Cryptocurrency Ads Being Banned By Social Media

Social bans Cryptocurrency ads

The ICO market has experienced phenomenal growth in the last 15 months. ICOs have opened up significant opportunities for startups by providing them with a simple way of raising funds compared to traditional venture capital. They offer a fast, low-cost option that does not require intermediaries. According to coinschedule.com, close to $5Billion has been raised in 2018.

Due to its decentralized and open nature, the cryptocurrency world offers minimal protection to the players. Consequently, scammers and con artists have invaded the ICO market by introducing fake ICOs, wallet scams, email scams, and fake exchanges. Social media networks have a high number of users, making them natural grounds for the perpetuation of these frauds.

A prime example is the Blocksims ICO – Blocksims stole the business model, and database content from a legitimate ICO, and have tried to pass it off as their own. People who invest in Blocksims ICO will soon find out they have been swindled. There has been an aggressive effort to expose this fraud, but some people who don’t research and do their due diligence, will lose their money.

In the last 3 months, social media giants Facebook, Twitter, and Google have banned ads in their networks. Facebook set the pace on 30th January, 2018 when it updated its advertising policy to prohibit misleading or deceptive promotional practices. Cryptocurrency-related ads fell in this category and the company initiated a total ban on them.

The company explained that the ban was instituted with the aim of protecting the platform users from financial products which are not offered in good faith and to make it harder for scammers to profit from a presence in the social media network.

Furthermore, the blog post which announced the news indicated that the ban was intentionally broad and would be reviewed over time should the operating environment improve. In fact, in an interview with the CNN, Mark Zuckerberg, the Facebook co-founder, suggested that there was a need for some level of ads transparency regulation on the internet similar to what is applicable in TV or print advertisements.

Hot on the heels of the Facebook ban, Google announced, in a March 2018 post, a similar ban on its platform starting June 2018. The company has updated its financial services policy to exclude advertisements for cryptocurrencies and related content including ICOs, cryptocurrency exchanges, wallets, and trading advices. The change in policy impacts all Google Ads products meaning that cryptocurrency-related ads will not be available both on the search engine’s own websites and third-party sites in its network.

Scott Spencer, the Director of Sustainable Ads at Google told CNBC that the new restrictions on cryptocurrency Ads were necessary since they had observed significant loss or potentialloss to consumers and required to approach the sector with  extreme caution. The implication ofthis ban is that genuine cryptocurrency wallet providers and promising ICOs only about two months to access the world’s most popular search engine.

As if the bans by Facebook and Google were not bad enough, Twitter has joined in to complicate matters for the cryptocurrency dealers and ICOs offers. The policy, to be introduced over the month of April, will ban the advertising for Initial Coin Offerings and token sales. In addition, the Twitter ban will also include a ban on cryptocurrency wallets and exchanges, unless they are public companies which are listed in major stock exchanges. Just like its counterparts, Twitter cited the safety of users as the primary motivation behind the ban.

Coming after the bans by Facebook and Google, the ban by Twitter was not completely unexpected. In many occasions, Twitter has been used to impersonate popular cryptocurrency advocators and developers leading to huge losses by unsuspecting users. Furthermore, there have been incidences where Twitter accounts of popular industry personalities have been hacked and used to promote some nondescript tokens. That was the case with John McAfee’s twitter account.

Despite the bans, one common thing about these social media companies is that they have themselves, in one way or another, invested – or have some interests- in the cryptocurrencies and the underlying blockchain technology. Two weeks before the ban by Facebook, Zuckerberg in a detailed post focused on the potential benefits that cryptocurrencies have for companies like Facebook. He went on to explain how ready he was to study the benefits of these emergingtechnologies and apply their benefits to improve his company’s offerings.

On its part, Google has made substantial investments in companies which directly use cryptocurrencies. These include Blockchain-based cloud storage Storj, payment platform Veem, and London-based online wallet Blockchain.info.

As for Twitter, its CEO, Jack Dorsey, is a staunch advocate cryptocurrencies having personally invested in Bitcoin, is a CEO of a point-of-sale software startup which plans to incorporate Bitcoin buy/sell features, and has invested in Lighting Labs.

In the absence effective regulations on cryptocurrencies and ICOs, this latest trend of their restricted promotion on social media platforms is likely to continue. With the increasing number of ICOs coming to market, it is an impracticable task to differentiate genuine from frauds. Although such restrictive measures in Ads control are restrictive and hurts the genuine players in the cryptocurrency world, the impact of fraudulent activities is great. The platforms are seeking to produce a safer environment free of potential scams like Blocksims ICO

Beware Of ICO Scams

 

ICO, or initial coin offerings have been a hot commodity lately. Right before year’s end, Bitcoin, and blockchain technologies were the only thing you heard about; because of this, more companies are jumping into the online cryptocurrency market.

