Social media outage in various regions affection over one billion users revealed how Facebook machine learning artificial intelligence tool tags different photographs. However, the debate that started on light notes lead to a bigger and more serious discussion, the privacy risks Facebook Libra poses.
A 2017 College Humor video uploaded on YouTube explains how the seemingly free websites are a testament to “there is nothing like a free lunch”. The comic take in a parodic matrix-like reality Adam explains how the websites sell data to advertisers to make money.
The video also reveals how Facebook algorithms allow advertising companies to target the most susceptible of users. However, this is all history since the Senate committee hearing on Cambridge Analytica data breach at Facebook.
Facebook Libra will gather trader data
Among the two major concerns against Facebook’s stablecoin Libra chief is the Facebook data gathering that allows the giant to know exactly what a trader may or may not do in the next few hours.
Imagine the personal data Facebook already has on a good number of traders, coupled with the trading data trend analysis of the same person. Facebook Libra would allow the centralized foundation running the stable coin to literally have the means to control the market beyond Libra.
Facebook cannot be trusted with private data
Since the Cambridge Analytica case, most users don’t trust Facebook with their private data. Another major reason for concern among the traders and cryptocurrency community where such matters are of utmost importance.
The most recent example after Wired magazine rejected Mark Zuckerberg’s apology on Cambridge Analytica for the users across the globe. Wired deemed it a “935-word non-apology apology”.
Following the incidents, Forbes reported that over 1 out of every four (4) Americans have deleted Facebook from their mobile phones. The reports also revealed that as much as thirty percent (30%) Facebook users had deleted the mobile application and over sixty percent (60%) of them were the youth.