Following Facebook’s data privacy scandal where data mining company Cambridge Analytica received access to 50 million Facebook user profiles, the social media platform has been subject to immense scrutiny and criticism with high-profile figures such as Elon Musk deleting their Space X and Tesla pages.
This breach of privacy has created a rage amongst Facebook users making it extremely likely for other social media platforms to flourish at the wake of this mishap. According to the Wall Street Journal, Facebook is contending with a groundswell of users—some of whom are tweeting under the hashtag #DeleteFacebook—who claim to be abandoning the social-media giant, prompting some analysts to warn that its growth juggernaut could sputter.
The publication goes on to report that financial-services firm Stifel lowered its target price for Facebook shares to $168 from $195, saying, “Facebook’s current plight reminds us of eBay in 2004—an unstructured content business built on trust that lost that trust prior to implementing policies to add structure and process”.
Furthermore, a report from CNBC revealed that Zuckerberg has sold more Facebook stock in the last 3 months than any insider at any other company. The publication states:
“Facebook shares dropped 6.77 percent into correction territory Monday, the first trading day after a data scandal involving 50 million accounts added to concerns about user privacy. Facebook shares traded 5.3 percent lower near $163 Tuesday afternoon.
“Analysts are not suggesting anything nefarious behind the regularly scheduled sales. However, the sheer volume of the selling can amount to an overhang on the stock at a time when it could use all the support it can get”.
Many industry experts also believe that Facebook commenced its downward spiral when it banned cryptocurrency advertising from its platform. Facebook’s continued breach of user privacy and its dumping of cryptocurrency ads has many not only supporting the “delete Facebook” campaign, but also looking for a more secure and trusted social media platform.
Millions of people are already seeking a new social media platform, particularly one they can trust, that’s secure, doesn’t leave a permanent online presence and isn’t involved in censoring alternative news.
Recently it’s been reported that a group of early stage Bitcoin investors have had enough of Facebook’s antics (including the breach of privacy) and intend hurting Facebook where it hurts the most.
That is its hip pocket.
The hundreds of millions in cryptocurrency advertising that was going to Facebook is now looking for a new home. Thus, they have decided to launch a new social media platform using the blockchain technology and creating its own coin called Connect Coin that will not only allow boosted posts on crypto and other industries, but also improve on Facebook’s many weaknesses such as user security and privacy.
They are under no false impression and understand that becoming as large as Facebook is unlikely. However, they also realise a media platform just 1% of the size of Facebook can create a multi-billion-dollar company.
Connect will focus on protecting user privacy with blockchain technology. Its goal is to ensure that users can select how long their posts remain on the site before they are automatically deleted. On the contrary, Facebook owns your content and past forever making every post you ever made public property. Connect will also distinguish between what is a ‘true friend’ versus what is ‘an associate’. Nor will it limit you to only 5000 friends per user.
A company spokesperson said, “when Facebook started, it had no idea how to make money- nor did they even think they could. Starting now, we already have a proven business model to follow, but we can improve on many of Facebook’s weaknesses. Plus, we intend on sharing the future ad revenues with our content creators, i.e. the users.
“Facebook pays nothing to the people that create its content whilst the social media platform makes hundreds of billions of dollars in ads”.
It’s reported that each user is worth $27 to Facebook in advertising per month.
Details for the ICO of the new social media/business platform are expected to be released shortly. The ICO is expected to be very popular, especially since there is hundreds of millions in ad dollars already.
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