🔵 Facebook Agrees to Pay $5 BILLION, BUT will they ever stop??

[freedomgo]

Even though that's a big amount but that's a small penalty for facebook, next time they'll face a big violation like that, or even bigger, I doubt if they can still be given a chance to pay a monetary penalty.

We don't have to complain if they are spying on us, we have submitted freely our information and we know the risk we are taking.
They just face the consequence of their wrong action and we should be glad we have the government to protect us.

[rdluffy]

It's a shame that Libra is being compared to BTC
They are totally different, with different purposes

I refuse to use this coin, I don't agree with the way facebook use our data, so I do not use any service of this company, but this is only my opinion, we are free to choose what we want

[dkbit98]

I'd love to have an idea where the whole decentralized community will compete with Facebook, it's possible we just need capable developers to set up one social networking site that will respect our data, it's a gigantic task but we are growing as a Bitcoin and decentralized believers.

I don't think we'll compete with Facebook, as privacy concerned users would probably never use them. I'd honestly be surprised to see a privacy concerned user who joins such communities are also active on Facebook or other social media. Unless somehow they use a fake account.

On another side, Facebook dominance is really big for mainstream users. And I doubt it will change soon.

Anything is possible!
- Not so long ago we could not imagine to talk with anyone in the world for free, now we have Viber, Skype, Telegram and similar apps.
- We could not imagine Bitcoin could challenge US dollar, but we see what is happening now

What we need to do is to make something BETTER than centralized Facebook,
then people will slowly switch to.
We don't even need to take all facebook part off the cake to make it a success.

[Slow death]

I think they will make some changes,
but give more energy for their new monster baby called Libra coin.

They know that with Libra they will do all this again, and even more.
They will follow 100% of all users transactions and actions,
and in the same time they will make a deal with government.
Imagine the implications.... Imagine total centralisation.

This is something that governments do too, the problem here is not because governments are concerned about people, governments are concerned because they have facebook accounts... governments are concerned that they are not spying but someone else spying them. If facebook made an exclusive deal with the US government, then I doubt the US government would criticize them, but as facebook shows no side, it sells the data to anyone who pays them, so many countries criticize. The pound will be accepted in the future by all these countries that today show concern because the pound will do the same thing that facebook has done to this day. nothing will change, things will only get worse for ordinary people

Don't forget that Libra will be based in Europe, Switzerland.

CNBC: Facebook Has Not Contacted Swiss Regulators On Libra’s Registration

Facebook and Swiss Regulators: A Continuing Saga

[dkbit98]

I think they will make some changes,
but give more energy for their new monster baby called Libra coin.

They know that with Libra they will do all this again, and even more.
They will follow 100% of all users transactions and actions,
and in the same time they will make a deal with government.
Imagine the implications.... Imagine total centralisation.

This is something that governments do too, the problem here is not because governments are concerned about people, governments are concerned because they have facebook accounts... governments are concerned that they are not spying but someone else spying them. If facebook made an exclusive deal with the US government, then I doubt the US government would criticize them, but as facebook shows no side, it sells the data to anyone who pays them, so many countries criticize. The pound will be accepted in the future by all these countries that today show concern because the pound will do the same thing that facebook has done to this day. nothing will change, things will only get worse for ordinary people

Don't forget that Libra will be based in Europe, Switzerland.

CNBC: Facebook Has Not Contacted Swiss Regulators On Libra’s Registration

Facebook and Swiss Regulators: A Continuing Saga

I agree with you,
and people running the show are very selfish

[Leyss]

If Facebook agreed to pay five billion dollars of penalties due to leakage of confidential information about its users, then it is worth it. This social networking giant has a significantly higher profit. But what will happen if the US Congress adopts a prepared bill against the emergence of the Libra coin is hard to say. It seems to me that Facebook will not risk releasing it, because the sanctions will be much bigger and regular. We can rather see a similar coin in China, since Huawei already declares such readiness. China will ignore the opinion of the US government.

[dkbit98]

If Facebook agreed to pay five billion dollars of penalties due to leakage of confidential information about its users, then it is worth it. This social networking giant has a significantly higher profit. But what will happen if the US Congress adopts a prepared bill against the emergence of the Libra coin is hard to say. It seems to me that Facebook will not risk releasing it, because the sanctions will be much bigger and regular. We can rather see a similar coin in China, since Huawei already declares such readiness. China will ignore the opinion of the US government.

Yeah, it is possible.
I created a topic regarding 'Huawei coin'  with more info:
https://bitcointalk.org/index.php?topic=5169023.0

Question is.
What will USA say after this info from Huawei?
If they dont allow Libra to start with too much regulation,
they risk that China become the first country with centralized state crypto coin in the world...
Tricky...

[CryptoBry]

As long as Facebook can pay any amount of penalty imposed on it, then there would be no problem actually. The government got what it wanted -- money and changes -- and so everybody can be happy. On Libra, I think we should not be viewing it as a threat to Bitcoin or cryptocurrency in general. Now, if people don't like it then they should not patronize Libra in any way possible...simple as that let's allow the market to decide since this is a free world and we are not yet under the jurisdiction of China -- the country that will allow its China-made companies to spy on anything anywhere as long as they are working for the interest of the country.

[Janation]

I don't know why we are still in the process of "introducing Bitcoin to people" since I know we already pass that.

Bitcoin is already known to people that are always on the internet, in the social media, most of the people in the platform know what Bitcoin is, it is just that most of them don't care about it. Libra might be popular because it was under Facebook but I don't think even with billions and billions of users of their platform, will use Libra since most of them do not care and just want to be connected with their loved ones.

