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Author Topic: Facebook lifts crypto advertisement ban amid rumors of coinbase takeover  (Read 56 times)
Hydrogen
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June 28, 2018, 05:33:28 PM
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Facebook has reversed its controversial ban on cryptocurrency adverts, prompting further speculation that the tech giant may be planning something major in the space.

The lifting of the ban – put in place in January amid fears that ads were used for fraud – was welcomed by industry figures, with some saying that it indicated the firm's recognition of the potential of bitcoin and other cryptocurrencies.

"Customer safety and education about the market should remain a priority, but a blanket ban is a poor approach to new ideas," Iqbal Gandham, the UK managing director of the eToro investment platform told The Independent. "Technology giants like Facebook are aware of the potential of blockchain technology to fundamentally change the financial system."

But perhaps more significant than the immediate implications for cryptocurrency firms is what the move signals about Facebook's own ambitions.

Last month, the social network announced its biggest ever management reshuffle, which included the launch of an exploratory blockchain group that reports directly to the company's CTO, Mike Schroepfer.

At the head of the group is David Marcus, the former head of Facebook Messenger and a board member of Coinbase – one of the world's most popular cryptocurrency exchanges.

Rumours that Facebook is actually interested in buying Coinbase have previously been reported by The Economist, who noted that the lack of an incumbent giant in the crypto space is why major tech firms are joining investors and startups in showing an interest in the industry.

Experts say that not only could the acquisition boost Facebook’s value and utility, the involvement of the technology giant would add legitimacy to cryptocurrency markets.


"It wouldn't surprise me if Facebook made an attempt to acquire Coinbase," tech entrepreneur Oliver Isaacs told The Independent. "Whether [Coinbase CEO] Brian Armstrong and the team would agree is another question."

Coinbase did not respond to a request for comment about a potential acquisition but Mr Armstrong has previously stated his firm's ambitions of seeing cryptocurrency adoption reach a billion people.

"Today we're serving maybe 10 million customers," he said in a promotional video for Coinbase in March. "We would like to reach a billion people in the world who are using digital currency on a daily basis."

Facebook has more than 2 billion users, meaning any cryptocurrency it introduced could potentially have a greater reach than any single traditional currency.

A Facebook coin would also have a far greater reach than bitcoin or any of the other 1,500 or so cryptocurrencies currently on the market, while also serving as an actual currency rather than simply a store of value or speculative investment.

"If platforms like Google, Twitter and Facebook launched their own cryptocurrency it could be huge because of the user base," Phillip Nunn, CEO of Manchester-based investment firm Blackmore Group, told The Independent.

Facebook also declined to comment about rumours of a Coinbase takeover or its interest in cryptocurrency, with a spokesperson referring instead to a post by Mark Zuckerberg published in January in which he discusses the potential of decentralised currencies and other technologies.

"One of the most interesting questions in technology right now is about centralisation vs decentralisation," Zuckerberg wrote. "With the rise of a small number of big tech companies... many people now believe technology only centralises power rather than decentralises it.

"There are important counter-trends to this – like encryption and cryptocurrency – that take power from centralised systems and put it back into people's hands."

The Facebook founder concluded the post by saying he was "interested to go deeper" with these technologies and figure out "how best to use them" through Facebook's platform.

https://www.independent.co.uk/life-style/gadgets-and-tech/news/facebook-cryptocurrency-ban-coinbase-bitcoin-exchange-a8418841.html

Reading this made me laugh. Cheesy I'm not certain the public trusts facebook enough for there to be legitimate interest in anything facebook did in issuing or running its own crypto / blockchain based enterprise. Facebook being affiliated with crypto could be similar to Maduro of venezuela's crypto schemes not succeeding due to a lack of trust.

For whatever reason, I'm not certain people like Mark Zuckenberg. I see memes bashing him and saying unkind things about him on social media all the time.  Part of me expects the price of bitcoin to begin climbing... another part of me expects bitcoin's price to decline further if facebook buys out coinbase and perhaps gains negative public sentiment as a result?

