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

[freedomgo]

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.

Government does not solely support, they also regulated. Thing is, facebook is launching a Libra coin that will be like money in the internet and there's a lot of risk in the world when this is not regulated since it can be use for illegal activities, money laundering and etc.

[barbara44]

Government does not solely support, they also regulated. Thing is, facebook is launching a Libra coin that will be like money in the internet and there's a lot of risk in the world when this is not regulated since it can be use for illegal activities, money laundering and etc.

I think government just does not want to support Facebook coin because I don’t fully see what is threatening about the Libra coin to them.

Yes, cryptocurrency generally makes it impossible for the government to be able to monitor the transaction that goes on within it, I mean the decentralized cryptocurrencies not all those counterfeits that comes in form of centralized coin, but in one of the abstract of Facebook Libra coin, I read where they wrote that the system is going to run on blockchain, but would not be having the anonymous part of it, which means people’s transaction can be monitored, and this should be what government want, even if we are going to run cryptocurrency, they want something that is still going to be within their view so that they can still have full control.

[Vispilio]

I would even go so far as to suggest that Facebook's rise and current data accumulation activities were preconceived at its inception or in its
initial stages when it was gaining a foothold in US campuses, by an unseen group who very likely has a hidden agenda to monitor and control the activities of a significant segment of the population...

I was doing a Master's at an Ivy League institution at the time, and never had I seen any technology, website or product pushed and promoted as hard as facebook throughout my education...

University counselors, mentors, student council and the like were suggesting registering to Facebook as the coolest "new black" thing to do almost on a daily basis, and this official promotion is part of the reason it overtook Myspace so decisively, which had struck me as very strange even at that time...

[Spaffin]

Do not be naive.  No one will erase all the information that users provide during registration or in other cases.  History shows that all information flows into a specific database, which is stored under 10 locks and is very valuable.  The fact is that because of all this nonsense, I am already beginning to doubt the good intentions of Facebook and oppose the creation of the Libra project.  Remember, recently Facebook itself opposed cryptocurrency.

[dkbit98]

Do not be naive.  No one will erase all the information that users provide during registration or in other cases.  History shows that all information flows into a specific database, which is stored under 10 locks and is very valuable.  The fact is that because of all this nonsense, I am already beginning to doubt the good intentions of Facebook and oppose the creation of the Libra project.  Remember, recently Facebook itself opposed cryptocurrency.

I agree. Everything is collected and stored.
Every comment, every conversation and photo, location with IP.
Facebook is having 'fun' with our data and earning profit while doing so.

[Argoo]

Do not be naive.  No one will erase all the information that users provide during registration or in other cases.  History shows that all information flows into a specific database, which is stored under 10 locks and is very valuable.  The fact is that because of all this nonsense, I am already beginning to doubt the good intentions of Facebook and oppose the creation of the Libra project.  Remember, recently Facebook itself opposed cryptocurrency.

Yes, more recently, Facebook opposed the spread of cryptocurrency in the world, including banning its advertising on its resources. Now they have changed their minds because they felt a profit and that’s what I don’t like about Facebook. However, I do not think that the Libra coin will ever appear at all. To concentrate in private hands such a large amount of confidential information about a significant part of the world's population is very dangerous. Therefore, the G-7 countries very sharply and categorically spoke out against the appearance of such a coin, which led to the fact that Facebook itself recently announced that this project might not be realized.
I think that such a coin should be created by states within the framework of the G-7 or G-20. Such a coin will appear sooner or later, technological progress cannot be stopped.

[Maestro75]

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.

I see this as a plan to delay the launch of Facebook Libra. It is politics to make people loose faith in Facebook and thereafter be suspicious of whatever products it rolls out. The banks are scared of Libra that they want to destroy it through this kind of distraction. I do not know why governments are scared of Libra, especially America.

[fenixosup]

Facebook will never stop track people unfortunately

[yvesp110]

Facebook will never stop track people unfortunately

The current trend in the industry is the quest for data. You have the data, you have the market. There is a famous saying in economics that if data is the new oil, China is the new Saudi Arabia. Coming to the main point, giants like Facebook will still be using the data to make money and capture the world despite the allegations and court facing. Google is another thing to read about.

[dkbit98]

Mike Crapo to Lobby for Libra...
https://cointelegraph.com/news/facebook-hires-former-aide-to-us-sen-mike-crapo-to-lobby-for-libra

[Kemarit]

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.

I see this as a plan to delay the launch of Facebook Libra. It is politics to make people loose faith in Facebook and thereafter be suspicious of whatever products it rolls out. The banks are scared of Libra that they want to destroy it through this kind of distraction. I do not know why governments are scared of Libra, especially America.

