2018 has started quite hectic for the cryptosphere. Today, another prominent former small player turned-into-Giant, Twitter, seems to have forgotten its roots. A few hours ago, Twiter made public (confirming some previous rumors) that it will Ban ads related to cryptocurrencies and ICOs advertising across the globe.
The move comes after Facebook and Google announced similar steps recently.
According to many news outlets, the reason behind is the concern of the company regarding customers who may fall easily as preys of scams in the form of ICOs or crypto related solicitations.
Besides from some obvious jokes, there are specific facts to be considered. We may have all seen deceptive ads on the internet, and it just takes some cookies showing you are into cryptos and your facebook feed will feed you things as "Invest in the best ICO in the world, 1000% guaranteed." "Pamela Anderson vouched for this ICO", etc.
There is one case that is quite famous, and I see it all the time in Twitter, is when crypto related renowned individual makes a Tweet and immediately below you can see a sub-tweet promising to giveaway tweets to the public. Of course, to receive them, you need to send a small 0.10 ETH to the claimed ETH address (ahem...).
To provide the Tweet with more credibility an army of Twitter bots will post alleged ETH addresses receipts of the claimed received free ETH tokens.
You do not need to be stupid or a rookie into the scene to fall for that; the truth is the fake accounts look 100% legit most of the time (if in doubt float your pointer above the name to see the real @username).
Let's look into one example;
So, (ROFL) he tweets that any comment that is claiming to giveaway ETH is a scam. And then like 15 comments below, Ta-Dan! there is a Binance @VutinButerin trying to hunt some people down.
Unfortunately, as many times before the excellent and good-will projects lose a chance to advertise sustainable and worthy ICOs, which have nothing to do with scams, ponzis, or reap off schemes. But, there is a need for measures as the ones from Facebook, Twitter and Google. The internet allows a wide array of possible investors (and victims) to come across solicitations and schemes, which people fall easily for. The ultra-hype that happened end of last year was a definite red flag that regulation was needed.
Now, the big internet companies are clamping down on this nascent industry, like in a falling knives catch, trying to avoid possible fines on them for allowing deceiving advertisement. The guilt would be on them for getting a nice profit on that in the form of ads.
Twitter made a statement on Monday,
“We are committed to ensuring the safety of the Twitter community,”
“As such, we have added a new policy for Twitter Ads relating to cryptocurrency . . . We will continue to iterate and improve upon this policy as the industry evolves.”
According to CMC the Crypto Market has reacted quite negatively on Monday, partially to the Twitter announcement (we assume). The Top20 shows an average of 10% in the red. It is expected to continue further coincidentally with BTC failure to remain above the 9.000 mark. At press time it was trading at an average of USD 7.977 per Bitcoin.
These are times of transition, one may say of tribulation for the crypto space. As in a kind of purge, we need to go through some adverse times which may allow the fittest to stand high and robust above the fallen projects. We have seen all kind of projects succeed in reaching dozens of million in ICOs, many times to be then forgotten to oblivion by the media.
Let us Twitter remind us that we are dealing with the monies of thousands of believing small investors, some of them who have played with their life savings. We also as bloggers are bound to defend these people first in front of greedy entrepreneurs looking for a quick buck. That is another reason why I have personally declined to make reviews on lousy low-reputation-scammy companies.
 @Santana33 | ||
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