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Facebook Novi and Surveillance Finance

stephendiehl.com

11–20 of 52 posts

Re: Facebook Novi and Surveillance Finance

#11
Off topic, but this is so so so so smart!!!

> To contact me via email run one of the following scripts to generate my contact information. I find this is an effective filter against the deluge of emails from recruiters.

> Recruiters who do contact me will be named and shamed publicly.

Re: Facebook Novi and Surveillance Finance

#12
post #10

It is worth remember that the current state of finance is already surveillance finance. Credit card records are sold and purchased, all large chains and stores do significant customer tracking on their own, more than just every item you purchase, when, and where. Even services like Gmail scrape information from your email for every receipt that you receive, although they purchase CC data either way.

I think a lot of the push back is from current banking TBTF group tbh (there was a talk about financial innovation at pearsons school in nyc a couple months ago, where folks from global central banks were pretty much just laughing)… and as someone who doesn't use FB/IG/etc, if they can chip away at the hold of existing king of the hills, they will make the rest crypto currency landscape more approachable in the future after FB eventually poisons the waters for some subset of users who prior to using what facebook cooks up and shoves down its useds throats, wern't interested in cryptocurrencies (or anything related) at all… which I'd call a win for the BCH/XMR/etc crowd.

Let the tech/banking giants duke it out, and everyone else can come it an clean what's left of their carcasses eventually.

Re: Facebook Novi and Surveillance Finance

#13
post #10

It is worth remember that the current state of finance is already surveillance finance. Credit card records are sold and purchased, all large chains and stores do significant customer tracking on their own, more than just every item you purchase, when, and where. Even services like Gmail scrape information from your email for every receipt that you receive, although they purchase CC data either way.

Don't forget that due to increasingly heavy financial regulations adopted by FATF require financial institutions to have extreme surveillance data on all financial transactions and to report anything they themselves deem to be suspicious to the authorities. This includes things such as cross-border activity (logging in from a foreign ip) to using a VPN.

Re: Facebook Novi and Surveillance Finance

#14

Is Facebook + what’s left of their coalition allowed to set emergency monetary policy for Libra?

Libra doesn't really have monetary policy since it's supposed to be 1:1 backed by real money, but now that you mention it I wonder what they would do if (purely hypothetically) one of their backing bank accounts got seized.

Re: Facebook Novi and Surveillance Finance

#15
This is an open secret when Chinese government started heavily pushing for digital currency on top of blockchain. But everyone is smart enough to not talk about that...

Edit: Interestingly enough, the sensitivity surrounding block-chain (and AI, in the context of mass surveillance) is showing the effect of significantly slow down the mass adoption of the technology.

AI mass surveillance has already become an mass market in China. It however is still "a solution looking for problem" in US.

How this can play out in the longer term? For example, what would happen if the relinquish of privacy in the short term, allowed China to secure its strategic upper hand in economy size and technologies, through the value unlocked through Blockchain and AI?

From the perspective of US economy and technology development, it's a very challenging problem to figure out how to apply these technologies quickly. As there is literally zero resistance in China.

This issue is more urgent for AI. In addition to the fact that AI surveillance is already used everywhere in China, it's also super effective in the near term. For example, I can imagine AI can easily enhance the effectiveness of war machines to an entirely higher level.

Disclaimer: Intentionally putting moral judgement aside.

Re: Facebook Novi and Surveillance Finance

#17
post #10

It is worth remember that the current state of finance is already surveillance finance. Credit card records are sold and purchased, all large chains and stores do significant customer tracking on their own, more than just every item you purchase, when, and where. Even services like Gmail scrape information from your email for every receipt that you receive, although they purchase CC data either way.

In the US.

In the EU local bankcards are used much more than CC and these are not mined.

In NL shops are prohibited to build customer profiles based on their purchase history.

Re: Facebook Novi and Surveillance Finance

#18
post #13
post #10

It is worth remember that the current state of finance is already surveillance finance. Credit card records are sold and purchased, all large chains and stores do significant customer tracking on their own, more than just every item you purchase, when, and where. Even services like Gmail scrape information from your email for every receipt that you receive, although they purchase CC data either way.

Don't forget that due to increasingly heavy financial regulations adopted by FATF require financial institutions to have extreme surveillance data on all financial transactions and to report anything they themselves deem to be suspicious to the authorities. This includes things such as cross-border activity (logging in from a foreign ip) to using a VPN.

> This includes things such as cross-border activity (logging in from a foreign ip) to using a VPN.

This is a thing? I don’t get the point of reporting cross border logins. Cross border transactions makes sense, but what’s so nefarious about me paying my water bill while in Mexico?

Re: Facebook Novi and Surveillance Finance

#19
>"After the initial announcement and code drop last year, the Libra name has been dragged through the mud by the press due to the project’s complete disdain for compliance and their bizarre code drop."

Could someone who is familiar with this event say what was actually "bizarre" about the way the code was delivered?

Re: Facebook Novi and Surveillance Finance

#20
post #5

Cant wait for facebook to disrupt fintech with zero fee micro transactions. Been waiting for Mozilla/Firefox to do it as they are in a better middleman position.

Venmo has no fee for bank/debit card transactions. Or do you mean something else?

Is it free for merchants?
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