's and Google's reputation was on stake. Those adds would hurt people by scamming them, and those people would blame this companies. So I guess it was right thing to do, to ban all those adds. Also I think that this ban is only for limited time, at least until crypto is regulated fully. Big companies hate passing good deals that could bring them more money.

[arpon11]

What is really happening? This same people has spoken positive about crypto currencies some months ago and they are turning around again to say they are banning its activities on their sites. I think this may be out of greed and hatred for bit coin because it is decentralized and people did like it more than than fiat and the old system of fund raising we were having before.

[hugeblack]

If this news at the beginning of the appearance of Bitcoin will have an effect, but everyone knows Bitcoin now.
As you said, advertisers will look elsewhere.
If this ban occurs, the positives will be more than negative :

• first page google search scammers
• Reducing the success of scam airdrops
• Low price of Bitcoin in the short-term

[pogiparin]

google banning bitcoin hurts the cryptocurrency world since google is an advertising platform. investors would want to invest on other corporations

[cryptojac17]

If this news at the beginning of the appearance of Bitcoin will have an effect, but everyone knows Bitcoin now.
As you said, advertisers will look elsewhere.
If this ban occurs, the positives will be more than negative :

• first page google search scammers
• Reducing the success of scam airdrops
• Low price of Bitcoin in the short-term

Yeah there are  positive things that would  happen if this would be implemented one of those are the protection of the people who patronize crypto currency against scam and for  the Google company reputation. So that if you say  Google everything you can  read and seen is reliable. The negative effects is that the Google company will lost some of their followers that patronizing crypto currency.  

[TERA2]

We have nobody to blame but ourselves - all the ads posted were complete garbage for scams like ICOs, newsletters, and trading robots that steal your money. The move was to protect all the people getting scammed. I dont think it was to 'ban bitcoin'.

[jtipt]

What is really happening? This same people has spoken positive about crypto currencies some months ago and they are turning around again to say they are banning its activities on their sites.

Dont misunderstand this move as hatred toward cryptocurrency. This is just a precautionary method to prevent people from getting scammed by the scam ICOs, I would advise not to read too much into it. Scam ICOs are the majority who advertise using Google ads, sooner or later it had to be taken care of.

[iv4n]

We have nobody to blame but ourselves - all the ads posted were complete garbage for scams like ICOs, newsletters, and trading robots that steal your money. The move was to protect all the people getting scammed. I dont think it was to 'ban bitcoin'.

You are right but it's stupid to think that blockchain invented scams, like google doesn't have million other scams going on there. Do you wish a cure for cancer, check google what kind of answers you will get? Why don't they get into the war with pharmaceutical companies and corporations?
This is a war, they will chose a side if they bank crypto and that wi the beginning of their end. I use google but who f. them, I'm thinking about tor for sometime, we will use something else and we will win in the end. Google is strong but they can fall too if they make a wrong move, if they really do this I will think with right that they wish to protect corporations, governments and to f. off little man, I with delete my google chrome immediately, they can't win!

[aceptamosbitcoin]

Let's ban it. I've never found any useful ads there anyway. All useful stuff is in the results, not the ads.

Most of Google Ads I've seen about crypto's are phishing sites when you are googling about MEW, Etherdelta, etc.

[TERA2]

The barrier to entry to creating a bitcoin scam and then advertising it to 2 billion people to make a fast $10 million was too low. Just copy some code and change a couple lines. Most of the cancer scams have to launch a company and get securities registered with the SEC, etc.

[Naficopa]

Let's ban it. I've never found any useful ads there anyway. All useful stuff is in the results, not the ads.

Most of Google Ads I've seen about crypto's are phishing sites when you are googling about MEW, Etherdelta, etc.

We will see how it will bring results. If the phishing and ICO scam sites disappear from the search engines, it can have a positive impact on the cryptocurrencies.

[Lieldoryn]

When you talk about phony, I have no questions. But we are talking about all the ICO without exception. Who can determine that the project is a Scam before it starts to work? This is not a method of combating fraud. Many good projects will not be able to receive financial support. Again, the rich and corporations will decide the fate of all technologies.

[gentlemand]

Almost every single ad relating to this area is attempting to relieve you of your money nefariously. If it isn't outright scams like blockchain.info redirects, it's ICO bollocks with no intention of ever producing a return.

Can't say I blame them myself. Now to get anywhere all of these projects will need to become actually worthwhile. That's a tall but necessary order.

You are right but it's stupid to think that blockchain invented scams, like google doesn't have million other scams going on there. Do you wish a cure for cancer, check google what kind of answers you will get? Why don't they get into the war with pharmaceutical companies and corporations?

Nah. I don't think there's any area as genuinely and consistently worthless as crypto advertising. Sure, there's plenty of crap elsewhere but with crypto stuff you know misery is in the bag before you even click on it.

[cryptocrusher]

I feel that this news isn't nearly as big as it sounds. When actually using google I've very rarely come across crypto adverts and they're all for shitty scammy ICOs when I do see them. If anything it could actually be a positive, it definitely should not be hurting the price of bitcoin so significantly, I think there's more to that price fall than just this news.

[Sukovsky]

Bitcoin is going down regardless of any news. It's just the end of this bubble. Would help when people would fucking realize this for a sec.

[Eternu]

When you talk about phony, I have no questions. But we are talking about all the ICO without exception. Who can determine that the project is a Scam before it starts to work? This is not a method of combating fraud. Many good projects will not be able to receive financial support. Again, the rich and corporations will decide the fate of all technologies.

You are correct, good projects will suffer from this outcome. But look it from their side. They can't know which project is scam and which isn't. In sea of ICO's and scam projects it would be nearly impossible to find and root out scamming ones. So in this case simplest way is most effective, and that is: ban all of them. I believe that in time that will change, but till than this is best course of action I guess.

[ohlawdy]

I can agree if you aren't promoting any other scams , but they don't have a problem with the many phishing sites that are 1 on google. On the other side who where bought crypto because of a google ad , not much if any imo.

[jhenfelipe]

Personally, I don't click on google ads. I think it's not a big deal for users, maybe for the advertisers yes. I've seen several posts about being scammed and victim of phishing sites because they clicked on google search result which most likely is the ad because it shows first.

Isn't it good that Facebook and Google want to protect their users from scammers/phishers/hackers through their ads regardless of the revenue they might get if they allow it?

[darkangel11]

Bitcoin is going down regardless of any news. It's just the end of this bubble. Would help when people would fucking realize this for a sec.

What bubble? Quoting a post that I liked: "BTC it's not a bubble, it's a pin"
I hope you got rid of those worthless coins. Just don't come back crying in a few months.

As for google, somebody should ask them where does freedom end. Are they planning to ban all advertising? Probably not. So what is their problem with cryptocurrencies? They are an industry like any other. They are accepted in most countries and if something is not against the law and they are banning it, they are discriminating against it. People should start suing them.