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

[eaLiTy]

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.

Hope you are missing the main difference in privacy of user data and privacy in financial transaction, you cannot misuse the user data and sell to others without the permission of the users and if you are doing that you will attract big fines, but if they collect financial details that will be in accordance with the financial rules and regulations to monitor every transactions, basically we all know Libra is a centralized coin and the implication is that people will still use those coins if they find it interesting  .

[fiulpro]

I have only one problem with this.
Why aren't we actually getting the money ?
All the users ?
At least they should pay each one of us 100$ if they will.
There are 2.41 billion users on Facebook and they would have already earned more than enough from selling our personal preferences to the companies for advet and all.
It doesn't matter , they are paying the government , where as we are the ones who are suffering from it.
Also at the same time we are the ones who tick the user agreement without reading it.

[abeecrypto]

Wow! that is loads of money. Well, It is what they deserve. They will never stop. Data is the most lucrative asset we have now in the world. With the right analysis, data could be used to influence and inform decisions that will bring high profitability. The funny truth is that many tech companies, be it computer, phones and so on, spy on their users. It is what helps them tailor their services or services of others to the right consumers.

With great data comes great power

There is no better time for Blockchain to manifest its potentials.

[kryptqnick]

5 billion dollars is a lot (though not really a lot for Facebook), but it pisses me off who's going to get them. Great, so facebook collects data from regular users and then this data is used for special purposes by other companies. Who are the victims? Regular users. Who receives the compensation? The Federal Trade Commission, a governmental organization. Why so? Because they are the authority responsible for monitoring customer protection. And people who got manipulated and whose data was used for profit? They get nothing.
Anyway, Facebook has big inner problems that will not disappear after a $5 billion fine. And the top newsletters of the US have already published some articles on this matter.

[JohnBitCo]

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.

Facebook will never stop collecting the user's personal data.  They have been doing this from the start and will continue to do so.  And the amount of money which they are bound to Pay is very less as the amount of data and the importance of data which they hold.

[bitbunnny]

5 billion dollars is a lot (though not really a lot for Facebook), but it pisses me off who's going to get them. Great, so facebook collects data from regular users and then this data is used for special purposes by other companies. Who are the victims? Regular users. Who receives the compensation? The Federal Trade Commission, a governmental organization. Why so? Because they are the authority responsible for monitoring customer protection. And people who got manipulated and whose data was used for profit? They get nothing.
Anyway, Facebook has big inner problems that will not disappear after a $5 billion fine. And the top newsletters of the US have already published some articles on this matter.

Yes, 5 billion dollars is huge amount for money but obviously not huge enough for Facebook. I think that still have the false feeling that they are too big and too significant on the market. But that is not entirely true and competition is sligthly taking over so Facebook should start to care more about the users in order to survive. I guess they will realise that soon enough.

[BitHodler]

But that is not entirely true and competition is sligthly taking over so Facebook should start to care more about the users in order to survive. I guess they will realise that soon enough.

Companies care about their users only at the very beginning when they need to on-board as many of them as possible, where later on when they got them in their pocket they no longer seem to care.

I don't think that Facebook will have to worry about losing users with the level of growth they experience. It's the US government that's worrying about their size and even considers splitting Facebook up, which would be insane.

I don't know how I feel about a split up, but at least it would offer an opportunity to the smaller players in the social media field to gain more ground while they right now don't stand a chance.

Remember that those who do seem to stand a chance to grow, have been and will be taken over by Facebook. It's a powerhouse that doesn't seem to slow down unless regulators start to dig into Facebook.

[dkbit98]

We should not forget Instagram, that is also owned by Facebook.

It had huge spike in growth with younger generation, and I bet they use same 'tactics' for collecting all kind of information

[ene1980]

Facebook will never stop collecting the user's personal data.  They have been doing this from the start and will continue to do so.  And the amount of money which they are bound to Pay is very less as the amount of data and the importance of data which they hold.

If people are careless enough to upload their sensitive information in public sites which you think are giving you free service, then you are the biggest fool as there is nothing free in this world, they might be fined for their actions for not taking care of sensitive information of their users and from now on these companies will be careful with these, if not they will attract more fines and regulations from the authorities.

[Distinctin]

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.

Facebook will never stop collecting the user's personal data.  They have been doing this from the start and will continue to do so.  And the amount of money which they are bound to Pay is very less as the amount of data and the importance of data which they hold.

You are correct, the penalty is just peanuts for them and I believe they are not fully remitting all their collections or income, so their net worth is not really the real one, it's lower than their real net worth.

The government were able to make on facebook violation but they should not impose the same light penalty in the event they will repeat their violation again, that would be very corrupt of the government if they still do the same, they have to serve the people, not the facebook.

