Facebook To Be 'Biggest Bank' By 2015 301
angry tapir writes "The explosion of social networking commerce will lead to the unlikely candidate of Facebook becoming the world's biggest bank by the middle of the decade, according to a technology observer and entrepreneur. People who don't have a Facebook account should get one or risk having a financial profile created for them says founder and president of Metal International, Ken Rutkowski."
Rip off bank fees (Score:5, Interesting)
How will it work culturally to have rip off bank fees on a "free" social networking site? If someone complains in a post about being ripped off, will they censor? Or will it be part of the criminally enforceable terms of service not to disparage FaceBank?
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Let's back WAY up.
Facebook as a BANK?!
How wrong is THAT?
"FaceBook. The bank that Likes you."
Re:Rip off bank fees (Score:5, Funny)
Let's back WAY up.
Facebook as a BANK?!
How wrong is THAT?
"FaceBook. The bank that Likes you."
I think that to say "Facebook will be the worlds largest bank" is about as accurate as saying "Farmville will be the world's largest agricultural business".
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Someone with points mod parent up. Best line I've seen in quite a while!
Re:mod (Score:5, Informative)
Metamod 30 posts in 6 batches of five per day maturely mostly modding up, except for a goatse down, without playing games and you'll get some soon.
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I think I've metamodded a handful of posts ever and I still get modpoints regularly.
and I rarely actually use them. I mostly keep them for comments I spot which are genuinely informative or interesting which aren't already at 5 so most of them expire.
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How do mod points work now? I haven't had any mod points (that I know of) since the redesign.
Stop using Internet Explorer, that will fix it.
Comment removed (Score:5, Informative)
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Also Facebook has a shitton of users.
More like a shitton of marketing accounts.
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I hear ya.
I'm not on facebook due to privacy concerns enough as it is...I CERTAINLY am not going to let them be privy to my financial information.
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Let's back WAY up.
Facebook as a BANK?!
How wrong is THAT?
"FaceBook. The bank that Likes you."
I think that to say "Facebook will be the worlds largest bank" is about as accurate as saying "Farmville will be the world's largest agricultural business".
Or - Facebook owned mostly by Mark Zuckerberg.
After yesterday's news about the Ceglia case and the way Zuckerberg has been diluting his share, if he ends up with 16%, he'll end up with far less than that.
I'm waiting for what follows Facebook, thanks.
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* That's not "another Facebook" as in "another social site." I mean "another social site that has no serious competitors, gives halfhearted attempts at protecting privacy, and has their fuggin like button everywhere on the web."
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FaceBank?!
Oh, besides, i'm thinking PayPal has everything for it to become a bank, instead of Facebook becoming a bank
Yes, PP is 'evil' but at least it knows how to do money wires properly (as opposed to most banks). And don't charge ridiculous fees.
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> "FaceBook. The bank that Likes you."
Facebook - the first bank you don't want to trust, but you have to.
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MySQL doesn't do foreign keys? You using version 4.0 from 2003?
Mysql / FKs (Score:2)
Yes, it does do foreign keys, but:
1) I'm referring to the general attitude which MySQL and fans used to have of "who needs foreign keys" back when it didn't have them.
2) FKs are only enforced with InnoDB tables, which people who are using MySQL for the speed don't use. Sure, you could use them, but why use MySQL then?
MySQL is great for general web purposes. I'd say MongoDB is fine for much web data, and it makes MySQL look like a fuddy-duddy. But not for banks.
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If you want a robust open source RDBMS, go for PostgreSQL [postgresql.org].
Heck, I've seen cases where some fairly large Oracle installs were converted to PostgreSQL, and fairly painlessly, as that there is significant similarities (good procedural language capabilities in PG).
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1) I'm referring to the general attitude which MySQL and fans used to have of "who needs foreign keys" back when it didn't have them.
Mozilla Firefox doesn't support tabbed browsing so I'm going to use MSIE instead. Oh yeah, well yes you are correct that they added tabs in ver 0.3 back in 2002, but I'm still gonna slam FF nine years later just to make the point, so that no one will accidentally use it instead of MSIE.
2) FKs are only enforced with InnoDB tables, which people who are using MySQL for the speed don't use. Sure, you could use them, but why use MySQL then?
Use the correct engine for the job for each table.... If you need row locking and FKs for just a couple tables out of many, perhaps the proverbial facebook bank account ledger transaction table, then use innodb for those ind
OR, OR , OOORRRR - (Score:2)
Metal International? Who? (Score:5, Funny)
More like Mental International, if he thinks anyone believes bullshit like that.
