With All The Past Facebook Issues, Should It Be Trusted With Crypto?

2019-1-16 23:10

Should Facebook Be Trusted With Crypto?

Facebook made a lot of news in 2018 and not all for the right reasons. Their Cambridge Analytica scandal lost them the trust of the general public and sparked worldwide conversation about privacy and how user data is handled by big corporations.

Towards the end of the year, they began making news for other reasons as it was rumoured that Facebook wanted to create a Cryptocurrency-powered messenger app. They will not be the first to enter this race as the team behind Telegram is also working on theirs.

They have also announced the ongoing creation of a stablecoin which will be sent over WhatsApp, a messaging service owned by Facebook.

However, the dark cloud of Cambridge Analytica still hangs over Facebook and brings up the question of whether they should be trusted with such tech.

A Track Record

The reasons for people’s distrust of a Facebook-backed cryptocurrency that doesn’t yet exist is tied to their past behaviour on the last 3 years.

When the Cambridge Analytica scandal occurred, it was revealed that Facebook had been selling user data of over 80 million users to a Political firm hired by then-presidential candidate Donald Trump. They offered to help identify the personalities of various voters as well as means by which their opinions could be manipulated.

They didn’t stop there as during a security breach in September where 50 million accounts were compromised, they censured Facebook users from posting about it.

This attack on free speech has led many to believe that Facebook is not compatible with the idea of blockchain and crypto which are built on the principle of uncensored freedom of expression and transactions.

Cryptos, by their design, are to be decentralized and were created as a means to fight back against powerful but exploitative corporations and as such, it is ironic that a company with such a track record wants to make use of it.

What Will Likely Be Done

Should Facebook launch their crypto-powered messaging service, they will likely do so with their own native token rather than the more established ones.

How successful this will be, however, cannot be said yet. There is some debate as to whether their Facebook token will be able to compete with giants like bitcoin.

After all, Facebook did try to expand into emails but couldn’t defeat established services like Yahoo! and Gmail. Only time will tell, however, if this case will be different.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Emerald Crypto (EMD) íà Currencies.ru

$ 0.0095806 (+7.58%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 2.35 %, 7d: -7.78 %
Cåãîäíÿ L: $0.0086651 - H: $0.0095806
Êàïèòàëèçàöèÿ $183.154k Rank 1690
Öåíà â ÷àñ íîâîñòè $ 0.0033227 (188.34%)

facebook crypto trusted all should user data

Èñòî÷íèê: bitcoinexchangeguide.com

facebook crypto → Ðåçóëüòàòîâ: 126


Watch: Facebook’s Crypto Chief Suffers Brutal Senate Backlash

The US Senate Committee on Banking, Housing, and Urban Affairs held a hearing on Facebook’s Libra project this morning, with Facebook crypto chief David Marcus in the hot seat. After a lengthy introduction by Idaho Senator Mike Crapo in which he called Facebook’s aims “commendable,” the committee discussed the potential ramifications of Facebook banking services.

2019-7-17 20:20


Fed Chairman Swears ‘Very High’ Scrutiny Against Facebook’s Crypto Libra

Federal Reserve Chairman Jerome Powell said his agency – as well as the rest of the federal government – will be looking carefully at Facebook’s Libra cryptocurrency. The Unspoken Advantage of Large Companies Entering Crypto He promised that Facebook would be held to very “high” standards, implying that the social media giant should be able […] The post Fed Chairman Swears ‘Very High’ Scrutiny Against Facebook’s Crypto Libra appeared first on CCN Markets

2019-6-27 15:21


Fed Chairman Swears 'Very High' Scrutiny Against Facebook's Crypto Libra

Federal Reserve Chairman Jerome Powell said his agency – as well as the rest of the federal government – will be looking carefully at Facebook’s Libra cryptocurrency. The Unspoken Advantage of Large Companies Entering Crypto He promised that Facebook would be held to very “high” standards, implying that the social media giant should be able […] The post Fed Chairman Swears 'Very High' Scrutiny Against Facebook's Crypto Libra appeared first on CCN Markets

