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Facebook moves closer to a virtual currency system that pays workers <$1/day
07-11-2010, 02:45 AM,
#1
Facebook moves closer to a virtual currency system that pays workers <$1/day
http://maxkeiser.com/2010/07/09/facebook-moves-closer-to-virtual-currency-for-its-casino-gulag/

Quote:Facebook is closing it’s virtual gift shop as a means to move closer to a cross-platform virtual currency system that will encourage users to work at an effective wage of less than $1 a day. As the US economy continues to shrink with jobs and wages disappearing fast, desperate FB users will come to rely more on the social networking site – giving the company many hours a week of ‘click time’ – in exchange for enough credits to buy food and other essentials (convertible at outlets like 7-11; a huge sponsor of the site’s Farmville). This is the beginning of indentured ‘click servitude.’


http://www.allfacebook.com/2010/07/why-facebook-killed-a-100-million-baby/

Quote:Why Facebook Killed A $100 Million Baby
Posted by Nick O'Neill on July 9th, 2010 12:19 AM
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Gifts Wasteland IconThis evening Facebook announced that they will officially kill the company’s gift shop on August 1st of this year. Currently generating tens of millions of dollars for the company a year, one has to wonder why the company would take such dramatic steps. Facebook regularly touts how few developers run each segment of their business, but even if the company was generating tens of millions on a couple of developers, apparently more can be generated with the small gifts team working on other projects. So what does this really mean?
A $100 Million Business, Gone

We are to assume that Facebook’s gift shop has been growing since they were projected to have a $35 million annual run rate back in 2008, there’s no doubt that the company could easily be selling tens of millions of dollars in gifts each year, at a minimum. However the rise of FarmVille and the social gaming ecosystem on Facebook has driven virtual goods transactions away from Facebook’s core gift shop. The result is that Facebook’s virtual goods business may have been somewhat damaged.

If you had been offered to purchase all the revenue of Facebook’s gift shop going forward in 2008, you may have been willing to pay a pretty penny, if the company was really generating $35 million a year from the shop. While $100 million may be pushing the limits on the value of future virtual goods cash flows, it’s not an unreasonable number. However now the gift shop has become filled with damaged goods that no longer stand out from the numerous other gifts.
A Virtual Goods Ecosystem Rises

As Facebook prepares to wind down the company’s virtual goods store front, the company is also pushing full-force into the Credits business. While the distribution of those goods are currently taking place within games, one has to wonder what future integration points Facebook has planned. The gift shop as it exists today is not a robust platform. While multiple developers had access to the gift shop as a distribution channel, it was still limited in scope.
A Bigger Marketplace

Regardless of the growth or decline of Facebook’s gift-shop, the marketplace for virtual goods is expanding. Projected to reach $10 billion globally, this year, Facebook is aiming to take a big chunk of the marketplace through their Credits service. Additionally, one has to wonder if Facebook is planning on opening up a broader virtual goods marketplace. Given that Facebook believes the future resides off-site, there’s no guarantee that there will be any new distribution points of virtual goods within Facebook aside from the stream and profile tabs.

While we believe Facebook could open up a massive marketplace, there is a greater opportunity in play and Facebook doesn’t want to miss the momentum they are building as the virtual goods market explodes.
HTML5 Presents New Opportunities

One of the largest competitors to Facebook in the Credits space is Apple. Apple is selling applications across their platforms and now offer in-app purchases as well. These in-app purchases account for the majority of virtual goods transactions and while Apple has a monopoly on apps distributed through iTunes, the web will once reign again as the leading Platform. With this in mind, Facebook is ramping up their efforts to provide integration with mobile applications.

We recently saw the beginning of these efforts with the MyTown app promotion, however we would only expect that to continue. Facebook’s acquisition today of nextstop highlights not only Facebook’s interest in location, but also an investment in the future of HTML 5 on mobile devices (as effectively articulated in this interview with Robert Scoble). If all goes well, the $10 billion global virtual goods market, could grow 1,000% and Facebook could be standing as the primary intermediary in the market.

If Facebook can capture only 10 percent of a $100 billion virtual goods market, with the current revenue share of 70/30 with developers (70 percent going to developers, 30 percent to Facebook), Facebook could end up with a cool $3 billion per year. Granted, these are optimistic projections, however Facebook is well positioned to capture a large portion of this marketplace and become the virtual currency standard. Looking at things from this perspective however illustrates why it may make sense to kill the gift shop, even if tens of millions of dollars a year was providing great margins.
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07-11-2010, 12:42 PM,
#2
RE: Facebook moves closer to a virtual currency system that pays workers <$1/day
Take a step back and look at this situation.

