Wednesday, April 18, 2018

Facebook data miner had planned on turning your personal information into a cryptocurrency

In a shocking new report out this week, it appears that one of Facebook's primary data miners, Cambridge Analytica, was planning on take the personal information they had gleaned from the social media site and turn it into a cryptocurrency operation.

YOU are the cryptocurrency
Cambridge Analytica (CA) has become a huge name in the data analytics space for all the wrong reasons in recent times, most notably for scraping profile information on some 87 million Facebook users for targeting them with content to influence their voting decisions. 
Now, The New York Times reports that the company also had a cryptocurrency in the works. Its plans to launch an ICO and promote a virtual token to enable people to sell their personal data and profit from doing so have apparently been derailed by the recent Facebook scandal in which its data collection activities were exposed. 
The revelation comes from former CA employee Brittany Kaiser, who left the company in February. She also recently claimed that CA used more than one Facebook quiz to gather data on users, and that the number of people that the company profiled is higher than the previously claimed figure of 87 million. 
Kaiser was in charge of the coin offerings business at CA; the firm, which specializes in profiling people so their views can be influenced for political campaigns, is said to have offered its services to numerous companies building virtual currencies.  – The Next Web
The tokenization of everything is quickly evolving, even now into the esoteric.  And perhaps the biggest irony in this report is that CA's cryptocurrency platform would have been the antithesis of security and anonymity for an individual's private information. 

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