EOS’ Daniel Larimer Criticizes Facebook for Spying on Users, Calls Possible Crypto Token ‘Spycoin’
Dan Larimer, the co-founder of EOS, has criticized Facebook, the most popular social network in the world. He attacked it for collecting user data and using it to sell targeted ads. EOS is the fourth largest digital asset in the market.
Larimer explained on Twitter that Facebook uses private data to offer companies the possibility to purchase targeted ads. This shows that the social media company is using users’ data, selling it and profiting with it.
There have been several critics related to Facebook during the last few years. In 2018, the scandal with Cambridge Analytica in which the company used the personal data of millions of individuals on Facebook, the social network has been under attack.
Dan Larimer explained that targeted ads are made based on personal users’ data that Facebook collects at all time. And indeed, it is something difficult, if not impossible to stop. Users can see when they are being tracked as soon as they see a personalized ad being displayed on Facebook.
Asking Facebook to not display targeted ads is not the same as asking them not to track you. Be grateful for targeted ads, it tells you when your privacy has been compromised. https://t.co/l6rdOOTriD
— Daniel Larimer (@bytemaster7) March 2, 2019
The cryptocurrency community is specifically concerned about privacy and their data. This is why after the comments made by Larimer, other users started to complain about the services offered by Facebook and how it uses people’s private data.
Facebook has also been working on an undisclosed project to launch a virtual currency. Although there is no information about it, the virtual currency could eventually be a stablecoin tied to the US dollar or another fiat currency. In the beginning, it will target the remittance market in India and used on the WhatsApp messaging application. In the future, other countries could be included as well as other networks such as Messenger, Instagram or Facebook.
With this virtual currency, Facebook could gather even larger data from users. For example, it will be possible to know for the company what users purchase, when they do it, to who they send the money, how much they spend per month and more. Additionally, individuals will have to be compliant with all the KYC and AML policies.
Thus, users are not sure whether this virtual currency is a positive development for the market or not. Users that want to have their privacy respected might use other digital assets such as Monero (XMR) or Litecoin (LTC) in the future.