Surveillance Capitalism, Facebook coin, KYC, crypto

[Reid]

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.

And a lot are still being fooled by this. Yes they are collecting data already. Even your photos and videos are being drawn to them. Data is power. That is correct. I remember that from the Johnny English movie (the new one). It gave me goosebumps. Hell yeah! It could happen. No more privacy and security.

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

It is just sad that Satoshi offered bitcoin to avoid all of this data harvesting websites and banks. Yet, Supporters up until now is really low compared to the total number of adult human beings in the world.

We must teach kids. Make them aware that our data should always be private like the stone age.

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[Kakmakr]

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

You are hitting the nail on the head with that comment and this explains why regulators are still open to consider legalizing Crypto currency use in their countries. They have big plans for this technology and it includes "GovCoins" that would track every single financial transaction that you make with their Crypto currency.

Why do you think governments want to push for a cashless society? <Answer : Cash is too anonymous>  

[Falgorn]

Yes, most likely, it will be so. If before we made purchases using paper money and practically remained anonymous, then this relatively anonymous cryptocurrency may well prove to be a good source of receiving our confidential information and generally any information about us. If we have a mobile phone and use cryptocurrency, the government and in general everyone who enters the relevant databases will know absolutely everything about us. For a complete set, you only need to read our thoughts. Now research in this area is coming to an end. There is no time left for total control over us.
By the way, in science fiction such societies have long been described with complete control over people where even their thoughts are read. Everything that was ever written in the genre of fiction, always came true.

[avikz]

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

You are hitting the nail on the head with that comment and this explains why regulators are still open to consider legalizing Crypto currency use in their countries. They have big plans for this technology and it includes "GovCoins" that would track every single financial transaction that you make with their Crypto currency.

Why do you think governments want to push for a cashless society? <Answer : Cash is too anonymous>  

Absolutely Correct! Digital economy is the inevitable future and governments will have to start preparing their plans to create a centralized digital currency as decentralization would not work for them! Facebook's Global coin is the first step towards this development. They will not be anonymous and they will compliant with various regulatory rules around the world where every single transactions will be tracked. The coin launched by Facebook will not be an exception and push towards a strictly controlled economy.

I really have no idea why people are cheering about this news! 

[aad140386]

We have long entered the era of information technology and information is now one of the most expensive things. In recent years, governments of different countries are doing everything possible to control their citizens in different areas, and for this private companies like Facebook are often involved. Naturally, governments also seek to control cryptocurrencies and their owners by all available means. I think that with the development of cryptocurrency regulation will only tighten

[SvonioneFromMangoCoinz]

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?

That is really a good question. But until now, I still cannot understand how our personal information can help businesses. Or do they just want to collect our information to check how many people are involved in the crypto market? If someone knows their purpose, answer my question. thanks.
Facebook issues participate in the crypto market to possess personal information, I think they will not need to do so to get our nonsensical information.
They participate in the crypto market just to get more partners to expand and develop their payment services.

[Cnut237]

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

That is really a good question. But until now, I still cannot understand how our personal information can help businesses. Or do they just want to collect our information to check how many people are involved in the crypto market? If someone knows their purpose, answer my question. thanks.
Facebook issues participate in the crypto market to possess personal information, I think they will not need to do so to get our nonsensical information.
They participate in the crypto market just to get more partners to expand and develop their payment services.

The purpose is behavioural analytics used to predict and influence future purchasing. It's an incredibly lucrative field. Say someone wants to sell a sports drink. Instead of wasting money by blanket targeting everyone through say a TV advert, they can get an ad to pop-up on your phone when you've just left the gym. They know there's a shop just around the corner that sells their drink, they know you're thirsty because you've been exercising, they know you have a history of buying other drinks from that shop at that particular time of day. Their model indicates that you are attending the gym more often than you used to. You're trying to engage in a healthier lifestyle. They then sell this information on again to a client company who produces juicers and smoothie-makers, and another company that sells bicycles, perhaps they'll offer you 10% off a new bike, but only for a limited time - and they'll send this offer to you at 8pm becuase they know this is when you're tired and more likely to make impulse purchases.

That's the point of it. Companies pay a lot of money for this sort of advantage.

[RealMalatesta]

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.

KYC is the reason that cryptocurrency won't have that kind of free hand it was meant for. Then government being incorporated in for legislation won't really make headway. This is one issue that crypto will have to face in the future when governments start coming into the regulation.

For those that fully understand what the blockchain technology stands for, this might be the reason why most of them would not buy into the idea of Facebook coin, as it will operate more or less like a centralized coin and all people’s data and transaction will still play out into government hands, because I got an hint somewhere that it will have the partnership of government,  which will not be more than the partnership of U.S government, and that indirectly means they are gradually planning to regulate cryptocurrency, but the choice will still be for people to accept is or not since there is no way they can impose it.

[Lucius]

~snip~

Having control over people has always been the obsession of those in power, and today is more pronounced because of the accelerated population growth, and the fact that we are in the digital age where control methods have become global, we are all under under supervision 24 hours a day. FB GlobalCoin is nothing but the continuation of this global control policy (they even use name Global), and it is not any secret that Zuckerberg is knocking on lot of doors to make this happens( Bank Of England, US Treasury, Western Union).

