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

[dkbit98]

However, if they built something that could basically track your expenses to make sure they sell your spending data to other companies for marketing purposes (which could be used for evil like Cambridge Analytica was used) than we can totally understand what kind of company facebook is and what the direction they are taking even with the penalty they took. We just need time to realize and process what will happen with Libra to give our judgement.

Yeah, and most likely this scenario will happen.
I just don't think anyone in Facebook wants to change their ways of doing things and earning money.

The only thing is that it is unclear when Libra goes to the exchanges, and whether at all. The developers do not give comments and offer to buy coins through official applications. It remains only to wait. First, decisions of Congress, then clarifications of the situation with exchanges. If trading does begin, the Libra cryptocurrency has a chance to become a profitable tool for earning short positions.

Latest news regarding this topic is that
Mark Carney (governor of the Bank of England) proposed that coin like Libra could replace US dollar as a world reserve currency!

source article:
https://www.theblockcrypto.com/tiny/bank-of-england-governor-suggests-a-libra-like-currency-should-become-the-worlds-reserve-currency/

Does it mean it will be Libra or maybe bank of England is creating their own coin?

[Pab]

Good post i really like
I guess Facebook will never stop to do it
It is simply very lucrative to trade users data.I rather think his effort will goes to hide stealing his users private data.It is all comedy to me because anything users post write is going to NSA.Preventing terrorism.I even think that Facebook will not pay that 5 bln penalty
read that Guardian article more light about Facebook fraud

Internal Facebook correspondence from September 2015, released as part of a US government lawsuit on Friday, reveals new details about Facebook’s early knowledge of potentially improper data collection by Cambridge Analytica.

But the correspondence – which the Washington DC attorney general’s office fought for months to unseal as part of its lawsuit – provides new insight into how Facebook staff reacted, or did not react, to concerns about the use of user data by political campaign consultants.

It is criminal by my opinion

https://www.theguardian.com/technology/2019/aug/23/cambridge-analytica-facebook-response-internal-document

[TheCoinGrabber]

Just a drop in the bucket. I don't think government oversight would prevent things like the Cambridge Analytica scandal from happening again. With these big companies, they just get a slap on the wrist fine and proceed to do it again.

Now let's see if people would support Libra. It seems people there in the US do make fun of Zucc and are trying to wean themselves of FB and co but it's still a popular platform in developing countries.

[darewaller]

Just a drop in the bucket. I don't think government oversight would prevent things like the Cambridge Analytica scandal from happening again. With these big companies, they just get a slap on the wrist fine and proceed to do it again.

Now let's see if people would support Libra. It seems people there in the US do make fun of Zucc and are trying to wean themselves of FB and co but it's still a popular platform in developing countries.

Well, mark seems to have already bought everyone over and we can't do without him right now because I have not really seen any other application that has been able to compete with him, other platform that would have done so, he has already bought them over, platforms like Instagram and Whatsaap, so no matter how much they muck him, he still has their keys in his hands, especially the business men and women because his platform has really helped lots of businesses.

I think if government dare allow him to release the coin that would be the beginning of whatever it is that government is scared of about the release of the Libra coin as they have too many business men and women on their platform that would make the platform a success.

[coin-investor]

However, if they built something that could basically track your expenses to make sure they sell your spending data to other companies for marketing purposes (which could be used for evil like Cambridge Analytica was used) than we can totally understand what kind of company facebook is and what the direction they are taking even with the penalty they took. We just need time to realize and process what will happen with Libra to give our judgement.

Yeah, and most likely this scenario will happen.
I just don't think anyone in Facebook wants to change their ways of doing things and earning money.

You cannot change a company that is making a huge profit and become a top company from doing the thing that they are good at, and Facebook is very good at taking our data and selling it, so why would they change, in fact their Libra coin is another coin that they can use to triple their profit, but in this case they can do it legally.

Everybody is watching Facebook's Libra coin's launch because we have something to worry about and at the same time something we are excited about because the whole community is watching how Facebook can help the Cryptocurrency in general.

