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Here are the Senate’s sickest burns dished out to Facebook’s Libra

Here are the Senate’s sickest burns dished out to Facebook’s Libra

July 17th, 2019|Tags: , , |

On Wednesday July 17, 2019, Thenextweb at Hard Fork | The Next Web wrote:
This, in reference to Facebooks less than stellar history when it comes to data protection and preventing bad actors from exploiting the platform for illicit political gain.

The quip was in reference to how the money backing Libra could create a revenue stream, and would be used to pay dividends to founding partners.

Nations all over the globe started to wake up to the reality of a currency controlled by the data hoarding Goliath that is Facebook. A number of countries including India and the US already told the social media giant to hold its horses before plowing on with its plans for global domination Libra.

About the Author:

TNW is one of the world’s largest online publications that delivers an international perspective on the latest news about Internet technology, business and culture. Thenextweb has recently written 10 articles on similar topics including facebook:
  • "Regulators typically look at companies’ intentions and previous compliance when they enter highly regulated fields - which doesn't bode well for Facebook". (August 18, 2019)
  • "Until today, Facebook has given you three options for creating a user group: Open, closed, or ‘secret.’ While the first is pretty obvious, the other two were occasional sources of confusion – an admin might set a group to ‘closed’ without realizing it was still searchable, for instance. Instead there are now just two main …". (August 14, 2019)
  • "Facebook doesn’t need any more bad press, but here we go again. According to a report by Bloomberg, the company paid hundreds of contractors to transcribe audio snippets from your conversations within its services – without making it sufficiently clear these clips were being recorded. Other tech giants have done similar, but that doesn’t make …". (August 14, 2019)
  • "Facebook is keen to become a major news distributor again, after being lambasted for years over its role in aiding the spread of misinformation. A report from the Wall Street Journal last night indicated that the social network is offering major publications multi-million dollar deals to bring them on board its upcoming news service. The …". (August 9, 2019)
  • "Facebook has a lost a federal appeal in a lawsuit that claimed it illegally collected and stored biometric data of millions of users without their consent". (August 9, 2019)
  • "To be honest, I’m kind of impressed Facebook held out this long. After buying WhatsApp and Instagram several years ago, Facebook has decided it’s time to let everyone know who’s in charge. A report from The Information details Facebook plans to change the names of the apps to ‘Instagram from Facebook‘ and ‘WhatsApp from Facebook.’ The social …". (August 5, 2019)
  • "Facebook has removed hundreds of fake accounts and pages connected to the Saudi Arabian government as part of its ongoing fight to curtail coordinated inauthentic behavior". (August 2, 2019)
  • "Facebook today announced it's open-sourcing two technologies that help it fight problems like child exploitation, terrorist propaganda, or graphic violence". (August 2, 2019)
  • "During its developer conference in 2017, Facebook announced its plans to develop a brain-computer interface (BCI) that would let you type just by thinking. Now, researchers from the University of California, San Francisco (UCSF) working under this program have posted a study today noting their algorithm was able to detect spoken words from brain activity in real-time. The …". (July 31, 2019)
  • "The social media giant, Facebook, has been forced to address a growing number of fake communications associated to its digital asset, Libra". (July 23, 2019)