Facebook Backflips on Cryptocurrency Ban
Amidst this storm we are riding in the crypto world, every now and again there are glimmers of light escaping through the grey clouds that is the public media. The latest of these is Facebook’s backflip on their controversial ban for any advertisement relating to cryptocurrency or blockchain technology. The original stance Facebook took arguably caused a myriad of fear and confusion that pulsed through both the crypto and mainstream communities. To add to this ‘push for control’, Google and Twitter, the two other social media giants took a similar position, ‘for the good of their users’. These attitudes towards the crypto market was a clear reaction to the flurry of activity, good and bad, that sought to capitalize on the lucrative period in the latter part of 2017.
So, what is this new position Facebook are now taking? Under the new policy, pre-approved companies will now be able to advertise various blockchain technologies on the platform, but ICO advertisements are still prohibited. In order to be approved, companies will need to complete an application answering a number of questions about their technology, business model and driving force. In the six months since Facebook first enacted this policy, the value of most cryptocurrencies have dropped significantly, with noticeable drops each time a major platform enacted a similar ban. This is not to attribute the drop entirely, or even mostly, to these bans. Similarly to any market, there are highly complex factors driving the rapid rise and fall of Cryptocurrency prices. The bans undeniably did decreased visibility of new Blockchain ideas in the public space. Given the circumstances that existed at the time, it could be argued that this was not a bad stand for the blockchain industry, regardless of how the media portrayed it, and the drop in market value would have occurred regardless of these bans.
What Facebook is trying to achieve with this reversal is still shrouded in mystery. Although the ban has been lifted, due to the fact that applications are still needed and approvals granted or denied by them, increases the possibility of a controlled image of blockchain technology primarily based on Facebook’s decisions/views. The application process could simply be a way of trying to minimise the rampant scam attempts that spread throughout the crypto community while having a bullish appearance on the technology. There are even rumours that Facebook are working on their own blockchain technology and this is just the first step in their introduction to the industry.
Aelf appeared to be relatively unaffected by the original ban from the social media giants. Aelf is a highly customizable blockchain OS, aelf seeks to support both start-ups and established companies utilize blockchain and as such welcome any efforts to introduce blockchain to the world in a reasonable and safe manner. In fact, aelf was able to utilise their resources during this quiet period towards pushing the initial development of the testnet. This had clear results with the launch on June 30th, being ahead of schedule and with solid results. In fact, according to Token Insights, the aelf github channel is ranked 1st for all cryptocurrencies for commits and has a ranking of 4.38 out of 5 for the security Audit.
In addition, aelf was able to launch the Innovation Alliance which seeks to provide a safe and supportive environment in which mainstream industry companies can explore the use of blockchain within their own systems and processes. This Alliance features partnerships between aelf, Roland Berger, FBG Capital, Arrington XRP Capital, and Huobi labs, to name a few. Within two months of the launch, more new partnerships were announced with CertiK and Celer joining the alliance.
People don’t like change, whether good or bad, companies are even worse. This push back from the social media giants is not surprising and the fact that the market is still up almost 300% from 12 months ago shows the resilience of blockchain technology. It is here to stay, and people are starting to take notice if they don’t adapt and change, they will be left behind. Aelf is making this change easier for everyone. Facebook have realized they need to create an environment where blockchain technology can safely spread their news; aelf is creating the environment where blockchain technology can be adopted. A new chapter is here, and aelf is writing it first.
Mappo has been investing and trading in fiat currencies since 2013. He has recently moved into the crypto world spreading his portfolio over long term coin investments, ICOs and day trading.
#Cryptocurrency #ICO #exchange #bitcoin #Crypto #blockchain #Aelf #Mappo
So, what is this new position Facebook are now taking? Under the new policy, pre-approved companies will now be able to advertise various blockchain technologies on the platform, but ICO advertisements are still prohibited. In order to be approved, companies will need to complete an application answering a number of questions about their technology, business model and driving force. In the six months since Facebook first enacted this policy, the value of most cryptocurrencies have dropped significantly, with noticeable drops each time a major platform enacted a similar ban. This is not to attribute the drop entirely, or even mostly, to these bans. Similarly to any market, there are highly complex factors driving the rapid rise and fall of Cryptocurrency prices. The bans undeniably did decreased visibility of new Blockchain ideas in the public space. Given the circumstances that existed at the time, it could be argued that this was not a bad stand for the blockchain industry, regardless of how the media portrayed it, and the drop in market value would have occurred regardless of these bans.
What Facebook is trying to achieve with this reversal is still shrouded in mystery. Although the ban has been lifted, due to the fact that applications are still needed and approvals granted or denied by them, increases the possibility of a controlled image of blockchain technology primarily based on Facebook’s decisions/views. The application process could simply be a way of trying to minimise the rampant scam attempts that spread throughout the crypto community while having a bullish appearance on the technology. There are even rumours that Facebook are working on their own blockchain technology and this is just the first step in their introduction to the industry.
Aelf appeared to be relatively unaffected by the original ban from the social media giants. Aelf is a highly customizable blockchain OS, aelf seeks to support both start-ups and established companies utilize blockchain and as such welcome any efforts to introduce blockchain to the world in a reasonable and safe manner. In fact, aelf was able to utilise their resources during this quiet period towards pushing the initial development of the testnet. This had clear results with the launch on June 30th, being ahead of schedule and with solid results. In fact, according to Token Insights, the aelf github channel is ranked 1st for all cryptocurrencies for commits and has a ranking of 4.38 out of 5 for the security Audit.
In addition, aelf was able to launch the Innovation Alliance which seeks to provide a safe and supportive environment in which mainstream industry companies can explore the use of blockchain within their own systems and processes. This Alliance features partnerships between aelf, Roland Berger, FBG Capital, Arrington XRP Capital, and Huobi labs, to name a few. Within two months of the launch, more new partnerships were announced with CertiK and Celer joining the alliance.
People don’t like change, whether good or bad, companies are even worse. This push back from the social media giants is not surprising and the fact that the market is still up almost 300% from 12 months ago shows the resilience of blockchain technology. It is here to stay, and people are starting to take notice if they don’t adapt and change, they will be left behind. Aelf is making this change easier for everyone. Facebook have realized they need to create an environment where blockchain technology can safely spread their news; aelf is creating the environment where blockchain technology can be adopted. A new chapter is here, and aelf is writing it first.
Mappo has been investing and trading in fiat currencies since 2013. He has recently moved into the crypto world spreading his portfolio over long term coin investments, ICOs and day trading.
#Cryptocurrency #ICO #exchange #bitcoin #Crypto #blockchain #Aelf #Mappo