Facebook, Airmiles / Frequent Flyer Reward Miles, Carbon Credits, Liberty Dollars, Canadian Tire Money, Gift Cards, Shopping Reward Points, Food Stamps, Casino Chips

Which one of these were associated with a massive SWAT raid by the FBI, had their records confiscated along with all of their assets? That is correct the Liberty Dollar. Which was not creating money out of nothing but creating alternative forms of transacting goods and services backed by something tangible. A grassroots movement to get off of government issued fiat. They did something similar in British Columbia Canada in the mid 80s but it got shut down pretty quickly.

Cuba, Nicaragua, Costa Rica and Venezuela are working on something too to transact good and services on a barter type system and where are those 46 US Warships Plus 7,000 US Marines headed? Oh yeah, that's to fight the war on drugs.

Select corporations seem to be able to print all the fake money they want though.

What's stopping these corporate mints (I refer to them as such because that is what they truly are) from devaluing their currency at the drop of a hat. Oh they have already, in fact it is pretty common that in these reward points catalogues you'll see quite an inflationary trend.

What's stopping these corporations or the printing facilities (A place in Germany did it with Zimbabwe currency and hyper-inflated it) from printing a bunch of this fake money or making up gift cards and jacking their retailers running their franchise stores who are forced to accept it. How do we catch it? You can't really, it's an unaudtible closed loop process.

Now they making virtual currency to sell virtual goods and of course these systems are being gamed by "gold miners" (like in WoW gold farming) recently banned in China for trading with real goods but still practised worldwide preying on WoW addicts. MMORPGS are the new heroin it seems.

More on the Liberty Dollar FBI Raid.
http://www.libertydollar.org/ld/legal/raid.htm
There are no others, there is only us.
http://FastTadpole.com/
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07-12-2010, 02:35 AM, (This post was last modified: 07-12-2010, 02:54 AM by h3rm35.)
#3
RE: Facebook moves closer to a virtual currency system that pays workers <$1/day
more about this from Max Keiser & Stacy Herbert:
http://concen.org/tracker/torrents-details.php?id=18182
there's also a bunch about "Perfect Citizen" and a running corollary to the Orwellian two-minutes hate throughout
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07-12-2010, 06:57 AM,
#4
RE: Facebook moves closer to a virtual currency system that pays workers <$1/day
More information on Perfect Citizen here:

NSA Creating Spy System to Monitor Domestic Infrastructure
http://concen.org/forum/showthread.php?tid=33834
There are no others, there is only us.
http://FastTadpole.com/
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10-25-2011, 04:01 AM,
#5
RE: Facebook moves closer to a virtual currency system that pays workers <$1/day
Another step into the foray of an even more detached and manipulatable form of corporate currency. We already have a big player in GE Financial blurring that line and this Facebook Credit system can serve as an extension of unregulated corporate issued currency making their way into the system like Canadian Tire Dollars, Airmiles and that whole sub-economy of store rewards points.

Quote:Facebook testing Credits outside of Facebook
By Ryan Kim Oct. 24, 2011, 10:38am

Facebook isn’t a true PayPal competitor, but it’s taking some steps toward becoming an online payments provider outside of its Facebook properties. The social networking giant has begun testing the use of Facebook Credits on two games, Uno Boost and Collapse! Blast, both available on gaming portal GameHouse.

In the test, users of those games will have only one choice of payment option, Facebook Credits, instead of the usual GameHouse options of paying by credit card or PayPal. Players will be able to integrate their game experience of these games on both GameHouse and Facebook and pay for goods from one funding source. Facebook and GameHouse, a unit of RealNetworks, are looking to see how players react to the option, which will determine how each proceeds with Facebook Credits.

This could be a big springboard for Facebook to become a major payments player if it aggressively takes its Facebook Credits to other properties on the web. It’s already made Facebook Credits mandatory for gaming apps on Facebook as of July 1 and an option for other Facebook apps. It recently extended credits to mobile app developers who want to build HTML5 apps on its mobile platform. It was also allowing people to pay using Facebook Credits for things like Facebook Deals. If it can leverage its relationships with Facebook Connect publishers, it can offer a fast and easy payment alternative to credit cards, PayPal or other phone billing options.

