Topic: Surveillance Capitalism, Facebook coin, KYC, crypto - page 5. (Read 2536 times)

There's nothing wrong with regulations because I saw the majority of people who hate and is really bittered in Facebook and successful companies as a sign of being a crab mentality human being. I don't really understand the reason why you people hates Facebook and so on. We even know that Windows Operating System could get all your information quickly and easily compared to the browsers, social media OP's mentioned.

You know what? I guess the best way for you to do is to stop using the internet if you are really against it.

People like you hide a lot of things and that is the reason why you are afraid of these.

Honestly, Facebook is doing their best to help their users. And earn from the advertisements and market. However, it doesn't mean that they are selling it for a big profit. It's just that they are doing their best to help us with our daily living.

I don't see any tinfoil hat on you, my man.  As to the above quote, I agree and currently I'm not using any exchange that requires KYC (I have used Coinbase and Circle in the past).  I'm not so much concerned about the data an exchange can collect from me, but I'd like to keep my crypto dealings a wee bit private if possible--but FB and Google?  Oh hell no.  I don't use FB and I stopped using google as a search engine, though I can't say I've stopped using all of their services.

Those two companies are like big brother from George Orwell's 1984, and both of them freak me out.  I don't know how successful FB's crypto will be, but it might spark some interest in real cryptocurrencies like bitcoin.  But we'll see.  I don't know much about what they're planning and how their coin is going to be implemented--and I'm not very interested in the details either.  Fuck Facebook, that's my general opinion about them. 

I don't know what you meant by the bolded sentence above, but I think governments are going to start regulating crypto.  They already have, in fact, in the form of those KYC requirements and so forth.  They won't be able to destroy it, but governments have more power over it than most people realize.  They have a bazooka in their pocket that they just haven't fired yet.

There is nothing bad in KYC. This kind of data is absolutely worthless. You may easily buy someone else's document scans just for $1 in dark web. KYC is made to verify the user that is making financial operations and not trying to gather his data.

You can still make P2P transactions that would be annonymous but when it comes to using some 3rd party services then you should also follow their rules.
And btw this governmental regulation won't be seen for normal users.

We should not allow that, not because facebook is making their own crypto they will be able to beat the bitcoin and other altcoins.
That always depends on us, if that is their purpose and we support it we should blame but ourselves.
In a decentralized space, we are not controlled, we have freedom here, so let's unite and use our freedom to raise the coins that would be beneficial for the majority of people.

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.

Data is power and anybody holding that data can easily monetized those data. This is the big lesson I learned when I supported many data-related ICO projects in 2017...sadly many of those project went kaput themselves. Data can be money in the hands of a good merchant and it can also mean power if wield rightly. This is so important to Facebook, Google and other big names in this ever-expanding online industry as what they are pushing are based on data. And of course, data buyers are all over the market especially big businesses and popular merchants (including the many small fishes or players, of course). Are we then entering the time when even cryptocurrency is being utilized harvesting data for profit? Yes, that can be possible but I am still crossing my fingers with the Facebook's GlobalCoin and see what its final infrastructure will be. Let's judge the book when it is already available in bookstore.

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?