iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
18,346 Blog Posts

Google Bans Crypto-Ads: The Era of the ICO Has Ended

Thank God those fucking ads are going away. My ad vendor was probably getting rich off those fucking things — but the vast majority of the crypto ads were, in face, scams. Google is merely treating them like securities and attempting to protect people from unsavory fuckheads who use ads to get liquid on people who don’t know a damned thing about investing.

The company is updating its financial services-related ad policies to ban any advertising about cryptocurrency-related content, including initial coin offerings (ICOs), wallets, and trading advice, Google’s director of sustainable ads, Scott Spencer, told CNBC.

That means that even companies with legitimate cryptocurrency offerings won’t be allowed to serve ads through any of Google’s ad products, which place advertising on its own sites as well as third-party websites.

This update will go into effect in June 2018, according to a company post.

“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution,” Scott said.

Google’s hard-line approach follows a similar ban that Facebook announced earlier this year.

While the crypto-currency boom has produced a lot of excitement and wealth, it’s still a largely unregulated space and has spawned countless high-profile scams.

This news comes as Google releases its annual “trust and safety” ads report.

Google said it took down more than 3.2 billion ads in 2017 that violated its policies, which is nearly double the 1.7 billion it removed the year before.

Google parent company Alphabet makes roughly 84 percent of its total revenue from advertising, so convincing advertisers that its ecosystem is safe and effective is critically important.

While I do agree with Google on this item, it should be noted that the company is quite literally removing revenues from their balance sheets by fucking with their Youtube model, banning popular channels, defunding channels that produce content they do not agree with, and now this — wide, sweeping ban of ads for an entire asset class.

Could this lead to an earnings shortfall?

No, since they’re a monopoly and are able to write their own checks. The only way Google misses earnings is if we see a sharp decline in the economy.

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6 comments

  1. sarcrilege

    Goolag doesnt need revenue; it is part of the deep state surveillance too big to fail apparatus. Dumb tax payers will bail them out, therefore, no need to worry about Goolag. We need to worry about Goolag’s worrying about what is good for us and its need to “protect” us.

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  2. metalleg

    I feel so much safer now knowing that Google is looking out for my best interests.

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  3. tonka

    I support anything and everything that allows me to avoid looking at Altucher’s ugly mug.

    Sun rises, sun sets, Altucher’s investments fail. It’s just the way of the world.

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  4. Cricket

    The bigger story is that GoogleYouTube is co-opting Wikipedia. Now Silicon Valley will re-write history and invent the future – with Soros’ (et al) money.

    Very dangerous times ahead; the entire Internet is being corrupted beyond imagination. Treachery. Choose wisely.

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  5. numbersgame

    Google now gets DoD contract, so it will never die.

    Worse case for a major Defense COntractor is that they get bought out. Even the ones that royally screw the tax player, just get a slap on the wrist and their sister gets a Cabinet position.

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  6. dmfracer

    Get long Encyclopedia Brittanica stocks!

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