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that may be true now but I think its fair to say that the fear is it will lead to banking data being sucked into the FB ecosystem followed by any number of scar

that may be true now but I think its fair to say that the fear is it will lead to banking data being sucked into the FB ecosystem followed by any number of scary scenarios. if your argument is 'oh you dont have to use it', that doesn't works either because they can offer you a slight service/rate discount depending upon the desperateness of you situation. remember FB already has access to a lot of your data through FB/whatsapp/insta & pretty pervasive tracking everywhere. they are rapidly achieving monopoly status in many communication forms so some panic is warranted when they go after your banking or healthcare data. let me paint a picture not too implausible for you. you walk into a hospital, as it stands today there is no way you can find out the costs of services you are gonna consume without having to go through the complicated dance of billing/negotiation/copays etc. Now say there is a tie-up between FB/Banks/Insurance companies (and hospitals because why the heck not). they can track you, find exactly how much money you have & what your cash flow looks like. you have to be incredibly naive to think they will not use this information to create some kind of 'adaptive pricing' to squeeze every last penny out of you before they let you go. now let take this a step further, how about FB turning into a kind of payday lender for your unpaid hospital bills? All you need is one in-elastically priced service to monetize the shit out of that. this is just one example that took me 2 minutes to think, it can get WAY worse! the bigger issue that (IMO) bothers people deeply but they are often dont articulate is tech used to be about building bridges but now tech is basically trying to turn everything into a toll-booth.

sonnyblarney 8y ago
"ou have to be incredibly naive to think they will not use this information to create some kind of 'adaptive pricing' to squeeze every last penny out of you before they let you go." No, you have to be highly conspiratorial to wrap up hospitals, Facebook, the banking system all working together to concoct an illegal, real-time price discrimination scenario. What you described is not plausible, moreover, if you don't want your finances integrated into your social feed ... then don't integrate. I'll imagine that most won't.
- deleted 8y ago
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- DesiLurker 8y ago
  "No, you have to be highly conspiratorial to wrap up hospitals, Facebook, the banking system all working together to concoct an illegal, real-time price discrimination scenario." If you go read the comments on the original WSJ story you'll notice a pattern, not a single comment echoing your sentiments, in fact, most of them fear almost exactly what I described. so basically the whole world has become conspiratorial. Given the casualness of your response to something so serious, it makes me think you are a Fb shill or somebody who has invested a lot in FB stock. BTW since the announcement FB stock is up 5pc+, that makes me think market is pricing in such predatory scenarios.
  - sonnyblarney 8y ago
    Yes, populism is like that - people are conspiratorial and easy to rile up by the press who are always looking to spook us a little bit. To the point wherein if someone doesn't buy into their conspiracy, they immediately call others 'naive' and then claim they must be 'paid secret plants' by said organization. The scenario you described is not going to happen, and analysts are not remotely 'pricing it in'. They're not even thinking about that. They are however thinking that if FB gets into 'current account banking' for folks ... then that could be a very popular thing. You may be surprised to find that most product managers and analysts are surprisingly normal people.

sonnyblarney 8y ago

"ou have to be incredibly naive to think they will not use this information to create some kind of 'adaptive pricing' to squeeze every last penny out of you before they let you go." No, you have to be highly conspiratorial to wrap up hospitals, Facebook, the banking system all working together to concoct an illegal, real-time price discrimination scenario. What you described is not plausible, moreover, if you don't want your finances integrated into your social feed ... then don't integrate. I'll imagine that most won't.

deleted 8y ago
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DesiLurker 8y ago
"No, you have to be highly conspiratorial to wrap up hospitals, Facebook, the banking system all working together to concoct an illegal, real-time price discrimination scenario." If you go read the comments on the original WSJ story you'll notice a pattern, not a single comment echoing your sentiments, in fact, most of them fear almost exactly what I described. so basically the whole world has become conspiratorial. Given the casualness of your response to something so serious, it makes me think you are a Fb shill or somebody who has invested a lot in FB stock. BTW since the announcement FB stock is up 5pc+, that makes me think market is pricing in such predatory scenarios.
- sonnyblarney 8y ago
  Yes, populism is like that - people are conspiratorial and easy to rile up by the press who are always looking to spook us a little bit. To the point wherein if someone doesn't buy into their conspiracy, they immediately call others 'naive' and then claim they must be 'paid secret plants' by said organization. The scenario you described is not going to happen, and analysts are not remotely 'pricing it in'. They're not even thinking about that. They are however thinking that if FB gets into 'current account banking' for folks ... then that could be a very popular thing. You may be surprised to find that most product managers and analysts are surprisingly normal people.