Aug 22, 2023

Thailand’s Ministry of Digital Economy and Society (DES) is warning Meta's (META) Facebook that the platform risks being expelled from the country if the site doesn't curb the number of fraudulent crypto investment scams being advertised.

Video transcript

We are now going off to Thailand where lawmakers are seeking a court order to shut down Facebook in the country accusing the platform of supporting fraudulent crypto investment schemes. Thailand's Ministry of Digital Economy and Society said in a statement that the ads have affected more than 200,000 people will gonna kick this one off to you much like Bin and the regulators. Facebook and the governments have really had a back and forth for Facebook's entire existence and many times it is warranted, what do you make of Thailand's move to potentially shut down the platform? Yeah, I mean, I think online communities are new to everybody. Like I think we like to think that they're not, they've been around for about, you know, 15, 20 years and the size that they are and they've been growing year over year quite a bit. And I think makes things tricky, especially when you have the ability to go online, these things rally touch people and then sell them something that doesn't exist, right? I mean, these things existed all throughout history, but now we have this social platform and the ability to touch people uh much more easily and it's costless for the most part that makes it very dangerous in crypto. We run these things very quickly. Right. We think back on all the scams that have happened maybe from D I summer onward or the IC O era. Uh, we just think of like last cycles, big pump and dumps and those things happen. Right. And they happen because you're able to talk to all these people, get them to buy into something and then the adverse uh choices come about later. And governments are caught on their heels. A lot of times here, they don't know exactly what to do here. So they kind of implement a wide swath ruling and just sort of ban something, but that doesn't quite get to the heart of the matter, right. Which is that people are going to be scammed. You just need better education than you can't get rid of a platform. But that doesn't mean like the scammers aren't just going to move to a different one and there's tons of different platforms out there. Just think of whatsapp Telegram, uh Instagram, there's so many different ways to like move these things as long as there's an online community and there's snake going to sell, there's going to be more of this. And I think meta of course, hasn't known how to deal with this. So I would assume that they have like a lot of lobbyists in all these countries that are working directly with each government. Zach. I think this one's kind of silly. Right. It isn't, it isn't meta's fault, right? I think like, scammers are gonna scam, they're gonna go where they have uh an available platform to do. So, it's like a game of whack a mole, right? They'll go from one thing to the next. They'll hop to Telegram, they'll hop to whatsapp. What have you. Right. So, the idea that I think Meta should be held to blame here, it's a bit silly, maybe a bit opportunistic by the, the Thai um politicians uh making these claims. Um So, yeah, I mean, I'm with will like the big picture is sort of like scammers are gonna scam when you have big pla platforms that a lot of people are on, they're gonna gonna do that on these platforms. It's not like me should, I don't, I don't, I don't know, I think Meta should not be um castigated here in this instance because it's just not fair. It's just not fair to them. It's not fair to the, it's just not fair to suck. It's not their fault. They're not doing, they're not doing the scamming. They're just, they're a platform and platforms are tricky. As we mentioned, they're tricky. You got to figure out uh what's allowable. What's not, how do you do it? How do you don't? And those are a lot of those are unanswered questions. So I talk with you, Jen. Yeah, I'm with both of you guys on this. I think scammers are gonna scam but I will say that this story hit a little bit of an emotional chord with me because there is someone out there pretending to be me and pretending to give trading advice. And if anyone watches this show, you know, if you're gonna take trading advice for me, you're gonna lose all your money. And so maybe those people should all like should all like whatever happens to you, you got what was coming to you. But I have reported this fake account time and time again and almost everyone I know has reported this account and it hasn't been taken down. There's been no recourse. I've submitted my ID. It's I've just been told like that my ID can't be verified. And so that is very frustrating. And I learned just last night, somebody lost $200 to this scammer. And so I think while scammers are gonna scam, maybe there are some better processes um that can be put in place for when fraudulent ads or fraudulent accounts are reported. Wow, that, that, that was a good, that was a good personal story. Yeah, I mean, impersonators are, are real. It's, it's not good. They're, they're out there, they're out there trying to scam people into their cold hard cash, they're everywhere. Those, those, those scammers, I tell you one like quick thought about this is like Google and Facebook and a lot of these other companies in the past have banned Cryptocurrency ads and they banned them because the proliferation of scams so easy to get someone to buy into something like this, right? Be like, hey, this is a good trading opportunity or this asset is going to do this thing or have this utility and a lot of people have bought into it and that's why they got rid of the ability to, to advertise for Cryptocurrency for so long. And mostly during these cycle pump periods, we do see like those bands come back in and then during a bear market, they sort of get relaxed a little bit and we kind of go back and the pump built up again. The scams are proliferating, the money starts flowing. You see the ad walls come back up with Google or Facebook. So maybe this is just one of those times where like it's starting to happen again, we're starting to get back into that, that group. Who knows? Maybe that's a opium.

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