Facebook admitted that they will collect all payment data from all Libra purchases about all people in Full Element!

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Facebook Admitted That They Will Collect All Payment Data From All Libra Purchases About All People In Full Element!

Source:
https://www.coindesk.com/facebook-to-senators-libra-cryptocurrency-will-respect-consumer-privacy

Facebook Admitted That They Will Collect All Payment Data From All Libra Purchases About All People In Full Element!

Quote:
*Moreover, because the Facebook Payments, Inc. subsidiary processes these transactions, Facebook itself does not have access to any payment credentials information, though* ***it [i.e. Facebook itself] does[!!] collect other information*** *affiliated with a transaction,* ***such as the merchant, the transaction amount, the date and time and the purchased good.***

Facebook Admitted That They Will Collect All Payment Data From All Libra Purchases About All People In Full Element!

# In other words: Facebook will (not only “can” but WILL) completely know about all purchasing details, people will be fully transparent to facebook! #

Facebook Admitted That They Will Collect All Payment Data From All Libra Purchases About All People In Full Element!

I can’t believe that this doesn’t cause any outrage. Even the article above is just stating this amongst lots of other text, without any highlighting or special commenting – so it can easily be overseen.

Facebook Admitted That They Will Collect All Payment Data From All Libra Purchases About All People In Full Element!

That’s why we’ll need Bitcoin.

Facebook Admitted That They Will Collect All Payment Data From All Libra Purchases About All People In Full Element!

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Facebook Admitted That They Will Collect All Payment Data From All Libra Purchases About All People In Full Element!

*Edit: The amount of clueless naive responses here shows how nice this will be for facebook.*



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Comment (69)

  1. I work in business analytics and my daily job is monitoring our company’s customer habits to improve our strategies- it cracks me up when people are surprised that Facebook, Uber, etc. employees can see your data… like fucking of COURSE they can- do you literally not think that’s valuable information for them?

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  2. This wasn’t even a question. Even if Facebook claimed they would not keep the details, the regulators would force them to comply.

    This is why “promises” from service providers are absolutely useless. There is nobody that can be trusted. The only right way to do things is to create distributed software and protocols which the regulators could not touch even if they tried.

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  3. FYI – This quote is about a current Facebook subsidiary **unrelated to Libra**. Facebook Payments, Inc. is Facebook’s current equivalent to Paypal. I get that you all want to hate Libra, and there are reasons to look at it with skepticism. But come on. At least be honest about it.

    ​

    The complete context of the quote (emphasis added):

    ​

    “**In response to questions about what sort of consumer financial information Facebook** ***already*** **has**, Marcus wrote that **a subsidiary** of the social media giant (**unrelated to Libra**) stores “non-public personal financial information data,” such as payment credentials, in compliance with existing law for transactions, but that this information is not used for advertising or for personalization.

    Moreover, because the **Facebook Payments, Inc. subsidiary** processes these transactions, Facebook itself does not have access to any payment credentials information, though it does collect other information affiliated with a transaction, such as the merchant, the transaction amount, the date and time and the purchased good.”

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  4. Of course. It would be absurdity for Facebook to let that kind of information not be collected. Andreas just did a good video on libra and this was one of the topics.

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  5. Facebook will respond by saying “we are open to our customers using any wallet that we do not create” which will be a good enough answer for those who don’t understand; however, we all know they can track the blockchain *just the same* regardless of if you use their wallet or not.

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  6. I’m not really worried. At least not for myself. From the technical side of things, we need to remember that Libra is going to be regulated and the central corporations governing the technology will most definitely impose restrictions and limitations on smart contract deployment. This fact alone will keep a significant % of the population from using it. I don’t see Facebook giving anyone the freedom to create their own token, Dapp, or whatever creative thing you can think of that can utilize blockchain… not easily at least. Which means that demand will continue to exist for cheap and easy contract deployment (i.e. tron, ethereum) in many parts of the globe…

    ​

    To me this all means that value will always exist in pseudo-anonymous and decentralized networks because demand for it will always be there. Worst case scenario is that decentralized crypto stays cheap for a long time (though it will never disappear)… but just re-reading that makes it sound like something a banker would try to tell me.

    ​

    This means that Libra is going to still have to compete, and it will try (I think) by being interoperable with other blockchains. Chances are, the early Dapp’s that cause, at the least, a mainstream fad will definitely have origins from a decentralized network. So Libra is most definitely going to want to capitalize on your entertainment (by taking all your transaction data) as well as capitalize off selling you BTC, ETH, TRX, etc. so that you can game away and do whatever activities exist at that time.

