Yet another large online platform to ban cryptocurrency ads, first Facebook, then Google and now Twitter a real shocker to me I must add. What doe these online giants hope to achieve by banning cryptocurrency ads? Are they forcing the development of Blockchaine based search engines, alternate social media exploits or are they just plain stupid? Yes I said stupid, how can one try to force the hand on technology that is hardley understood.
According to Sky News the policy of Twitter's cryptocurrency ad ban will go in effect in two weeks from now, Twitter will ban several advertisements for different kinds of crypto products and projects, some of which will incluede iCO's, Token Sales, Cryptocurrency Wallets and could add certain Cryptocurrency Exchanges to the list.
Fortune has reached out to Twitter for confirmation of Sky’s report. But earlier this month, Twitter CEO Jack Dorsey wrote that the company was “on it” when cryptocurrency watcher Emin Gün Sirer highlighted the prevalence of cryptocurrency “scams” on the site.
These are not the first step that Twitter have taking in order to stop minipulative cryptocurrency scams. Yet again I would like to add, if you introduce someone new into the cryptocurrency world mak sure you educate them correctly.
PONZI SCHEMES
[A Ponzi scheme (/ˈpɒnzi/; also a Ponzi game) is a fraudulent investment operation where the operator generates returns for older investors through revenue paid by new investors, rather than from legitimate business activities or profit of financial trading. Operators of Ponzi schemes can be either individuals or corporations, and grab the attention of new investors by offering short-term returns that are either abnormally high or unusually consistent.
Companies that engage in Ponzi schemes focus all of their energy into attracting new clients to make investments. Ponzi schemes rely on a constant flow of new investments to continue to provide returns to older investors. When this flow runs out, the scheme falls apart.
The scheme is named after Charles Ponzi, who became notorious for using the technique in the 1920s.The idea, present in novels (for example, Charles Dickens' 1844 novel Martin Chuzzlewit and 1857 novel Little Dorrit each described such a scheme), was performed in real life by Ponzi, and became well known throughout the United States because of the huge amount of money he took in. Ponzi's original scheme was based on the arbitrage of international reply coupons for postage stamps; however, he soon diverted investors' money to make payments to earlier investors and himself.](https://en.wikipedia.org/wiki/Ponzi_scheme)