Facebook would likely have to lower its cut of transactions, which is currently 30 percent for Facebook developers, if it wants to move beyond virtual goods. But if it got it down to a percentage that was competitive, say around 5 percent or so, it could build off the many Facebook users that already have Facebook Credits. Websites like GameHouse, as well as independent game developers, may stand to benefit if they can drive more transactions with the help of Facebook Credits.

As I wrote before, this could be a stepping stone to Facebook Credits becoming a larger payment service. Right now, it’s not really participating in that battle, but if it can tap its existing relationships with more than 800 million users it might be able to put together a formidable mobile payment competitor. As Erick Tseng, head of mobile products for Facebook, told the crowd at GigaOM’s Mobilize conference last month, the social networking giant is increasingly becoming a mobile company. It stands to reason that Facebook would love to see how far it can take Facebook Credits and make it into a tool that can start with online mobile transactions for virtual goods but could transition into something bigger, first with purchases of physical goods online and then, who knows, perhaps into offline transactions.

That’s a long ways off, but it’s not unheard of. PayPal is making the transition from an online payment company to one that is now poised to target point of sale transactions. Facebook obviously would need to do a whole lot of work to follow in those footsteps. And it has a lot of hurdles in becoming a major payment player: Ogilvy & Mather conducted a survey and found that Facebook was the least trusted option for mobile payments trailing Visa, MasterCard, American Express and PayPal by a wide distance.

But I wouldn’t be surprised if Facebook is eyeing this market. Mobile payments is booming now and expected to become a $670 billion market by 2015. But it starts with small tests like the one with GameHouse. GameHouse president Matthew Hulett said the test will help drive more users to GameHouse as it tries to expand its business to both social and mobile. He said he’s looking forward to bringing Facebook Credits to its 75 mobile apps as well.

“People already have cash balances on Facebook and the amount of friction this reduces is so much greater for us, we haven’t seen any negative impact on us using Facebook Credits after the mandated date of July 1 and I’m very confident consumers like to pay this way,” he said.

Hulett said he believes though its early Facebook Credits could be a big driver of revenue for Facebook, similar to how PayPal has become the main engine of growth for eBay. That will still be ways off, but if Facebook plays its cards right and learns important lessons along the way, it might not be a stretch.
Full Article with plenty of Links: http://gigaom.com/2011/10/24/facebook-testing-credits-outside-of-facebook/

This is exactly the direction that Jesse Schell forecasted a last year prophetic lecture.

Related:

The Future of Money: Smartcards, Encryption, Digital Currency and Thin Branch Banking
http://concen.org/forum/showthread.php?tid=41190&highlight=Google+AND+Microsoft
There are no others, there is only us.
http://FastTadpole.com/
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10-25-2011, 04:46 PM, (This post was last modified: 10-25-2011, 04:47 PM by rockingtheboat.)
#6
RE: Facebook moves closer to a virtual currency system that pays workers <$1/day
I dealt with facebook a while ago : in my hosts file I added a little line "127.0.0.1 http://www.facebook.com" .

I don't understand why everybody is infatuated with facebook and put their very personal information on it. I guess it must be that intense desire to feel connected to the herd no matter how fake it is ..... Just block it, many webpages will load faster.

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10-25-2011, 05:00 PM,
#7
RE: Facebook moves closer to a virtual currency system that pays workers <$1/day
(10-25-2011, 04:46 PM)rockingtheboat Wrote: I dealt with facebook a while ago : in my hosts file I added a little line "127.0.0.1 http://www.facebook.com" .

That made me laugh aloud. Good stuff. No quicker way to reject it. LOL!!!
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10-26-2011, 04:45 AM,
#8
RE: Facebook moves closer to a virtual currency system that pays workers <$1/day
(10-25-2011, 05:00 PM)lockntross Wrote:
(10-25-2011, 04:46 PM)rockingtheboat Wrote: I dealt with facebook a while ago : in my hosts file I added a little line "127.0.0.1 http://www.facebook.com" .

That made me laugh aloud. Good stuff. No quicker way to reject it. LOL!!!

You may also have to block *.akamaihd.net one of their alt servers - and I'm sure there are others, maybe rotating IPs and while you're at it Google and disable your plug-ins, make sure your ISP doesn't log and share packet data, make sure you don't hop onto insidious nodes during your communicae ... I know enough to discern that it's a futile exercise to hide from the big boys although that doesn't stop me from protecting myself from the smaller parasitic infections.

