Surveillance Capitalism, Facebook coin, KYC, crypto

[2double0]

It can't be denied as a fact that companies like Facebook and a few more have announced about their own cryptocurrencies to *offer their customers with an ease to pay/ send/ receive it as a gift or in the form of a monetary help/ payment. This will centralize the current process as a whole where - if users tend to move to those cryptocurrencies and happily provide more and more data to them thinking that they are going to do any good to them, is definitely going to harm not only them but the whole crypto environment as cryptography and its subject was introduced to serve the purpose of privacy. Though, it is our, a user's responsibility if we want to use these social medias and their cryptocoins or stick to the Dad - Bitcoin.

*Including but not limited to responsibility, it is also about the choice if users tend to use these crypto. I doubt Facebook will also add PoW to their crypto to let their users earn more crypto by socializing more which gives Facebook more opportunities as the more their users engage, the more data this company will have to sell it in the markets for millions of dollars due to having a XXXL sized user base.

[Xampeuu]

Yes, it can be burdensome for those who oppose KYC because the initial concept of crypto is to remain anonymous, there are good and bad things after Facebook appears to make global coins that will indeed be centralized and may be the first step for any project that will follow their footsteps such as KYC and plus Facebook has a bad reputation after cases that leak personal data to their interests, it is very unfair to measure the money and risk that everyone will get, somehow the public's response, especially the user's crypto about this after they launch it.

When viewed from the reality as you explained, it is actually a setback. we already know the decentralization system, but to my surprise, many parties like to modify it, for personal gain

[Kevin77]

I am not entirely sure if cryptocurrency specially when centralized like the global coin facebook is building is healthy for the crypto world in innovation sense. However calling it a trouble that not only our information will be out there but also our monatery spending will be turning into data facebook could sell is a realistic questioning. Facebook never forced you to give them your data, neither whatsapp nor instagram.

You post stuff on facebook yourself, you like groups and what not on facebook yourself, whatsapp barely has any information about you unless you share some stories there, and instagram is just a place you post pictures yourself and follow people you like yourself. Which means all this time YOU gave facebook information about you, YOU can select to spend that globalcoin or not.

[metalglowd]

in my opinion this kind of thing has even become a natural thing, why should you dispute KYC, Facebook and Crypto if you can't refuse using Google yourself. Google itself is the simplest example, they have your data and location. exactly all the data that is in the device you are using. Our choice now, in my opinion, is to use only what we have been able to use

[Wingzcrypto2018]

Tin foil hats on, people, I'm going in...

Big news recently has been Facebook's announcement that it will be launching its own cryptocurrency, 'GlobalCoin'. I think this has implications for the direction of travel of crypto as a whole.

Facebook, along with other major internet companies such as Google, offers its services 'for free'. Obviously 'free' is not really free, as these companies harvest all of the personal data that you provide and use increasingly sophisticated behavioural analytics programs to predict your future behaviour, and sell this on for big profit.

So the Facebook coin - they can harvest data on your personality, age, gender, politics and preferences, but the ultimate aim is to acquire everything, all data, including the most valuable one, which is what you buy and when (and under what circumstances) you buy it. This is surely the real purpose of Facebook's move into crypto. All of your purchase activity with this Facebook coin will be tracked and incorporated into the 'digital you' that Facebook sell on.

Is the rest of crypto heading the same way? I know there are privacy coins, but the overall trend is towards KYC - including on exchanges, and this will doubtless increase as mainstream adoption draws closer and governments become more hands-on in devising legislation. And then couple this with the privacy trade-offs that we are likely to concede in order to make use of the convenience of IoT and connected devices.

Are we heading inevitably into a future where crypto is used as a means for big companies to harvest your data for profit?

If Facebook coin will be going on, where it will be launching its own cryptocurrency which is " Global Coin " it means this coins definitely would become centralized coins, due to Facebook was belong to regulated business industry, isn't right? correct me if I I'm wrong with this understanding. And for me this is not good, it is still good to be remain on decentralized system where no one is controlling our own personal account We hold.

[coin-investor]

Is the rest of crypto heading the same way? I know there are privacy coins, but the overall trend is towards KYC - including on exchanges, and this will doubtless increase as mainstream adoption draws closer and governments become more hands-on in devising legislation. And then couple this with the privacy trade-offs that we are likely to concede in order to make use of the convenience of IoT and connected devices.

Are we heading inevitably into a future where crypto is used as a means for big companies to harvest your data for profit?

Everything is all about profit, people knew in the crypto world that this is going to happen, governments want this to happen, because they do not want to lose control of their people and their data, I still doubt if this so-called Globalcoin can be anonymous knowing that there will be interference since Facebook is a big company that is very much compliant.

