As many as 50 million users of Facebook COULD have had their personal data gathered and used improperly by a British data analytics firm. The Federal Trade Commission is now looking into whether or not Facebook violated terms of an earlier consent decree.
As a result of all this news, Facebook shares dropped 7% on Monday and are continuing to fall today.
Cambridge Analytica is the British data analytics firm responsible. They are part of SCL Group, a government and military contractor that says "it works on everything from food security research to counter-narcotics to political campaigns." Cambridge Analytica is known to have assisted well known statists with their "political campaigns". Donald Trump and Ted Cruz both hired Cambridge Analytica. Source
In many situations like these, CEOs get kicked to the curb. But this is an unlikely outcome for Mark Zuckerber, who has been quiet on the matter. Zuckerberg owns around 16% of the companies stock, but he can control 60% of the voting rights. This is because his class B shares have 10 times the voting power as FB class A shares.
Jim Cramer on Why Facebook Executives Need to Publicly Address Data Concerns
Facebook isn't the only platform with your data. User data on platforms such as Airbnb, tinder, TripAdvisor, and bumble are also at risk.
Facebook Long Term Chart - Since 2015
Facebook's ad platform is one of the best out there. We shall see how fast they regain their footing.
Comparing STEEM & Facebook
Facebook demonstrates how large and valuable a content platform can be. Their long term chart is pretty impressive. However, Steemit is already leaps and bounds ahead of other content platforms as it utilizes one of the fastest blockchains in the world, STEEM.
User data scandals don't happen on open and immutable blockchains. Everything is already public!
Facebook is looking to increase video content on their platform. Well it just so happens that DTube has launched and is poised to dominate the video content space, even competing against YouTube. Something Facebook has yet to successfully do. This is not for a lack of trying. Facebook has stopped embedding competitor videos on their platform. Once upon a time users could play a YouTube video right in their Facebook feed. This is no longer a feature. FB video content is prioritized. D.Tube is the first crypto-decentralized video platform, built on top of the STEEM Blockchain and the IPFS peer-to-peer network.
There are many more exciting things happening in the Steemit blockchain ecosystem. If you are not a member of our growing community I invite you to join us today!
If you think Facebook is undervalued after this news fiasco, you would probably be right. But if you want to invest in an asset that is even more undervalued, check out STEEM.
Hi there, I’m Will. First and foremost I am an entrepreneur and voluntaryist. I aspire to help build a more free world, one that we all want to live in. Some of my biggest passions include cryptocurrencies, marketing, finance, cannabis, traveling, bodybuilding, snowboarding, motorcycles, and Subarus. All pictures are my own unless otherwise stated. I release everything under CC0.
My website: williamjohnsonlong.com
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Affiliated Steemit Accounts: @bitcoinshirtz & @trueliberty
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