Facebook Restricted Me and Now I'm More Sold on Web3 Than Ever

Since the day I entered the crypto space in 2018, I’ve heard the warnings about the threats that Web2 platforms like Facebook and Twitter pose to personal security and content freedom. I’ve witnessed vicariously through the headlines the devastation that such events as Cambridge Analytica can have on people’s lives. And I saw how Twitter canceled a sitting president simply for exercising his First Amendment right to free speech—even though he said things that ought not to have been said.

This past week, the power of Web2 hit closer to home.

I went to post Monday’s newsletter to my top three Web2 social media accounts (Facebook, Twitter, and LinkedIn), as I usually do, only to be shown a warning on Facebook that such content has been identified by some Facebook users as abusive and that my posting privileges have been temporarily suspended. Evidently, that was just for a couple of days because I can now post again. While two days isn’t a long duration, you can bet that if it happens again, then the suspension will be for a longer duration. My suspicion is that three times will get me a permanent ban.

I find this disconcerting for several reasons:

1. It came with no warning. Facebook has no policy restricting cryptocurrency information. There are some restrictions on advertising. However, those restrictions do not impact “blockchain technology news” or “services and products based on blockchain technology that are not a virtual currency.” Since all of the content I share on Facebook is curated news, there’s absolutely no reason to block it, restrict it, or censor it in any way. It’s not like I’m shilling a dozen sh!tcoins and pushing pump and dump schemes. I’m just publishing information.

2. There was no investigation. All it took to have my account suspended was at least one other Facebook user reporting my content as abusive or harmful. Facebook did not reach out to me personally, nor did they check my posting history to see the nature of the content I’ve been posting (if they had, they’d have seen how harmless it is). It was simply report and restrict.

3. This could happen to anyone. Rest assured, if it happens to one person, it could happen to anyone—even you. If all it takes is one Facebook user flagging a post as abusive or offensive with no investigation on Facebook’s part, then anyone can be restricted for any reason at any time. This can affect someone who posts the most innocuous content regarding race, religion, race, gender politics, opinions on economics, or pet pics and selfies. Anyone can be restricted for any reason at any time.

I’ve known this for a long time. I wrote about it in my book Cryptosocial: How Cryptocurrencies Are Changing Social Media. I even presented numerous examples of social media de-platforming, demonetization, shadow banning, and more within the pages of my book. All the while, I’ve been posting crypto content on Facebook, Twitter, and LinkedIn with no issues whatsoever—until now.

So, what does this mean to you?

First, if you are not a subscriber to Cryptocracy, I encourage you to subscribe at Substack today to ensure you never miss an issue. If you read this newsletter on any social media platform—including the cryptosocial media platforms I write about in my book, you should still consider subscribing to ensure you never miss an issue. While some of the platforms I write about are decentralized and will not censor users, some of them are centralized and may restrict my content or yours at any time. If you subscribe to Cryptocracy at Substack, you’ll receive it in your email inbox at the appointed time and can read it whenever it suits you.

Sidebar: I am making provisions for the content to be delivered by other means outside of Substack—stay tuned!

Another thing, and the main point of this article, is this: As a social media user, you can no longer afford to sit on the sidelines and wait for one of the legacy social media platforms to decide to restrict you, ban you, or interfere with your ability to share your content. Web3 has arrived and developers are building the tools, right now, to allow content creators more control over their content assets, more content monetization options, and better data and identity security. I write about some of these tools in Cryptosocial.

Moving forward, I will be diving deeper into cryptosocial media and Web3 culture for myself. I encourage you to do the same.

Cancel Culture Has Arrived on Discord

Funny that this incident occurred during the same week that Facebook restricted me from posting content. Yet, it happened.

I thought he was a fan. The individual discovered me on Publish0x and introduced me to my first writing opportunity with payment in crypto. He liked my writing and was profuse in his praise.

