Facebook bans bitcoin and other cryptocurrency ads in broad move to curb scams

In a move that will have far-reaching consequences for legitimate and illegitimate businesses alike, Facebook has effectively banned any and all Bitcoin advertising.

Cryptocurrencies
Cryptocurrencies


In a game-changing move for cryptocurrency investors everywhere, Facebook as elected to ban all forms of advertising for bitcoin and all other ICOs (initial coin offerings) on the platform.

Facebook’s new advertising guidelines state “Ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency.”

Rob Leathern, Facebook’s Product Management Director, acknowledges in a new blog post that these measures are “intentionally broad,” and they will be refining their policies as they identify bad actors and step up their enforcement efforts across Facebook and Instagram’s advertising networks.

Bitcoin’s value skyrocketed from just under $1000 to nearly $14,000 per coin in 2017, prompting a wave of new investors and alternative cryptocurrencies coupled with a wave of opportunists looking to take advantage of crypto neophytes. Scams including misleading advertisements, fake ICOs (like the recent Prodeum scam, which resulted in identity theft after an agricultural-based crypto startup vanished overnight) and shady apps have become commonplace while the crypto world has grappled with the sudden spotlight.

This latest change to Facebook’s safety policies comes in the wake of recent changes to the social network’s privacy tools, including the ability to limit the kinds of information advertisers can use to display ads in users’ News Feeds.

It should come as no surprise that the latest fluctuations in the value of bitcoin at the beginning of 2018 (causing some individual investors to lose tens of thousands of dollars in a day) would have finally raised questions about regulation and transparency regarding cryptocurrency investment opportunities—but it's quite clear that nobody expected Facebook to be the first ones to pull the trigger and in such broad terms on this specific issue.

 


 

 

How New York's largest hospital system is predicting COVID-19 spikes

Northwell Health is using insights from website traffic to forecast COVID-19 hospitalizations two weeks in the future.

Credit: Getty Images
Sponsored by Northwell Health
  • The machine-learning algorithm works by analyzing the online behavior of visitors to the Northwell Health website and comparing that data to future COVID-19 hospitalizations.
  • The tool, which uses anonymized data, has so far predicted hospitalizations with an accuracy rate of 80 percent.
  • Machine-learning tools are helping health-care professionals worldwide better constrain and treat COVID-19.
Keep reading Show less

3,000-pound Triceratops skull unearthed in South Dakota

"You dream about these kinds of moments when you're a kid," said lead paleontologist David Schmidt.

Excavation of a triceratops skull in South Dakota.

Credit: David Schmidt / Westminster College
Surprising Science
  • The triceratops skull was first discovered in 2019, but was excavated over the summer of 2020.
  • It was discovered in the South Dakota Badlands, an area where the Triceratops roamed some 66 million years ago.
  • Studying dinosaurs helps scientists better understand the evolution of all life on Earth.
Keep reading Show less

World's oldest work of art found in a hidden Indonesian valley

Archaeologists discover a cave painting of a wild pig that is now the world's oldest dated work of representational art.

Pig painting at Leang Tedongnge in Indonesia, made at 45,500 years ago.

Credit: Maxime Aubert
Surprising Science
  • Archaeologists find a cave painting of a wild pig that is at least 45,500 years old.
  • The painting is the earliest known work of representational art.
  • The discovery was made in a remote valley on the Indonesian island of Sulawesi.
Keep reading Show less

What can Avicenna teach us about the mind-body problem?

The Persian polymath and philosopher of the Islamic Golden Age teaches us about self-awareness.

Photo by Andrew Spencer on Unsplash
Mind & Brain
Philosophers of the Islamic world enjoyed thought experiments.
Keep reading Show less
Videos

The incredible physics behind quantum computing

Can computers do calculations in multiple universes? Scientists are working on it. Step into the world of quantum computing.

Scroll down to load more…
Quantcast