Facebook Un-Bans Crypto Ads

Facebook Unbans Cryptocurrency Ads

 

Facebook is lifting its ban on cryptocurrency ads which went into effect in January. After months of evaluation, the company decided to allow some crypto ads on its platform. Advertisers must submit a request form with details of their businesses and the types of crypto content to be promoted.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Facebook Unbans Crypto Ads

Facebook’s Product Management Director, Rob Leathern, posted updates Tuesday to the company’s “prohibited financial products and services policy.”

Facebook Unbans Cryptocurrency AdsIn January, Facebook announced the policy to “prohibit ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, and cryptocurrency,” Leathern explained. “This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices… We will revisit this policy and how we enforce it as our signals improve.”

Citing that the company has been studying the best way to refine this policy over the past few months “to allow some ads while also working to ensure that they’re safe,” he elaborated:

Starting June 26, we’ll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.

Which Ads are Allowed?

Leathern clarified that there are some restrictions so not all ads will be allowed. “We’ll listen to feedback, look at how well this policy works and continue to study this technology so that, if necessary, we can revise it over time,” he wrote, adding:

Advertisers wanting to run ads for cryptocurrency products and services must submit an application to help us assess their eligibility — including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business.

Facebook Unbans Cryptocurrency Ads
Request form provided by Facebook.

The application form entitled “Cryptocurrency Products and Services Onboarding Request” consists of six questions.

The first question plainly asks “why are you applying?” The applicant can choose between three options or provide their own reason. The first option is “Cryptocurrency products and services.” The second option is “Education on cryptocurrency” and the third option is “Cryptocurrency industry news.” However, the company reiterated, “As a reminder, initial coin offerings (ICOs) are prohibited under our Prohibited Financial Products and Services Policy.”

The second question asks whether the applicant has a Facebook Ad Account ID. Those who do not must create an ad account. The third asks about the applicant’s website domain and business details such as any licenses or regulatory certification the business holds, and if the business is a public company listed on a stock exchange.

Facebook Unbans Cryptocurrency Ads

The fourth asks for business information including an address. The fifth question asks for a brief description of products or services or other crypto-related content the site intends to promote while the final step requires the applicant to agree to the “Facebook Cryptocurrency Ads Addendum.”

In addition, the form asks the applicant to declare their domain(s) used in the crypto-related promotion:

You must verify your domain(s) associated with this application…we reserve the right to deny any application or withdraw eligibility at any time without notice. Eligibility may be subject to such conditions and restrictions as Facebook may decide.

What do you think of Facebook allowing approved crypto ads? Let us know in the comments section below.


Images courtesy of Shutterstock and Facebook.

 

Facebook is lifting its ban on cryptocurrency ads which went into effect in January. After months of evaluation, the company decided to allow some crypto ads on its platform. Advertisers must submit a request form with details of their businesses and the types of crypto content to be promoted.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Facebook Unbans Crypto Ads

Facebook’s Product Management Director, Rob Leathern, posted updates Tuesday to the company’s “prohibited financial products and services policy.”

Facebook Unbans Cryptocurrency AdsIn January, Facebook announced the policy to “prohibit ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, and cryptocurrency,” Leathern explained. “This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices… We will revisit this policy and how we enforce it as our signals improve.”

Citing that the company has been studying the best way to refine this policy over the past few months “to allow some ads while also working to ensure that they’re safe,” he elaborated:

Starting June 26, we’ll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.

Which Ads are Allowed?

Leathern clarified that there are some restrictions so not all ads will be allowed. “We’ll listen to feedback, look at how well this policy works and continue to study this technology so that, if necessary, we can revise it over time,” he wrote, adding:

Advertisers wanting to run ads for cryptocurrency products and services must submit an application to help us assess their eligibility — including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business.

Facebook Unbans Cryptocurrency Ads
Request form provided by Facebook.

The application form entitled “Cryptocurrency Products and Services Onboarding Request” consists of six questions.

