🔵 Facebook Agrees to Pay $5 BILLION, BUT will they ever stop?? - page 6.

dkbit98

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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...

Leyss

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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.

dkbit98

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Quote from: Slow death on July 26, 2019, 10:32:25 AM

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

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.

This is something that governments do too, the problem here is not because governments are concerned about people, governments are concerned because they have facebook accounts... governments are concerned that they are not spying but someone else spying them. If facebook made an exclusive deal with the US government, then I doubt the US government would criticize them, but as facebook shows no side, it sells the data to anyone who pays them, so many countries criticize. The pound will be accepted in the future by all these countries that today show concern because the pound will do the same thing that facebook has done to this day. nothing will change, things will only get worse for ordinary people

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

Don't forget that Libra will be based in Europe, Switzerland.

CNBC: Facebook Has Not Contacted Swiss Regulators On Libra’s Registration

Facebook and Swiss Regulators: A Continuing Saga

I agree with you,
and people running the show are very selfish

Slow death

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

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.

This is something that governments do too, the problem here is not because governments are concerned about people, governments are concerned because they have facebook accounts... governments are concerned that they are not spying but someone else spying them. If facebook made an exclusive deal with the US government, then I doubt the US government would criticize them, but as facebook shows no side, it sells the data to anyone who pays them, so many countries criticize. The pound will be accepted in the future by all these countries that today show concern because the pound will do the same thing that facebook has done to this day. nothing will change, things will only get worse for ordinary people

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

Don't forget that Libra will be based in Europe, Switzerland.

CNBC: Facebook Has Not Contacted Swiss Regulators On Libra’s Registration

Facebook and Swiss Regulators: A Continuing Saga

dkbit98

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Quote from: joniboini on July 26, 2019, 08:48:50 AM

Quote from: aioc on July 26, 2019, 08:01:28 AM

I'd love to have an idea where the whole decentralized community will compete with Facebook, it's possible we just need capable developers to set up one social networking site that will respect our data, it's a gigantic task but we are growing as a Bitcoin and decentralized believers.

I don't think we'll compete with Facebook, as privacy concerned users would probably never use them. I'd honestly be surprised to see a privacy concerned user who joins such communities are also active on Facebook or other social media. Unless somehow they use a fake account.

On another side, Facebook dominance is really big for mainstream users. And I doubt it will change soon.

Anything is possible!
- Not so long ago we could not imagine to talk with anyone in the world for free, now we have Viber, Skype, Telegram and similar apps.
- We could not imagine Bitcoin could challenge US dollar, but we see what is happening now

What we need to do is to make something BETTER than centralized Facebook,
then people will slowly switch to.
We don't even need to take all facebook part off the cake to make it a success.

rdluffy

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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

freedomgo

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Even though that's a big amount but that's a small penalty for facebook, next time they'll face a big violation like that, or even bigger, I doubt if they can still be given a chance to pay a monetary penalty.

We don't have to complain if they are spying on us, we have submitted freely our information and we know the risk we are taking.
They just face the consequence of their wrong action and we should be glad we have the government to protect us.

fenixosup

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Nothing will stop facebook from tracking users in my opinion

joniboini

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Quote from: aioc on July 26, 2019, 08:01:28 AM

I'd love to have an idea where the whole decentralized community will compete with Facebook, it's possible we just need capable developers to set up one social networking site that will respect our data, it's a gigantic task but we are growing as a Bitcoin and decentralized believers.

I don't think we'll compete with Facebook, as privacy concerned users would probably never use them. I'd honestly be surprised to see a privacy concerned user who joins such communities are also active on Facebook or other social media. Unless somehow they use a fake account.

On another side, Facebook dominance is really big for mainstream users. And I doubt it will change soon.

aioc

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Quote from: dkbit98 on July 26, 2019, 02:47:10 AM

I think blockchain technology is great for creating one alternative social media network,
that will enable users to have privacy and freedom of speech.

I would like to see new DexBook in the future

Nobody can be banned from there, except if majority of users votes for it maybe

Maybe its just my dream and facebook is to strong ...maybe not

I'd love to have an idea where the whole decentralized community will compete with Facebook, it's possible we just need capable developers to set up one social networking site that will respect our data, it's a gigantic task but we are growing as a Bitcoin and decentralized believers.