Re:Metal International? Who? (Score:4, Funny)
More like Mental International, if he thinks anyone believes bullshit like that.
Close. It's actually *Mental Institutional*
Re:Metal International? Who? (Score:4, Insightful)
I'm sure there is. But it doesn't matter. It's 2011 - banks don't care about old-fashioned criteria like 'credit-worthiness' or 'proper identification'.
If this is true its a crap bank (Score:5, Insightful)
People who don't have a Facebook account should get one or risk having a financial profile created for them says founder and president of Metal International, Ken Rutkowski.
If that's true its a crap bank. Can you imagine Bank of America, Barclays, or BNP Paribas saying "if you don't have an account already you better open one or someone else might do it in your name and build up a financial profile in your name"? If they are going to be a bank they should do some level of customer checking.
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Can you imagine Bank of America, Barclays, or BNP Paribas saying "if you don't have an account already you better open one or someone else might do it in your name and build up a financial profile in your name"?
Heh. Actually, I would personally be unlikely to loose with such a setup, but for anyone with income or any wealth, that sure would seem like a bad bank.
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(sorry, forgot to quote the first paragraph from the parent)
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Can you imagine Bank of America, Barclays, or BNP Paribas saying "if you don't have an account already you better open one or someone else might do it in your name and build up a financial profile in your name"?
There's an old saying in the business world: Money talks, bullshit walks. Keep your "profile" for what it's worth (nothing), I will keep the cash.
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There, fixed that for you.
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I'd like to see how that would fly in Canada or any other country with strict privacy laws.
Probably the same way that it does for a high-street bank of paypal. In the UK at least you authorise them to perform credit and identity checks.
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Interesting point , if they hold a profile on me in my name, then Id be entitled to see it under my countries data protection laws.
Unless you have a peculiarly unique name I suspect that's not the case. I don't have a right to look at the personal data of everyone who has the same name as me. Of course, if they're using more than just your name to tie that information directly to you that's a different matter.
Wait, what? (Score:3)
Did I read this article correctly or did it say "they" will be using your FarmVille credits as a measure of your worth? What if you don't play FV?
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iirc,facebook have introduced a token/credit system of their own that all games are supposed to support.
next step will be to make those tokens able to work both ways, so you can both buy and sell them inside facebook.
LOL - Facebook credits (Score:5, Interesting)
Re:LOL - Facebook credits (Score:4, Funny)
Indeed, if you believe that I've got some Flooz to sell you :)
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Re:LOL - Facebook credits (Score:5, Funny)
Got to also love the bit here:
"Rutkowski[...] prides himself as being the fist person to coin the term “Web 3.0”"
Fine I'm going to create the term Web 4.0.
I'll get back to you in a few weeks to let you know what it means. Be sure to check my blog regularly for the announcement!
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Actually, I'm beyond ALL of that.
I now just sent out a telepathic mental message/image to all of my subscribers periodically throughout the day.
Companies will have their own currency. (Score:2)
It's quite a logical development, really... Companies already have bigger turnovers than some states, often have their own police/security force and their own infrastructure... why wouldn't they have their own currency?
FUD, Bullshit, and lies .... (Score:5, Insightful)
I find this article to be somewhat lacking on credibility.
This is some guy who claims to have invented "Web 3.0" telling us that traditional banks will be creating Facebook profiles on our behalf to track our credit rating? Based on what?
This is some marketing idiot who is trying to push an idea.
I'm sorry, but this stupid article doesn't do anything to make me want to get a *(&%^&*$^ Facebook account. In fact, it reinforces the perception that Facebook is overhyped, with everybody thinking it's the most significant thing to ever happen.
Biggest bank by 2015? Mandatory Facebook accounts? What drivel. Someone needs to give this guys a smack.
Re:FUD, Bullshit, and lies .... (Score:4, Insightful)
That's - that's good. That's good. Unless, of course, somebody comes up with Web 4.0. Then this guy's in trouble, huh?
Re:FUD, Bullshit, and lies .... (Score:5, Insightful)
He can call it "Web pi*r^2" for all I fucking care.
If he's stupid enough to be envisioning a world in which Facebook is a bank and that it becomes mandatory that I have a profile otherwise a "real" bank (you know, one that's regulated and covered by banking laws) won't have anything to do with me ... well, then he's been smoking something which is likely illegal.
