Sunday, October 13, 2019

Law suits, leaked data,fines, Libra *almost* failing: Can 2019 just end for Facebook?

... and could this be the reason why many are abandoning Facebook?


Facebook can still boast of having a lot of active users monthly per statistics according to Digital information world from the start of the year and their servers should definitely be under serious stress but the company is also obsessed about keeping the site up with the fear that its users will turn elsewhere and never return. Facebook has had almost a decade of dominance and things have turned for the worse. Privacy issues, leaked data and fake news are not the only issues faced by the tech giants. 

This year alone...

  • The company's social media platforms - Facebook, Instagram and WhatsApp experienced a day-long outage. 
  • 5 million FTC fine levied against Facebook. Even though the company seemed to get away with it, it was an embarrassing moment for the tech giants.
  • The security bug in Facebook Messenger's Kids app that allowed children as young as SIX chat to complete strangers.
  • Most people are of the view that Facebook's creator Mark Zuckerberg is the reason behind Facebook's issues. Remember the leaked audio that Mark rallies Facebook employees against critics, competitors and the US government earlier this month. The company has faced extraordinary scrutiny and criticism lately on a range of fronts from lawmakers, federal regulators, shareholders, privacy advocates, and even one of its co-founders.

the latest development...

Facebook's global cryptocurrency plan seems to be crashing


The company decided to look into the crypto space and the project seems to be crumbling. Facebook's Libra association was hit with a major blow as Visa, Mastercard, eBay, Stripe and Mercado Pago have all withdrawn from the association. This is just one week after PayPal withdrew.
The remaining Libra members are facing growing pressure from governments and regulators, many of whom see the project as a threat to the existing financial system.

With all these companies withdrawing, this leaves Facebook's project in a precarious state. Libra's chief Dante Disparte thanked the companies for their ongoing support of the organization’s mission. Here's some interesting conversation on twitter from David Marcus, former chief of Libra.


The Libra association was unveiled June this year followed by the logo for its Calibra subsidiary to manage it. The logo was similar to that of the logo of Current, a startup bank. A design company worked on both logos, three years apart. Current claims it started using the logo in August 2016 while Facebook released it this year.

Could there be a reason why Facebook keeps suffering? What aren't they doing right? Send us what you think, tips and suggestions. Contact us.

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