The Good and Bad From Facebook’s Crypto Advertising Ban

You think you’re free. You think you can say what you want. You think that there are rights for freedom of speech.

You would think wrong.

Never before has there been such a threat to what you can or can’t say — or what you can or can’t do.

Your life no longer belongs to you. It belongs to those who think they know what’s right for you.

But they don’t. No one knows what right for you, except for one person; you.

You should have the freedom, to make your own decisions based on information and data. Except the problem you now face is that centralised authority and control already manipulate what decisions you make.

Are you happy about that? You shouldn’t be.

And when we talk about centralised control we’re not just talking about government and central banks. We’re not just talking about the giants of Wall St. We’re talking about the so called ‘better world’ companies like Google and Facebook.

The power they wield is god-like. The decisions they make affect you directly, every day, without fail. And what they deem to be right, is not necessarily what you might deem to be right.

But it doesn’t matter what you think. It only matters what they think.

It’s time you did something about it.

You cannot speak the truth anymore

Google and Facebook have decided to crack down on advertisements that have anything to do with bitcoin and cryptocurrencies. Facebook have banned them entirely.

If you’re talking about ICOs or which are the safer cryptos to invest in, you’re banned. If you’re trying to point out to everyday investors what scams look like or how to navigate the risky world of crypto, you’re banned.

And these centralised tech giants did it without warning, with the flick of a switch.

One minute you’re running an effective advertising campaign to help educate people about this world-changing opportunity. Then next minute they turn the lights out.

Now there’s nothing inherently wrong with advertising. How else do you expect to reach people that you might not otherwise be able to? And to be frank, our own business involves a lot of marketing.

We sometimes get a bit of stick for it. But at the end of the day, we’re regulated, professional advisors providing services that tens of thousands of Australians subscribe to.

Our services are regulated; we answer to ASIC. We’re accredited advisors that have to maintain ongoing professional development and training.

And when it comes to providing advice and services on cryptocurrency, we take the same approach. We don’t do it on a whim and a prayer. We make sure that those of us providing crypto services, such as myself and Ryan Dinse, have the appropriate knowledge and experience. 

We treat advising on crypto in the exact same way we approach advising on stocks or other investments. We take our professionalism, ethics and integrity seriously and protect those values for everything they’re worth.

It’s why we get so frustrated that the crypto world is full of scammers and fraudsters. That any punter can pretend to be someone they’re not on YouTube and pull thousands of suckers along for the ride.

Where people can get onto Facebook or Google and advertise their scams and fake services with no more than a few months experience.

There is no doubt that the crypto world needs to get those fakers out. That regulators need to step in and say, if you’re providing advice that you need to have some kind of professional standing.

But right now regulators don’t want to be proactive. They’re sitting back just trying to figure all this out. And in the meantime, in an attempt to do the right thing Facebook have decided to ban all crypto advertising.

They’ve thrown legitimate, professional, businesses in with the scammers, fakers and charlatans. They’ve applied the ultimate form of censorship there is. And blanketed the whole cryptoconomy with one tarnished brush.

We actually need regulation

Now there’s good and bad with this.

The good side is that a ban on crypto advertising will eliminate all the scams out there. It will put an end to those promising the world that simply cannot deliver. It will mean the likes of BitConnect never see the light of day.

But then there’s the bad news. Advertising for those who aren’t scammers will also cease. It will mean that as consumers, as potential investors in crypto markets, there will be a huge number of people that won’t know where to go or who to listen to.

It will mean that people will continue to turn to paid ‘pumpers’ on YouTube. These unethical people who get paid to ‘pump’ a crypto to the masses, all the while holding a secret stash of that very crypto. Which they sell out of once their pump is complete.

Driving away legitimate, ethical, professional crypto advisers from advertising isn’t going to help the broader crypto community. It’s going to make it harder for the average retail investor.

What we need is a set of standards for those who wish to advise other people. To provide advice in Australia or the UK you need to pass professional education standards — which we have. To recommend stocks or financial investments, you must pass knowledge test and prove you’re capable — which we do.

But for crypto, you need…you need…well you don’t need anything. You have to show no form of experience, education, and knowledge. You just need to be good on social media. And that is frankly unacceptable.

We welcome regulation into the world of crypto. The fact is that too many are getting away with scamming people, and it needs to stop. But the approach taken by Google and Facebook isn’t going to work.

A blanket ban is too extreme. We need to stamp out the scammers. We need to promote those with a legitimate professional standing.

Anyone that can’t or won’t adhere to some kind of accountability in that respect, deserves no place advising on crypto.

It’s a delicate balance between ensuring consumer safety and enabling free market participation. Not an easy task, we might add. But nonetheless, something that we expect will come in 2018.

It’s long overdue.

Sam Volkering,
Editor, Secret Crypto Network

Sam Volkering is an Editor for Money Morning and is small-cap, cryptocurrency and technology expert.

He’s not interested in boring blue chip stocks. He’s after explosive investments; companies whose shares trade for cents on the dollar, cryptocurrencies that can deliver life-changing returns. He looks for the ‘edge of the bell curve’ opportunities that are often shunned by those in the financial services industry.

If you’d like to learn about the specific investments Sam is recommending in either small-cap stocks or cryptocurrencies, take a 30-day trial of his small-cap investment advisory Australian Small-Cap Investigator here, or a 30-day trial of his industry leading cryptocurrency service, Sam Volkering’s Secret Crypto Network here.

But that’s not where Sam’s talents end. Sam specialises in finding new, cutting edge tech and translating that research into how the future will look — and where the opportunities lie. It’s his job to trawl the world to find, analyse, research and recommend investments in the world’s most revolutionary companies.

He recommends the best ones he finds in his premium investment service, Revolutionary Tech Investor. Sam goes to the lengths of the globe and works 24/7 to get these opportunities to you before the mainstream catches on. Click here to take a 30-day no-obligation trial of Revolutionary Tech Investor today.

Websites and financial e-letters Sam writes for:

Money Morning Australia