Topic: Surveillance Capitalism, Facebook coin, KYC, crypto (Read 2536 times)

Isn't it currently just an agreement from and not yet an official justice court decision? Because the day we will see FB paying this huge fine can take while, even years.

I personally don't care about a Facebook coin, I don't see any interest in it. But in another sense, I would like the idea to go through with it because it could finally help the adoption of cryptocurrencies. After that, if their coin end as a shitcoin, I don't care.

Yes, Facebook is fined by the US government for five billion dollars for taking advantage of the data of users of their social network. Therefore, despite the fact that they state that they will not use the financial data of users with Libra coins, I do not believe them. Concentration of such global information in one center is a very powerful weapon and we do not know how it will be used in the future.

Facebook has already been caught trying to obtain customers financial data from banks and payment companies - though they have said that they declined the Facebook's offer, which might or might not be true, it still shows that you're right - Facebook is interested in obtaining financial data, because that their business model - creating target ads and selling them, and creating their own coins is one way of achieving it.

The name of the coin is Libra coin and not global coin. What you said is true, they are going to use it as means of harvesting more data from their users and then sell it to advertisers. Another thing is that the coin is going to be a stable coin, pegged 1:1 with the USD, it’s not going to be like Bitcoin that is always fluctuating heavily up and down. So anyone who is going to be making use of it should just have it mind that it is just another payment method and not for investment. If you’re looking for investment, then that Libra is not meant for you. Though one thing about it is that lots of companies are going to be accepting it.

Earlier, the fesbuk as a social network was quite excellent resources, but recently I have been very disappointed with the actions of the administration.  There are a lot of conditions and rules that change constantly, and at the same time I don’t like that they practically possess a large amount of personal data of users to which third parties have access.  The same situation will be with the new project, so I do not expect anything good.

I am fan of socializing and looking at other's shared photos and posts online though it is true that I don't like sharing stuffs especially personal stuffs.

The thing here is that I use cryptocurrencies because of the fact that I can pay my bills without getting out of my house or seeing those people at the front desk, dealing with some of those people are so annoying. Another thing is that if someone is accepting my payment as Bitcoin, that would be so efficient making more time to do other things.

I have deleted FaceBook from my phone, I use it only on webbrowser. I am considering deleting myself completely.
The data collection is off the charts, regularly new information arises that they are breaking all of the privacy rules of normal persons.

Fb coin could be a good boost to crypto market but i certainly will not use it.

Are we heading inevitably into a future where crypto is used as a means for big companies to harvest your data for profit?

I personally don't care about a Facebook coin, I don't see any interest in it. But in another sense, I would like the idea to go through with it because it could finally help the adoption of cryptocurrencies. After that, if their coin end as a shitcoin, I don't care.

Tin foil hats on, people, I'm going in...

Big news recently has been Facebook's announcement that it will be launching its own cryptocurrency, 'GlobalCoin'. I think this has implications for the direction of travel of crypto as a whole.

Facebook, along with other major internet companies such as Google, offers its services 'for free'. Obviously 'free' is not really free, as these companies harvest all of the personal data that you provide and use increasingly sophisticated behavioural analytics programs to predict your future behaviour, and sell this on for big profit.

So the Facebook coin - they can harvest data on your personality, age, gender, politics and preferences, but the ultimate aim is to acquire everything, all data, including the most valuable one, which is what you buy and when (and under what circumstances) you buy it. This is surely the real purpose of Facebook's move into crypto. All of your purchase activity with this Facebook coin will be tracked and incorporated into the 'digital you' that Facebook sell on.

Is the rest of crypto heading the same way? I know there are privacy coins, but the overall trend is towards KYC - including on exchanges, and this will doubtless increase as mainstream adoption draws closer and governments become more hands-on in devising legislation. And then couple this with the privacy trade-offs that we are likely to concede in order to make use of the convenience of IoT and connected devices.

Are we heading inevitably into a future where crypto is used as a means for big companies to harvest your data for profit?

Libra won't get any big attention if it won't offer people something extraordinary

majority of the population is happy with banks and payment services like PayPal, why would they even want to try Libra?

People are just confused on what they really want, human wants are insatiable, and there is no way you can really satisfy them no matter the system you create. With their crave for privacy coin, MONERO community ought to have grown more than it is now, so let us forget that eye service that people do a lot. When Facebook coin is released, believe me that it will gain more attention of thousands of people than Monero, people on face whatever benefits them and do not care about privacy that much.

I can't even understand why any blockchain related company do request KYC just to start this talk.. were not these transactions supposed to be 100% anonymous? Where did our privacy go?

I felt sad when I read your post. Facebook coin - I personally would not trust this company. Facebook already had a challenger when they merged user data.

It's possible that could happen Facebook has been known to harvest data from its users, we already have KYC in various cryptocurrency companies and now that Facebook is creating their own coin, they can use it to harvest data and they can do it because they have known to do it in the past.