Tag Archives: facebook

Google Facebook Apple Amazon face US anti-trust probe

Google, Facebook, Apple, Amazon face US anti-trust probe


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The US government is to take a fresh look at how the four tech giants Google, Facebook, Apple and Amazon wield their power.

It comes in the wake of criticism about privacy breaches, disinformation and anti-competitive practices.

It could lead to more formal investigations from the Federal Trade Commission, among others.

Shares in all four fell on the news but none has yet commented.

At a news conference, Democratic congressman David Cicilline, who is chairman of the House Judiciary's sub-committee, said it plans a number of hearings and will take testimony from executives of leading technology firms.

There could also be requests for politicians to view internal documents.

He said the investigation would not target one specific company but rather focus on the belief that "the internet is broken".

Investigations

US President Donald Trump has called for closer scrutiny of Google and social media firms, accusing them of suppressing conservative voices. He has also criticised Amazon for taking advantage of the US Postal Service.

The FTC is already investigating Facebook over the Cambridge Analytica scandal with the social network bracing itself for fines of up to $5bn (£3.9bn).

Google has also been scrutinised by the FTC and was fined 1.5bn euros (£1.3bn) in March for abusing its dominant position in online search advertising.

Apple is also the subject of an EU investigation following a complaint from streaming music provider Spotify that it abuses its power over app downloads.

Article written by and posted on the bbc.com website.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Facebook is Working to Launch Its Own Crypto This Semester NYT Reports

Facebook is Working to Launch Its Own Crypto This Semester, NYT Reports

Facebook is not satisfied with becoming a web 2.0 empire. After consolidating in the world of social networks, and buying the most important instant messaging appli on the planet (WhatsApp), now Mark Zuckerberg’s company has its eyes on crypto as its new goose of the golden eggs.

According to an article published by the New York Times, the Facebook project seems to point more towards the development of a stablecoin than a cryptocurrency of fluctuating value. Thus, while it would not be particularly attractive to speculators, it would allow users to make payments and have a virtual wallet without worrying about sudden falls or rises in the value of the token.

If so, Facebook’s cryptocurrency would have a similar use as that of the Chinese messaging service Wechat. Likewise, Facebook’s blockchain would not necessarily be a direct competitor of TON (Telegram Open Network) a blockchain project developed by the Russian messaging company Telegram, which raised more than 1.7 billion dollars in its ICO.

If so, Facebook’s cryptocurrency would have a similar use as that of the Chinese messaging service Wechat. Likewise, Facebook’s blockchain would not necessarily be a direct competitor of TON (Telegram Open Network) a blockchain project developed by the Russian messaging company Telegram, which raised more than 1.7 billion dollars in its ICO.

The interest of these large companies to provide their own proposals to improve payments with fintechs and blockchain technologies has excited several investors who evaluate as positive the influence of these companies in a world dominated by a select group of important financial actors.

“It’s pretty much the most fascinating thing happening in crypto right now,” said Eric Meltzer, a co-founder of a cryptocurrency-focused venture capital firm, Primitive Ventures. “They each have their own advantage in this battle, and it will be insane to watch it go down.”

According to the NYT, Facebook expects to have its stablecoin ready before the end of this semester. Although Facebook has treated the project with the strictest confidentiality, anonymous sources told NYT that those working on the blockchain division do so on an exclusive basis and in isolation from the rest of the Facebook staff.

Likewise, the stablecoin would not be pegged only to the dollar but to a basket of fiat currencies according to the funds that Facebook has deposited in several countries. It is hoped that in this way, Facebook users, and especially those using Whatsapp can send money instantly.

“Facebook is looking at pegging the value of its coin to a basket of different foreign currencies, rather than just the dollar, three people briefed on the plans said. Facebook could guarantee the value of the coin by backing every coin with a set number of dollars, euros and other national currencies held in Facebook bank accounts.

Also, Ethereum World News previously reported that Telegram, Whatsapp’s main competitor (which is also owned by Facebook) sent a letter to its investors assuring that the TON project would be 90% complete and will be initially traded in Asian exchanges.

Original article written by Jose Antonio Lanz and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

UK halts Facebook’s WhatsApp data dip

Facebook has been told it must not use data gathered from UK members of its WhatsApp messaging app to target ads on its core social network.

facebook and whatsapp data privacy

The country's Information Commissioner said she did not believe the firm had obtained valid consent for the move and added that people must be given "ongoing control" over their data.

Elizabeth Denham said that Facebook had agreed to "pause" its rollout but had not met all her demands.

Facebook has yet to publicly comment.

The California-based company bought WhatsApp in 2014 and pledged to keep the chat app independent.

However, in August, WhatsApp made changes to its privacy policy, prompting an investigation by the UK watchdog.

"I had concerns that consumers weren't being properly protected, and it's fair to say the enquiries my team have made haven't changed that view," blogged Elizabeth Denham, the Information Commissioner.

"I don't think WhatsApp has got valid consent from users to share the information.

"We've set out the law clearly to Facebook, and we're pleased that they've agreed to pause using data from UK WhatsApp users for advertisements or product improvement purposes."

Enforcement

Ms Denham said she now wanted Facebook and WhatsApp to:

  • offer customers' more details about how their data will be used
  • let WhatsApp members restrict access to their information beyond the existing 30-day cooling-off period
  • let users completely opt-out of the agreement at any time

Ms Denham said that Facebook had not agreed to these terms.

"If Facebook starts using the data without valid consent, they may face enforcement action from my office," she warned.

WhatsApp has already been cautioned warned by European privacy watchdogs about sharing user data with its new parent company. 

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Stephen Hodgkiss
Chief Engineer at MarketHive

markethive.com