This is one of those random internet prognostications put forth by someone who is trying to sell this to people, not by someone who has insight into what is going to happen. This is a marketing statement, and is therefore worthy of a kick in the nuts, and not much else.
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My Internet goes to 11.0!
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I'm using Web 2.4TDi which is a bit slower but much cheaper to run, and a lot simpler to work on.
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No no no not 4.0! I said 3.0! Nobody's coming up with 4.0! Who can surf in 4.0?
3 is the key number. Think about it! Three's a company. Three's a magic number The holy Threee-nity!
Step into my office!
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Thanks for nothing, buddy. You've just totally ruined my plot for world domination by inventing Web 3.1.
Why is there always one flaw in the plan you don't anticipate?
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Doesn't the whole negative Facebook profile issue go away when it becomes normative?
Party pictures, outrageous statements, etc -- it's not like people haven't been doing and saying those things forever. It seems shocking when the first group of people to do it more or less en masse get noticed, but after a while, doesn't it just stop becoming an issue of concern?
You forget something important (Score:2)
Every new generation thinks they are the first to do something, even if it's been done by previous generations for decades.
College kids will still think it's funny to get drunk and post pictures, uneducated will continue to make stupid illogical statements that will be made fun of, and it will all be pretty new to that generation.
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Joe Schmoe and 5 others Like your bank balance. (Score:2)
I predict the day Facebook introduces a bank is the day people stop using it.
It's one thing to have friends of friends commenting on your dumb photos or status updates, but having those same people one click/exploit/phish away from your bank account? Even the most security clueless of Facebook users are going to feel uncomfortable about that.
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I predict the day Facebook is used by moms is the day people stop using it.
I predict the day Facebook introduces a mobile app is the day people stop using it.
I predict the day Facebook allows videos is the day people stop using it.
and so on. I have heard so many ways facebook will die. It's not going away, too many user who are general everyday users, it's becomes integrated, and it is incredible useful.
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you're right, but the interesting thing is I bet they don't know why they feel uncomfortable.
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He asked Eric Schmidt at a conference, "What are you doing about Web 3.0 ?", and Schmidt replied something like "I think you're the inventor of this term"
Well I have a PLAN to ONE UP this little dipshit. I'm gonna ask the FUCKING POPE, hey Palpatine, what are your thoughts on lolcat-olicism ? And he'll be like, "Dude. You just made that up. How d'you get past security btw ?"
Then I can start my new RELIGION with cool business cards that go like :
LOLCAT-OLICISM
(Bros, the Pope says that name was revealed to me
Facebook is an interactive soap opera (Score:3)
we might have to face the awful reality of it not bursting (in any reasonable time period)
Other than fucking your privacy in exchange for some petty gossip, facebook delivers no measurable value. It's just light entertainment, an interactive soap opera. There's no reason to believe this bubble won't burst.
If you're after a social network that may bring some monetary rewards, look for linkedin, that's where you go to when you need a job.
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Value in writing is spreading an idea. Everything else comes second, including exact grammer and spalling.
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Barf! (Score:2)
Facebook bank? Anxiety attack. A thought that leaps to mind is that we can't have the clowns that run this world running this world. We need to kindly but firmly revolt against the wealth- and power-elites and organize human life on this planet right, decentralized and without hierarchies, IMO.
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OR maybe you need to calm down and figure out WTF they are talking about?
You need to get out of your echo chamber. OTOH, anyone who condiers Bill Hicks on of their favorite peple is clearly not a thinker. While he is absolutely hilarious, his statements are pretty ignorant of fact, or worse; they ignore facts intentionally to be funny.
Vonnegut was a loon who thought conspiracies run the world.
Fuck facebook (Score:2)
WTF? This guy says they are going to be a bank and the currency will be for playing games? And if you don't volunteer your information they will just create a profile for you anyway? What fucked up kind of bank is that? I don't do business with bank of america and I am pretty sure there are rules against them just commandeering my financial info and making me an account against my will.
This cocksucker is essentially saying facebook is going to own us all
like niggers on a plantation. Don't want to sharecrop
Uh, yeah (Score:3)
"Also, I invented the question mark", Rutkowski added.
Facebook Bailout. (Score:3)
"...People who don't have a Facebook account should get one or risk having a financial profile created for them says founder and president of Metal International, Ken Rutkowski."