[Ucy]

Not only these dangers, there are many other potential dangers i don't want to mention. Ofcourse you'll need to identify these dangers and prepare for the future when they come.

[fabiorem]

People complain about KYC (and with reason), but you check BISQ and it have only two dozens of users selling and buying crypto.

There are ways to have decentralized exchanges, but the cattle dont want to get out of the pasture.

[Oilacris]

People complain about KYC (and with reason), but you check BISQ and it have only two dozens of users selling and buying crypto.

There are ways to have decentralized exchanges, but the cattle dont want to get out of the pasture.

This do really proves out that people do still much prefer for them to be handled rather than doing completely anonymous.I don't know why BISQ
didn't still get sufficient users since we know that this place is truly decentralized.People do always murmured about being anonymous but they
don't consider this exchange.

On topic,all of these coins made by big companies aren't really different on fiat yet tracking of transactions and centralization is still present.

[TheCoinGrabber]

People complain about KYC (and with reason), but you check BISQ and it have only two dozens of users selling and buying crypto.

There are ways to have decentralized exchanges, but the cattle dont want to get out of the pasture.

This do really proves out that people do still much prefer for them to be handled rather than doing completely anonymous.I don't know why BISQ
didn't still get sufficient users since we know that this place is truly decentralized.People do always murmured about being anonymous but they
don't consider this exchange.

On topic,all of these coins made by big companies aren't really different on fiat yet tracking of transactions and centralization is still present.

People love not caring about stuff so they pass on the responsibility. And it's becoming even more prevalent.

Whenever I hear of those Facebook Coin news, first thing that comes to my mind are old arcades where you exchange your coins for their "coins". That's what they all really are.

[fabiorem]

Whenever I hear of those Facebook Coin news, first thing that comes to my mind are old arcades where you exchange your coins for their "coins". That's what they all really are.

When I read about facebook coins, first thing that comes to my mind are soyboys bowing down to soviet bureaucrats.

[stompix]

Wonder what would the world prefer

A centralized coin that cost you really nothing to transfer or decentralized crypto with 20c/tx
A centralized coin where you can ask for a chargeback or a decentralized coin where you send they are gone!!
A centralized coin that is accepted everywhere or a decentralized coin that has 1% of the shops online.
A centralized coin that has some support department out there or a decentralized coin where you don't get help from sig spammers.

The average person, what is he going to choose?
The average Joe is not concerned that facebook knows he has bought cat food 2 hours ago, he is not concerned that facebook knows he has only used a toothbrush in the last 7 years, he is concerned about how much a product cost and how safe he can be without putting too much effort in it.

I doubt Facebook will also add PoW to their crypto to let their users earn more crypto by socializing more which gives Facebook more opportunities as the more their users engage, the more data this company will have to sell it in the markets for millions of dollars due to having a XXXL sized user base.

Yeah, they are going to waste millions in energy to mine a coin they can print with a push of a button just to acquire data they can simply request from you.

[imstillthebest]

Whenever I hear of those Facebook Coin news, first thing that comes to my mind are old arcades where you exchange your coins for their "coins". That's what they all really are.

Old arcade the one that we go every sunday after the church mass ?  Where we play arcade games ?  Lol yeah your right because we pay them using our fiats in exchange for their token but that is also what crypto market look like . We buy crypto coins using fiats or we can trade our existing crypto coin to another crypto coin  . The same thing might happen to facebook coin , so there is nothing new about that   

[TheCoinGrabber]

Whenever I hear of those Facebook Coin news, first thing that comes to my mind are old arcades where you exchange your coins for their "coins". That's what they all really are.

Old arcade the one that we go every sunday after the church mass ?  Where we play arcade games ?  Lol yeah your right because we pay them using our fiats in exchange for their token but that is also what crypto market look like . We buy crypto coins using fiats or we can trade our existing crypto coin to another crypto coin  . The same thing might happen to facebook coin , so there is nothing new about that   

The ones with claw machines and pinballs, LOL.

What I'm thinking is the FBcoin would be as limited as an arcade token and can only be used within the FB platform (FB, Instagram etc) and that would be the same with other social media platforms (I can totally imagine Alphabet/Google following this).

I wouldn't mind them storing mostly trivial data like how much milk I buy, what I'm worried is them stealing money. These tech giants are gatekeepers, if they find your opinions unacceptable, they can simply close your account and put your money "on hold" (a euphemism for them still using it anyway). Chase, a bank has done it with "alt-righters", what would stop these unregulated social media companies?