Upgrade00

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The reality is, lots of people around the world do not really care what happens with their data, and bear the idea that it doesn't directly affect them if personal informations are marketed.
If only there were more discussions on the threat and how it can be used to control the masses, then the public could force the government to pay more attention to this.

dkbit98

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Quote

Monex Group, the Japanese financial services company that owns the Coincheck crypto exchange, has applied to join Facebook’s Libra project.

source:
https://www.coindesk.com/coincheck-owner-monex-group-moves-to-join-facebook-libra?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20

dkbit98

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I think blockchain technology is great for creating one alternative social media network,
that will enable users to have privacy and freedom of speech.

I would like to see new DexBook in the future

Nobody can be banned from there, except if majority of users votes for it maybe

Maybe its just my dream and facebook is to strong ...maybe not

jrrsparkles

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If they stop leaking our priacy then who will fund them to run their company called facebook?

This is their business so they will never stop,they might get penalty and will ask for more price next time.

Who cared about their privacy then stop using them.

leavolnhals

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I think they will face a lot of difficulties when paying fines to the government. The value of the stock will decline and the libra project will be greatly affected.
I know the US government is controlling to prevent the expansion of facebook, but is the penalty too big?
If Facebook really fails in this project, the US GDP will be greatly affected.
facebook is really losing its advantage and I doubt that Libra will be deployed anymore.

bryant.coleman

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Quote from: hatshepsut93 on July 25, 2019, 07:57:56 PM

They aren't being fined for violating privacy of billions, they are fined for getting hacked and letting hackers get access to that data. They will improve their security, but they will continue to harvest data, there's simply no other way Facebook can exist - this is how they make money, they don't have alternative means of making money, and without money they can't support their enormous infrastructure. Governments don't like Facebook because they screwed up with their data breaches which caused a lot of trouble - they don't mind the data harvesting itself, especially if Facebook cooperates with them.

Hmm... this is exactly why I stopped using Facebook five years back. Even if you guys are using FB, make sure that your primary email and phone number are not updated in the profile. In countries such as China and India, Facebook has built good relationship with the authorities, by providing data to identify anyone who makes frequent posts against the politicians. In the US, they are shamelessly meddling in politics by openly supporting the ultra-left wing of the Democrat party (Kamala Harris, Elizabeth Warren.etc).

hatshepsut93

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They aren't being fined for violating privacy of billions, they are fined for getting hacked and letting hackers get access to that data. They will improve their security, but they will continue to harvest data, there's simply no other way Facebook can exist - this is how they make money, they don't have alternative means of making money, and without money they can't support their enormous infrastructure. Governments don't like Facebook because they screwed up with their data breaches which caused a lot of trouble - they don't mind the data harvesting itself, especially if Facebook cooperates with them.

Kemarit

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It will be a continuous cat-and-mouse game here. So I doubt that Facebook will just stop just because the government caught them, they are willing to pay that huge fine isn't it? And I don't think that it will have a dent of them financially, Mark Z, has around $80 billion, even if he pays out of his pocket, he can recover that amount, unfortunately it is the shareholders that's going to fork that billions.

What worries me is that people still patronized Facebook, as how Libra will affect the crypto space, we will have to see, they started at the wrong foot already, so we can only speculate what the net effect will be once its rolled out next year.

dkbit98

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Quote from: The Sceptical Chymist on July 25, 2019, 05:42:02 PM

Holy crap, that's an enormous fine. Do I think Facebook will change their practices as a result of this? Probably, unless their plan is to figure out a way around it, and who knows what's in their heads.

They may not have a choice if they want to avoid further consequences, and I doubt any company wants can take multiple billion-dollar hits like this and still survive. The thing I wonder is how much this is going to affect their profits, since I'm sure part of their business plan called for selling their members' information.

In any case, screw Facebook. This is why I stopped using them in 2010, and I'm glad I never looked back. They're worse than Google.

I am afraid we cant shake them that easy

What we can do is not use real profiles and info for FB,
change search engine, minimize usage, and support some decentralized alternatives

The Sceptical Chymist

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Holy crap, that's an enormous fine. Do I think Facebook will change their practices as a result of this? Probably, unless their plan is to figure out a way around it, and who knows what's in their heads.

They may not have a choice if they want to avoid further consequences, and I doubt any company wants can take multiple billion-dollar hits like this and still survive. The thing I wonder is how much this is going to affect their profits, since I'm sure part of their business plan called for selling their members' information.

In any case, screw Facebook. This is why I stopped using them in 2010, and I'm glad I never looked back. They're worse than Google.

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