MNHQ here: tell us what you think about whether MN should take ads for cryptocurrency trading

[RowanMumsnet]

Hello

We're after your views on Mumsnet taking paid advertising for services that specialise in the trading of cryptocurrencies (eg Bitcoin).

Thus far we've taken the view that MNers are adults, many of them with a pretty sophisticated understanding of financial products and services, and so this isn't on our 'do not advertise' list. But we've had a few questions from the media over the past 24 hours about some upcoming commercial activity with a crypto trading service and as we try to operate on the principle of collaborating with MN users when it comes to these decisions, we wanted to know what you think. Is trading in cryptocurrencies an appropriate area for Mumsnet commercial activity? Is this sort of trading more analagous to gambling (we don't take ads for gambling sites)? Is this sort of commercial activity compatible with MN's fundamental aim of making parents' lives easier?

Would love to know what you all think

Thanks
MNHQ

God no. I love crypto’s and own a variety, but they are so open to scams and misleading advertising and completely unsuitable for the average person on the street. It’s gambling, not investing and come with wild fluctuations- e.g. most are currently 80-90% off their highs from last Jan.

Definitely not. I don't understand why people would invest in something that doesn't exist. You might as well invest in shares for magical unicorn dust that is always kept hidden in a vault.

I'd say no. I'm willing to bet most users in here don't have much knowledge of cryptocurrencies. However, what I do know is that you need to know what you're doing to invest. I suspect you could be instrumental in tempting many vulnerable people into something which has risks they don't even remotely understand.

Perhaps Mumsnet HQ should start a thread asking whether Mumsnet HQ should start threads that amplify advertising campaigns by creating preliminary chat about their legitimacy.

Or, more accurately:

Perhaps Mumsnet HQ should start a thread asking whether Mumsnet HQ should start threads that amplify its own status as an advertiser by creating preliminary chat about the legitimacy of possible upcoming advertising contracts.

Isn't bitcoin used to pay for all sorts of illegal shit?

My profoundly mentally ill son used bitcoin to pay for drugs that he planned to use to kill himself. What larks, eh? What a jolly topic for advert-funded chat sites to use for the purposes of virtue signalling and profit?

Considering that some banks still close the accounts of customers who trade in Crypto you really shouldn’t.

Isn't bitcoin used to pay for all sorts of illegal shit?

Isn’t cash used to pay for all sorts of illegal shit?

Nicely played Sushi.

I still don't know which side I'm on.

MNHQ. Have a look at some of the bitcoin threads from a year ago. They made really sad reading, with posters talking about borrowing money and getting loans to buy bitcoin. Just before the big crash. Terrible.

Fine by me, I have an ad blocker, doesn't everyone?

Absolutely not.

Bitcoin mining has a huge impact on the environment.

No and I don’t think you should be encouraging matched betting either.

I don't understand. Usually when people complain about adverts we're given some guff about "it's a package deal, we're not in charge of what adverts are/aren't included".
Are you now saying that you can be selective when you feel like it.

MNHQ have always banned certain categories (payday lenders) and companies (Nestle) from advertising on the site. But outside of those red lines, they take what they’re given and don’t check ads individually. This is about adding a new category to the blacklist - it’s obviously a relatively new thing and wouldn’t have occurred to them when they drew up the original list.

I would say be cautious. The lack of regulation of 'cryptocurrencies' makes them ripe for scammers to exploit, and it's a speculative bubble that will burst anyway. It's not the only dubious investment around, but that's hardly a reason in favour of carrying the ads.

(I think the speculators have done tremendous damage to cryptocurrency, other markets, and the environment, but that's not really relevant.)

Jasonmendoza Thu 29-Nov-18 16:03:16

No. Crypto currency investments are Ponzi schemes.

Massive lol. Cryptocurrencies are based on the blockchain and cannot be rehypothecated, unlike fiat currencies. They are all finite. There will only ever be 21Mn bitcoin. Cryptos are the least Ponzi like things ever, they are democratic money.

JudasPrudy Thu 29-Nov-18 19:47:14

Isn't bitcoin used to pay for all sorts of illegal shit?

Using cash didn't stop the Mexican drug cartels using HSBC to launder their money. At least bitcoin, unlike cash, is traceable (to an extent) because of the blockchain.

@MNHQ if you do allow this, please get the advertisers to stress that investors must keep their private key safe or they will lose their money. That's £100 I'll never see again (current value if I had the private key - about £1200).

It’s the fact that it’s a product that can be used for very very immoral purchases

On the dark net

For example . Maybe I am ignorant but that’s the issue that troubles me ?

@VanGophsDog

Fine by me, I have an ad blocker, doesn't everyone?

No, because MN relies on advertising revenue to keep going and I'm happy to do my bit by not having an ad blocker.

But I hope MN don't advertise something that has brought misery to many.

Bitcoin may not have intentionally been designed as a Ponzi, but it has ended up akin to one. The only way the price will go up is if more people pump their money in, which is why they are having to go further and further afield to try and recruit people. Bitcoin is so poorly designed that it requires substantial amounts of money pumped into it every day to keep the price from falling (miners have to pay their mining costs). This money is going to be coming from MNers.

Look at the threads from the mania this time last year. All those people will have lost a lot of money. I personally trade it successfully, but really wouldn't recommend it to novices. 80%+ will likely lose money.

Bookies are far more reputable and regulated, so if you don't allow them you certainly shouldn't be allowing this.

I think No. I think it is closer to gambling than investments that have profit making (or profit attempting) companies, or tangible assets such as property or intellectual property.

I think that often they tempt very unsophisticated investors who think they can make a quick profit rather than more than average sophisticated investors which is what it needs.

Surely the answer is very simple.

MN should only become involved with REGULATED investments.