Since the news went viral about the Cambridge Analytica scandal, Zuckerberg has been scrambling to weather the storm and it looks like market confidence has been steadily eroding. It's more than likely that he especially now regrets being caught several years ago, calling users "dumb fucks" in an IM exchange in 2004 when he was talking about them being foolish enough to trust him with their personal information.
Social media calls to delete Facebook have been trending recently ( #DeleteFacebook ) and the value of the company has also taken a dramatic dip; losing billions since the story took off. Shareholder value has been eroded by at least $30 billion and many aren't sure whether or not they will be able to regain the trust that they've now lost with so many.
Facebook has issued an apology in several newspapers, with Zuckerberg admitting that the issue was a major breach of trust and that he was sorry that it happened.
Many people who use Facebook regularly, or who have used it in the past, might not have been aware up until now just how much information Facebook had on them or might have been able to share about them.
Some might not be aware that it keeps track of all of the content that you've clicked on and liked, what you have searched for, the people who you are friends with and even those who you have unfriended, text messages you might have sent to others, details on events you might've attended, phone calls, and much more.
There are ways that you can adjust the privacy settings for sites like Facebook, but even those have been described as being a grand illusion because they don't go far enough to protect valuable data that you might not want shared with third parties, say critics.
According to one of Zuckerberg's former mentors, he believes that this is the biggest scandal that any technology company has ever faced.
Now, it looks like Americans are less likely to trust Facebook than other competitors out there.
Giving data over to a central authority, be it a government or a corporation, means that you then have to trust that authority to keep that data safe, and we've found out that you can't always be certain that they will.
And this is where blockchain technology comes in to shine, because it replaces that old trust system that was traditionally held by those central authorities and it brings along with it transparency.
This is the direction that a growing number believe we are going to take, with more people inevitably looking to blockchain-based social media solutions. And some, such as RBC market analyst Mitch Steves, have suggested that within the next decade or so that we could see the cryptocurrency market grow to a $10+ trillion industry as a result.
Pics:
Pixabay
Sources:
https://www.thestar.com/business/tech_news/2018/03/25/what-facebooks-privacy-policy-allows-may-surprise-you.html
https://www.theguardian.com/technology/2018/mar/24/cambridge-analytica-week-that-shattered-facebook-privacy
https://www.esquire.com/uk/latest-news/a19490586/mark-zuckerberg-called-people-who-handed-over-their-data-dumb-f/
http://time.com/money/5205630/mark-zuckerberg-net-worth-facebook-stock/
https://www.forbes.com/sites/dantedisparte/2018/03/21/facebook-breaks-silence/#64935b365403
https://www.independent.co.uk/news/uk/home-news/facebook-mark-zuckerberg-apology-cambridge-analytica-newspapers-a8273181.html
https://www.thestar.com/business/tech_news/2018/03/25/what-facebooks-privacy-policy-allows-may-surprise-you.html
https://www.forbes.com/sites/jemmagreen/2018/03/23/deletefacebook-highlights-the-benefits-of-blockchain/#5937d73c6824
https://www.reuters.com/article/us-facebook-cambridge-analytica-apology/americans-less-likely-to-trust-facebook-than-rivals-on-personal-data-idUSKBN1H10AF
https://www.investopedia.com/news/facebooks-privacy-problem-could-be-great-news-blockchain-technology/
Great news for us come this way folks we got blockchain <3 great article thanks for sharing very well writen with lots of sources love it
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still holding some FB stock at the moment... hopefully it's just a one-off event. I thought Google had to deal with scandals and law suits like this in Europe all the time....
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I was always less likely to trust them as you well know LOL.
Sorry I am not around much as you know, being able to read blogs like I used to, I know you understand.
I hope you are well.
#FedBook
#FacebookWalletFridays
(:
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Is social media really to be "trusted?" If we go by the old "There is no such thing as a free lunch" principle, my answer would be NO. Some company comes along and offers you free social, free messaging, free groups, free photo albums, free video... clearly, they are not running a server farm the size of Rhode Island on thin air, so they are taking something from you.
Long before any of this came up (as in, 10 years ago), I told anyone who cared to listen that if you don't want to be "publicly traded property" DON'T be on social media!
I do like the idea of blockchain technology, though. At least all the asshattery will be documented. Of course... the more blockchain tech becomes an everyday concept, the more it will be subject to people trying to cause a disruption.
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It’s quite amazing that people have their panties in a bunch because Cambridge Analytica now knows which Disney princess they are most like, but they don’t think twice about the fact that Alexa is listening to them 24/7.
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they have a lot more information than simply a few movie preferences 😂 LOL alexa! memories...
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anyone who has ever done any advertising on FaceBook, should know just how much info they "mine" from their users. That's how they know who to send or target for specific ads. I think FB might be bringing about their own demise...
