Account Ownership: Undervalued Aspect To Hive
Let us look at a scenario in the future:
You develop a Virtual Reality world that appeals to a circle of friends that you have. In this world, you build out an entire ecosystem that, over time, grows. You get to the point where your application expands, having a user base of a few hundred thousand people.
Throughout the development process, you added more digital assets that people could buy. Engagement meant that a lot of these assets are now worth a decent amount of money. You are happy about that because you can see how this all enriched, not only yourself, but those closest to you.
Oculus is the most popular VR headset. You, as well as a fair portion of your userbase, enter using these devices. Over time, the features they offered only got better.
While you accepted a number of different cryptocurrencies, the Diem token was by far the most popular. Since your project was so successful, you accumulated millions of dollars in Diem. Not bad for a project that is less than two years old.
One bright morning, you wake up early, excited by the fact that you are going to release a new module to your world. This is something you beta tested and know is going to be a hit. The feedback was the best you saw, meaning this could really propel your world to much greater heights.
You go to log on. Entering your account information, you see those perilous words: Account closed due to violation of Terms of Service.
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This is a realistic future scenario based upon what we are seeing in the present.
Obviously, we are all aware of how Facebook, Twitter, and YouTube are closing down social media accounts. We also know that PayPal did something similar in the past, cutting people off from their funding. For most people, losing a social media account is a pain in the hind end, yet it does not carry financial repercussions.
This statement will not be true in the future. We are rapidly seeing the intertwining of social media and finance. Facebook's announcement of the Diem token shows how interested it is in getting into the financial arena.
That company is also the early leader in the VR headset market. Oculus is the top selling brand in an industry that is expected to be the onramp to the next generation Internet.
Here we see the major challenge with this headset. To utilize it, one must sign up with a Facebook account. Thus, all activity, including future wallets, are tied to it. From a user, or even a creator standpoint, this means that all of the assets associated with the headset will be under Facebook's control.
In short, you truly own nothing since your account is not realistically yours. This is a bit different than having your money on exchanges, although the premise is the same.
Basically, we are looking at taking our financial activity and putting it behind Facebook's wall, just like we presently see with the social media/messenger sites.
Facebook is already working on becoming the leading gatekeeper for the new Internet as it is constructed. The price of its device is a lot lower than the competitors. Many concluded that Facebook is losing money on each headset yet willing to do so for the future control. If things unfold in the manner being spelled out here, the company will assume a greater degree of control than it already has.
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Hive offers account ownership. This is something that most overlook since we are still in a world where that is not an important factor to people. Sure, some learned the lesson as they were banned from the major social media sites but, again, that was viewed as a hindrance. Let us be honest, did Trump's life crash simply because Twitter and the others zapped him from their platforms?
The answer is no. His life continues basically uninterrupted. Sure, he cannot spew out about whatever he wants in 288 characters or less. However, his money was not affected nor any of the projects his company was working upon.
We will not see the same situation as we march further into the digital world. There is no doubt that our online identities are getting more powerful. We know the data trail that we create is of great value, especially to the companies that are mining and selling it off.
It will not be too long before the online world is more valuable, in financial terms, than offline. Millions are already earning a living and that number will continue to grow. At the same time, the expectation is that we will see a convergence between our physical and digital worlds, thus putting even more importance on our digital accounts.
Many discuss the idea that one's Hive account cannot be closed. This is a vital point to stress. As people start to understand there are financial implications tied to having an online account, the prospect of waking up to an "Account Closed" notice is going to be horrific.
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The above is an idea that is being promoted by Klaus Schwab and the World Economic Forum. Many leaders around the world are starting to buy into this. The idea is that "Resetting" our global economy will allow them to "Build Back Better" and create a utopia where we, the people, own nothing but are happy because we are provided for.
Which of course, brings up the question, who owns everything?
It doesn't take a great deal of contemplation to arrive at the answer. The billionaires behind this movement are going to benefit to an even greater degree while we are given a stipend each month to live on.
Naturally, to keep receiving the financial benefit, we must be obedient boys and girls. Stray outside the line and the "Account Closed" sign could pop up when you go to log in.
Think this far-fetched? Imagine a world where the Diem is one of the leading digital currencies. With over 2 billion users on the Facebook platform, it is not hard to see how this will be heavily used from the day it is released.