[FlightyPouch]

Yeah, and most likely this scenario will happen.
I just don't think anyone in Facebook wants to change their ways of doing things and earning money.

I bet they will continue doing those things but this time, since people know how they do it, they will be changing their ways. Not changing that they will not be doing that again but changing it in the way people would not know they are doing it again. They are spoiled to the money and information they are gathering so why stop?

[Lanatsa]

However, if they built something that could basically track your expenses to make sure they sell your spending data to other companies for marketing purposes (which could be used for evil like Cambridge Analytica was used) than we can totally understand what kind of company facebook is and what the direction they are taking even with the penalty they took. We just need time to realize and process what will happen with Libra to give our judgement.

Yeah, and most likely this scenario will happen.
I just don't think anyone in Facebook wants to change their ways of doing things and earning money.

You cannot change a company that is making a huge profit and become a top company from doing the thing that they are good at, and Facebook is very good at taking our data and selling it, so why would they change, in fact their Libra coin is another coin that they can use to triple their profit, but in this case they can do it legally.

Everybody is watching Facebook's Libra coin's launch because we have something to worry about and at the same time something we are excited about because the whole community is watching how Facebook can help the Cryptocurrency in general.

The only thing I do see on what Libra would able to help cryptocurrency in general is on giving out global awareness on whats crypto and might lead up for those people who are involved to seek out the origin of it where it do pertain with bitcoin and no other thing rather than that there no way that this centralized coin will give out any innovative thing on here.It will really be just like an e-payment using up Facebook platform.Im aint negative on this one yet this wont really be that revolutionary at all.It might have facing some issues but I don't see a reason that they would completely stop.They do make arrangements and ways for their coin to be launched but government is too skeptic in related to this.

[roosbit]

The thing is they did it once and am sure made some good money off our data and this settlement of $5b might sound like a huge amount but this is pocket change for what our data is worth to whoever bought this data and the fact that the damage has been done , I don't think this is the last time they will be going to court over misuse of data....more cases await.

[maianh09]

Will you believe that Facebook will do what they have come up with? Will they pay 5 billion dollars to upgrade security and protect user information? Will Facebook stop collecting user information and do you think companies will continue to use the Facebook platform to promote their businesses through ads?

[dkbit98]

Will you believe that Facebook will do what they have come up with? Will they pay 5 billion dollars to upgrade security and protect user information? Will Facebook stop collecting user information and do you think companies will continue to use the Facebook platform to promote their businesses through ads?

Believe ir or not Facebook will pay what they have to pay.
And please do not ask to many empty questions in one post.
Thank you.

[xabre]

Issues of facebook coin looks down and we not hear anymore about they have trying or not for listing Facebook coin, just cross like water without have any good news.

[imstillthebest]

Issues of facebook coin looks down and we not hear anymore about they have trying or not for listing Facebook coin, just cross like water without have any good news.

the issue is not more on the libra coin but its because of the facebook stealing our private data's  . the issue is already there even before but its nice to see that someone has taking an action to charged them  .

 about the facebooks new crypto coin , i dont see or hear any updates from it but if your looking of good news about thier coin , it did happen before  . so many good news that happened  like the price increase of cryptos  during the introduction of libra coin  .

[cryptoperkele]

I wonder if they want to pay that with libra coin? Or in what form these kind of amounts are usually paid?

[SquallLeonhart]

Believe ir or not Facebook will pay what they have to pay.
And please do not ask to many empty questions in one post.
Thank you.

They will definitely pay the 5 billion fee but I am not entirely sure if they will do anything to improve their security. I mean first of all the security risk here is not even breach or hardware or anything like that. Its more about how people could use their marketing system for ruling a whole country, that is the problem.

