Google will ban all cryptocurrency-related ads starting this June

midian182

Posts: 7,423   +65
Staff member

There are plenty of cryptocurrency-related products, services, and advice on the web that range from ‘suspicious’ to ‘scam.’ In an attempt to protect users from risk, Google is banning all online ads promoting cryptocurrencies and initial coin offerings starting in June.

Google announced that the restrictions would appear in its updated financial products policy, which will also see it ban ads for cryptocurrency wallets and trading advice. The restrictions cover online advertisements for other risky financial services, too, including binary options.

"We don't have a crystal ball to know where the future is going to go with cryptocurrencies, but we've seen enough consumer harm or potential for consumer harm that it's an area that we want to approach with extreme caution," Google's director of sustainable ads, Scott Spencer, told CNBC.

Google’s decision comes after Facebook recently banned ads for financial products and services that are frequently associated with deceptive or misleading promotional practices. These include binary options, ICOs, and all cryptocurrencies.

The update means users won’t see crypto-related ads on Google’s services or sites that feature Google ads. Some businesses attempt to get around Facebook’s rules by purposely misspelling words such as “bitcoin” in their ads, but Google said it would try to anticipate tricks like this.

The announcement also appeared within Google’s “bad ads” report, in which the company said it removed 3.2 billion malicious, deceptive and controversial advertisements from the web in 2017—an increase from the 1.7 billion it scrubbed in 2016.

Initial coin offerings have come under increased scrutiny recently due to their high failure rate. According to tracker Tokendata (via Bitcoin.com), 46 percent of its 902 listed ICOs that took place last year have failed. If you include those that have “semi-failed” because the team has stopped all communications on social media, or because the project has no chance of success due to the community being so small, the figure rises to 59 percent. Yet these 531 failed or failing ICOs managed to raise $233 million between them.

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Uncle Al

Posts: 8,470   +7,297
A wise move as the rest of the universe begins to abandon it ..... wonder what the North Korean's will do next to steal money?
 

seefizzle

Posts: 422   +292
I never used to have any problems with cryptocurrencies. I never really gave crap about the subject. Now I can't buy a graphics card without paying out the nose. Now I hate cryptocurrencies and I hope they all die off terrible deaths and cause people to lose millions of dollars.
 

yRaz

Posts: 4,017   +4,375
I never used to have any problems with cryptocurrencies. I never really gave crap about the subject. Now I can't buy a graphics card without paying out the nose. Now I hate cryptocurrencies and I hope they all die off terrible deaths and cause people to lose millions of dollars.
"I can't play video games so I hope millions of people become poor". You're the worse type of person but I want you to know I have 10 1070Ti's and 2 1080Ti's so stay mad
 

ET3D

Posts: 1,766   +411
"I can't play video games so I hope millions of people become poor". You're the worse type of person but I want you to know I have 10 1070Ti's and 2 1080Ti's so stay mad

It's more like 'I hope that millions of people stop polluting the environment to cash in on a get rich quick scheme.'
 

yRaz

Posts: 4,017   +4,375
It's more like 'I hope that millions of people stop polluting the environment to cash in on a get rich quick scheme.'
I pay an extra 3 cents per Kw for renewable energy through my electric company. But, for the most part, you're right. I'll give you that, most miners are degenerates.
 

wiyosaya

Posts: 6,954   +5,468
I never used to have any problems with cryptocurrencies. I never really gave crap about the subject. Now I can't buy a graphics card without paying out the nose. Now I hate cryptocurrencies and I hope they all die off terrible deaths and cause people to lose millions of dollars.
"I can't play video games so I hope millions of people become poor". You're the worse type of person but I want you to know I have 10 1070Ti's and 2 1080Ti's so stay mad
As I see it, In order to get rich through cryptocurrency, one needs to be able to afford to buy a computer in the first place, and there are still many poor out there than cannot afford a computer, thus cryptocurrency is not a panacea for the poor.

I absolutely agree with what you have expressed - as in people becoming poor. However, the fact that people need cryptocurrency to be rich is something that I see as a symptom of an unhealthy yet accepted economic system. To what, I do not know, however, I think that system needs to change so the basis economic system is more equitable. Until then, "solutions" like cryptocurrency are band-aids on gaping wounds - IMO.
 

Theinsanegamer

Posts: 2,991   +4,781
I never used to have any problems with cryptocurrencies. I never really gave crap about the subject. Now I can't buy a graphics card without paying out the nose. Now I hate cryptocurrencies and I hope they all die off terrible deaths and cause people to lose millions of dollars.
"I can't play video games so I hope millions of people become poor". You're the worse type of person but I want you to know I have 10 1070Ti's and 2 1080Ti's so stay mad
Nobody that can afford a multitude of cards, and the electricity running them, to chase speculative crypto coins is poor, and will not be made poor by altcoins failing either.

Anyone who did invest their life savings into altcoins is a few fries short of a happy meal, and deserves to loose it all if the coin market does go under.
 
S

senketsu

In one of the Weekend Reading posts on this site (I can't find it) there was a link to an article on miners in an American town near a hydroelectric station which made their electricity dirt cheap. Miners are (maybe were by now) making mining rigs out of several shipping containers and using megawatts of electricity.
Bitcoin itself is going to get harder and harder to mine a coin the longer it goes on as well, so that means more and more electricity and cards. At my city of 1.4 million people, the one company that sells computer parts retail, there has been an ongoing shortage of power supplies and video cards. Think it is going to get worse before it gets better.
 

Boilerhog146

Posts: 642   +223
In one of the Weekend Reading posts on this site (I can't find it) there was a link to an article on miners in an American town near a hydroelectric station which made their electricity dirt cheap. Miners are (maybe were by now) making mining rigs out of several shipping containers and using megawatts of electricity.
Bitcoin itself is going to get harder and harder to mine a coin the longer it goes on as well, so that means more and more electricity and cards. At my city of 1.4 million people, the one company that sells computer parts retail, there has been an ongoing shortage of power supplies and video cards. Think it is going to get worse before it gets better.

Here ya go, I posted it ,I had to go do a search for it .cheap power is going to be the next thing to be hard to get..like they don't build enough hydro electric developments,need to fill the grand canyon ,and damn off all the rivers ,to keep up with the never ending thirst for power.who will the miners blame when their power gets restricted.or over priced?

https://www.politico.com/magazine/s...mining-energy-prices-smalltown-feature-217230
 
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Joe Blow

Google overestimates itself. People will go elsewhere and render Google irrelevant.