How do people see this going?

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June 28, 2018, 06:53:05 PM
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Facebook being affiliated with crypto could be similar to Maduro of venezuela's crypto schemes not succeeding due to a lack of trust.

Not necessarily. FB being affiliated with a cryptocurrency exchange wouldn't have negative influence on said crypto. Many people are willing to trust FB with their private data, pictures, locations and such, despite all the leaks and accusations. At the same time many people are not willing to trust cryptocurrencies because big companies aren't promoting it. FB would attract a certain customer. The one that is careless, buys the things that are the most advertised, doesn't read the reviews, just sticks with a brand.

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Kprawn
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June 28, 2018, 07:04:12 PM
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The whole Facebook ban was more of an embarrassment that they could not properly manage a difficult situation, than

protecting their customers. Now, that they are prepared for this, they unban Crypto Ads, because they are most probably

geared for this now. They are possibly even working on their own Blockchain based technology.  Roll Eyes

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June 28, 2018, 07:06:33 PM
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I heard this news a few weeks ago, I'm very strange why at this time many parties are trying to come into play in crypto, until a large company also joined to disturb the calm cryptocurrency,  Huh I hope it does not have such a huge impact that it makes the crypto worse off  Grin some time ago a hot news from the country that banned bitcoin, after that from the google who wanted to ban a crypto ad, and now facebook probably next month from KFC or Coca Cola Grin

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June 28, 2018, 07:09:46 PM
 #5

This is interesting. I do not think this will happen in this year. The interest and usage of crypto currency is not enough to get payments on Facebook with crypto currency.
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June 28, 2018, 07:16:18 PM
 #6

Like we really need a Facebook coin.  This is what makes the whole altcoin scene a joke--there are way too many coins that everyone slapped their "brand" onto, and people basically only buy them in order to sell them for a higher price to the next sucker.  That's fine, but what happens when people wise up and realize that there's no need for these things?

FB buying Coinbase is interesting, though.  That could be huge.  The market doesn't seem to think it's big news, though, since the price of bitcoin hasn't moved at all.  I'm not a firm believer in super-efficient markets, but I'd expect bitcoin to have some sort of reaction, even if it is just a rumor at this point.

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June 28, 2018, 08:48:54 PM
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Firstly, it is obviously good that is lifting that ban. However, the effects of the ban if it did happen were probably exaggerated a lot. Most ads that are running on their platform are fraudulent crypto ads anyways, and only a small proportion are legitimate companies trying to advertise themselves.

It's a quick turn from that ban to all of a sudden allowing it again, though, considering the amount of companies that followed FB's ad ban.

As with the coinbase rumours, I don't think that it's likely at all. Even the person which the article quotes stated that "I wouldn't be surprised if FB acquires Coinbase". There is no solid evidence for this yet, and obviously it's way too early to say anything.

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June 28, 2018, 10:34:34 PM
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Facebook with twitter don't even know that they do, future is behind ICO, DAICO and they ruined this.
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June 28, 2018, 10:59:59 PM
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As with the coinbase rumours, I don't think that it's likely at all.
I think facebook taking over Coinbase is very likely if they want to expand their business from a social media platform to an exchange/wallet. I also think that them buying Coinbase is better than them creating a crypto of their own.
I do not think this will happen in this year. The interest and usage of crypto currency is not enough to get payments on Facebook with crypto currency.
This can happen within the year IMO. If there are not enough interest and usage of cryptocurrency to get payments on Facebook with cryptocurrency, them buying Coinbase might change public's level of interest to use crypto to settle payments on Facebook.

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August 04, 2018, 09:58:28 PM
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This is interesting. I do not think this will happen in this year. The interest and usage of crypto currency is not enough to get payments on Facebook with crypto currency.
Facebook is definitely thinking about making this decision. Certainly there are huge profits that can not be denied. Especially this will be a powerful phenomenon for the community, because the power of Facebook is too large. It will accelerate many times faster for the fast growing market.
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