Facebook and Cryptocurrency
Facebook had some hard-hitting news last week when it announced its ban on ads containing cryptocurrency, ICOs and Bitcoin. As I stated in my vlog, I get what they’re trying to do as Facebook cracks down on advertising, but I feel as if they’re throwing the proverbial baby out with the bathwater due to their lack of discernment of which businesses are actually legit. I know it’s not a small task, but the rest of us who run upstanding businesses based on crypto shouldn’t have to take the brunt of the idiots who claim they can make you a fortune so you can quit your day job.
One snake oil salesman is James Altucher. If I’ve seen him all over the place I’m sure you have as well. According to CCN.com, Mr. Altucher has spent over $2.7M on ads that have turned into the herpes of crypto advertising that follow you everywhere whether you like it or not. He has cracked the “crypto code,” and for a mere $2,000, he’ll send you a newsletter that outlines how you too can jump on and ride the crypto train. He even went on to voice his support for the Facebook ban. You go, James.
Other ads which I find annoying are in my own industry, which kills me. I know that crypto is a hot commodity, not matter what kind of market we’re in week to week. A colleague of mine sent me a link to a Realtor up in NorCal offering a webinar on how to convert Bitcoin to real estate investments, followed up by a free coaching program. Just out of curiosity I found the agent on LinkedIn and sent him a message just to see what experience he had with crypto transactions, and I have yet to hear back. No doubt there’s some sort of hidden sales pitch in there somewhere.
I feel like I have to reiterate this: DON’T GIVE YOUR TIME AND MONEY TO ANYONE in order to learn about cryptocurrency. It’s all right in front of you on the Interwebs. DO YOUR HOMEWORK. Heck, when I have the time I schedule calls with agents all over the country (world, actually) who have reached out to me to help them and answer any questions they may have. I learned by doing (I find myself in the baptism-by-fire scenario frequently ‘cause that’s just how I roll). Converting crypto into a tangible investment like real estate isn’t rocket science, it just takes some ingenuity, creativity and some critical thinking to get the deal done.
Same goes for ICOs. If you get wind of one that piques your interest, do the homework, don’t just buy into it blindly and cross your fingers. Also, any ICO who advertises on Facebook should be banished from the crypto space entirely as well as watching any Breaking Bad episodes for the remainder of the century. That’s how terrible they are.
I’ll step off the soapbox now. Although Facebook is well-meaning most of the time, it will be interesting to see its progression with cryptocurrency itself. Mark Zukerberg announced looking into cryptocurrency as a form of payment and a possible partnership with Litecoin, while Coinbase appointed Facebook exec Marcus Lee to its board of directors. Hmmm…
So where does that leave us, the businesses who still need to get the word out that they’re, well, in business? I found a decent article on Jellymetrics.com about where to begin, and I’m planning to try some of these out (except Snapchat. I would have to turn in my Gen-X card if I snapped, which is too high a price to pay):
Reddit – The most logical alternative to Facebook and possibly better audiences.
Instagram – Linked to Facebook, but so far so good on crypto ads.
Steemit – I’ve included another good article here for reference.
Product Hunt – Completely new to me. Follow up discussion will ensue.
Google Ads – Who clicks on an ad when doing a search? Would love to get your experience with this one.