Winner takes it all: how to make fintech monopoly, like Facebook’s Libra?
Facebook is very knowingly exploiting a very specific gap in regulations and technology while still being compliant with traditional financial entities’ compliance policies.
The problem with the Libra is that it’s a part of Facebook’s broader surveillance capitalism strategy. Consumers were subjected to search engine experiences rife with clickbait and intrusive advertising.
Facebook, Google, and Amazon have thus far avoided antitrust scrutiny. The only reason they benefits consumers is because in the long run — one firm wins that competition.
What effect will forced competition have on companies whose business models rely on collecting user data and selling? This trend is to accelerate: first, in digital advertising, it is exceptionally difficult to see anyone outside of Facebook and Google achieving meaningful growth
More broadly, the winner-take-all dynamics have inspired a powerful sense of Fear of Missing Out) amongst investors resulting in a host of unicorns intent on owning their respective industries. For example, event in food industry there are candidates to build monopoly: Uber cofounder backed Cloud Kitchens, and Kraft-Heinz’s Evolv using the algorithmic analysis pioneered by tech companies to help us plan our meals
https://onezero.medium.com/inside-the-race-to-build-the-netflix-of-food-1e8e6abd007e
Returning to Facebook. In his Manifesto Zuckerberg writes:
This is a time when many of us around the world are reflecting on how we can have the most positive impact. I am reminded of my favorite saying about technology: “We always overestimate what we can do in two years, and we underestimate what we can do in ten years.” We may not have the power to create the world we want immediately, but we can all start working on the long term today. In times like these, the most important thing we at Facebook can do is develop the social infrastructure to give people the power to build a global community that works for all of us.
For the past decade, Facebook has focused on connecting friends and families. With that foundation, our next focus will be developing the social infrastructure for community — for supporting us, for keeping us safe, for informing us, for civic engagement, and for inclusion of all.
Facebook is already problematic for society when it comes to opportunity costs. With zero distribution costs and zero transaction costs; users are attracted through the delivery of a superior experience, which attracts modular suppliers, which improves the experience and thus attracts more.
Internet users need to pay attention to Facebook’s data collection on individuals. Facebook is so pervasive that it is all but impossible for individuals to opt-out in any meaningful way.
The only way to deal with such monopoly, is to unite users in trade unions!
Investor that will back this initiative can become ssort of president of the world.
A few tips on how to beat the Facebook https://artplusmarketing.com/guerrilla-marketing-ideas-for-small-brands-looking-to-take-down-goliath-ee7847d22188