The first question plainly asks “why are you applying?” The applicant can choose between three options or provide their own reason. The first option is “Cryptocurrency products and services.” The second option is “Education on cryptocurrency” and the third option is “Cryptocurrency industry news.” However, the company reiterated, “As a reminder, initial coin offerings (ICOs) are prohibited under our Prohibited Financial Products and Services Policy.”

The second question asks whether the applicant has a Facebook Ad Account ID. Those who do not must create an ad account. The third asks about the applicant’s website domain and business details such as any licenses or regulatory certification the business holds, and if the business is a public company listed on a stock exchange.

Facebook Unbans Cryptocurrency Ads

The fourth asks for business information including an address. The fifth question asks for a brief description of products or services or other crypto-related content the site intends to promote while the final step requires the applicant to agree to the “Facebook Cryptocurrency Ads Addendum.”

In addition, the form asks the applicant to declare their domain(s) used in the crypto-related promotion:

You must verify your domain(s) associated with this application…we reserve the right to deny any application or withdraw eligibility at any time without notice. Eligibility may be subject to such conditions and restrictions as Facebook may decide.

Authored by: Kevin Helms

First Published on: Bitcoin.com

Date of publication:’

What do you think of Facebook allowing approved crypto ads? Let us know in the comments section below.


Images courtesy of Shutterstock and Facebook.

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Australia’s First ‘Digital Currency Town’ Accepts Bitcoin to Boost Tourism

Agnes Water Australia’s First ‘Digital Currency Town

Australian beach town Agnes Water is billing itself the country’s first ‘digital currency town’ in an effort to attract international digital-savvy travelers to boost its primary industry, tourism.

Over 30 local businesses including accommodation providers, tour operators, restaurants and even the local pub in Agnes Water are now accepting cryptocurrencies, despite being a town of a mere 2,000 permanent residents. ‘Welcome to Agnes Water-1770, Australia’s First Digital Currency Town’ reads a billboard in welcoming visitors driving in, with support for cryptocurrencies including bitcoin, bitcoin cash, NEM, litecoin and ethereum.

Source: Facebook/NEM

 

The beach town’s initiative to embrace cryptocurrency payments stems from local real estate agent Gordon Christian who began looking into accepting cryptocurrencies after a client, a local business owner, explored how to go about processing a bitcoin payment from a customer. Soon enough, Christian’s interest was piqued further when he learned that Brisbane International Airport, a five-hour drive from Agnes Water, had begun accepting cryptocurrencies at a number of retail storefronts.

Selling the idea to local businesses wasn’t hard, he revealed. “We started from the ground up, shared it with a couple of businesses and they were straight on board … I guess they were international travellers themselves and had heard of these types of payments,” he told ABC News. “Initially we had a good 10 businesses that just said, ‘Fine — let’s go for it’.”

Local tourism operator Arty Cipak added:

“If it’s going to take cryptocurrency to get tourists to town, then bring it on.”

Presently, 31 local businesses including resorts, backpacking establishments, tour companies and eateries are now accepting cryptocurrency payments through a point-of-sale app developed by TravelbyBit, a Queensland-based crypto payments startup.

“We’ve got merchants all over Australia but they’re very sporadic,” TravelbyBit CEO Caleb Yeoh said. “[Agnes Water and] the Town of 1770 has the highest concentration.”

While it’s early days, Australia’s first ‘digital currency town’ could soon lure a nice group of international tourists to Agnes Water rather than mainstream destinations, according to the crypto executive.

“The town has made a very strategic move in trying to appeal to a niche market to take perhaps some of those tourists … to come out to their little part of the woods,” he said.

Yeoh added:

“If you travel around the world you have to deal with multiple currencies, the exchange rate can be confusing, sometimes you struggle to find ATMs, and sometimes you get swindled by money changers. Travelling with one global currency like Bitcoin … makes sense.””

Agnes Water beach image from Shutterstock.