Now consider that every Diem that moves has to be tied to a Facebook account. This is only a natural step for the company since that is how they can grow their power base.
Next we picture the middle to the later part of the decade, where VR is mainstream and we are using it for entertainment, work, and socialization. Major industries such as television and movies were usurped by the VR world. Almost all gaming goes through this medium.
Of the companies producing the headsets, Facebook is one of the three major players. It has more than 50% market share since it got the jump on the competition. That means that more than half of the world's online commerce is traveling through its account system.
What is wonderful, from the company standpoint, is not a single person is in control of their account. All are resident on Facebook's servers and its personnel can cancel an account at anytime. In fact, by that point all account reviews will be handled by algorithms, so why even employ people to make the choice?
As we progress forward, this is an vital concept to keep in mind. Account ownership is going to grow in importance. If one's account can be wiped out by an entity outside of oneself, then his or her digital life is not secure. Anything that is done in the virtual realm will be at risk. This is a point that needs to start being driven home.
With digital growth, we are seeing the stakes being raised. Social media will not exist outside of finance for much longer. Within a couple years, it will likely be evident to most. That is how quickly the transition is taking place.
Hive offers true account ownership. Once an individual claims it along with the keys, nobody can close down that account.
If we do not start talking about this, we will be ceding control to the likes of Zuckerberg. His plan is already out in the open. Is that a world that we want to live in?
As with many things, the choice is still ours. We just must let people know that by choosing the likes of Zuckerberg, they are entering a world they cannot imagine.
And not in a good way either.
If you found this article informative, please give an upvote and rehive.
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https://twitter.com/taskmaster4450/status/1363121922440101888
https://twitter.com/IAM__NONSO/status/1363124474275594240
Australia has deprivation of income laws, I'm not sure other countries have the same but it is pretty much why we haven't tackled cryptocurrancy in Australia.
It has always been given the Green Light but is treated as secondary income so taxed at a higher rate.
If someone is earning an income through an account and this occurs the person could sue and easily win a case of deprivation of income and also file for loss of income requiring the person who shut them down to pay them a % of income they would have earned based off an average.
These laws have never been tested so no one is sure 100% of the outcome, but it is an avenue of protection for people.
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How much would cost and how long would it take?
Do you think the chances of someone with $10,000 in Diem is going to sue Facebook, with all their money and lawyers, and win? They might eventually get a favorable judgement but how long will it take. If your money is locked up one day, how do you even pay the attorney.
Laws end up protecting the ones with the most green since they can manipulate the system to their advantage. Stall tactics by major enterprises are legendary. They know in most cases they can just wait individuals out.
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Well that all depends, say you have 10,000 Diem and then it reaches Bitcoin level. Now we're not looking at current times we are looking at future times and industries so growth is unknown.
A deprivation case as mapped out above would be pretty clear cut. Someone has cash, they were prevented from accessing it. I don't know how it would go with it being seen as an asset.
There are also penalties for depriving someone of income so you would probably see settlement occur prior to it even going to court or the transfer of asset or value to the person effected.
But I think it would be more "you're blocked we're not crediting your account".
Again this is new and it would be a first if this occurred but I think we will see this happen in the future.
My personal opinion and I could be wrong if Facebook did that in Australia I don't think they would win.
If it occured to a group it would most likely be a class action.
I am not sure of legal services in America, but we have legal aid and pro bono lawyers.
This would be a big case and I think a class action with a pro bono lawyer would be the avenue.
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Class action lawsuits take place in the US all the time. They do end up in huge rewards, of which the attorneys tend to get a fair portion of.
Of course they take years before they are in court and then more with appeals. The problem with the scenario you laid out is the impracticality of it.
If I have whatever money in Diem in a wallet, and I am locked out of my account, I am effectively broke. Sure I might win through the courts but how do I survive until then. Plus, how do I make money if my company was suddenly taken from my due to cutting me off from it?
This is the power that a Facebook is looking to amass.
And do not think for a second that Zuckerberg knows he is quickly becoming more powerful than governments. The US has 300 million people; Facebook has over 2 billion.
These mega tech companies are starting to wield a great deal more power than they had before.
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Something similar to the above is currently happening in Australia. Zuck blocked out main stream news but has also caught unions, small businesses, government agencies and sole traders in the crossfire.
