Google just banned cryptocurrency and ICO ads, a move that follows Facebook’s decision to do the same. The language is stark: You are no longer allowed to advertise “Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice).”
This is good news.
In the Wild West of crypto things can head in one of two ways. First, the industry can ignore rationality and decorum and pump and dump ICOs all day long until the SEC, the FBI and European authorities shut down every single one. Or, if the industry takes the slow and steady route, builds self-regulatory bodies and avoids scammy pump-and-dump tactics, then perhaps the industry can grow into maturity.
Currently the methods for token sale marketing are ridiculous. Most recently I spotted a token advertisement that featured a scantily clad young lady in a compromising position — all in an effort to see financial instruments. Further, “crypto geniuses” like James Altucher have polluted all of our feeds for the past few months with strange claims and spurious product offerings. Enough is enough.
The sad part is that cryptocurrencies have to become boring before they can work. I always go back to the early days of Linux. There were flame wars, screeds and practitioners of dark FUD. No one could agree if KDE or Gnome was a better desktop environment and woe were you if you picked the wrong one. The world was full of angry, aggressive and passionate people.
Fast-forward a few decades and now those same people are typing softly in cubicles making millions of dollars. Their early zeal, while seemingly silly, paid off. And now Linux is completely boring, a tool programmers use to spin up and down servers in a heartbeat.
Cryptocurrency has to head in this same direction.
Until it is hidden, until it is unclear where the blockchain stops and the rest of the world starts, and until we rid ourselves of the get-rich-quickers and the outright scams, the industry will not rise to the rank it deserves. Fools and their money are soon parted. Google and Facebook are right to do something to protect them.