Monday, 20 August, 2018

Cambridge Analytica planned its own cryptocurrency

Facebook and Cambridge Analytica: What You Need to Know Facebook quietly stopped apps from accessing users' private data just two weeks ago
Glenn Montgomery | 19 April, 2018, 06:01

The number was more than the 50 million people previously reported by media outlets. The data that was collected was used and assumed to determine which affiliation you would most likely associate with and would then target that affiliation with your liking. The story of Cambridge Analytica's brief fling with ICOs is a unusual convergence of two emerging parts of the internet that are now coming under intense public scrutiny - cryptocurrency and personal data. The evidence was handed in by ex-Cambridge Analytica employee Brittany Kaiser, as per the report.

"So I know, at least of those two examples, the music version and the sex compass, which were both quizzes that were separate from Aleksandr Kogan's quiz".

British political consulting firm Cambridge Analytica, now embroiled in scandal for propagandistic electioneering via scraping Facebook profiles, had plans to issue its own cryptocurrency past year according to Reuters and NYT.

What with it being used to harvest tens of millions of personal accounts data from Facebook and its technology's alleged use in the rigging of elections on an global scale, it's safe to say that Cambridge Analytica is amongst the most toxic names in the business these days.

Cambridge Analytica has been under intense scrutiny in recent weeks after news broke out in March that the firm had illicitly harvested a massive amount of personal data of millions of Facebook users.

Kaplan said that what had happened represented a violation of trust and Facebook is deeply sorry.

While Facebook added that it doesn't sell the user data it collects, the blog post doesn't state how long it stores the data for or exactly how it uses the data.

Bill Gates has offered some reassuring words for embattled Facebook CEO Mark Zuckerberg - but warned that the company must play a leading role in helping the world figure out data privacy. The committee is adjourned until 24 April. He is somebody who takes a long-term view. This ability could prove crucial in future elections and referenda because one of the upshots to emerge from the Oireachtas committee meetings yesterday is that there is nothing to stop foreign interests taking out political ads in different countries. "We have a basic responsibility to protect peoples' data".

He gave the example of a pro-choice movement in Northern Ireland putting €1m worth of selective advertising on the internet.

"We've recently made significant updates to make our privacy tools easier to find, restrict data access on Facebook, and make our terms and data policy clearer", Facebook said.

Facebook is implementing the GDPR standards for European users next month, and some of its rules will be extended to US and other users later, he confirmed.

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