I'm interested to see the outcome, one thing I do know is that it is not wise to piss off governments.
This action also only harms his business, I think he will settle.
Governments are slow to react but I bet there are a few laws in the pipe works to get him back open and operating.
https://7news.com.au/technology/facebook-restricts-aussie-news-publishers-c-2187009
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Yes it was a bold move by him to ban the news out of Australia. The guy does have some balls on him.
He basically smirked the entire time he sat in front of Congress knowing they have no clue what he was talking about.
That is true...for now. However, as we head more into the realm of digital, it is quickly turning to "dont piss off Facebook".
As we become a networked economy, the world of physical becomes a lot less crucial. That makes the digital gatekeepers a great deal more important (and powerful).
My guess is that most of the nation-states will be non-relevant by about 2050.
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Zuckerberg won't have a smirk on his face when Australia charges him with criminal cartel conduct and seeks his extradition.
He made a huge mistake waking apathetic Aussies up from their slumber by being an arrogant bully.
Ask Japan and Germany what happened to the last bullies that provoked Australia.
Maybe.
Although his empire gets bigger and more powerful each day while Australia has problems that many nation-states are dealing with. They operate at a much slower pace than these digital entities.
It is good to think the governments and court systems can take these companies down but I think we are close to the point where they are more powerful than the governments overseeing them.
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And Australia is going to have to go through the USG to get to Zuckerberg.
This is not going to happen with the left in charge. Those people cannot risk Facebook deplatforming them.
They will not take that chance.
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If Australia puts out an Interpol notice for Zuckerberg and the Facebook executive team's arrest on cartel charges the US will comply or else risk everyone else refusing US requests.
The US's entire alliance system would be endangered by such blatant protection of a criminal and refusing an Interpol request of an important ally.
The Dems won't have to worry about being deplatformed because Facebook will be destroyed or broken up.
Broken up? By whom?
Not the United States. It is near 40 years since the US did that with Bell telephone. Hell, the US Government doesnt even stop mergers, continually allowing larger entities to get more powerful.
In fact they allowed Mobile and Exxon to get back together which basically put the two most powerful pieces of the old Standard Oil back together.
So I would not count on the USG stepping in and breaking anyone up.
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Also, his numbers don't count when his on an extradition order and his offices are being raided.
Governments have been fearful of big tech for a long time as it is new. But it is not new to our generation.
Look how quickly Leo Finance has popped up. Facebook won't sustain another 10 - 20 years, it is only growing because it buys out the competition.
It is bringing our Diem because it sees things like Leo Finance as a risk to it.
It's time is up, unfortunately this will most likely mean regulations on tech. I don't know what that will look like and I hope they undertake proper community engagement to develop it. Otherwise they could potentially fuck it up completely.
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LOL that is a joke. And I thought I was unrealistic. I can guarantee you that Zuckerberg and those are Facebook dont even know that Leofinance exists.
Dont bet on that. Their social media site could be facing headwinds but they are already leading in areas of VR and AI. That is not something that is going to stop.
And they can keep buying. That is what large companies do. Oculus was a small purchase, proportionally speaking yet is now worth tens of billions to them with it growing each year.
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Sorry brother I fell asleep.
Leo Finance at current isn't a competitor but it is a risk. Any social platform that under takes a swat analysis and a risk analysis that doesn't pick up on social media sites that provide crypto as a financial incentive, isn't properly researching the industry.
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In regards to FB and Australia I don't think it will escalate and FB will back down, an agreement will be met.
In regards to governments ending I don't know about that but keep in mind if Western Governments fall then the CCP and communism reigns.
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Congrats, you were upvoted from this account because you were in Top 25 engagers yesterday on LeoFinance .
You made a total of 19 comments and talked to 11 different authors .
Your rank is 8 .
For more details about this project please read here - link to announcement post
You can also delegate and get weekly payouts.
Actually, governments are getting closer to their time being up. They are passe and will not survive, many of them, the next 30 years.
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I could literally rock upto court tomorrow and open up a case against downvoters. I understand people say "rewards aren't guaranteed until 7th day" but they would need to evidence that their actions didn't cause the deprivation of income.
As a downvote causes a deprivation of income it is protected under law.
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Who are you going to sue?
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No one, it was an example.
