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Within the last week, Facebook announced a ban on all advertisements about bitcoin, initial coin offerings and other cryptocurrencies.

Facebook (along with Google) virtually controls Internet advertising. So their policies have enormous influence over consumer behavior.

Banning ICO advertisements on its platform, for example, will certainly have a negative impact on the amount of money flowing into new ICO's.

Facebook said it instituted this ban to "protect its users" from financial scams in the cryptocurrency sector. At least, that's the "official" reason.

And in fairness, there is a ridiculous amount of fraud out there — countless scammy ICO's and appallingly stupid tokens and coins.

But it's also possible that Facebook's main driver in this move goes beyond its desire to protect the well-being of its nearly 2 billion users.

It was only a month ago that Mark Zuckerberg said Facebook would study encryption and the blockchain to "see how best to use them in our services."

And one of the speakers at the crypto conference that one of our team members attended in New York City yesterday confirmed Facebook is investing a ton of capital into blockchain right now.

It stands to reason that Facebook's decision to ban crypto advertisements may be rooted in eliminating its own competition, i.e. Facebook may be working on its own proprietary blockchain and cryprocurrency to deploy on its own platform.

One possibility is that Facebook could adopt a similar model to Steemit – a decentralized social network that operates on the blockchain.

It's up to Steemit's users to police the site, not a central authority. And the platform rewards its users for good content with small amounts of cryptocurrency and penalizes users for spam and "fake news."

This would solve a huge problem for Facebook, which has already come under fire from governments across the world for not doing enough to moderate user content including "fake news," "hate speech," etc.


PurePatriot