[Indamuck]

Zuckerberg could cover this himself with less than 10 percent of his net worth.  This will do nothing to stop Facebook and everything you do on their platform will be monitored and stored on their databases.  I would suggest leaving facebook and all of their other owned platforms. 

[dkbit98]

Zuckerberg could cover this himself with less than 10 percent of his net worth.  This will do nothing to stop Facebook and everything you do on their platform will be monitored and stored on their databases.  I would suggest leaving facebook and all of their other owned platforms. 

I agree with you.
Facebook is money making machine and Zuckerberg is driving it where he wants.
But leaving Facebook is probably not possible for most of the people,
without some better alternative social media platform they can choose and use.

[1Referee]

I don't know how I feel about a split up, but at least it would offer an opportunity to the smaller players in the social media field to gain more ground while they right now don't stand a chance.

I wonder how effective a so called split-up is, and what it actually means. If a split-up means FB selling certain departments to their competitors, it might work as intended, but if it's just a split-up as in the different departments to operate individually but indirectly still operate under the umbrella of FB, what will change?

FB was allowed to make multiple large acquisitions without a problem even though it was more than obvious that FB's position would grow further. I think there won't be a split-up for the sole reason of how easy it is to fine them for power abuse and whatnot. With FB's business model it's just a matter of time before they drop the soap and the FTC enters from behind.

[danherbias07]

Scary isnt it?

Here is why we should not give any deep information with this kind of social media feature.
Or better, they should erase all those kind of fields during sign up and also on editing information once you are in application.

It cannot be prevented with fools trying to be cool with their names but there is still a way if the app itself wants their customers to be protected.

[dkbit98]

Scary isnt it?

Here is why we should not give any deep information with this kind of social media feature.
Or better, they should erase all those kind of fields during sign up and also on editing information once you are in application.

It cannot be prevented with fools trying to be cool with their names but there is still a way if the app itself wants their customers to be protected.

I totally agree with you.
I would like to see decentralized blockchain social media alternatives,
where nobody can be banned or simply switched off, and where we can keep our privacy without central party.

I have been testing this, it is still in beta, and needs improvements.
https://bittubers.com/

I am not sure it can replace Facebook machine for now...
but they don't have Billions either

[robelneo]

It's not how much they fine, they can pay that amount several times because they are still making a huge income, it goes how bad their reputation is if  a company is fine, then they have a violation and if they keep paying and doing this, they can get their license  revoked, so no they cannot keep paying for violation.

We always have a first and second offense and a third offense could get their license or franchise to operate.

[bitgolden]

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

I think by now, everyone already knows that the technology of Facebook is absolutely different from that of Bitcoin, which Facebook itself has stated clearly. I think they are in no completion with bitcoin, how is it that a centralized coin can compete with a decentralized coin.

The reason why many people like us accepted cryptocurrency of bitcoin whole heartedly was not only because of the financial increase we are getting from it, but because of the payment freedom that came through it too  and only a decentralized system can actually do that. Libra coins just like a stable coin, and many not really be that useful to many people, except people that are making payment on their system for a particular product on their platform. Anything aside this is seriously going to make the coin irrelevance to people.

[shield132]

As I see, everytime what I search in google, doesn't matter with my account or just open private tab and search in it, I always get adverts on facebook which are related to my searches on google.
They agree to pay 5 Bililion for their mistakes, why? Because they benefited a lot more and they want to benefit even more, they want to keep all of their mistakes in silence and pay for it but in future, they'll get 100x more back. That's sad but truth, we don't have to send private information on facebook, they analyze all of our data, very quickly and easily.

[fullhdpixel]

the penalty is just peanuts for them and I believe they are not fully remitting all their collections or income, so their net worth is not really the real one, it's lower than their real net worth.

The government were able to make on facebook violation but they should not impose the same light penalty in the event they will repeat their violation again, that would be very corrupt of the government if they still do the same, they have to serve the people, not the facebook.

You call that peanut; let them continue to pay that peanut every year and then see if they will not go bankruptcy. Pay attention to what the op said, he never quoted the amount in million, we are talking off billions of dollars here my friend and you call that peanut? That is not peanut man.

I am sure this is one of the reason why they are also planning to use blockchain technology for their project too, and Facebook is very wise, they are making everything concerning them decentralized but they are not making the coin itself decentralized, which means, they are just doing this to really get back at the government and government better tackle them right now, before their Libra coin takes over globally and even get recognized more than the United State usd.

[Nhebu]

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.

I thought Facebook is supported by the government since it is popular worldwide. Ironically speaking, the Facebook that really admire by the people and well-known by the world, will be prevented to establish their own coin. Yet, the bitcoin that is not known who invented, only for the name Satoshi is adapting worldwide.