Topic: Surveillance Capitalism, Facebook coin, KYC, crypto - page 3. (Read 2504 times)
Not only these dangers, there are many other potential dangers i don't want to mention. Ofcourse you'll need to identify these dangers and prepare for the future when they come.
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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?
Everything is all about profit, people knew in the crypto world that this is going to happen, governments want this to happen, because they do not want to lose control of their people and their data, I still doubt if this so-called Globalcoin can be anonymous knowing that there will be interference since Facebook is a big company that is very much compliant. Are we heading inevitably into a future where crypto is used as a means for big companies to harvest your data for profit?
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?
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?
If Facebook coin will be going on, where it will be launching its own cryptocurrency which is " Global Coin " it means this coins definitely would become centralized coins, due to Facebook was belong to regulated business industry, isn't right? correct me if I I'm wrong with this understanding. And for me this is not good, it is still good to be remain on decentralized system where no one is controlling our own personal account We hold.
in my opinion this kind of thing has even become a natural thing, why should you dispute KYC, Facebook and Crypto if you can't refuse using Google yourself. Google itself is the simplest example, they have your data and location. exactly all the data that is in the device you are using. Our choice now, in my opinion, is to use only what we have been able to use
I am not entirely sure if cryptocurrency specially when centralized like the global coin facebook is building is healthy for the crypto world in innovation sense. However calling it a trouble that not only our information will be out there but also our monatery spending will be turning into data facebook could sell is a realistic questioning. Facebook never forced you to give them your data, neither whatsapp nor instagram.
You post stuff on facebook yourself, you like groups and what not on facebook yourself, whatsapp barely has any information about you unless you share some stories there, and instagram is just a place you post pictures yourself and follow people you like yourself. Which means all this time YOU gave facebook information about you, YOU can select to spend that globalcoin or not.
You post stuff on facebook yourself, you like groups and what not on facebook yourself, whatsapp barely has any information about you unless you share some stories there, and instagram is just a place you post pictures yourself and follow people you like yourself. Which means all this time YOU gave facebook information about you, YOU can select to spend that globalcoin or not.
Yes, it can be burdensome for those who oppose KYC because the initial concept of crypto is to remain anonymous, there are good and bad things after Facebook appears to make global coins that will indeed be centralized and may be the first step for any project that will follow their footsteps such as KYC and plus Facebook has a bad reputation after cases that leak personal data to their interests, it is very unfair to measure the money and risk that everyone will get, somehow the public's response, especially the user's crypto about this after they launch it.
When viewed from the reality as you explained, it is actually a setback. we already know the decentralization system, but to my surprise, many parties like to modify it, for personal gain
It can't be denied as a fact that companies like Facebook and a few more have announced about their own cryptocurrencies to *offer their customers with an ease to pay/ send/ receive it as a gift or in the form of a monetary help/ payment. This will centralize the current process as a whole where - if users tend to move to those cryptocurrencies and happily provide more and more data to them thinking that they are going to do any good to them, is definitely going to harm not only them but the whole crypto environment as cryptography and its subject was introduced to serve the purpose of privacy. Though, it is our, a user's responsibility if we want to use these social medias and their cryptocoins or stick to the Dad - Bitcoin.
*Including but not limited to responsibility, it is also about the choice if users tend to use these crypto. I doubt Facebook will also add PoW to their crypto to let their users earn more crypto by socializing more which gives Facebook more opportunities as the more their users engage, the more data this company will have to sell it in the markets for millions of dollars due to having a XXXL sized user base.
*Including but not limited to responsibility, it is also about the choice if users tend to use these crypto. I doubt Facebook will also add PoW to their crypto to let their users earn more crypto by socializing more which gives Facebook more opportunities as the more their users engage, the more data this company will have to sell it in the markets for millions of dollars due to having a XXXL sized user base.
Yes, it can be burdensome for those who oppose KYC because the initial concept of crypto is to remain anonymous, there are good and bad things after Facebook appears to make global coins that will indeed be centralized and may be the first step for any project that will follow their footsteps such as KYC and plus Facebook has a bad reputation after cases that leak personal data to their interests, it is very unfair to measure the money and risk that everyone will get, somehow the public's response, especially the user's crypto about this after they launch it.
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?
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?
Any third party service that uses your information will most likely harvest it and analyze it. There is no way around it.
I don't think that cryptocurrencies themselves are moving in this direction at all. All that is happening is that there are more regulations around third party service providers in crypto now compared to years before, which inevitably leads to stricter KYC or whatnot.
There should be a clear distinction made between what is the currency, and what is the service.
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?
The problem is that people share every kind of details on facebook, including when they eat, when they have a dinner, when they sleep and etc, there are some people who share such posts on facebook. Among them, there are some people who sell their identity for 5$, so you know answer. Btw facebook coin can't take place in those people who use bitcoin for it's purposes. Who wants to protect privacy, knows how to do it. For those who don't care, they'll become even more careless. 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?
Facebook coin, I was some of the earlier user of Facebook, and my memories still serve me well, I can remember clearly how cumbersome the site is, and it also the first site to allow gifting virtual item other with money, although I have no idea how to get those virtual money and stuff, not until I got an idea of credit card and stuff. And look today what has turn Facebook into a monster who are hungry for information, kyc and every sensitive info. Glad I'd get rid of it.