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First you will need to prove that downvotes ARE deprivation of income. They ain't depriving anyone of anything as rewards or "income" are generated only after 7 days and once generated or finalized, it's all yours. 😜
I've heard this a few times but that's not how it works. Everyone knows that the income is going to occur. The downvoter would need to prove that their action isn't what caused it.
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It further gets complicated as a cryptocurrancy is also an asset, that then moves into a whole other ball game
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This stuff is going to be lot more important to those who have received the ban hammer. Since more people are getting banned - we can expect more "normies" to understand the value of true ownership of your content+account.
Chaos of the traditional social media space is making the use case of Hive so much better. It's actually great for all crypto. Even Parler is back again. I think Hive/LEO should see if we can buy some adds there :)
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Parler is just another centralized entity of a different flavor. It caters to a different crowd but the fact it was closed down means that it is not decentralized in any manner.
Thus, if we follow the concept of social media and finance, we see how the entire "economy" of parler could be wiped out in an instant.
Imagine if there were billions of dollars on there.
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Exactly! Parler user have 1st hand experience in what can happen to their platform. This means Hive's use case cane be very important to them. that's why I suggested running Hive/LEO ads on Parler.
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Good point.
People ran to Parler because it wasnt Twitter not realizing it was the same structure as Twitter.
It is also why I am so optimistic about the new Leofinance app. We can offer both Twitter and Parler users an alternative that is decentralized and does not run on centralized servers. Being tied to Hive, one owns his or her account and all that is done on the platform ends up being posted on Hive.
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I think there was this feature talked about that let you import your old Tweets into #ProjectBlank That's going to help a lot of people transition easily.
Yeah with my filthy mouth I'm glad the can't close my account. Bad enough Facebook always be blocking me from posting.. even YouTube banned me for 7 days for calling Corona a hoax
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Yep. And YouTube probably didnt need a person to do it. All done automatically.
That is the way social media is going. Now tie it to financial matter and we can see how dangerous all this is.
On Hive, your mouth (keyboard) and money are protected since your account is yours.
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People overlooked the control they have on their finance. I made the same mistake looking at my Hive wallet during the early days. My account may not earn through posts due to disagreement of rewards but there are other mechanisms that could keep me earning through the platform. And the integration of decentralized exchanges gives me more options not to tie my investments on traditional institutions.
I'm sure majority of people don't entertain the possibility of their banks and other centralized institutions ever conning them at some point. It's just unthinkable for now until it hits them one day. They can't appreciate this until their accounts are frozen.
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Ironically, banks do offer a form of protection that is not evident in social media. Banks tend not to cancel or freeze accounts without court order, at least in the US. Yes they will steal from them through fees (bankers are crooks after all) but they tend to provide a barrier to the government.
In this instance, there is no government (not a bad thing) or any entity standing between the individual and Facebook.
That is the risk that people are running.
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True. On a case to case basis crypto is still relatively not a thing from where I'm living. Last 2017, accounts associated with crypto from Banks got frozen just cause of the influx of money and unregulated terrain. Just the government and banks joining forces. The media hasn't brought it up ever since and crypto has been hushed or not the focus right now due to the pandemic here.
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Banks and crypto are not friendly to each other. That is for sure. We will see crypto eliminating many of the banks around the world.
The point is we need crypto to be protected and that is only done through true account ownership. If it is through a Facebook, it is not going to protect anyone. FB can just do what they want.
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I would've remained uninformed to this day if I didn't ride the Steemit hype back in 2017. Grateful for the people that introduced me to crypto even if they abandoned this place for other tokens. The things I've learned from here are truly enlightening and the worst feeling is knowing something but surrounded by the uninformed. I hope more people will wake up to the power the blockchain can do. And thank you for contributing to my cryptofinance learning. :D
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It is not something that is learned overnight and we all arrive at different paces. We also follow different paths.
We know it is vital to get people into this and embrace what is going on. This is the race that is taking place.
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I am just glad I discovered how shitty that blue app actually is, if not I'd still be stuck in there.
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Yeah.
Sadly, there are still billions who are in that ecosystem.
We are not going to see them leaving anytime soon.
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I see you make a lot of reference to VR in your posts. I don’t see it so well adopted amongst people I know. Is that something very popular and used in US ? Like for games, there’s still no top played games based on VR right ? All the FPS and RTS are not even touching it so far.