[LUCKMCFLY]

Well I think that the OP approach can be very radical and it has a big point, it is not necessary to obviate why these reasons can be done due to the KYC. On the other hand Zuckenberg has shown on occasion that defends the identity of its users.
 But you have to check what are the terms to acquire and have new records for currencies like GlobalCoin. They may state that the identity must be disclosed to the SEC records and that this is one of the conditions for acquiring the coins.

For the launch of the coins, they have to comply with everything that is established in the whitepaper, if all this is fulfilled if it is possible to carry out the expected conditions. We will have to wait for the rules and rules to be given, to speculate more safely.

[justdimin]

Surveillance is not part of the capitalistic world, its not done for profit but it is done for controlling people. For example when facebook sold a ton of data to foreign people so they could use it to meddle with american elections and make sure the trump supporters all went up and voted whereas they worked to keep the democrats at home because they created this idea that hillary didn't supported their beliefs and she will win anyway so the best course of action is not voting for her.

This was all due to power grab and they did it to make sure the country was run by the person they want in the office, that is not capitalism that is literally power grab. Facebook played a role there but they literally just sold data like they always to for marketing purposes, for example they sell data of people who searched "samsung galaxy" or whatever to apple so apple could instead show their ads and change their minds you know. That type of marketing purposed data was always sold, facebook just didn't know this time it was used for something evil.

[binhvo1505]

Tin foil hats on, people, I'm going in...

Big news recently has been Facebook's announcement that it will be launching its own cryptocurrency, 'GlobalCoin'. I think this has implications for the direction of travel of crypto as a whole.

Facebook, along with other major internet companies such as Google, offers its services 'for free'. Obviously 'free' is not really free, as these companies harvest all of the personal data that you provide and use increasingly sophisticated behavioural analytics programs to predict your future behaviour, and sell this on for big profit.

So the Facebook coin - they can harvest data on your personality, age, gender, politics and preferences, but the ultimate aim is to acquire everything, all data, including the most valuable one, which is what you buy and when (and under what circumstances) you buy it. This is surely the real purpose of Facebook's move into crypto. All of your purchase activity with this Facebook coin will be tracked and incorporated into the 'digital you' that Facebook sell on.

Is the rest of crypto heading the same way? I know there are privacy coins, but the overall trend is towards KYC - including on exchanges, and this will doubtless increase as mainstream adoption draws closer and governments become more hands-on in devising legislation. And then couple this with the privacy trade-offs that we are likely to concede in order to make use of the convenience of IoT and connected devices.

Are we heading inevitably into a future where crypto is used as a means for big companies to harvest your data for profit?

I don't think that they use our KYC to do bad things. they will need it to develop a technology in the future and they need information from many people across the country. or they can make their advertising more effective.
Don't worry too much, I've witnessed a lot of people selling their information and haven't had any bad results so far.

[coolcoinz]

Wonder what would the world prefer

A centralized coin that cost you really nothing to transfer or decentralized crypto with 20c/tx
A centralized coin where you can ask for a chargeback or a decentralized coin where you send they are gone!!
A centralized coin that is accepted everywhere or a decentralized coin that has 1% of the shops online.
A centralized coin that has some support department out there or a decentralized coin where you don't get help from sig spammers.

The average person, what is he going to choose?
The average Joe is not concerned that facebook knows he has bought cat food 2 hours ago, he is not concerned that facebook knows he has only used a toothbrush in the last 7 years, he is concerned about how much a product cost and how safe he can be without putting too much effort in it.

Unfortunately, this has always been a problem with the society and with the rise of democracy it's even more visible. The average joe is an idiot but he's asked for his expert opinion on politics, finances, medicine and other aspects of the modern world. How? Indirectly through voting.
Even when he's not literally in the booth he's voting in the Internet, choosing products and services, voting in the store for what has the most appealing package.
If FB coin really launches it will be a success, just as the overpriced Iphones are, even though there are better and cheaper phones on the market.

[Shenzou]

With big companies making something new or introducing a new concept to the market and coming up with new idea, the first question that you always ask is why, of course none other than profit, and with facebook creating this new coin for people to use them on their platforms, Instagram, Facebook and whatsup you immediately know there is a catch to it, since they are well known for exploiting their systems and taking people's data and selling them to advertisers, they even went to court for that, and with centralized "GlobalCoin" i am pretty sure it is no different, and to be honest who are they targeting with these coins, i personally don't think that there is anyone who spends money on these social media platforms.

[dddudidd]

Facebook always makes progress steps, I believe if they and the team want to make significant development. I hope it will be realized soon. I'm sure they will make crypto progress.