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

BitHodler

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Quote from: bitbunnny on July 28, 2019, 01:00:10 PM

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.

bitbunnny

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Quote from: kryptqnick on July 28, 2019, 11:41:12 AM

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.

JohnBitCo

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Quote from: dothebeats on July 27, 2019, 04:28:30 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.

kryptqnick

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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.

abeecrypto

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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.

fiulpro

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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.

eaLiTy

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Quote from: dkbit98 on July 25, 2019, 02:07:49 PM

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 Tongue

.

maxreish

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Facebook has so many issues regarding user's data. And $5 billion dollar is just a tiny money for them, the importance here is that they have to secure our data and not to sell them off. Comply with the privacy of user's data but how can facebook reassure us about that? Especially that they'll gonna integrate or use Libra coin now.

Ucy

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Wonder why facebookcoin will be based in Switzerland? Could it be due to the mild financial regulation in the country?
Well, a new privacy policy by Facebook will only transfer the power to spy on billions of people from Mark Zuckerberg to governments, so that the spying is done by government alone. I still prefer zero spying though. Don't spy on me unless I break the law

TastyChillySauce00

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They will not and that is for certain. With Libra they are trying to gain the rule over some percent of world's money. They are trying to make so much money by creating digital money and not to mention that they already have the datas from the people all over the world to do that.
If Facebook could pay $5 Billion with ease despite the huge amount, that doesn't stop them from doing what they have done all over again to gain that much amount of money. I'm pretty sure that if they can pay such amount they can make it again eventually.

dothebeats

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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.

Bitum

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Only a year ago, the governments spoke quite differently, and today makes that a big headache for them. Very interesting metamorphoses?

dkbit98

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Quote from: justdimin on July 27, 2019, 11:20:25 AM

What are you talking about with 5 billion dollars being "nothing" to facebook.

Do you realize that they literally made 15 billion dollars as REVENUE in this year, it is not nothing, it is literally one third of their WHOLE revenue let alone profits, they probably had a lot of costs and expenses as well which means they might be running on negative this year just because of this and even if not they are not gonna make as much money as they would normally do.

Stop with "everything is gonna be so bad!!" type of doomsday mentality, law sometimes works and in this instance it did help us instead of helping the big company, that is a good thing, we want governments and lawmakers to be on our side and not the big companies side, they are usually always siding with the corporations, for the first time they have sided with us, celebrate that instead of finding dirt in it.

Looks like that, BUT are you sure there are no hidden motives there?
or should we trust them even if they lied to us same as Facebook.
They are constantly taking money from huge taxes all the time.

I am not judging anyone but just saying that there are no good and bad guys in this game.

jostorres

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So how does that penalty affect those that they have already compromised their privacy, the billions of dollars being paid, will it be distributed to Facebook users? All these are just ways of government to raise unnecessary money and this is still part of the scam we are talking about, what has the fine actually done now? It will still never stop them, they will only device another strategy that will cover the loop holes that was opened that made government know about their mismanagement of people’s data.

I guess this was still part of the plans too why they have created Facebook Libra coin, probably it is going to be a way to get back to government, because if government does not take care, Facebook coin might really disrupt their financial system, and I guess this is why trump wants to quickly discourage cryptocurrency generally by attacking bitcoin first.

justdimin

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What are you talking about with 5 billion dollars being "nothing" to facebook.

Do you realize that they literally made 15 billion dollars as REVENUE in this year, it is not nothing, it is literally one third of their WHOLE revenue let alone profits, they probably had a lot of costs and expenses as well which means they might be running on negative this year just because of this and even if not they are not gonna make as much money as they would normally do.

Stop with "everything is gonna be so bad!!" type of doomsday mentality, law sometimes works and in this instance it did help us instead of helping the big company, that is a good thing, we want governments and lawmakers to be on our side and not the big companies side, they are usually always siding with the corporations, for the first time they have sided with us, celebrate that instead of finding dirt in it.

el kaka22

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5 billion is actually a good amount of money for facebook as well. I know they are super rich and they can afford to pay it but just because they can afford to pay it doesn't mean that they have plenty more of where that comes from, that is a good chunk of money that facebook will remember forever. Hence I think this penalty probably out of all penalties in the world seems like the best one that could actually achieve what they have done so far. Facebook will definitely at least slow down their data breach problems and will stop collecting too much data just in case they get hacked again plus they will try their best to not get the same amount of penalty later on.

In USA if you commit a crime and get a penalty and then do it again the penalty doubles or even goes higher, hence it means if they fail to do this then they will get punished with 10 billion or more and they surely do not want it.

tonyvo2017

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I think they will be willing to pay the penalty if the US government no longer intervenes in any business activities.
Because the crypto market is a new kind of potential market.
fast payment services are limited and this is a great opportunity for Libra.
$ 5 billion will not be a problem because they can earn more after a few years of operation with unrestricted conditions.

Ozero

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Quote from: dkbit98 on July 26, 2019, 03:55:36 PM

Quote from: Leyss on July 26, 2019, 03:43:22 PM

If Facebook agreed to pay five billion dollars of penalties due to leakage of confidential information about its users, then it is worth it. This social networking giant has a significantly higher profit. But what will happen if the US Congress adopts a prepared bill against the emergence of the Libra coin is hard to say. It seems to me that Facebook will not risk releasing it, because the sanctions will be much bigger and regular. We can rather see a similar coin in China, since Huawei already declares such readiness. China will ignore the opinion of the US government.

Yeah, it is possible.
I created a topic regarding 'Huawei coin' with more info:
https://bitcointalksearch.org/topic/huawei-chinese-version-of-libra-5169023

Question is.
What will USA say after this info from Huawei?
If they dont allow Libra to start with too much regulation,
they risk that China become the first country with centralized state crypto coin in the world...
Tricky...

Yes, the situation is getting worse. Huawei is still leading a trade war with the US government and they will not care about the US government. Therefore, in China may well create their own coin, similar to Libra. If it is even basically the Chinese market first, it will be huge all the same.

Janation

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I don't know why we are still in the process of "introducing Bitcoin to people" since I know we already pass that.

Bitcoin is already known to people that are always on the internet, in the social media, most of the people in the platform know what Bitcoin is, it is just that most of them don't care about it. Libra might be popular because it was under Facebook but I don't think even with billions and billions of users of their platform, will use Libra since most of them do not care and just want to be connected with their loved ones.

CryptoBry

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As long as Facebook can pay any amount of penalty imposed on it, then there would be no problem actually. The government got what it wanted -- money and changes -- and so everybody can be happy. On Libra, I think we should not be viewing it as a threat to Bitcoin or cryptocurrency in general. Now, if people don't like it then they should not patronize Libra in any way possible...simple as that let's allow the market to decide since this is a free world and we are not yet under the jurisdiction of China -- the country that will allow its China-made companies to spy on anything anywhere as long as they are working for the interest of the country.

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