Douglas MacMillan
speaker
35 appearances
1 recordings
1 series
first heard Mar 2018
last heard Mar 2018
Douglas MacMillan’s voice in public audio — every appearance, attributed to the second.
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Yeah, there are more and more ads for
what's called initial coin offerings across the web that are basically advertisements for companies who are unproven startups who raise funds by selling digital currency that is usually cryptocurrency.
These are risky investments and more and more people from regulators to us in the press to a lot of experts out there in the world are saying that these could potentially pose a consumer harm
to people.
So this is one more step.
Google is one of the largest advertising companies on the web, and it's coming forward and saying it's going to ban advertisements for cryptocurrency across its ad network on the web.
So potentially, it will help protect consumers from losing their retirement account betting on Bitcoin.
Yeah, this is a particularly scary incarnation of cryptocurrency ads.
It's actually more of a form of hacking.
And what it is, is in order to create cryptocurrency like a Bitcoin or Ethereum, you need to harness a lot of computing power.
So hackers have found a way to insert lines of code in websites sometimes and sometimes even in advertisements that simply by looking at that line of code or looking at that advertisement on a website, a hacker can get control of your computing power and use that to mine for cryptocurrency.
So it's a pretty surprising way of generating new cryptocurrency
that is becoming not widespread, but a little bit more prevalent.
And Google said it's begun blocking those ads that it finds on the web.
One way to look at Google's announcement today is they are creating a new category of types of ads that are banned
that will join other ad bands they have, such as they don't allow you to advertise weapons or they don't allow you to advertise counterfeit goods or substances they see as dangerous, such as recreational drugs.
So Google, which is, again, one of the largest, the largest online advertising company, can move the market in the direction that it wants.
It can effectively play regulator
over, you know, what types of ads, you know, many, many people on the internet see.
And it has determined now that, you know, financial, risky financial products like cryptocurrency are one more dangerous, essentially dangerous ad that it doesn't want, you know, people to show on its network of ads.
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