5 $billion fee for Facebook

AlpinLuke

Forum Staff
Oct 2011
26,630
Italy, Lago Maggiore
#1
FTC to fine Facebook about $5 billion for user-privacy violations, report says

This can sound enormous, but FB had already saved the money to pay the fee [you know businessmen ...].

The relevant point is social: privacy is not a tantrum, it's a right.

In my opinion 5 $billion is a ridiculous fee for FB. But it's important to endorse the principle that privacy is a real right of the individual.
 

Ichon

Ad Honorem
Mar 2013
3,619
#2
5 billion is not nothing- about 3-6 months profits but it absolutely should be clear that 2x fine follows if Facebook continues the way it is operating. On the other side, Google is doing even more than Facebook but because it is so convoluted and not as clear as what Facebook did buying its nascent competitors it hasn't been fined in the U.S. yet but EU appears to be closing in.
 

VHS

Ad Honorem
Dec 2015
4,494
Florania
#3
5 billion is not nothing- about 3-6 months profits but it absolutely should be clear that 2x fine follows if Facebook continues the way it is operating. On the other side, Google is doing even more than Facebook but because it is so convoluted and not as clear as what Facebook did buying its nascent competitors it hasn't been fined in the U.S. yet but EU appears to be closing in.
Big data is watching you! Will Datism emerge any time soon? Will it be sooner or later the electronic algorithms know us better than ourselves?
(Lest plagiarism, I am borrowing Yuval Noah Harari; note these are common topics in all of his three books.)
 

Ichon

Ad Honorem
Mar 2013
3,619
#4
Big data is watching you! Will Datism emerge any time soon? Will it be sooner or later the electronic algorithms know us better than ourselves?
(Lest plagiarism, I am borrowing Yuval Noah Harari; note these are common topics in all of his three books.)
Sure datism can predict online habits to an extent and even is getting quite good at extrapolating a person's voting preferences from where they spend time on media and shopping but that is still quite a ways from predicting other behaviours as well people tend to change thru life with various age cohorts displaying different types of habits but no one is arguing that makes everyone of a certain age cohort predictable in more than a handful of things.

I do think that datism has already won to the extent it is advanced enough to add convenience to people's lives. Convenience wins over a few people concerned with privacy. Already it people only a few years younger than I it is perfectly acceptable to share pictures as basically everyone is pretty much the same while peccadillos that were blackmail material only a decades or so ago are now simply dismissed after a period of social mocking and only crimes against children seem to be taken seriously. Crimes like rape or sexual assault against women are not even given that much weight though the #metoo movement is trying to reverse that attitude way too many women participate in the shaming of female victims for that movement to be particularly successful in the long run though I do think it will somewhat modify behaviour the main is is the culturally men are seen as the pursuers and inevitably more women are comfortable in the role of being pursued than are uncomfortable when men go too far.
 
Feb 2019
655
Pennsylvania, US
#6
But it's important to endorse the principle that privacy is a real right of the individual.
A couple of weeks ago there was a flurry of excitement about MeWe - which is another social network site that doesn't data mine user activity (no tracking of users, no targeted ads, no passing information to 3rd parties). MeWe also lets users control and "own" their content and data - there is also no censoring of any particular agenda like what played out with Facebook's admitted favoritism issues. Their site is seeing something like 300% *organic* annual growth, which is pretty amazing.

There was a moment where it hit a flash point recently and late at night I had to quickly go and register all of the FB groups and pages I run/help run on MeWe because somebody was trying to claim them out from under us. LOL!

Some people hate MeWe, but the more I work with it, the more I like it. I hope they tank Facebook - MeWe's CEO commented: "Facebook is an outdated company – with a business model that undermines the very democracy that allows it to flourish. And look how they've compromised Instagram and WhatsApp too – tracking, spying, and selling them. Facebook defines the word 'creepy.' Ultimately their business model won't survive – and doesn't deserve to." He also pointed out that Facebook is not a social network, it's a data company, which is so true.
 
Feb 2019
655
Pennsylvania, US
#8
I'm pretty sure it has everything to do with the digital currency Libra they planned to start.
I feel like they are at least 5 years too late on that one... if they had launched their currency prior to all of these other issues (including their US user base dropping in a key age group by something like 15 million in the last 2 years - with 2018 being the first year they had a drop in overall usage), maybe they would have had a better chance of success... I doubt it will ever see the light of day. If Libra does ever get up and running, I have a feeling it will be like their “stories” flop (which possibly was only ever put in place to undercut their nemesis, Snapchat)... introduced too late to be trendy, too slow to gain traction.
 

tomar

Ad Honoris
Jan 2011
13,538
#9
I feel like they are at least 5 years too late on that one... if they had launched their currency prior to all of these other issues (including their US user base dropping in a key age group by something like 15 million in the last 2 years - with 2018 being the first year they had a drop in overall usage), maybe they would have had a better chance of success... I doubt it will ever see the light of day. If Libra does ever get up and running, I have a feeling it will be like their “stories” flop (which possibly was only ever put in place to undercut their nemesis, Snapchat)... introduced too late to be trendy, too slow to gain traction.
The last thing the world needs is a shady currency run by a shady corporation... its a recipe for a major financial crisis
 
Likes: Shtajerc

deaf tuner

Ad Honoris
Oct 2013
14,443
Europix
#10
The last thing the world needs is a shady currency run by a shady corporation... its a recipe for a major financial crisis

It could be even worse than a major financial crisis: it's closing to a private global governance.



Currency is one of the fundamental state's attributes as it's one of the strongest means for implementing policies, for controlling the implementation.

Add the access to and the control of information (a domain were mega companies as FB surpassed most, if not all states), which, with the passage of conflicts/wars from the "real world" space into the "virtual world" one makes in the end IT mega companies own and control that fundamental state's attribute too.

Call me paranoid, but we're not that far from a global governance, an unelected, uncontrollable, un-responsible private one.

Personally, I wonder if the latest legal actions on mega companies as FB weren't also triggered by states becoming aware of that displacement of control and power from the public sphere (=state) to the private sphere.