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

[illnino]

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.

Hm, Facebook managed to effectively instill fears in representatives of the political and economic establishment, especially the USA. Now, they believe that this massive digital asset cannot be controlled by the US Federal Reserve and can affect the US dollar. In addition, it can become a tool to circumvent any restrictions that are imposed on operations for a number of subjects of the global economy.

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[lixer]

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.

Hm, Facebook managed to effectively instill fears in representatives of the political and economic establishment, especially the USA. Now, they believe that this massive digital asset cannot be controlled by the US Federal Reserve and can affect the US dollar. In addition, it can become a tool to circumvent any restrictions that are imposed on operations for a number of subjects of the global economy.

The reason more they would have thought of working with him than attacking him, the worst would before them to go against him completely because all he would just need to do is change the Libra name to another and anonymously operate it, he has all the money to fund it and run campaigns, he would not even need to pay for campaign because the platform they will be using is his.

The way that I am seeing the Libra coins, I am not sure I=he is creating it to really deal with the government as people had speculated, I think he is only looking for a way to create a system that will be partially decentralize because of the last accusation that he had with the United states government as regards selling people's data and know that the aspect where blockchain functions most is the area of data management.

[target]

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.

Hm, Facebook managed to effectively instill fears in representatives of the political and economic establishment, especially the USA. Now, they believe that this massive digital asset cannot be controlled by the US Federal Reserve and can affect the US dollar. In addition, it can become a tool to circumvent any restrictions that are imposed on operations for a number of subjects of the global economy.

The reason more they would have thought of working with him than attacking him, the worst would before them to go against him completely because all he would just need to do is change the Libra name to another and anonymously operate it, he has all the money to fund it and run campaigns, he would not even need to pay for campaign because the platform they will be using is his.

The way that I am seeing the Libra coins, I am not sure I=he is creating it to really deal with the government as people had speculated, I think he is only looking for a way to create a system that will be partially decentralize because of the last accusation that he had with the United states government as regards selling people's data and know that the aspect where blockchain functions most is the area of data management.

They are creating Libra to get even to the government. Now that they are paying fine as big as $5B, it would only appear like facebook now have the consent for collecting data from the users. They can keep doing it again and again and can end up just paying billions of USD again. And with Libra, the easier for them to collect the data and easy for them to make money.

[muhhentuhhen]

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.

France has already taken a very strict position. Their finance minister said that the country has got plans to block Libra EU because it han be a threat for their monetary sovereignty. Probably, it will not stop people from using Libra in case it is released, but as we see, Facebook will have to fight with many serious rivals to make its plans come true and not to start a scandal.

[Pamadar]

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.

France has already taken a very strict position. Their finance minister said that the country has got plans to block Libra EU because it han be a threat for their monetary sovereignty. Probably, it will not stop people from using Libra in case it is released, but as we see, Facebook will have to fight with many serious rivals to make its plans come true and not to start a scandal.

Which will be  a long term rivalry for sure, Facebook already wide followers and supporters if most of them will entertained this new propose digital currency then it will threaten the economy of those people who will participate and start to use this system, Facebook will make a huge benefits
from this and will cater more and more people to use not only the social platform but also the digital currency that they'll offer.

[Shephard23]

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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://[Suspicious link removed]/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.


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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.

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I know this facebook stuuf will be fun to watch, the reality tv show is just getting started LOlz

[bitgolden]

~snip

I know this facebook stuuf will be fun to watch, the reality tv show is just getting started LOlz

Nothing to watch really,  Facebook will never stop firm selling data because that is what they make money from, and you know that their platform is more known to be used for adverts and without that, there is no way that they can reach people and get them engaged with the promoter. They will just be ready to always face the fine that government will place on them.

For the Libra coin, I think the story is already turning to a sad one as we may never hear anything concerning it again, first Facebook issue a statement through their rep that they may never be able to sustain the project and make it work while there has been so many governments attacking them from left and right about their project proposal which I doubt they are willing  to support.