2019-6-28 15:21


Facebook Crypto Advertisement Campaigns Brought Under Siege by Dutch Billionaire John De Mol

Facebook is on the cusp of battling yet another lawsuit filed against its name. It is nearly one year ago when the social media giant decided to close down the crypto advertising ban. In a press release published by Facebook Business on 26th June 2018 and authored by Facebook’s product director Rob Leathern, states that, […] The post Facebook Crypto Advertisement Campaigns Brought Under Siege by Dutch Billionaire John De Mol appeared first on ZyCrypto.

2019-6-7 19:46


Facebook’s Crypto Shopping Spree Isn’t Over Yet. Here’s Who Else They Might Acquire.

Facebook’s crypto ambitions are reportedly not limited to its acquisition of blockchain startup Chainspace, according to The Information. Facebook Has Met with at Least Three More Crypto Startups Citing unnamed sources, the publication said Facebook has been eyeing several blockchain startups with a view of making acquisitions.

2019-2-7 23:40


Facebook ðàçðåøèë ðåêëàìó Coinbase

Êðóïíåéøàÿ â ìèðå ñîöèàëüíàÿ ñåòü Facebook äîáàâèëà àìåðèêàíñêóþ êîìïàíèþ Coinbase â ñïèñîê îäîáðåííûõ ðåêëàìîäàòåëåé. Facebook banned ads for crypto earlier this year. Proud to say we’ve now been whitelisted and are back introducing more people to an open financial system 👌 pic.

2018-7-21 19:44


Facebook Restores Coinbase Crypto Ads, No Intent to Block Legitimate Companies

The CEO of Coinbase has just announced that the platform has just been approved to display ads on the largest social media platform in the world, Facebook. Facebook Repeals Ban On Crypto-Related Advertisements As the market began to run last year, so did cryptocurrency ad sightings, with dozens, if not hundreds of cryptocurrency companies promoting.

2018-7-21 14:39


Ôîòî:

Facebook Reshuffle Structure To Further Compliment Blockchain Research

Reports out today suggest that social media giants Facebook have embarked on a major structural reshuffle in order to enhance their new blockchain research project. We now know that Facebook have established a blockchain research working group in order to investigate and research the implications of blockchain technologies both within Facebook and within the wider community.

2018-7-6 17:30


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

Ethereum short squeeze: $3,600 rally wipes out $80 million!

Ethereum was trading at over $3,600 as of this writing. Over $80 million was liquidated in short positions with the recent price rise. Ethereum [ETH] has recently surged above $3,000 once moThe post Ethereum short squeeze: $3,600 rally wipes out $80 million! appeared first on AMBCrypto.

Ethereum ETF approval odds jump from 25% to 75% - What changed?

ETH ETF approval odds jumped from 25% to 75% after the recent SEC update. The market rallied, but 100% ETF approval is not guaranteed unless S-1s are approved, too.  The US SEC’s reportedThe post Ethereum ETF approval odds jump from 25% to 75% - What changed? appeared first on AMBCrypto.

Ethereum clears THIS key hurdle: What’s next for ETH’s price?

Ethereum’s price only moved marginally in the last 24 hours.  Market indicators hinted that Ethereum’s bull rally might resume soon. Ethereum [ETH] successfully broke above a bullish faThe post Ethereum clears THIS key hurdle: What’s next for ETH’s price? appeared first on AMBCrypto.

Ethereum whale accumulates 15K ETH: Will this finally help prices?

Ethereum whales increase holdings, but network growth slows. ETH gains slightly, but investors hold out for a $4k milestone. Ethereum[ETH] witnessed a significant uptick over the last few daThe post Ethereum whale accumulates 15K ETH: Will this finally help prices? appeared first on AMBCrypto.