[Ozero]

If Facebook agreed to pay five billion dollars of penalties due to leakage of confidential information about its users, then it is worth it. This social networking giant has a significantly higher profit. But what will happen if the US Congress adopts a prepared bill against the emergence of the Libra coin is hard to say. It seems to me that Facebook will not risk releasing it, because the sanctions will be much bigger and regular. We can rather see a similar coin in China, since Huawei already declares such readiness. China will ignore the opinion of the US government.

Yeah, it is possible.
I created a topic regarding 'Huawei coin'  with more info:
https://bitcointalk.org/index.php?topic=5169023.0

Question is.
What will USA say after this info from Huawei?
If they dont allow Libra to start with too much regulation,
they risk that China become the first country with centralized state crypto coin in the world...
Tricky...

Yes, the situation is getting worse. Huawei is still leading a trade war with the US government and they will not care about the US government. Therefore, in China may well create their own coin, similar to Libra. If it is even basically the Chinese market first, it will be huge all the same.

[tonyvo2017]

 I think they will be willing to pay the penalty if the US government no longer intervenes in any business activities.
Because the crypto market is a new kind of potential market.
fast payment services are limited and this is a great opportunity for Libra.
$ 5 billion will not be a problem because they can earn more after a few years of operation with unrestricted conditions.

[el kaka22]

5 billion is actually a good amount of money for facebook as well. I know they are super rich and they can afford to pay it but just because they can afford to pay it doesn't mean that they have plenty more of where that comes from, that is a good chunk of money that facebook will remember forever. Hence I think this penalty probably out of all penalties in the world seems like the best one that could actually achieve what they have done so far. Facebook will definitely at least slow down their data breach problems and will stop collecting too much data just in case they get hacked again plus they will try their best to not get the same amount of penalty later on.

In USA if you commit a crime and get a penalty and then do it again the penalty doubles or even goes higher, hence it means if they fail to do this then they will get punished with 10 billion or more and they surely do not want it.

[justdimin]

What are you talking about with 5 billion dollars being "nothing" to facebook.

Do you realize that they literally made 15 billion dollars as REVENUE in this year, it is not nothing, it is literally one third of their WHOLE revenue let alone profits, they probably had a lot of costs and expenses as well which means they might be running on negative this year just because of this and even if not they are not gonna make as much money as they would normally do.

Stop with "everything is gonna be so bad!!" type of doomsday mentality, law sometimes works and in this instance it did help us instead of helping the big company, that is a good thing, we want governments and lawmakers to be on our side and not the big companies side, they are usually always siding with the corporations, for the first time they have sided with us, celebrate that instead of finding dirt in it.

[jostorres]

So how does that penalty affect those that they have already compromised their privacy, the billions of dollars being paid, will it be distributed to Facebook users? All these are just ways of government to raise unnecessary money and this is still part of the scam we are talking about, what has the fine actually done now? It will still never stop them, they will only device another strategy that will cover the loop holes that was opened that made government know about their mismanagement of people’s data.

I guess this was still part of the plans too why they have created Facebook Libra coin, probably it is going to be a way to get back to government, because if government does not take care, Facebook coin might really disrupt their financial system, and I guess this is why trump wants to quickly discourage cryptocurrency generally by attacking bitcoin first.

[dkbit98]

What are you talking about with 5 billion dollars being "nothing" to facebook.

Do you realize that they literally made 15 billion dollars as REVENUE in this year, it is not nothing, it is literally one third of their WHOLE revenue let alone profits, they probably had a lot of costs and expenses as well which means they might be running on negative this year just because of this and even if not they are not gonna make as much money as they would normally do.

Stop with "everything is gonna be so bad!!" type of doomsday mentality, law sometimes works and in this instance it did help us instead of helping the big company, that is a good thing, we want governments and lawmakers to be on our side and not the big companies side, they are usually always siding with the corporations, for the first time they have sided with us, celebrate that instead of finding dirt in it.

Looks like that, BUT are you sure there are no hidden motives there?
or should we trust them even if they lied to us same as Facebook.
They are constantly taking money from huge taxes all the time.

I am not judging anyone but just saying that there are no good and bad guys in this game.

[Bitum]

Only a year ago, the governments spoke quite differently, and today makes that a big headache for them. Very interesting metamorphoses?

[dothebeats]

Facebook won't stop, that's for certain. It's like they are just paying the government for permission in continuing what they're doing and in turn, the government allows them, or should I say, turns a blind eye on their nefarious activities and pretend that they are prosecuting Facebook if someone caught Facebook doing something shady. This cycle never cease to exist, and it started with banks followed with multinational, multi-billion corporations, which is Facebook now among others. As long as there is some $$$ feeding the mouths of those in the government, they would allow such things to flourish, even under their watch.

[TastyChillySauce00]

They will not and that is for certain. With Libra they are trying to gain the rule over some percent of world's money. They are trying to make so much money by creating digital money and not to mention that they already have the datas from the people all over the world to do that.
If Facebook could pay $5 Billion with ease despite the huge amount, that doesn't stop them from doing what they have done all over again to gain that much amount of money. I'm pretty sure that if they can pay such amount they can make it again eventually.

[Ucy]

Wonder why facebookcoin will be based in Switzerland? Could it be due to the mild financial regulation in the country?
Well, a new privacy policy by Facebook will only transfer the power to spy on billions of people from Mark Zuckerberg to governments, so that the spying is done by government alone. I still prefer zero spying though. Don't spy on me unless I break the law

[maxreish]

Facebook has so many issues regarding user's data. And $5 billion dollar is just a tiny money for them, the importance here is that they have to secure our data and not to sell them off. Comply with the privacy of user's data but how can facebook reassure us about that? Especially that they'll gonna integrate or use Libra coin now.