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Authored by Samburaj Das

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The Simpsons are Crypto Cool

The Simpsons are Crypto Cool

Crypto is set for yet another banner year, especially if mainstream portrayals of it are any indication. Marvel Comics’ Hunt for Wolverine – Adamantium Agenda #1 and The Simpsons: Tapped Out video game are both working-in references to cryptocurrency into their respective storylines and quests in attempt to capture some of the excitement regarding money’s future.  

Also read: Alec Baldwin’s Lambo Movie Backed by Crypto Tech

Marvel, The Simpsons Go Crypto

Mobile games have been the rage for years now, and among the so-called freemium games, The Simpsons: Tapped Out is a very popular choice within the genre. In the world of the game itself, Who Shot Mr. Burns, Part 3 (2018) is what’s known as the third minor event of this year, and is the 35th minor event in the game’s history. It comes directly after The Springfield Jobs 2018 Event which ends in just a few days. Crypto Cool is a limited-time quest-line, and it is the first quest in the series.

Marvel, The Simpsons Go Crypto

Crypto Cool begins as per usual: Homer is not taking his nuclear power plant job seriously, playing games on his tablet instead of working. Players are to keep the nerdy character Martin talking about blockchain, mentioning it a zillion times, never explaining exactly what it is he’s talking about. At a key point in the game, Martin admits he’s only heard of of blockchain “last week. But now I act like I’m an expert on it,” echoing a very real occurrence in the current ecosystem.

 

Available in iOS, Android, and Kindle Fire, The Simpsons: Tapped Out has been around for over half a decade, and is owned by EA Mobile. The game seems to print cash, having earned much more than $100 million due to in-game purchases as players attempt to progress. And at still another point in the game, Martin references the world’s most popular cryptocurrency, bitcoin. He brags at having “mined some bitcoin with my computer, and then the value went through the roof.” Players who complete the task with Martin are then asked to get three more characters to mine bitcoin on their devices.

Enthusiasts are hip to the fact this isn’t the first cartoon-oriented theme to reference crypto. Bitcoin has seen light on shows like Supernatural, Family Guy, among others. The Good Wife, Almost Human, Person of Interest, and House of Cards have also kissed the phenomenon’s metaphorical ring, as it were. For The Simpsons, of course, this isn’t a first either. About five years ago, Krusty has to admit he’s busted because “all it takes is bad luck at the ponies, worse luck in the bitcoinmarkets.” A year later, Jimbo is advertising his bullying services, adding he “accepts bitcoin.” As far back as 1997, The Simpsons also alluded to cryptography with scenery in the background: a store called Crypto Barn, A Place for Codes.

 

Marvel Comics’ Hunt for Wolverine – Adamantium Agenda #1

Written by Tom Taylor and illustrated by RB Silva, Marvel’s Hunt for Wolverine – Adamantium Agenda #1 is the story of how, at one point, Wolverine rescued New York City by essentially helping it avoid being hit by a bomb. The act evidently involved self sacrifice, saving the entire city. After, he is nowhere to be found. Iron Man, Spider Man, Luke Cage, and Jessica Jones all join in the adventure, involving black markets, familial cliffhangers, and more.  

Marvel has been around in one form or another for nearly 80 years. Now owned by The Walt Disney Company, Marvel Comics boasts creators such as Stan Lee, Jack Kirby, and Steve Ditko. Black Panther, Spider Man, Iron Man, Captain America, Wolverine, the Hulk, Thor,  Daredevil are among its most notable heros. Marvel has captured slightly more market share than chief rival DC Comics.

Because it is ruled by math, and its distributed ledger tech is immutable, Hunt for Wolverine assumes bitcoin as a universal power delivery system often used by robots. At one point, without giving too much away, Tony Stark needs to make payments. It is assumed, considering the type of characters he’s dealing with, he’ll used the usual unmarked cash. This time, instead, he must use cryptocurrency. And reference is made to crypto’s “risky” reputation, to which Tony Stark has a hilarious response.

