🔵 Facebook Agrees to Pay $5 BILLION, BUT will they ever stop?? - page 4.

Maestro75

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Quote from: Harlot on July 25, 2019, 05:00:20 PM

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.

Argoo

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Quote from: Spaffin on August 02, 2019, 03:30:30 PM

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.

dkbit98

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Quote from: Spaffin on August 02, 2019, 03:30:30 PM

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.

Spaffin

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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.

Vispilio

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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...

barbara44

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Quote from: freedomgo on July 31, 2019, 07:30:22 AM

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.

freedomgo

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Quote from: Nhebu on July 30, 2019, 06:51:42 PM

Quote from: creeps on July 25, 2019, 06:03:02 PM

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.

Nhebu

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Quote from: creeps on July 25, 2019, 06:03:02 PM

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.

fullhdpixel

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Quote from: Distinctin on July 29, 2019, 07:17:46 AM

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.

shield132

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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.

bitgolden

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Quote from: rdluffy on July 26, 2019, 10:15:58 AM

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.

robelneo

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Payment Gateway Allows Recurring Payments

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.

dkbit98

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Quote from: danherbias07 on July 29, 2019, 06:36:21 PM

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

danherbias07

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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.

1Referee

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Quote from: BitHodler on July 28, 2019, 03:19:47 PM

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.

dkbit98

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Quote from: Indamuck on July 29, 2019, 07:36:12 AM

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.

Indamuck

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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.

Distinctin

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Quote from: JohnBitCo on July 28, 2019, 01:10:13 PM

Quote from: dothebeats on July 27, 2019, 05:28:30 PM

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.

ene1980

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Quote from: JohnBitCo on July 28, 2019, 01:10:13 PM

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.

dkbit98

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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

Topic: 🔵 Facebook Agrees to Pay $5 BILLION, BUT will they ever stop?? - page 4. (Read 1224 times)