Facebook- the social media giant has recently banned all ads relating to cryptocurrencies including ICOs and Bitcoin educational seminars. Moreover, even articles on cryptocurrencies can no longer be boosted.
Considering Facebook’s claims that it is doing so to stop the scams associated with some ICOs, it seems like a suspect reason and a poor excuse.
Based on that rule, every industry would have to be banned from advertising considering there isn’t an industry on the planet that doesn’t have any scams involved.
It’s obvious to everyone that Facebook has been pressured to stop the growth of cryptocurrency by the powers to be who many believe run the biggest financial scam, i.e. the US Federal Reserve and Central Banks’ reckless printing of money.
This is the very reason Bitcoin was created.
Recently it’s been reported that a group of early stage Bitcoin investors have had enough of Facebook’s antics and intend hurting Facebook where it hurts the most.
That is its hip pocket.
The hundreds of millions in cryptocurrency advertising that was going to Facebook is now looking for a new home. Thus, they have decided to launch a new social media platform using the blockchain technology and creating its own coin that will not only allow boosted posts on crypto and other industries, but also improve on Facebook’s many weaknesses.
They are under no false impression and understand that becoming as large as Facebook is unlikely. However, they also realise a media platform just 1% of the size of Facebook can create a multi-billion dollar company.
The name of the platform is yet to be released, but developers have already started working on it.
A company spokesperson said, “when Facebook started, it had no idea how to make money- nor did they even think they could. Starting now, we already have a proven business model to follow, but we can improve on many of Facebook’s weaknesses. Plus, we intend on sharing the future ad revenues with our content creators, i.e. the users.
“Facebook pays nothing to the people that create its content whilst the social media platform makes hundreds of billions of dollars in ads”.
It’s reported that each user is worth $27 to Facebook in advertising per month.
The spokesperson went on to explain, “some of that should be shared back to the user and of course highly active users i.e. influencers would be worth much more. These people plus the crypto community is expected to support such a project”.
Could this bring the Winklevoss Twins back into direct competition with Zuckerberg? They won a $65 million court case when they claimed Zuckerberg stole their idea for Facebook. They wisely invested $11million of this into Bitcoin years ago and are reportedly now billionaires.
By dumping the crypto industry so harshly for invalid reasons, Facebook may have just stirred an industry big enough and powerful enough to seek revenge upon them.
Considering that the crypto industry’s combined market cap of $600-$800 billion is actually larger than Facebook’s $560 billion, Facebook could learn the lesson that it’s never a good idea to p*** off your customers.
Details for the ICO of the new social media/business platform are expected to be released shortly. The ICO is expected to be very popular, especially since there is hundreds of millions in ad dollars already.
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