I wish someone would hold a sword over their necks as they smugly say "Knowledge is Power". 
Are we heading inevitably into a future where crypto is used as a means for big companies to harvest your data for profit?
You are hitting the nail on the head with that comment and this explains why regulators are still open to consider legalizing Crypto currency use in their countries. They have big plans for this technology and it includes "GovCoins" that would track every single financial transaction that you make with their Crypto currency.
Why do you think governments want to push for a cashless society? 
Agreed. I think some of them has already realized that since people are gonna buy cryptos anyway, then they made it so that you'd still have to transfer to fiat when paying anyway, even when you don't physically use the cash (for example buying stuff through gov't accredited exchanges). It's not a big jump for the fiat to be digital as well.
We already see some sort of cashless culture in China except that I think other countries would not be as hostile to crypto, since these are still money anyway, you'd just have to convert your crypto to their coins.
Are we heading inevitably into a future where crypto is used as a means for big companies to harvest your data for profit?
You are hitting the nail on the head with that comment and this explains why regulators are still open to consider legalizing Crypto currency use in their countries. They have big plans for this technology and it includes "GovCoins" that would track every single financial transaction that you make with their Crypto currency.
Why do you think governments want to push for a cashless society?
Agreed. I think some of them has already realized that since people are gonna buy cryptos anyway, then they made it so that you'd still have to transfer to fiat when paying anyway, even when you don't physically use the cash (for example buying stuff through gov't accredited exchanges). It's not a big jump for the fiat to be digital as well.
We already see some sort of cashless culture in China except that I think other countries would not be as hostile to crypto, since these are still money anyway, you'd just have to convert your crypto to their coins.
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?
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?
Facebook like all companies and projects is acting on self-interest, and I am confident the marketplace will sense what they are about. Obviously bitcoin will have a competitive advantage in that it will not require KYC to use it - at least on decentralized exchanges. Also, investors and speculators will be scared away from Facebook's coin since it will probably be a stablecoin. I'm inclined to believe Facebook's foray will be neutral to positive for the space by possibly bringing new people into crypto.
Facebook goes like this "if we aren't the buyers then we are the products" FB being free only means they are only earning in a different way and that is through ads specifically targeted for us, and you better ask yourself how they can even know what we have been searching in Google? It's because this giant companies are working together just to discover what ads are fit for us. And I have a strong feeling that this cryptocurrency is a big step for them. Obviously the users of this crypto will be asked for KYC and this will be FB's way to obtain out personal information, this might be their plan to have a more accurate way to target ads on us.
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.
KYC is the reason that cryptocurrency won't have that kind of free hand it was meant for. Then government being incorporated in for legislation won't really make headway. This is one issue that crypto will have to face in the future when governments start coming into the regulation.
I wish crypto be decentralized.
Crypto is decentralized but I think KYC is being introduced because of scam. However, I see KYC as a set in the wrong direction. It is creating surveillance on investors and icos are busy running away with people's money.
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.
This is the biggest problem with all the corporate structure, they portray something as free for everyone but they make money selling out personal information and with their new crypto coins coming out i do not expect them any different, if you need privacy make sure you never use them as they cannot afford that in any shape or form and more over a centralized coin. It might generate interest to the users who never entered the market, will see how this turns out to be. 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.
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?
Are we heading inevitably into a future where crypto is used as a means for big companies to harvest your data for profit?
See cryptocurrencies are just end product. The more important concept is Blockchain Technology. Anyone can use Blockchain technology and produce the service/product according to his/her own preference. Let's take an example, so we all know how to make curd. You just have to add a small amount of curd in milk and process of fermentation will change the milk into curd overnight. Here process of fermentation is Blockchain Technology and curd is cryptocurrency. All Facebook is doing is that it is producing its own curd and selling it under the label of 'facebook'. It is entirely up to the customers whether they want to purchase curd from facebook or continue purchasing it from small milkmen. Everyone has a right to use Blockchain Technology (as it isn't under any patent till now) no matter a big company or a single individual.
On the other note, I also believe that Facebook's coin will have positive impact on our current crypto market. Bitcoin and alts aren't going anywhere, the launch of GlobalCoin will rather act as promotion and more people will become aware of them.
~snip~
Having control over people has always been the obsession of those in power, and today is more pronounced because of the accelerated population growth, and the fact that we are in the digital age where control methods have become global, we are all under under supervision 24 hours a day. FB GlobalCoin is nothing but the continuation of this global control policy (they even use name Global), and it is not any secret that Zuckerberg is knocking on lot of doors to make this happens( Bank Of England, US Treasury, Western Union).
Most of FB users (around 2.4 billion) have almost completely sold their privacy, and it will be easy to sell them idea of some new global currency. Fact that many big players even on state levels show great interest for this project undoubtedly shows us in which direction this is going.
However FB GlobalCoin probably can not count on the big market as China, India, or Russia where cryptocurrency of any type is not welcomed. Maybe some other popular social networks as VKontakte (Russia - around 500 million users) also decides to do something similar.
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.
KYC is the reason that cryptocurrency won't have that kind of free hand it was meant for. Then government being incorporated in for legislation won't really make headway. This is one issue that crypto will have to face in the future when governments start coming into the regulation.
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