I don't think that banks are really afraid of Facebook's Libra. What the US lawmakers are afraid of is the huge power that Facebook as a company can wield globally. They are afraid that a company as powerful as Facebook will continue to grow and that is what they wanted to stop at this point.

So yeah there could be some political background here, US governments doesn't want Facebook to dominate and make more money and the potential effect it can bring globally.

[fullhdpixel]

I see this as a plan to delay the launch of Facebook Libra. It is politics to make people loose faith in Facebook and thereafter be suspicious of whatever products it rolls out. The banks are scared of Libra that they want to destroy it through this kind of distraction. I do not know why governments are scared of Libra, especially America.

Facebook too is not completely transparent about their own operation too, and I think they already lost their trust government and also they have lost their the trust that many other individuals have in them through the recent case of privacy that the government had against them and coupled with the fact that Facebook likes to use money to buy everything over.

I just read a news today too that they would be changing instagram and whatsaap name, even though the changes would be partial, but I really don’t see any need for it right now other than them having some hidden agendas about their operations, and to me, I also see their Libra coin as a very big threat to the government and banks. I think they need to fear Libra coin than they feared bitcoin.

[slocker]

Facebook will never stop track people unfortunately

The current trend in the industry is the quest for data. You have the data, you have the market. There is a famous saying in economics that if data is the new oil, China is the new Saudi Arabia. Coming to the main point, giants like Facebook will still be using the data to make money and capture the world despite the allegations and court facing. Google is another thing to read about.

You got point. Today's market is based on amount of data you can gather and have for yourself. You mentioned google but Microsoft purchased GitHub. So all big "players" have data and can do anything with market and manipulate as they see fit. For them 5 billion is nothing more then some average person lunch money.

[audaciousbeing]

It will not stop because there is no law or regulation that is fully air tight because at the time when its being formulated, the drafters and the deciders can only think to the extent of how far their mind can carry them to block all necessary loopholes at the time and because times and season are changing someone is looking at the loopholes to perpetuate another crime. And the funny thing is that, at the time organisations are considering the cause of action, they know the law but when they then put everything into perspective and the cost of the likely fine if the regulator find out they have err on the side of law, its still profitable and businesses afterall thrives on risk. Which is why it wont stop...

[Vishnu.Reang]

It is not just breaching the privacy of the users and profiting from it. Facebook is behaving more like a political entity rather than a social media channel nowadays. They have taken an extreme-left political view, and constantly delete posts and groups having a right-wing tilt. Back in 2016, they tried to sway the POTUS elections in favor of Hillary (and failed miserably in it). If they continue to involve in politics, then the users should start boycotting their services.

[sana54210]

Libra has nothing to do with this privacy breaking law thing at all. I mean it could totally be exactly the same and maybe facebook didn't get the message and punishment was too low and they will keep doing whatever they are doing with Libra as well but for now it looks like they haven't even started so it would be weird to judge them for something they haven't done yet.

Maybe they learned their lesson and will have strict rules for privacy and they will just do much better with Libra? I am not saying that will happen and I am not defending Facebook here, I am just trying to say since nothing has happened yet on Libra front of the deal maybe we should just wait and see, maybe it will be like you guys say or maybe it will be nothing like that, only time will allow us to see how it works.

[Averim]

What about all the people whose personal data was sold without their approval? I believe Mark deserves more severe punishment like prison, perhaps this way it will be an example for all others who intend to sell personal data. In the same time there should be some responses regarding buyers of the data, should they make sure the legality of the data they buy??

[fortunecrypto]

I don't think they will ever stop, Facebook needs data so they can work out and create data that they can offer to their advertisers because they offer targetted leads, they need location, preferences age and other vital information, without it, they have no way create targeted leads without it.

[yvesp110]

It is not just breaching the privacy of the users and profiting from it. Facebook is behaving more like a political entity rather than a social media channel nowadays. They have taken an extreme-left political view, and constantly delete posts and groups having a right-wing tilt. Back in 2016, they tried to sway the POTUS elections in favor of Hillary (and failed miserably in it). If they continue to involve in politics, then the users should start boycotting their services.

You spotted it very well. They have started behaving very politically lately and though there are talks about freedom of expression, your comments get deleted within minutes depriving you of your basic right. However, the company has a great influence around the world and the quest these days is for data which is the best thing that has ever happened to Facebook. Facebook can make use of the data in numerous ways.

[shoreno]

they say that the libra coin wont be released anymore .

if they are paying that huge amount who will recieve it ? the governments ? but what about us ? what about thier users  . they are the ones that lost or have been exposed their data    .

but if ever they start paying , your still asking if when will they stop ?  they should have stop imediately because if not then they will have to pay more  .