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Still early stages; not popular yet.
However, it is going to be the onramp in the future. The Internet is not going to be a 2 dimensional arena where we access through a screen. By the middle of this decade, we will likely see it near mainstream adoption.
Gaming will be the first one to really transition if I had to guess.
Nevertheless, the entire premise of the Metaverse (or Web 3.0 if you will) is an internet where we are immersed in it.
This is going to be VR, AR, MR = XR
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https://twitter.com/bitinvest_news/status/1363132201165066250
I dont think so. What happens if somebody sell illegal stuff like porn or drugs etc on hive? Will you say oh but decentralized? Not just china every country on earth block websites. Usa blocks many website has illegal or fradulent content. To be on internet doesnt make you outside laws. Freedom doesnt mean you can hurt whoever you want.
If smo sells child porn and violance and makes money about it. will you say huh we decrntralized if government agencies tells susspend account and give us his or her coins will you but but but. I dont think so. Then they forbide to sell of coins can you afford it?
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Hive is a database. It records transactions. Stuff is actually sold peer to peer in the instance you are discussing. Plus hive is only text so I am not sure how porn applies unless someone is writing about kinky stuff, which isnt illegal. Video is not resident on Hive.
That is because of the DNS system. If one uses .crypto or .zil, blockchain becomes a lot harder if not impossible.
Laws are created by nation-states which differ from country to country. However, they are designed in a physical world, and not transitioning to the digital world.
We will see a point in time where nation-states are secondary to what is taking place in the online world.
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The future is in the hand of the people. I believe when the time comes they will choose decentralization over centralization. It might not seem so now but once the masses began to see the potential of crypto and decentralization they will never want to go back. Companies like Facebook can only try to maintain the status quo but they will fail woefully. The future is decentralized.
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That will be the case if we keep pushing forward and growing. If people remain asleep and keep gravitating towards Twitter, Facebook, and the like, then we will see a bad future ahead for many.
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it is usually the case where the masses come in late. crypto is going mainstream and people are becoming curious about this sphere. That is a positive sign for me. The attempt by major cooperate entities to buy their way through will be futile in the long run. In fact, they will play an important role in getting the masses here. Well, only time will tell. fingers crossed.
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We are still awaiting the "Killer DApp" that will pull in large numbers and serve as the major proof of concept.
Hopefully projectblank will fill that void. IT will be great if we could get 50K or 100K users in the first few months.
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"You'll own nothing and you'll be happy" is the most communist line I have ever seen.
Yet people do not seem to understand what is taking place.
Calling the recent moves "marxist" is being framed as conspiracy theory. Yet these are their own words out there in the public and few are paying attention.
They are not even afraid of being overt about their intentions. I guess that is how dumbdowned people are.
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Unfortunately and fortunately for Hive this is a reality. The penny has to drop at some point that big tech doesn't care about you or me and it is about time they woke up as places such as Hive are here to save the day.
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I've never been deplatformed but I'm not active on social media or god forbit use twitter. But I can imagine the frustration when you actually have an audience and get censored out of existence
That plus if you are actually making money.
Plus at this point social media and finance are not tied together. That takes place, means being deplatformed would hurt.
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Congrats, you were upvoted from this account because you were in Top 25 engagers yesterday on LeoFinance .
You made a total of 11 comments and talked to 10 different authors .
Your rank is 25 .
For more details about this project please read here - link to announcement post
You can also delegate and get weekly payouts.
Most of the online business is getting traffic through the social media (even whatsapp groups) for individual/small businesses. Close of their account is just disrupt their business as many individual even do not have their business sites as such to refer or fallback.
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That is true. If one is using a social media account for their business, then it is harmful to have that deleted.
I wwould venture to say that most do not engage in controversy through their social media accounts. However, some businesses have been targeted which hurts.
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Yea and they completely destroy all the data you built up on that site over the years. I saw how Eric Hundley's youtube channel got nuked midstream and he was banned with zero strikes or warnings. He puts on people from all sides including body motion experts, lawyers, former FBI agents and etc. He did get reinstated after some bigger people spoke out against it, but his more recent controversial videos are either completely gone. While it is possible to re-upload those, not many people are going to re-watch the reruns and would only hurt them reputation-wise.
