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

[dkbit98]

Department of Justice
Facebook Agrees to Pay $5 Billion and Implement Robust New Protections of User Information in Settlement of Data-Privacy Claims
Facebook will Pay the Largest Civil Penalty in a Data-Privacy Case in United States History

https://is.gd/source_article

After reading this news, one question came in to my mind:
Will they ever stop doing what they are doing?

They where spying on us all the time,
selling our data and information, to anyone who wanted to buy them,
they violated our privacy and they did that multiple times.

They now have to pay biggest penalty ever paid in history of US.
The settlement also requires fundamental changes at Facebook
and removal of Mark Zuckerberg as consumer privacy decision maker.

Facebook also needs to adapt new privacy program and respect user privacy.
This also apply for  WhatsApp and Instagram, that are owned by Facebook.





What will Facebook do next?

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.

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

On July 30th we have new senate hearing regarding regulating all digital currencies and blockchain
https://www.banking.senate.gov/hearings/examining-regulatory-frameworks-for-digital-currencies-and-blockchain


Summary

I don't know how good for cpypto space is potential creation of Libra coin,
as people will forever associate it with previous Facebook actions.
But if Facebook have billions to pay ... I say let them pay.

Meanwhile we can use this time to introduce more people with BITCOIN,
one real decentralised crypto who can beat them, and give power back to the people.

[BitHodler]

Banks have never stopped with their shady activities after having paid billions in fines, so it's safe to assume that Facebook won't be stopping either. Governments don't mind them because it means billions of extra income.

If governments really cared they would find a way to get banks to not make the same mistake again, but why would they? It's much more profitable to let these corporations make the same mistake over and over again.

The only way for Facebook to stop is to have people stop using them on a worldwide scale, but that's not going to happen either. We have to accept that this is the way the system works. It's pointless to wait for improvements.

[dkbit98]

Banks have never stopped with their shady activities after having paid billions in fines, so it's safe to assume that Facebook won't be stopping either. Governments don't mind them because it means billions of extra income.

If governments really cared they would find a way to get banks to not make the same mistake again, but why would they? It's much more profitable to let these corporations make the same mistake over and over again.

The only way for Facebook to stop is to have people stop using them on a worldwide scale, but that's not going to happen either. We have to accept that this is the way the system works. It's pointless to wait for improvements.

Great observation.
I am thinking similar like you.
Best way to get quick income and make circus entertainment for the masses.

[Harlot]

With them having a recent case loss I think all eyes are on them especially the ones who are handling the topic of Libra. I'm pretty sure with their own kind of cryptocurrency the government wouldn't allow them to add an extra set of feet in by putting a lot of privacy violation with their Libra. They might even go as far on changing the whole Facebook interface on what users can show and what they cannot show, before even touching the subject on how Libra will be implemented in their website.

[iv4n]

Banks have never stopped with their shady activities after having paid billions in fines, so it's safe to assume that Facebook won't be stopping either. Governments don't mind them because it means billions of extra income.

If governments really cared they would find a way to get banks to not make the same mistake again, but why would they? It's much more profitable to let these corporations make the same mistake over and over again.

The only way for Facebook to stop is to have people stop using them on a worldwide scale, but that's not going to happen either. We have to accept that this is the way the system works. It's pointless to wait for improvements.

In some ways we are forced to use banks. Some companies tell you in which bank you can receive salaries, at least in my country its like that. But who force people to use facebook? How many people will pay attention on what facebook is doing with their data? More then 2 billion people have account there! I bet that more than 90% from all of them doesn`t even know what facebook is doing and for penalties they are paying. Question is how many people is aware of what banks are doing too.
People need to educate themselves, I can`t think off any other conclusion. People need to learn about what they are using, and to try to understand how system works. When majority becomes more educated we can change the world.

[creeps]

They agreed to pay to settle this case down but the government wont stop on that, as we hear from the recent hearing about their Libra coin, the government really preventing them from making their own coin. I know Facebook will not also stop from here, they will still go and create their coin and by that time it can create more money for them. The government will regulate more cryptocurrency because of Libra coin, i hope its for the good of the people and not for their own interest.

[dkbit98]

Banks have never stopped with their shady activities after having paid billions in fines, so it's safe to assume that Facebook won't be stopping either. Governments don't mind them because it means billions of extra income.

If governments really cared they would find a way to get banks to not make the same mistake again, but why would they? It's much more profitable to let these corporations make the same mistake over and over again.

The only way for Facebook to stop is to have people stop using them on a worldwide scale, but that's not going to happen either. We have to accept that this is the way the system works. It's pointless to wait for improvements.

In some ways we are forced to use banks. Some companies tell you in which bank you can receive salaries, at least in my country its like that. But who force people to use facebook? How many people will pay attention on what facebook is doing with their data? More then 2 billion people have account there! I bet that more than 90% from all of them doesn`t even know what facebook is doing and for penalties they are paying. Question is how many people is aware of what banks are doing too.
People need to educate themselves, I can`t think off any other conclusion. People need to learn about what they are using, and to try to understand how system works. When majority becomes more educated we can change the world.

