Cryptocurrency is a very controversial topic these days. Various companies are trying to take evasive action to avoid dealing with this type of money. Twitter seems to be the next company to get rid of cryptocurrency advertisements altogether. Some industry experts do not take kindly to this development, for obvious reasons.
TWITTER DOESN’T LIKE CRYPTOCURRENCY ADS
It has become painfully obvious that most technology giants and social media networks want nothing to do with cryptocurrency. In their opinion, this new industry is subject to a lot of scams, risks, and Ponzi schemes. While it is certainly true that things are not always rosy when it comes to cryptocurrencies, weeding out the illicit projects is not all that difficult these days. Even so, big companies tend to take a harsh course of action, for some reason.
Twitter is joining the likes of Google and Facebook in cracking down on cryptocurrency advertisements. This decision is not all that surprising, even though it does come at a quite worrisome time for the cryptocurrency industry as a whole. With all markets suffering from immense volatility due to regulatory pressure, these moves will not help the industry by any means. It is unclear why these companies would rather ban anything that doesn’t fit their narrow-minded business models than actively look for viable solutions which benefit everyone.
Crowd Machine Founder and CEO Craig Sproule commented on this development as follows:
As the crypto community continues to grow on Twitter, Telegram and Discord, so do the pervasive scams that seek to take advantage of people interested in the space. As a company with a legitimate offering, it’s crucial to recognize the underlying power of blockchain technology and how it will impact the world beyond the current hype. It’s not surprising that Twitter may be next and hopefully, the decision of major channels to ban advertisements will help stifle bad actors so that in the future, ads for good projects can live across these platforms.
Although Twitter has not officially confirmed it will ban cryptocurrency ads, it is not hard to see why people expect the company to do so sooner rather than later. Even though some of the people who originally got involved with Twitter remain confident that Bitcoin and other cryptocurrencies will make a positive impact in the long run, the company’s intention seems rather clear in this regard. It is an unfortunate turn of events, and it will be interesting to see if this turns out to be a smart decision.
CoinList CEO Andy Bromberg had this to say:
There is a tremendous number of low-quality projects in the cryptocurrency space — frauds, scams, and poorly thought-out concepts. This early in the industry, most businesses simply don’t have the resources and expertise to properly evaluate such token companies and separate the wheat from the chaff. In some cases, it may make sense for these businesses to take a step back from the industry and build their knowledge. Companies like CoinList and others rely on deep internal experience with digital asset technologies to make determinations about quality.
It is evident that the influx of new blockchain projects – mainly ICOs – has shaken up the industry in many ways. With so many empty promises and vaporware projects on the market right now, there are clearly a lot of risks when it comes to cryptocurrency advertisements. At the same time, these are the projects which can make social networks such as Twitter obsolete in the long run. It is a very interesting situation, although we may never know the exact reasons for the ongoing crypto crackdown.