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InVision ambassador ambassador
Owen Hughes
Owen Hughes Updated

Facebook (and Co)'s new Crypto Currency

What are your thoughts on Facebook's lead consortium and its new crypto currency? 

I wonder given the sheer amount of bad press theyve been having around privacy will affect its success:

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John Matthews
InVision ambassador John Matthews , ambassador

This Facebook initiative makes me a bit uncomfortable. Facebook has been stealing our data and sold it to other companies, and I have not seen any measures by government to seriously deal with the issue. Now they want to steal our financial data and control our spending behavior.

Owen Hughes
InVision ambassador Owen Hughes , ambassador

Thats an interesting point, when a digital product is free that generally means you are the product, its the same for most free products as data is one of the only ways to monetise and build a sustainable income. I think stealing is a strong word, as generally it only uses what ever users put in. 

Regulation is a really interesting one too. When Zuckerberg was questioned by US politicians it was evidently clear they simply didnt understand what Facebook is or how it works. Are those the people you want regulating a tech behemoth? But then how do you regulate a platform, that has just under 1/3 of the worlds population on, should that be the responsibility of 1 government alone? 

And now there is a crypto currency it will be interesting to see how the world handles this too. 


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