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I am not familiar with that account in particular but the story is commonplace. We have seen it within the crypto world. It is amazing people keep going back to the same well.
It is also why I am so optimistic about what we are doing on Hive here. We are putting together the tools that will provide people with viable alternatives to the centralized social media sites. In a year, when someone gets banned like this account was, we can say, see told you so.
There will be no excuse for not at least backing up the data/video on something decentralized.
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It really is diabolical. There is already waaaay too much power in too few peoples hand as it is. This will obviously only make it worse. What I can't figure out is why the courts don't step in and do something. There are fundamental constitutional issues at stake here and our judges are failing us. Power corrupts. Absolute power corrupts absolutely. This is just a fact. I agree wholeheartedly with your warning.
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Courts are a joke too. The answer is technology , not more government. Government is bought and paid for. Too many people are ideologues which means they tend to make decisions based upon a lack of thinking which leads to more slavery. People are willing enlisting for their life of communism these days.
They are not even fighting it since they walk right up to the door and sign up.
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Yes, but as the author pointed out, technology is also trapping us in the webs they are making. Facebook and their technology continue to herd people into pens they don't even realize are there. Pretty scary. It's like we're the mice in the maze looking for the cheese. When we find it, we don't even realize how trapped we are...
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That is true. Distributed systems always lead to exponential expansion and development.
What the internet turned into is a siloed system that just further feeds the powerful. That is why courts, governments, or anything along that path is the solution.
The reality is we each need to decide what the future is going to look like. We are all a part of creating it yet and are doing it perfectly. The problem is few take the time to think about what the future will look like and if we feed Zuckerberg more power through our time on Facebook, that we are setting up a possible dystopian future.
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This is very well written.
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Thank you.
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Congrats, you were upvoted from this account because you were in Top 25 engagers yesterday on LeoFinance .
You made a total of 37 comments and talked to 27 different authors .
Your rank is 6 .
For more details about this project please read here - link to announcement post
You can also delegate and get weekly payouts.
Ownership of your own account (and your own community!) does seem like a vital point that doesn't get sufficiently emphasized. A person invests a lot of time and effort into building their account on a platform. If they get removed from that platform, it's like they lose all that they put into it. There is no real security. But there is with true account ownership on a truly decentralized platform like Hive.
Another bit about ownership. Does a person really own their fiat money, or gold, or even real estate? The ownership of all those things depends on a central authority (a bank, a company handling the gold, a nation-state creating and enforcing laws). Whereas on a truly decentralized blockchain, you don't depend on any such entity. And on a blockchain like Hive you can do a great deal more with your account than just crypto.
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Delete Facebook, I did.
your nice post @taskmaster4450 should be read by all Facebook & Co. users.
Traditional social networks are only good for one thing: promoting Hive and Leo.
Have a nice day and !BEER :)
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View or trade
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.This is a very important message and a good warning of what is to come. We are quickly moving towards citizenship on digital platforms and one would like to be confident in their citizenship rights. Facebook reserves the right to deport anyone that they feel doesn't fit into their vision of their online state. Hive and account ownership will be hugely important in the days and years to come. Thank you for putting this important piece together.
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I agree with you on all what you've say on this post, but especially on this:
"It will not be too long before the online world is more valuable, in financial terms, than offline. Millions are already earning a living and that number will continue to grow. At the same time, the expectation is that we will see a convergence between our physical and digital worlds, thus putting even more importance on our digital accounts".
And it is true what you say, one of the advantages of HIVE compared to conventional social networks is that no one can close our account under any circumstances; And that's a huge advantage that makes HIVE a diamond in the rough in all of this, and gives us an idea of the intrinsic value of the project and the platform. Very good post, friend. Congratulations and greetings!
Very well said. I have a good notion to bookmark this URL and send people to this post in order to promote the ownership aspect of HIVE.
Congrats, you were upvoted from this account because you were in Top 25 engagers yesterday on STEMGeeks .
You made a total of 3 comments and talked to 2 different authors .
Your rank is 3 .
For more details about this project please read here - link to announcement post
You can also delegate and get weekly payouts.
This pandemic and the way it was handled practically world-wide fueled such desires of absolute control to paroxysm. And they don't hide their intentions anymore either.
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My hive power is low but I must say, I read the full article and I am happy I have a hive account other than just social media accounts