Facebook bans ICO/crypto ads. Fake news?
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don't get rekt...it's harder than you think.
Buying or selling based on a headline is a good way to #rekt in crypto
— Carter Thomas (@carterthomas) January 30, 2018
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Facebook bans ICO ads because apparently, people can't tell what's real and what's a scam. Yikes.
If you haven't heard, Facebook's on quite the crackdown regarding financial products or services advertising. Surprise, surprise, ICOs, and cryptocurrencies fall under the "misleading or deceptive promotional practices" umbrella. Apparently, this category is purposefully broad because Facebook's technology isn't perfect just yet – and they'd rather be safe than sorry. As you may know, Facebook came under fire for allowing fake Russian ads that may or may not have swung the American election in 2016. Feeling the heat, Zuckerberg?
It's not particularly difficult to imagine why Facebook isn't eager to display crypto-related ads. It was announced yesterday that crypto exchange Bitfinex USD-backed coin Tether (UST) were both subpoenaed by the Commodity Futures Trading Commission. Bitfinex and Tether have historically had a close relationship, and have both been under question regarding the withdrawal freezes that have been happening for almost a year (uh oh) and UST's ability to actually "demonstrate 100% reserves at all times". Tether severed its relationship with its auditor early this week, begging the question...what kind of exchange are these guys running? More importantly, what is an American government agency doing subpoenaing a Hong Kong-based exchange and project?
You can't say there isn't interest in crypto – even as the market seems to be in a downward spiral. It seems that Samsung and the US government can't get enough.
Finally, some...positive news out of South Korea. Samsung announced on Monday that they're brokering a deal with the Taiwanese manufacturer TSMC to mass produce ASIC (Application-Specific Integrated Circuit) mining hardware; machines that help mine cryptocurrencies based on a specific algorithm that's set to mine particular tokens. This move by the South Korean company is pretty unsurprising given crypto's insane popularity within the country – it's the government that's been having a problem with digital assets (even though they have no plans to ban exchanges, FYI). What does this mean? Most likely faster, cheaper, and better mining hardware for people around the globe.
Someone else who's interested in South Korea's trading action? The New York State Department of Financial Services. They asked South Korean financial authorities to share crypto-related data after the recent scandalous inspections of six large banks in the Asian state. The inspections were done to assure that they were keeping to anti-money laundering rules and using real names for their accounts; both things cryptocurrency exchanges and traditional banks have to do now to remain open. Oh, and former US Senator Judd Gregg thinks that once crypto hits mainstream adoption, it could be "truly staggering" because central banks would most likely be "neutered" (excellent choice of words, Judd).
The US gov't clarified how Bitcoin Cash used a duplicate of the BTC blockchain after this summer's hard fork. Some interpreted this as the gov't saying Bitcoin Cash is the 'original' BTC. A bit misleading, eh?
Here are some of the biggest mysteries in crypto, debunked. No, crypto can be regulated, depending on where you're trading. Read up.
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