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This initiative basically says to block everyone who advertises in your timeline. I like the idea.
On a related note, I started using Steemit today, and I already have dozens of people muted for posting obnoxious crap such as pump and dump ‘signals’, scamcoin advertisements or just unintelligible nonsense. I thought Steemit was supposed to be a place where people with vetted accounts would post high quality content; hell, I waited a couple of weeks to get my account application accepted. Oh well.
Any other ideas for dealing with spam on social media?