I mean we get to see how awesomely it works with getting trump... if a bad person takes advantage of facebooks system they could funnel millions of dollars right into facebook to target people who are on the fence about elections and they can win elections that way. I would say as long as facebook keeps collecting data about people there is really not much we can do to stop them because they will keep selling it like they are just helping people do marketing.

[fullhdpixel]

Will you believe that Facebook will do what they have come up with? Will they pay 5 billion dollars to upgrade security and protect user information? Will Facebook stop collecting user information and do you think companies will continue to use the Facebook platform to promote their businesses through ads?

I think what they paid for was just a fine levied on them by the government and not because they paid such amount of money for a technology to protect user’s data, if they do so, then that would be end of business for them, because the major place where they get money from is absolutely the sale of people’s data.

I still don't know what they are trying to achieve with this Libra project because I think it is meant to run on decentralization also, even though one of their team made it clear that they will exclude the anonymous function, but for data purpose, I think they are trying to be transparent now, so I hope government really allow them for the benefit of doubt and we see exactly how this project can affect the cryptocurrency market positively.

[btc_angela]

Just a drop in the bucket. I don't think government oversight would prevent things like the Cambridge Analytica scandal from happening again. With these big companies, they just get a slap on the wrist fine and proceed to do it again.

This one, although it looks like the government are doing their thing, I guess this is just a slap in the wrist and Facebook will continue to dominate this social media niche and if caught? will just pay the find and continue.

Now let's see if people would support Libra. It seems people there in the US do make fun of Zucc and are trying to wean themselves of FB and co but it's still a popular platform in developing countries.

Personally, I'm not a fan of it, but we will see, Facebook are willing to throw and join the scene here even hiring some lobbyist to forward their cause.

[TheGreatPython]

Believe ir or not Facebook will pay what they have to pay.
And please do not ask to many empty questions in one post.
Thank you.

They will definitely pay the 5 billion fee but I am not entirely sure if they will do anything to improve their security. I mean first of all the security risk here is not even breach or hardware or anything like that. Its more about how people could use their marketing system for ruling a whole country, that is the problem.

I mean we get to see how awesomely it works with getting trump... if a bad person takes advantage of facebooks system they could funnel millions of dollars right into facebook to target people who are on the fence about elections and they can win elections that way. I would say as long as facebook keeps collecting data about people there is really not much we can do to stop them because they will keep selling it like they are just helping people do marketing.

Facebook marketing solution works, and if Facebook is to order their marketing solution to seize now, a lot of businesses will collapse because Facebook has help a lot of projects to each places where they could not have been able to reach naturally either through handbill or personal invitation, and they would have spent a lot in reaching their.

But now, Facebook has really gone to help lots of people market their product and people have made money through that, so government cannot stop them, they can only limit them to somethings, like not making the platform available during election and  many more. 

Facebook will always sell their data to wherever feels will save them and that Is how they get more money, and no matter how much charges they slam on them they will still not stop.

[ichai]

No, I think they won't stop paying that fine. because they still have a great idea and have a lot of great partners in the liquidity service sector.
Why are they stopping when their businesses can make hundreds of billions of dollars in years to come?

[Quanatix]

I was having this discussion earlier, which brings to mind risk aversion. Facebook has been fairly successful from a financial standpoint, because it is willing to take the risks - and pay for them, in view of a much bigger reward. So to them, the risk to reward ratio is at an optimal level. If they continue making money, they will be at a sweet spot for a self-enclosed crypto economy. That's why regulators are targeting them, that's why the crypto-community is taking turns bashing and praising them.

[btc_angela]

No, I think they won't stop paying that fine. because they still have a great idea and have a lot of great partners in the liquidity service sector.
Why are they stopping when their businesses can make hundreds of billions of dollars in years to come?

Governments are stopping them because they can monopolised everything. After all Facebook is already huge and they can still grow bigger in the future if they released Libra coin. That's why at this point, US is targeting them because who would stop Facebook? So they are stepping up or at least tell Facebook that they are not in control here. If they are willing to pay that's fine but at least they know that the government is not closing their eyes on them.