Both The Simpsons and Marvel have incredible reaches, from average gaming Joes to nerds perhaps more inclined toward crypto. Any push into mainstream culture seems to help ease fears and dispels mystery surrounding decentralized money. And that can only be a good thing.

Are video games and comics important avenues to encourage crypto curiosity? Let us know what you think of this subject in the comments below.

Images via Pixabay, Twitter

Authored by: C. Edward Kelso

Bio
C. Edward Kelso’s main passion is to remove coercive minders from mediums of exchange, expose sound money to folks traditionally denied capital market access, all in the hope of increasing peace and prosperity.

 

MT Gox Image

Hedge Funds Are Reportedly Racing to Buy Mt Gox Creditor Claims

nternational hedge funds are said to be moving to purchase claims held by customers of failed bitcoin exchange startup Mt Gox.

The Financial Times reported this morning that as many as four hedge funds are moving to buy claims related to the Japan-based bitcoin firm, seeking a possible windfall should creditors be made whole.

Documents obtained by CoinDesk indicate that Argo Partners, a New York-based firm that focuses specifically on investing in failing or bankrupt companies, is among those seeking to purchase claims.

Argo Partners did not immediately respond to a request for comment.

That hedge funds would be interested in the claims of Gox customers is perhaps unsurprising.

The process of unwinding the exchange, which collapsed in early 2014, is likely to drag on for years given the slow progress in the creditor process as well as the pending trial of Mt Gox CEO Mark Karpeles, who was released on bail last July.

There’s also a wide pool of potential claims sellers to pursue. Creditors have claimed hundreds of millions of dollars in outstanding claims since the exchange entered bankruptcy.

Should global hedge funds become involved in the process, it would offer a new twist on an industry-defining narrative.

Gox, once the world’s largest bitcoin exchange by trade volume, collapsed dramatically following months of growing operational problems. Karpeles was arrested on suspicion of fabricating volume data and was later charged with embezzlement.

The demise of Gox set the stage for much of the regulatory response to bitcoin in the years since, particularly in Japan, which has moved to bring the country’s bitcoin exchange ecosystem under existing financial statutes. Japanese lawmakers have cited Gox’s failure as a key driver in the regulatory push.

Authored by: Stan Higgins

First published: Feb 13, 2017

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Parity Says ‘No Intention’ To Split Ethereum Over Fund Recovery

 Rachel Rose O’Leary   

 Apr 26, 2018 at 09:00 UTC  |  Updated  Apr 26, 2018 at 09:32 UTC

Parity Technologies issued a statement Thursday stating it has no plans to move forward with a code change that would result in an ethereum blockchain split.

Named EIP-999, the contentious code change would recover the $264 million lost due to a code fault in Parity wallets in November 2017.

Signed by co-founder of the company Gavin Wood and co-founder and CEO Jutta Steiner, the statement emphasizes that the company has “no intention to split the ethereum chain,” but rather, plans to “work with the community to find a path forward.”

The statement continues:

“We have all dedicated a great deal of time and effort to developing the ethereum ecosystem and have no intention of harming what we have helped build.”

Part of an ongoing debate on the fund recovery, EIP-999 has been a point of division within the ethereum community, with developers warning that the polarized sentiment could result in a split.

Speaking in the statement, Parity said it is “deeply sorry” to the users that lost money as a result of bugs, continuing that it believes that those who have lost money, do “have a case for attempting to recover the property.”

Disagreement as to whether funds lost due to bugs on ethereum should be recovered has been ongoing for several months. Last week, developer Alex Van de Sande warned in a developer meeting if the current recovery attempt was implemented, “it will generate a contentious hard fork.”

Speaking in the statement, Parity said that the company has implemented more robust security practices since the fund freeze last year, including an improved development process for smart contracts, and a partnership with auditing firm Trail of Bits.

Paper chain image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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What is Bitcoin?