    ​

    Anyways, at the end of the day no one knows. Libra could still be successful, depending on what they do.

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  7. This will inevitably increase the Facebook’s advertising power.

    Imagine you use libra to purchase a 12 pack of Monster on Amazon (if, hypothetically, possible). You’ll start seeing ads on Facebook for Red Bull, Rock Star, and other energy drinks simply based on your purchasing habits.

    This could even lead to a two-tier advertising system where advertisers are charged more money to advertise to users based on their purchase history, as opposed to what Facebook Fanpages they follow.

    EDIT reason: spelling.

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  8. And then sell it to whatever cambridge analytica changed their name to, but not before getting hacked and losing all your financial data

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  9. Shhhhh…. let them pay to train the next generation of devs for free before they realize everything they need is already here and being developed.

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  10. Under the new FATF rules, all FATF countries will begin building a regulated and mandated global virtual currency surveillance network. [https://www.krisconstable.com/personal-information-data-is-a-liability/]( https://www.krisconstable.com/personal-information-data-is-a-liability/)

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  11. This is also needs highlighting (bold text made by me).

    *”… Marcus wrote that* ***a subsidiary of the social media*** *giant (unrelated to Libra)* ***stores “non-public personal financial information data,” such as payment credentials***, in compliance with existing law for transactions, but that this information is not used for advertising or for personalization.”

    Considering FB’s lousy track reckord on respecting and protecting private data, I’d rather not be in that database.

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  12. they also announced that they won’t be operating in india. a huge market gone just like that. it won’t be global and there will be so many restrictions it’ll make your head spin.

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  13. We all have addictions, and we sometimes relapse, smoking, drinking, eating or and facebook’s addiction is selling your info to russian hackers!

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  14. So nothing changes. Before facebook collected all data about all users and now only payment information would be added. No surprise for me

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  15. Haha, that’s not surprising, but highly expected. Decentralization and transparency are the most useful blockchain benefits which help to improve any field. For example, my team and I are developing Diamond Open Market–a trading platform to buy or sell diamonds all over the world. We decided to provide all market participants with fair prices, no commissions and other cool benefits.

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  16. Nopecoin for me, I already feed them a crap ton of personal data just for the ‘privilege’ of easily connecting with friends and family. But no, I will not give them that

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  17. People will get interested in crypto because FB is behind and then realise is a surveillance machine and switch to Bitcoin. However, we need to be ready for when this happens by having improved privacy (Lightning, Schnorr, Taproot, Dandelion…) Those are the most important developments in Bitcoin now.

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  18. Good time to remind yourself why we are here.

    > In most cases personal identity is not salient. When I purchase a magazine at a store and hand cash to the clerk, there is no need to know who I am. When I ask my electronic mail provider to send and receive messages, my provider need not know to whom I am speaking or what I am saying or what others are saying to me; my provider only need know how to get the message there and how much I owe them in fees. When my identity is revealed by the underlying mechanism of the transaction, I have no privacy. I cannot here selectively reveal myself; I must *always* reveal myself.

    >We cannot expect governments, corporations, or other large, faceless organizations to grant us privacy out of their beneficence. It is to their advantage to speak of us, and we should expect that they will speak. To try to prevent their speech is to fight against the realities of information. Information does not just want to be free, it longs to be free. Information expands to fill the available storage space. Information is Rumor’s younger, stronger cousin; Information is fleeter of foot, has more eyes, knows more, and understands less than Rumor.
    >
    >We must defend our own privacy if we expect to have any. We must come together and create systems which allow anonymous transactions to take place. People have been defending their own privacy for centuries with whispers, darkness, envelopes, closed doors, secret handshakes, and couriers. The technologies of the past did not allow for strong privacy, but electronic technologies do.

    [*A Cypherpunk’s Manifesto, 1993*]( https://www.activism.net/cypherpunk/manifesto.html)

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  19. Why Libra is the biggest Facebook mistake of all

    [https://coinstructive.com/libra-facebook-mistake/]( https://coinstructive.com/libra-facebook-mistake/)

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  20. I’m not a fan of Libra, but they’re talking specifically about Facebook’s Calibra wallet here, not the base Libra “cryptocurrency” network itself.

    View Comment

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