The internet:// you're either all in or you're all out; there is no sneaking around in the shadows as long as it is a corporate government controlled pipeline.

It's not called the web (or the net) arbitrarily.
There are no others, there is only us.
http://FastTadpole.com/
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10-27-2011, 07:04 PM, (This post was last modified: 10-27-2011, 07:04 PM by rsol.)
#9
RE: Facebook moves closer to a virtual currency system that pays workers <$1/day
rock you dont need the http "www.facebook.com" will do.
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10-28-2011, 01:10 PM,
#10
RE: Facebook moves closer to a virtual currency system that pays workers <$1/day
(10-26-2011, 04:45 AM)FastTadpole Wrote: You may also have to block *.akamaihd.net one of their alt servers - and I'm sure there are others, maybe rotating IPs and while you're at it Google and disable your plug-ins, make sure your ISP doesn't log and share packet data, make sure you don't hop onto insidious nodes during your communicae ... I know enough to discern that it's a futile exercise to hide from the big boys although that doesn't stop me from protecting myself from the smaller parasitic infections.

The internet:// you're either all in or you're all out; there is no sneaking around in the shadows as long as it is a corporate government controlled pipeline.

Now, if you were a REAL privacy nut, you'd be recommending an alternative search engine to Google. Those interested can check out a sample list here: http://startpage.com/do/metasearch.pl?query=alternative+search+engines

(See how I did that? I'm bloody amazing.)

Facetiousness aside, personal security and privacy issues are applicable solely to the user holding them when it comes to personal computing habits. I've got scripts originating from Facebook and its associated domains blocked from being processed by my Web browser, and facebook.com and fbcdn.net are the only ones associated with Facebook I've seen pop up. Since I don't run any apps that contact Facebook, the only channels through which it has access to information are bigger and scarier than Facebook. Every little bit counts in the User Versus Dot Com War, though, and helps to keep those pesky corporations at arm's length.

On another note, just to milk a dead horse, we can certainly assume that all of our communications are being monitored (and that SSL has already been cracked). We can assume that Facebook and other social networking sites are run by the CIA. In the long run, though, since it takes a significant amount of technical knowledge to prevent the Big Boys from intercepting communications, much of the issues are not worth worrying about.

Unless one enjoys worrying about things, of course, which I would aver has been a popular pastime since humanity's distant past when we were only thousands in number and regularly on the menu for animals and other organisms. Fear still rages in our blood, and The Powers That Rape Us Until We've Submitted To Their Will continue to propagate the need for this fear.

This doesn't mean we peons shouldn't work on such technologies, though. Just that it's not worth worrying about or fretting over as much as considering it a direct challenge to the wishes, whims and freedoms of we users.
Truth appears in many forms. Find those that resonate with you.

- "If we do not believe in freedom of speech for those we despise, we do not believe in it at all." - Noam Chomsky
- "Humans are not a rational animal, but a rationalizing one." - Leon Festinger

http://avaaz.org - The World In Action
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10-28-2011, 05:30 PM,
#11
RE: Facebook moves closer to a virtual currency system that pays workers <$1/day
TPTRUUWSTTW... a little long-winded, but I like...
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11-29-2012, 11:31 PM,
#12
RE: Facebook moves closer to a virtual currency system that pays workers <$1/day
Quote:The Alberta College of Pharmacists (ACP) has proposed a regulatory provision that would prohibit pharmacies like Safeway from rewarding customers with AIR MILES® reward miles and other customer incentives in connection with drug purchases.

Safeway believes that restricting awarding of Air Miles and other incentives would be anti-competitive and unfair to customers.

If you agree, please email the ACP at: leslie.ainslie@pharmacists.ab.ca or call the ACP at 1-877-227-3838.

Sincerely,

Safeway Canada and the AIR MILES Reward Program
~email from Safeway

I called ACP to voice my support for this motion to at least lessen the impact of corporate issued currency such as Air Miles that are not only unregulated and arbitrary and potentially easy to manipulate and abuse but that they favour large corporations in the marketplace. Exactly the opposite of what this email from Safeway is insinuating.

I encourage anyone else that wants to join me in this lobby to either call or email ACP.
There are no others, there is only us.
http://FastTadpole.com/
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