Last updated: 26th January 2018

To cut through some of the confusion surrounding bitcoin, we need to separate it into two components. On the one hand, you have bitcoin-the-token, a snippet of code that represents ownership of a digital concept – sort of like a virtual IOU. On the other hand, you have bitcoin-the-protocol, a distributed network that maintains a ledger of balances of bitcoin-the-token. Both are referred to as “bitcoin.”

The system enables payments to be sent between users without passing through a central authority, such as a bank or payment gateway. It is created and held electronically. Bitcoins aren’t printed, like dollars or euros – they’re produced by computers all around the world, using free software.

It was the first example of what we today call cryptocurrencies, a growing asset class that shares some characteristics of traditional currencies, with verification based on cryptography.

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Who created it?

A pseudonymous software developer going by the name of Satoshi Nakamoto proposed bitcoin in 2008, as an electronic payment system based on mathematical proof. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way.

To this day, no-one knows who Satoshi Nakamoto really is.

In what ways is it different from traditional currencies?

Bitcoin can be used to pay for things electronically, if both parties are willing. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.

But it differs from fiat digital currencies in several important ways:

1 – Decentralization

Bitcoin’s most important characteristic is that it is decentralized. No single institution controls the bitcoin network. It is maintained by a group of volunteer coders, and run by an open network of dedicated computers spread around the world. This attracts individuals and groups that are uncomfortable with the control that banks or government institutions have over their money.

Bitcoin solves the “double spending problem” of electronic currencies (in which digital assets can easily be copied and re-used) through an ingenious combination of cryptography and economic incentives. In electronic fiat currencies, this function is fulfilled by banks, which gives them control over the traditional system. With bitcoin, the integrity of the transactions is maintained by a distributed and open network, owned by no-one.

2 – Limited supply

Fiat currencies (dollars, euros, yen, etc.) have an unlimited supply – central banks can issue as many as they want, and can attempt to manipulate a currency’s value relative to others. Holders of the currency (and especially citizens with little alternative) bear the cost.

With bitcoin, on the other hand, the supply is tightly controlled by the underlying algorithm. A small number of new bitcoins trickle out every hour, and will continue to do so at a diminishing rate until a maximum of 21 million has been reached. This makes bitcoin more attractive as an asset – in theory, if demand grows and the supply remains the same, the value will increase.

3 – Pseudonymity

While senders of traditional electronic payments are usually identified (for verification purposes, and to comply with anti-money laundering and other legislation), users of bitcoin in theory operate in semi-anonymity. Since there is no central “validator,” users do not need to identify themselves when sending bitcoin to another user. When a transaction request is submitted, the protocol checks all previous transactions to confirm that the sender has the necessary bitcoin as well as the authority to send them. The system does not need to know his or her identity.

In practice, each user is identified by the address of his or her wallet. Transactions can, with some effort, be tracked this way. Also, law enforcement has developed methods to identify users if necessary.

Furthermore, most exchanges are required by law to perform identity checks on their customers before they are allowed to buy or sell bitcoin, facilitating another way that bitcoin usage can be tracked. Since the network is transparent, the progress of a particular transaction is visible to all.

This makes bitcoin not an ideal currency for criminals, terrorists or money-launderers.

4 – Immutability

Bitcoin transactions cannot be reversed, unlike electronic fiat transactions.

This is because there is no central “adjudicator” that can say “ok, return the money.” If a transaction is recorded on the network, and if more than an hour has passed, it is impossible to modify.

While this may disquiet some, it does mean that any transaction on the bitcoin network cannot be tampered with.

5 – Divisibility

The smallest unit of a bitcoin is called a satoshi. It is one hundred millionth of a bitcoin (0.00000001) – at today’s prices, about one hundredth of a cent. This could conceivably enable microtransactions that traditional electronic money cannot.

Read more to find out how bitcoin transactions are processed and how bitcoins are mined, what it can be used for, as well as how you can buysell and store your bitcoin. We also explain a few alternatives to bitcoin, as well as how its underlying technology – the blockchain – works.

 

Authored by Noelle Acheson. Network image via Shutterstock.