Facebook is facing an existential crisis

[poboy2]

Facebook is facing an existential crisis
by Dylan Byers @CNNMoney
March 19, 2018: 10:40 AM ET

The Cambridge Analytica scandal has done immense damage to the brand, sources across the company believe. It will now take a Herculean effort to restore public trust in Facebook's commitment to privacy and data protection, they said. Outside observers think regulation has suddenly become more likely, and yet CEO Mark Zuckerberg appears missing in action.

The scandal also highlights a problem that is built into the company's DNA: Its business is data exploitation. Facebook makes money by, among other things, harvesting your data and selling it to app developers and advertisers. Preventing those buyers from passing that data to third parties with ulterior motives may ultimately be impossible.
Indeed, the most alarming aspect of Cambridge Analytica's "breach" is that it wasn't a breach at all. It happened almost entirely above board and in line with Facebook policy.
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In a statement, Facebook deputy general counsel Paul Grewal said "protecting people's information is at the heart of everything we do." That may be a hard argument for the public to accept given that Facebook's business is providing people's information to outside parties whose ultimate goals are unknowable.
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Meanwhile, Zuckerberg and the rest of the Facebook leadership seem conspicuously absent. Neither the Facebook CEO nor his top deputy, Sheryl Sandberg, have commented publicly on the matter. They have left that task to Grewal, a lawyer. No one has provided an adequate explanation for why Facebook did not disclose Kogan's violation to the more than 50 million users who were affected when the company first learned about it in 2015.
"We are conducting a comprehensive internal and external review and are working to determine the accuracy of the claims that the Facebook data in question still exists. That is where our focus lies as we remain committed to vigorously enforcing our policies to protect people's information," Grewal said in a statement Sunday.
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http://money.cnn.com/2018/03/19/technology/business/facebook-data-privacy-crisis/index.html

[underthematrix]

1. - Yes indeed. I'm deactivating my account

[CelticWinter]

6. i deleted mine yesterday

they can kiss my butt...
Celtic

[awesomerwb1]

2. I only check my account every couple

of weeks to reply to anyone who may have messaged me.

They've been almost dead to me since before the elections in 2016.

[Brother Buzz]

3. Facebook, Inc. common stock is down 7%

[LovingA2andMI]

4. Facebook Common Stock...

Needs to fall until a total devaluation of the company takes place and it becomes a penny stock.

[Brother Buzz]

18. Check the mystery spike early today - looks like the Fat Cats tried to prop it up then gave up

https://www.google.com/search?q=facebook+stock&oq=facebook+stock&aqs=chrome..69i57j0l5.5311j0j7&sourceid=chrome&ie=UTF-8

[LovingA2andMI]

20. Not Surprised...

More likely than not Zuckerberg's Homies Tried and Fail To Add Onto Its Valuation Because They Knew This Story Was Going To Kill The Stock Today, In An Effort To Not Make What Is Horrible, Look Bad In The Eyes Of Wall Street Day Traders.

It Did Not Work. #ShortAndSellFacebookStock

[Angry Dragon]

5. Facebook is evil

[shanny]

7. A surveillance program disguised as social media.

I won't say who said that, because many will discount it because they don't like the source, but it is quite true imo.

[poboy2]

10. Snowden said it. Truth is truth. -nt

[shanny]

12. I know that, and I am a fan.

But many here are not and I'm not interested in pissing contests or deflecting from Facebook's BS.

[poboy2]

13. I am not a fan. But again, truth is truth. -nt

[dalton99a]

11. It's the most annoying, intrusive, pervasive personal information gathering tool ever invented

Everything you ever wanted to know about a person, and a person's friends' friends' friends....

[shanny]

14. I have a facebook page, which I never post anything on

and I visit the site maybe once every several months, just to check in on distant friends. But I have at least one friend, who is on daily, several times a day, posting every thing she does--I don't get it. She won't use Craigslist, because of privacy issues but she does that? And claims that she never posts anything that could be used against her.

[dalton99a]

16. FB is sneaky and predatory

I suspect they target the ignorant/weak-minded/socially isolated - and anyone who doesn't pay close attention to privacy settings - along with the fine print and changes related to them, which basically says "One false move, and we get all your data and sell it" - which they've been doing all along anyway...

[dalton99a]

8. "The most alarming aspect of Cambridge Analytica's 'breach' is that it wasn't a breach at all.

It happened almost entirely above board and in line with Facebook policy."

[LovingA2andMI]

21. EXACTLY THIS!!!

Facebook was A-Okay With Selling Your Data and Privacy Information To The Highest Bidder. In Other Words, Facebook is Pure Evil.

[Butterflylady]

9. Never joined, never wanted to join.

I don't want everyone seeing my private life and I certainly don't want to see anyone else's. But that's just me.

[mythology]

15. It shouldn't just be Facebook

Social media in general, anybody trying to sell ads, have the same incentives to not think past the question of "can we make money off of this?" to the question of morally should we do this. Online ads can track you far more accurately than other ads. Facebook, Google, Twitter etc have enormous amounts of data.

I don't buy the claim that it would be impossible to not share infinite data. Go with a need to know policy. Make companies that want access to the data have limited access and be open about what is shared. How many people knew Facebook quizzes gave access to not just your data but your connections data? Permissions need to become more granular and more plain language. The default should be that people are opted out of sharing most data.

[LovingA2andMI]

23. So Many Folks...

Took those STUPID Facebook Quizzes. Some MANY FOLKS right now use that plus the STUPID 'Check In' Feature on FB or the latest one "Tell Me About" where they tell everyone about anything in their life.

Folks really need to re-evaluate their use of Social Media, ASAP!

[lindysalsagal]

25. When it's free, you KNOW you're going to regret it. Somehow. No such thing as a free lunch.

When I want something computer-related, I'd rather pay for a good product, so I don't pay in other ways.

[Squinch]

17. And let's not let it get lost here that FB has known about what CA was doing since 2015.

[poboy2]

19. Article:

sentence in clip in OP:

"No one has provided an adequate explanation for why Facebook did not disclose Kogan's violation to the more than 50 million users who were affected when the company first learned about it in 2015. "

[dalton99a]

22. +1

[poboy2]

24. .