Exclusive: Blockchain Space Unfazed by Social Ban on Crypto Ads
The blockchain and cryptocurrency communities remain unrattled by the ban social media giants have imposed on crypto-related ads.
Facebook and Google have imposed bans on initial coin offering (ICO)- and cryptocurrency-related advertisements, with Twitter threatening to follow suit.
But the blockchain industry, which should be most affected by the sweeping crackdown, is shrugging off these moves as a distraction with a minimal effect on the growth and development of the nascent technology.
Cryptovest discussed the issue in exclusive interviews with a couple of executives involved in blockchain projects ranging from digital currency development and ICOs to investments, trading, and consultancy services. They told us they were not worried by the ban, which could even cost these social media websites the loss of millions of dollars in potential advertising revenue. In the long run, they may be left holding the proverbial “empty bag.”
Singapore-based Kevin Lew, marketing manager at CryptoProfile, told Cryptovest “It doesn’t affect much” when asked how he views Google’s and Facebook’s recent actions.
Another blockchain developer and consultant, Todd Kandariz of StepWyze, said that while Google’s ICO ad ban will affect the cryptocurrency market, its impact will diminish over time. He described the decision as a futile attempt “to stem the tide of the eventual replacement of the old centralized economy with the newly decentralized crypto-economy.”
Kandariz said in an e-mail:
“Once again, we see Google, like Facebook before, is making the same short-sighted mistake, in using legacy centralized control thinking, in an attempt to combat the inevitable. These self-obsolescing companies that make these types of decisions cannot conceive a world where they do not control things and are incapable of envisioning a world where egalitarianism and reputation will be the true currency of the realm.”
According to these executives, the global market is evolving, and someday we will wake up to a world where the paradigm of sectors that value control will no longer apply. They said that Google, Facebook, Twitter, and the rest of the world have to accept that the ground is shifting beneath their feet while they admire their own visage and refuse to see the cracks opening to swallow them.
“They are in essence committing the very acts which hasten their own demise. They are creating the reputation today that will eventually highlight their inability to see their own coming irrelevance, and that is a fatal mistake,” Kandaris added.
In an earlier interview with this writer, Kandaris described Facebook’s ban on crypto ads as a form of censorship.
Social media crackdown against crypto-related scams
Last week, Google posted an official statement on its website saying it would update its ad policies concerning financial services and ban advertisements related to ICOs and digital currencies. The decision comes as part of a clampdown on unregulated and high-risk financial products.
On Sunday, it emerged that Twitter is planning to follow in the footsteps of Facebook and Google and ban crypto-related ads.
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