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I really never have trusted FB. I haven't even used my account for months. Maybe one post in the last year. I have my account settings set to private so only my friends can see what I would post and share, but to think now all that was for nothing; Facebook is social media site that can completely go away for all I'm concerned.
I have no use for it and all this newly released info was things I have always suspected; it's just now the media is finally learning about it.
Sad that all our information can be handed over so easily, without consent when using certain apps through the platform. I just learned today that the way you can make phone calls to friends all you info is stored. The app and FB never asks for consent to store or keep it.
The data privacy violation began back in 2014, and is just now being investigated?
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It seems true that people are less trusting of Facebook, but I am doubtful it will translate into meaningful action. People believe all sorts of things, but whether they act on those beliefs is the important question.
I hope I am wrong. I hope Facebook burns down from the inside on this issue.
I hope every person on Fbook then hears about and uses Steemit, Steepshot, Dlive, Dtube, etc and we see a real exponential boom on the Steem platform. Wow that would be exciting.
Thanks for the post.
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you're probably right though hopefully more will eventually come to give it up
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Wait a minute... You are saying Americans received information about something they love, processed the information and now love it less? You are blowing my mind.
The r3VOLution is all in our minds... or at least has to start there. This is quite encouraging.
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Americans? You're optimistic. Who would trust Facebook after this?
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I hate being proven right about how much corruption and manipulation there really is in the mainstream.
It’s likely going to add a steady influx of new users to steemit who may not have found it so quickly otherwise. I’m just surprised that people are surprised, but I guess that’s how it is. Maybe it’ll come out that both sides of the isle pay a variety of companies to manipulate elections and there is a gross misuse of our data at all the major tech giants, both intentional and unintentional. None of it would surprise me. That would most certainly lead to steemit becoming a huge player very quickly.
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As far as privacy is concerned, I realized in the early days of the internet that if you don't want someone knowing something, don't put it online. Therefore, I've never done/posted anything that I wouldn't want the world to know. That said, I despise Facebook and would have already deleted my account if it weren't for my businesses. I love seeing all of the #DeleteFacebook posts on Twitter, and I love it even more that most of those posts also have #JoinSteemit in them. It will be interesting to see how this all plays out.
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Zuckerberg is doing that what all the criminal does after getting caught.Take it as a criminal statement.He is just concern about his business nothing else.I just can't believe that they are playing with our privacy.So leave facebook ,leave it now.Thank's for the post.
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one would argue that all legislation is to protect the public. you will always find a person arguing any specific law is to protect the public.The irony of using print media to apologize for digital sins. And the fact that this guy and his goons tried their best to destroy print media.
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Kick the cheater Zuckerberg and his facebook out of the world.I will do exactly this with all other company who does it.@upvoted and resteemed
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this is very informative blog .thanks to you for sharing..i praise
you..
Carry on
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it's true what you say, now facebook users are not like it used to be, I noticed from my post on facebook which used to be hundreds of people like my photos, but now only dozens .. why it happened. ??
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Facebook is one of the most successful data collection organizations humanity has ever seen.
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people say if facebook is important because we can communicate with friends, why in America do not mempercai again with fecebook
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Communicate with friends? Use the phone.
People don't know how to communicate anymore. Have bad news? Send an email or text message.
SO sad that we are such a society that can't talk to friends and family unless behind a screen.
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if so how to use the fecebook is wrong, we use fecebook to be friends with outsiders to be a friend with people outside our country, that's how we use fecebook.
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True being across the world and using FB could make sense but there are other ways too. Skype, video calling services, etc. When you click on the app to allow FB to access your info, all that info is stored. Why do they need to store it? You are giving up your privacy to strangers; for who knows what reason.
We all have our reasons for using or not using FB. My choice is to keep my personal and private info, personal and private.If I choose to share that's my choice; it shouldn't be FB or their sub-contracted IT companies that decide to view/share/store my info.
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whether you use steem chat chat, so we can talk again in chat steem chat
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I would like to ask if we can chat through steem chat only
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I downloaded my facebook data yesterday.... didn't take me more than a day later to delete my FB acct.
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This story is not finished yet, I believe there is a lot more to come! Let's see if I have this right... Cambridge Analytica gets hold of the data on 50 million Americans. Meanwhile, the Russian troll factories were spamming FB with fake accounts, pretending to be "god fearing, gun toting, upright Americans". Any chance the Trump campaign gave all the data to the Russians to work with? Has this been confirmed already, or am I getting out in front of the story?
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US High Court wants to take action against Facebook I hope the customer will be released from this problem very quickly and even Facebook may be banned for life.
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wow nice post
thanks for sharing a valuable post
i like it....
i am still.wating your next blog
keep it on....
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