However, with this also comes the potential for fraud and scams on the web, and there are quite a few to watch out for. So much so that the SEC (securities exchange commission), and federal government agencies, are warning those who are considering to purchase these ICO offerings, to think twice, and do their research to avoid a scam. These are a few signs to watch out for to avoid getting caught up in a scam, or fraudulent ICO.

Guaranteed Profit Margin

No company will ever guarantee you will turn a profit. Whether it is in stocks & bonds, commodities, even purchasing something that carries virtually no risk, like a bank CD. If a company guarantees you are going to make profits, and makes outright claims of how much you can expect to earn, or guarantees there is no risk of loss, avoid them at all costs.

Whitepaper

If there is no white paper research written, bad white paper copy, or plagiarized white paper, this is a serious sign that fraud is looming ahead. A whitepaper is the most important element of any initial coin offering (ICO); this presents the outlines, what it hopes to achieve, what you can expect, possible fluctuations, and so forth. It breaks down distribution models and potential earnings based on investment amounts. If an ICO doesn’t have a white paper, you can be rest assured it is a scam.

Online Presence

Poor online presence is a telltale sign of a scam or potential for fraud. If a company isn’t readily traded through ICO platforms, this is a problem. A team page is something a reputable ICO company will have; however, also look for LinkedIn pages, and ensure the CEO has their profile listed on the site. Do your fact-checking, compare companies, compare listing prices, and stay abreast of the different signs of fraud, to avoid losing your money in one.

Roadmaps (lacking or unrealistic)

Most ICOs will provide investors a roadmap of what they have achieved to date, where they plan on going, and plans for future growth. This is of high importance to you as an investor. It gives you an idea of how the ICO has performed to date, and what you can potentially expect, based on investments. Furthermore, if the roadmap simply tells you the ICO is being offered and has no future plans, you can determine if it is worth investing in.

Example Of a Fraudulent ICO

Blocksims ICO is attempting to launch a fraudulent ICO. They stole their fake business model from a legitimate company’s ICO. They have used fake profiles for their team members, and phony pictures they have stolen online. Blocksims scam ICO is easy to spot, because their have been several investigations, and their scam has been widely publicized. Just do a Google search for “Blocksims ICO Scam”. And see what you find.

Conclusion

There is always the possibility of fraud and scams in the market, especially with new ICOs. You should be familiar with signs of a scam, how they occur, and how to avoid them, before you think about investing in one. The more research you do, and the more time and effort you put into learning about what you are investing in, the easier it will be to avoid the scams like Blocksims.

Blocksims ICO Fraud

I published a post on February 11th regarding the use of false identities and the false images of the players of the Blocksims ICO. I want to give you an update. I called out Blocksims ICO for using the image of Janet Cowell for their bounty manager, Maxine.

Janet Cowell

Maxine Layare Blocksims

I called them out and I am sure Janet’s representatives called them out as well for fraudulently using her image. Now, Maxine has a new image that was pulled from a dating website.

Blocksims ICO maxine

maxine blocksims

You don’t have to be Sherlock Holmes to see the fraud. It just continues on and on.

I have investigated some of the largest scams in the world. Ponzi schemes. Money laundering by the Bank of New York. DoD fraud. Most of my adversaries were very intelligent. They knew how to work a scam. With that said, this Shehar Yar guy who is one of the top ICO scammers in the world is a real idiot. I am almost bored with him. There is no real challenge. I equate him with the schoolboy who steals a candy bar at a local grocer. And his delusions of grandeur, selling himself as a CEO when he lives behind his mom’s house with the goats as a $20 per hour dev hack amazes me.

As the original website developer for the very legit Mobilink.io, who was fired for being a fraud last December, who has systematically tried to crap on the Mobilink-coin after stealing their business model, he has the balls to infiltrate the Mobilink-Coin Telegram group to stir up the pot under the handle of Abidhussain Syed.

Blocksims ICO

I tweaked the photo and there he is:

Shehar Yar Blocksims

Lastly, as I was monitoring the Blocksims Telegram room, I observed an individual asking if Blocksims.io was going to be approved by the Securities and Exchange Commission in the United States and their answer was yes.

Blocksims ICO

This is a complete lie. I would know this because I am a US citizen who made contact with the SEC. Of course, based upon the deceitful practices of the principals of the Blocksims ICO, I already knew this, I reported Blocksims to the authorities, once again.

As I expand on this investigation and the authorities get closer to kicking in the doors of the fraudulent players, please feel free to communicate directly with me if you have additional information. All communication will be held in the strictest of confidence.