We were on the road to becoming great Discord friends and all that comes with that—sharing in each other’s lives joys and disappointments, encouraging one another in our struggles, and discussing the finer details of living life as a part of the human race on planet earth in the early 21st century. Then, without warning, he sent a dismissive and unfriended me. Just like that.

The bright spot is that this individual has had issues with many others we first made contact over a year ago. If there was a conflict, it was always the other person’s fault. They were lacking some essential character virtue, in his eyes. Looking back, I believe he is engaged in some spiritual warfare that is way above my head.

A self-proclaimed pagan, this individual’s last private words to me on Discord were, “Go sell Jesus. Crypto is dead.”

I’m not telling you this story to cause you to feel sorry for me or sympathize in some way. Rather, I want you to understand that not all things are as they seem. Don’t trust everything you read on the internet. Don’t trust strangers with your content, your money, or your reputation (that includes me too, by the way). Take a deep dive into Web3 and learn to navigate the tools of the emerging internet. A good place to start would be to read Cryptosocial: How Cryptocurrencies Are Changing Social Media.

Here’s the point: Don’t trust anyone with your content, your money, or your reputation (including me). Dive into Web3 and learn how to navigate the tools of the emerging world of cryptosocial media.

And now, without further ado, I bring you some crypto news.

It’s Hump Day: Chew On Some Crypto News

Coinbase needs Congress to save it from the SEC, but that likely won’t happen. Coinbase’s biggest challenge could impact all of crypto. The news that the SEC has declared 9 tokens traded on Coinbase are securities is the hottest news of the month. There was even accusations of insider trading, which would be the case if those tokens were actually securities. But the law has not determined that. What the U.S. needs is regulatory clarity, but that doesn’t match the interests of the SEC, the banking industry, or Congress. It’s hard to maintain control if there are clear rules to follow.

Binance CEO Changpeng Zhao is suing Bloomberg. Does that make him a hypocrite? Meanwhile, the Philippines are investigating Binance over alleged illegal operations.

FTX is talking about buying Bithumb. The crypto exchange could emerge from the crypto winter as the front runner among centralized crypto exchanges.

Man wakes up his pregnant wife to tell him he lost $100,000 in Celsius bankruptcy. Seriously, did she really need to know then? Would the news have been any more or less impactful after breakfast and a cup of coffee? I suspect it would have been less.

What does the future hold for crypto exchanges? (A MUST-READ) Will crypto see mass adoption in eight years? A response to the above incredible read.

The 9 largest crypto hacks in 2022.

Rémy Martin partners with Usher launch NFT.

Two U.S. Senators propose a bill to exclude crypto transactions under $50 from taxation. Here’s a timeline of crypto and fintech developments during the Biden Administration. I doubt the bill will pass this legislative session, but it would be nice.

KuCoin survey reveals two-thirds of respondents would accept a job in Web3. Why don’t these folks just start their own Web3 gig?

This week’s Fed meeting could impact crypto prices.

New hedge fund accepts investor checks via token options.

Hong Kong is the most crypto-ready country in the world. Spoiler: The U.S. is second.

Why digital signatures are important in bitcoin. Courtesy Dr. Craig Wright.

News flash: If you buy at the top of the market and sell at the bottom, you’ll lose money. This anecdote illustrates why regulation is not necessary. It also illustrates why regulation is on the way.

DAOs represent the next frontier in social impact technology.

The International Monetary Fund says the crypto winter has not impacted broader financial stability.

Earn bitcoin playing Solitaire and Sodoku. I can’t wait. I love Solitaire and Sodoku. And I’m pretty keen on bitcoin too.

Chipotle is playing the crypto game with customers.

Japan launches Web3 policy office.

Nigeria claims to have the best bitcoin regulations in Africa.

ETHSafari, the first Africa-wide crypto event, is going to Kenya.

Snark and commentary in italics.

Cryptocracy is a decentralized newsletter published several times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto.

First published at Cryptocracy. Not to be construed as financial advice. Do your own research.

Image credit: Foresight Ventures, Bitget, and Boston Consulting Group