Facebook bans crypto advertising. Then says it’s working on its own crypto coin.

[manlyxman]

"The biggest management reshuffle in Facebook’s history has revealed the social network’s intentions to develop blockchain technology, though it is not yet clear for what purpose.

David Marcus, the former head of Facebook Messenger, announced this week that he will lead an exploratory blockchain group that will report directly to the company’s CTO, Mike Schroepfer.

Mr Marcus made the announcement in a Facebook post on Tuesday, 8 May, following rumours that Facebook CEO Mark Zuckerberg is interested in creating his own cryptocurrency. But very few details were given about what Mr Marcus's team will actually be working on. "

https://www.independent.co.uk/life-style/gadgets-and-tech/news/facebook-cryptocurrency-launch-bitcoin-blockchain-david-marcus-a8343261.html

Honestly, a lot of people saw this coming. But I can't think of a reason why anyone would want to buy their coins

[sunsilk]

But I can't think of a reason why anyone would want to buy their coins

It's facebook, it's a multi billionaire company that has millions of users that can assure you good return once their coin is created.

Think of the standards of other investors.

If there is a project that is being partnered with a legit company, everyone is rushing to invest on it.

That's what everyone is looking for, a coin that is being backed up by a real company.

[ICO Lancer]

But I can't think of a reason why anyone would want to buy their coins

It's facebook, it's a multi billionaire company that has millions of users that can assure you good return once their coin is created.

Think of the standards of other investors.

If there is a project that is being partnered with a legit company, everyone is rushing to invest on it.

That's what everyone is looking for, a coin that is being backed up by a real company.

People are definitely gonna be curious and buy whatever Facebook touches.

The only advantage I can think of is introducing the public to cryptocurrency and educating more people about it, though I think their coins will also raise some privacy issues.

[pey]

There is big contradiction, I agree but banning crypto advertisements at least temporarily is good for the community because most of the projects advertised through facebook are obviously scam.

[BeruchN]

Interested to see what will come out of it. Facebook is really huge, but I don't know just how good their cryptocurrency will be.

[skelethon]

There is big contradiction, I agree but banning crypto advertisements at least temporarily is good for the community because most of the projects advertised through facebook are obviously scam.

Can't blame them, they were just covering their asses, like many platforms doing the same. besides if the bans push away only the scammy ICOs, that's a good thing.

[sunsilk]

But I can't think of a reason why anyone would want to buy their coins

It's facebook, it's a multi billionaire company that has millions of users that can assure you good return once their coin is created.

Think of the standards of other investors.

If there is a project that is being partnered with a legit company, everyone is rushing to invest on it.

That's what everyone is looking for, a coin that is being backed up by a real company.

People are definitely gonna be curious and buy whatever Facebook touches.

The only advantage I can think of is introducing the public to cryptocurrency and educating more people about it, though I think their coins will also raise some privacy issues.

That can be the advantage if a well known company is going to adopt blockchain and will do it's own coin for the sake of their profit but to us, it can be a good addition to the mass adoption.

It's not about curiosity to us anymore as every company that sees crypto, they only see it this way.

But for the newbies and people who doesn't heard about cryptocurrency or skeptics this can be a challenge to them to take if they will remain to have that mindset of being skeptic or just adopt the upgrades.

[Bay_Harbour_Butcher]

facebook is actually not wrong in taking the decision to banned ico ads, because it is very positive to reduce ICOs scam, and maybe for the short term impact on the decline in investor interest, thus affecting the market downturn, but I am sure in the long run later, people will start to trust with ICOs investment, because there is no more scam ico like it used to be

[shirackjs]

I believe the Facebook ban in crypto advertisement is to prevent scams targeting at Facebook users. It is not targeting at crypto currencies or blockchain. It is not surprising that Facebook is creating its own crypto currencies since the founders have been supportive in crypto.

[dealung]

Because they just realized if the world of crytpo can generate much profit for Facebook, where people promote ICO through Facebook then why do not they do that?
Maybe there they think will make a coin for Facebook.

[Wuddly]

Recently, Facebook has noted negative rhetoric regarding crypto currency. However, the position of the social network - a decrease in the number of users, a drop in capitalization from 538 to 464 billion dollars - made the company change its views on this area.

[IrenNTA]

Actually I haven't noticed any crypto bans in Facebook since they announced it. I think that they had to announce it due to some law regulations, but they didn't take any actions to start banning ICO pages or advertising posts. The same for Tweeter and Google, we heard their announcements but fortunately they didn't started banning anything, as it would have only negative affect for cryptocurrencies and ICOs.

[mktpromp]

Yes it is true. Facebook has understood the fact of crypto industry and blockchain. And appointed one of the most efficient guy to explore the technology. I think and believe that it will get another dimension of development just after the exploration.

[sainaselalisa]

why there are afriad of other coins , if they want to make their own i don't have any proble, but why they are blocking others or crypto related ads. maybe they are not confident enough about their upcoming coins.

[entemeister]

Well, they are really two different matters, Facebook banned ICO ads but that doesn't mean that they are against cryptocoins. However, it is striking that facebook wants to launch its own cryptocoin considering that the basis of the crypto ecosystem is trust and Facebook suffers a crisis of confidence due to the Cambridge Analytica scandal.

[ronsalwey9874]

I think Facebook took a good attempt towards cryptocurrency. There are millions of users of facebook . Itroducing blockchain system over here would prove to be quite profitable.

[Arvydas77]

I don't think how about you but I still see masked cryptocurrency adds on my facebook dashboard.

[richman3451]

all that relate to facebook I'm sure there will be a good project and then they forbid advertising it to avoid fraud

[poodle63]

"The biggest management reshuffle in Facebook’s history has revealed the social network’s intentions to develop blockchain technology, though it is not yet clear for what purpose.

David Marcus, the former head of Facebook Messenger, announced this week that he will lead an exploratory blockchain group that will report directly to the company’s CTO, Mike Schroepfer.

Mr Marcus made the announcement in a Facebook post on Tuesday, 8 May, following rumours that Facebook CEO Mark Zuckerberg is interested in creating his own cryptocurrency. But very few details were given about what Mr Marcus's team will actually be working on. "

https://www.independent.co.uk/life-style/gadgets-and-tech/news/facebook-cryptocurrency-launch-bitcoin-blockchain-david-marcus-a8343261.html

Honestly, a lot of people saw this coming. But I can't think of a reason why anyone would want to buy their coins

I just try to get some point but it looks like that news still included on the prediction about the future roadmap of facebook company. This is still a speculation and it needs the more confirmation to the facebook company itself especially from zuckerberg.

[Quincy01]

This is interesting! I could remember when I posted on Facebook about a bounty I was advertising and was amazed when I got a reply from Facebook shortly, stating that my post has been deleted, that was when I realized that it seem there is a ban on advertising about cryptos on Facebook. On the other hand, if Facebook tend to release their own coin, that project will attract millions of investors across the globe because Facebook have already made a name and have good reputation.