Fakebooc Loses $50B From Stock Prices Due to Cambridge Analytica Scandal? Meanwhile The World Still Doesn't Know Steem Exists!
I knew about the Cambridge Analytica issue months ago, as did numerous researchers - but such is that way of the web nowadays - where the mainstream is typically months and often years behind the 'crackpot' groups of 'conspiracy theorists' online ;)
Clearly, this 'discovery' by the world about data mining and exploitation for political gains by Cambridge Analytica and Donald Trump's campaign team is just the tip of an iceberg that could, if the world actually paid more attention, result in Facebook being totally dumped by even billions of users! (Something I have always thought should be have occurred long ago, but apparently people are easily distracted away from reality to the point that they don't make the best decisions in many cases).
The Independent reports that a UK advertising trade body is pulling it's weight to attempt to cause changes in Facebook (good luck):
Trade body ISBA, which represents more than 3,000 brands, wants a full account of what happened as well as reassurances over how users’ personal data is secured.
"When we meet with Facebook tomorrow we want to understand the scope of the inquiry Mark Zuckerberg announced yesterday," said Phil Smith, director general of ISBA.
"We want reassurances for our members that it will get to the bottom of the issues and any implications for the public and for advertisers."
If Facebook cannot instil confidence that people’s personal data is safe, advertisers will start threatening to pull their content from the platform, the boss of one of the UK’s highest-profile ad agencies said on Thursday.
“I don't think they're bluffing. They are going to exert real pressure,“ M&C Saatchi chief executive David Kershaw told the BBC’s Today Programme.
“I think that clients have come to a point, quite rightly, where enough is enough,” Mr Kershaw said.
“It is much more likely to be hard money from advertisers rather than consumers running hashtags on Twitter,” he said, referring to hashtags such as #DeleteFacebook and #BoycottFacebook.
The loss of advertising has the potential to be highly damaging for Facebook, which makes the majority of its money through selling ads targeted at users.
The firm has already seen around $50bn wiped off its market value in less than a week since the scandal broke.
However, Mr Kershaw conceded that advertisers are reliant on the platform to reach customers because “we live in a very strong oligopoly with Facebook and Google”.
He said that “in the digital space, plurality doesn't exist”.
Source: Independent
Steemit Needs Better Marketing
The message from this advertising body is clear - they have major problems with Facebook, but don't think there are valid competitors with whom to advertise with. While it is true that Facebook offers highly targeted advertising that marketers value highly and Steem does not (and I am glad about that) - it is also true that the new paradigm of rewards based promotions here is almost completely unknown by the big money spending advertisers and promoters.
I'm not really sure I like the idea of having such characters on Steem, but at the same time if handled properly it could be a huge boost to the value of Steem and therefore also to the creative ways in which we can adapt, adopt and improve. If promotional space was offered in exchange for Steem, for example, we would not only put some end to the bot 'craze' but we would also create an entirely new market for Steem that would see promoters actually want to pay for ad spots, instead of seeing the 'Promoted' page on Steemit as a waste of time and resources.
Where has the $50 Billion gone from Fakebooc stock? What if just 0.5 or 1 of those billions were invested in Steem by forward thinking and aware investors? They won't be doing it while they don't even know Steem exists and what it's benefits are!
Maybe Steemit Inc just wants to wait until they have reach certain objectives before marketing at full steem - which is fine, but I really still feel that huge opportunities are being missed here constantly.
Fakecbook T-Shirts
Don't forget my Anti-Social Networking T-shirt, Hoody and Gift range is still available in my shop:
Wishing you well,
Ura Soul
Vote @ura-soul for Steem Witness!
View My Witness Application Here
Curiously, could Facebook reformat its network into a blockchain platform without losing its customer base?
Like all empires in history, facebook is going through a process of decay. We steemians are like a tribe of barbarians,for now we are small and maybe insignificant but it is just a matter of time until we will sack Rome.
hehe - i'm not sure if marc has married a goat behind the scenes, but anything is possible... at least in VR :)
I love this motive. I'm glad I joined steemit in it's early days and sooner it will be taking over the media world
It took 4oo years for Rome to fall.
I have a suggestion. How about we do some steem contests where people have to make comments in major newspaper comment sections telling people about steem vs facebook. This could be easy advertising and may catch the eye of some newspaper journalist types who may then report about Steem.
zuck has broken the market record for most stock dumped in a 3 month period
https://www.cnbc.com/2018/03/20/zuckerbergs-facebook-stock-selling-dwarfs-all-other-insiders.html
Well, I'd be selling too! Thanks for the link. They say they will 'give away' most of their profits from Facebook.. Watch out for more 'gift packs' of vaccines to brown children in the near future maybe.
Yeah I thought the same thing when I saw "philanthropy" mentioned. Zuck knows its gonna be over soon.
True! Steemit really needs better marketing!
That will b very cool
I agree with your incredible point here "steemit needs a Better marketing"
I was wondering if there's a way promoters of steemit can be supported by being rewarded for the people they bring in. It should not be made to look like MLM but should be an open invitation like what happens on solar so that steemians will be encouraged to introduce more credible people
Yes, I agree, that would work well if done correctly - I will think of a way that might work and post to utopian. :)
Okay sir. Please do make the post for your contribution is worth while
done!
https://steemit.com/utopian-io/@ura-soul/suggestion-bonus-curation-rewards-for-onboarding-new-users-to-steem
A couple of months ago Steem Inc was even dead in Twitter space until a few enterprising Steemians who wanted to do something banded together and started the Planet Steem movement. Then they did Thunderbolt and asked people to follow it to get us trending.
I am not entirely sure what the marketing department of Steem Inc is doing though.
Proud to say I have never used Facebook.
You don't mean it. So which one do you use?
FaceBook’s early acquisition of Atlas and its recent forays into partnerships with the biggest names in the data broker business has created a nexus wherein FaceBook can sell/buy personal data for advertising purposes. FaceBook has officially become a data broker. But this was inevitable for FaceBook because there was no other revenue model available.
While generic advertisements are a good idea to get more money into the system, i would think the benefit of steem is that of a self regulated closed community leading to better content. More advertizing means less freedom to do what the community wants.
There is one angle that seems workable and that is focused advertisements relating to Steem articles/comments since that uses the very strength of Steem and may provide a far more profitable revenue model for companies. Of course it also puts a lot of stress on them to create the right ad material but it is still worth exploring
It is a bliss to see people waking up. More accurate headline: "Cambridge Analytica Scandal - Facebook Business Model revealed"
If CA can do this just imagine the access the NSA, FSB, GCHQ etc. have.
I agree. As the Stocks correct and hmmmm...Pop.... money will need to flow elsewhere. I think people will begin looking at Crypto , both for the technology and also as a store of value/wealth. We shall see ...probably sooner than later...
Crypto:let's go to work!
I happy about this, and I want to see the fall of Facebook. How can he sell the personal information of billions of people and not get punished. I say we put an end to fakebook. I want some of the fake book t-shirts so that I can show the world the true colors of fakebook.