What is even more shocking is that most of the people nowadays don't even care
if someone uses their data and information and sells it...
Imagine that same thing for them using crypto  

After listening senate hearing...I think that all government want is SWITCH OFF button to any person they want.
And Facebook will provide them that 'function' I am 100% sure.
They cant have that with cash money, gold or Bitcoin.

[The Sceptical Chymist]

Holy crap, that's an enormous fine.  Do I think Facebook will change their practices as a result of this?  Probably, unless their plan is to figure out a way around it, and who knows what's in their heads.

They may not have a choice if they want to avoid further consequences, and I doubt any company wants can take multiple billion-dollar hits like this and still survive.  The thing I wonder is how much this is going to affect their profits, since I'm sure part of their business plan called for selling their members' information. 

In any case, screw Facebook.  This is why I stopped using them in 2010, and I'm glad I never looked back.  They're worse than Google.

[dkbit98]

Holy crap, that's an enormous fine.  Do I think Facebook will change their practices as a result of this?  Probably, unless their plan is to figure out a way around it, and who knows what's in their heads.

They may not have a choice if they want to avoid further consequences, and I doubt any company wants can take multiple billion-dollar hits like this and still survive.  The thing I wonder is how much this is going to affect their profits, since I'm sure part of their business plan called for selling their members' information.  

In any case, screw Facebook.  This is why I stopped using them in 2010, and I'm glad I never looked back.  They're worse than Google.

I am afraid we cant shake them that easy

What we can do is not use real profiles and info for FB,
change search engine, minimize usage, and support some decentralized alternatives

[Kemarit]

It will be a continuous cat-and-mouse game here. So I doubt that Facebook will just stop just because the government caught them, they are willing to pay that huge fine isn't it? And I don't think that it will have a dent of them financially, Mark Z, has around $80 billion, even if he pays out of his pocket, he can recover that amount, unfortunately it is the shareholders that's going to fork that billions.

What worries me is that people still patronized Facebook, as how Libra will affect the crypto space, we will have to see, they started at the wrong foot already, so we can only speculate what the net effect will be once its rolled out next year.

[hatshepsut93]

They aren't being fined for violating privacy of billions, they are fined for getting hacked and letting hackers get access to that data. They will improve their security, but they will continue to harvest data, there's simply no other way Facebook can exist - this is how they make money, they don't have alternative means of making money, and without money they can't support their enormous infrastructure. Governments don't like Facebook because they screwed up with their data breaches which caused a lot of trouble - they don't mind the data harvesting itself, especially if Facebook cooperates with them.

[bryant.coleman]

They aren't being fined for violating privacy of billions, they are fined for getting hacked and letting hackers get access to that data. They will improve their security, but they will continue to harvest data, there's simply no other way Facebook can exist - this is how they make money, they don't have alternative means of making money, and without money they can't support their enormous infrastructure. Governments don't like Facebook because they screwed up with their data breaches which caused a lot of trouble - they don't mind the data harvesting itself, especially if Facebook cooperates with them.

Hmm... this is exactly why I stopped using Facebook five years back. Even if you guys are using FB, make sure that your primary email and phone number are not updated in the profile. In countries such as China and India, Facebook has built good relationship with the authorities, by providing data to identify anyone who makes frequent posts against the politicians. In the US, they are shamelessly meddling in politics by openly supporting the ultra-left wing of the Democrat party (Kamala Harris, Elizabeth Warren.etc).

[leavolnhals]

I think they will face a lot of difficulties when paying fines to the government. The value of the stock will decline and the libra project will be greatly affected.
I know the US government is controlling to prevent the expansion of facebook, but is the penalty too big?
If Facebook really fails in this project, the US GDP will be greatly affected.
facebook is really losing its advantage and I doubt that Libra will be deployed anymore.

[jrrsparkles]

If they stop leaking our priacy then who will fund them to run their company called facebook?

This is their business so they will never stop,they might get penalty and will ask for more price next time.

Who cared about their privacy then stop using them.

[dkbit98]

I think blockchain technology is great for creating one alternative social media network,
that will enable users to have privacy and freedom of speech.

I would like to see new DexBook in the future
Nobody can be banned from there, except if majority of users votes for it maybe

Maybe its just my dream and facebook is to strong ...maybe not

[dkbit98]

Monex Group, the Japanese financial services company that owns the Coincheck crypto exchange, has applied to join Facebook’s Libra project.

source:
https://www.coindesk.com/coincheck-owner-monex-group-moves-to-join-facebook-libra?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20

[Upgrade00]

The reality is, lots of people around the world do not really care what happens with their data, and bear the idea that it doesn't directly affect them if personal informations are marketed.
If only there were more discussions on the threat and how it can be used to control the masses, then the public could force the government to pay more attention to this.

[aioc]

I think blockchain technology is great for creating one alternative social media network,
that will enable users to have privacy and freedom of speech.

I would like to see new DexBook in the future
Nobody can be banned from there, except if majority of users votes for it maybe

Maybe its just my dream and facebook is to strong ...maybe not

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.

[joniboini]

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.

[fenixosup]

Nothing will stop facebook from tracking users in my opinion