Most of FB users (around 2.4 billion) have almost completely sold their privacy, and it will be easy to sell them idea of some new global currency. Fact that many big players even on state levels show great interest for this project undoubtedly shows us in which direction this is going.

However FB GlobalCoin probably can not count on the big market as China, India, or Russia where cryptocurrency of any type is not welcomed. Maybe some other popular social networks as VKontakte (Russia - around 500 million users) also decides to do something similar.

[webtricks]

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?

See cryptocurrencies are just end product. The more important concept is Blockchain Technology. Anyone can use Blockchain technology and produce the service/product according to his/her own preference. Let's take an example, so we all know how to make curd. You just have to add a small amount of curd in milk and process of fermentation will change the milk into curd overnight. Here process of fermentation is Blockchain Technology and curd is cryptocurrency. All Facebook is doing is that it is producing its own curd and selling it under the label of 'facebook'. It is entirely up to the customers whether they want to purchase curd from facebook or continue purchasing it from small milkmen. Everyone has a right to use Blockchain Technology (as it isn't under any patent till now) no matter a big company or a single individual.
On the other note, I also believe that Facebook's coin will have positive impact on our current crypto market. Bitcoin and alts aren't going anywhere, the launch of GlobalCoin will rather act as promotion and more people will become aware of them.

[7788bitcoin]

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.

This is the biggest problem with all the corporate structure, they portray something as free for everyone but they make money selling out personal information and with their new crypto coins coming out i do not expect them any different, if you need privacy make sure you never use them as they cannot afford that in any shape or form and more over a centralized coin. It might generate interest to the users who never entered the market, will see how this turns out to be.

[carter34]

I wish crypto be decentralized.

Crypto is decentralized but I think KYC is being introduced because of scam. However, I see KYC as a set in the wrong direction. It is creating surveillance on investors and icos are busy running away with people's money.

[Chikitita2004]

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.

KYC is the reason that cryptocurrency won't have that kind of free hand it was meant for. Then government being incorporated in for legislation won't really make headway. This is one issue that crypto will have to face in the future when governments start coming into the regulation.

Sad but true. Then the original feature of cryptocurrency will be losing its meaning. Cryptocurrency being “free” will be then be void as more and more regulations will be imposed on it. If it happens, there will be little to no difference between fiat and cryptocurrency when freedom will be lose.

[Harlot]

Facebook goes like this "if we aren't the buyers then we are the products" FB being free only means they are only earning in a different way and that is through ads specifically targeted for us, and you better ask yourself how they can even know what we have been searching in Google? It's because this giant companies are working together just to discover what ads are fit for us. And I have a strong feeling that this cryptocurrency is a big step for them. Obviously the users of this crypto will be asked for KYC and this will be FB's way to obtain out personal information, this might be their plan to have a more accurate way to target ads on us.

[pushups44]

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?

Facebook like all companies and projects is acting on self-interest, and I am confident the marketplace will sense what they are about. Obviously bitcoin will have a competitive advantage in that it will not require KYC to use it - at least on decentralized exchanges. Also, investors and speculators will be scared away from Facebook's coin since it will probably be a stablecoin. I'm inclined to believe Facebook's foray will be neutral to positive for the space by possibly bringing new people into crypto.

[Mometaskers]

I wish someone would hold a sword over their necks as they smugly say "Knowledge is Power".  

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

You are hitting the nail on the head with that comment and this explains why regulators are still open to consider legalizing Crypto currency use in their countries. They have big plans for this technology and it includes "GovCoins" that would track every single financial transaction that you make with their Crypto currency.

Why do you think governments want to push for a cashless society? <Answer : Cash is too anonymous>  

Agreed. I think some of them has already realized that since people are gonna buy cryptos anyway, then they made it so that you'd still have to transfer to fiat when paying anyway, even when you don't physically use the cash (for example buying stuff through gov't accredited exchanges). It's not a big jump for the fiat to be digital as well.

We already see some sort of cashless culture in China except that I think other countries would not be as hostile to crypto, since these are still money anyway, you'd just have to convert your crypto to their coins.

[Broly46]

Facebook coin, I was some of the earlier user of Facebook, and my memories still serve me well, I can remember clearly how cumbersome the site is, and it also the first site to allow gifting virtual item other with money, although I have no idea how to get those virtual money and stuff, not until I got an idea of credit card and stuff. And look today what has turn Facebook into a monster who are hungry for information, kyc and every sensitive info. Glad I'd get rid of it.

[shield132]

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?

The problem is that people share every kind of details on facebook, including when they eat, when they have a dinner, when they sleep and etc, there are some people who share such posts on facebook. Among them, there are some people who sell their identity for 5$, so you know answer. Btw facebook coin can't take place in those people who use bitcoin for it's purposes. Who wants to protect privacy, knows how to do it. For those who don't care, they'll become even more careless.

[timerland]

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?

Any third party service that uses your information will most likely harvest it and analyze it. There is no way around it.

I don't think that cryptocurrencies themselves are moving in this direction at all. All that is happening is that there are more regulations around third party service providers in crypto now compared to years before, which inevitably leads to stricter KYC or whatnot.

There should be a clear distinction made between what is the currency, and what is the service.

[rizkyhiw]

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.