OK, who the hell is THIS guy to say that we all "need" to get a Farcebook account?!? Give me a break, real banks can barely manage real money, and yet we expect a social networking site to somehow manage it...better? Gee, I can't wait until my paycheck comes in the form of Farmville credits.
God knows how the hell you would ever trust Fuckbook to handle real money with their privacy policies that change with the wind. Oops, sorry, we didn't mean to reveal your checkbook transactions to friends of friends of friends, but didn't you get that memo?(Office Space)
I'm expecting Obama to call up Zuckerberg asking for a bailout soon...
Real Estate (Score:5, Insightful)
"social networking commerce" (Score:2)
i guess a suit is inventing a new buzzword to shake the fools' money in wall street.
Will facebook be around? (Score:2)
Will facebook still be around in 4 years? I half expected something else to have majority share by then
Ha! (Score:3, Interesting)
I just created Web 4.0, it's all magic. The cloud is gone in Web 4.0. It has become a fog. Go to the fog. It will really obscure your view of anything real.
Wonder if I'll get funding?
As for the article, what a load of BS. These social sites only have value because eyeballs are watching them and nothing more. Once the eyeballs go away, so does their value. Much like a highly watched TV show. When it's hot actors and the stations get $$$$. Once it jumps the shark, they get canceled. For if anything holds true, Facebook too will jump the shark one day.
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Yeah, well I'm envisioning "Web 11.0", the last word in the internet ... it'll be better, stronger, and faster ... with more boobies than ever before ... and a new minty fresh taste.
Phear me, bitches. ;-)
Questions... (Score:3)
I have a few questions....
1) If Facebook is becomes the biggest bank, does that mean they will be considered too big to fail and have to be bailed out when they do fail?
2) Will Facebook have to comply with all banking regulations both in the States and abroad?
3) If not #2, then won't this allow Facebook to be the new money laundering scheme of the this decade?
...or it will have disappeared entirely (Score:2)
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How may years ago was it that Myspace was the big deal? Less than four I believe. And before that, there was Geocities, and AOL. Facebook may well going the same way eventually.
It will never be as big as Orkutt!!!
What utter crap. (Score:2)
This article was nothing more than verbal diarrhea by yet another self-appointed "expert" (interchangeable with "consultant" or "analyst".)
Biggest bank? Errr... no. That would be BNP Paribas, with $36B in capital and $3T in assets. While I could see Facebook setting up some kind of money transfer service (ala PayPal), that's a very long stretch from being an actual bank
And what is this crap about credit ratings based on non-existent facebook profiles? Web 3.0? An organization that "launches" 1,000 comp
Perfect icon (Score:2)
In Related News (Score:3)
Facebook to apply for TARP funds from the Obama administration. :-)
XKCD (Score:4, Informative)
http://xkcd.com/605/ [xkcd.com]
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I think the guy who does xkcd should do a graph showing the probability of an xkcd link as a function of the number of comments in a story on Slashdot.
I'm betting by about 60 comments it's a mathematical certainty that someone has linked to it. ;-)
Uhhhh no. (Score:2)
announced revolutions (Score:2)
seen too many hypes of things to be the next big thing.
And in other predictions (Score:2)
The increase in clouds (from cloud computing) will cool down the planet and we will have a new ice age.
FARP (Score:4, Funny)
I have a new piggy bank. (Score:2)
I put $.25 in on monday, $.50 on tuesday, $1.00 today. I will be a billionaire before the middle of next month, and by June, my savings will be on par with the Worlds 2010 GDP. If I new it was that easy, I would have started saving months ago.
Farmville, one of the attributed credit sources, wasn't sufficient to hold the interest of my 9 year old for any length of time. I hear its really popular with meth heads, so maybe he meant "Facebook will corner the market on meth-heads by 2015"?
I don't have a financial profile unless (Score:2)
"Screwed by the USA and it's Mortgage Racket" counts.
Idiot (Score:2)
This is they kind of guy who would pay $10,000 for a nice lakeside cabin in Second Life.
BS (Score:2)
I already have a 'financial profile'. Through the traditional banks and brokers that I do business with. If there's some implication that Facebook will create one for me in the absence of my utilizing their services, then they will be committing fraud.
From TFA:
Facebook is already doing deals with the banks for credit profiles.
I have no financial relationship with Facebook. If my bank or credit card company hands them any details of my financial status then my banker goes to prison.
By the way, if you don't have a profile they will make one for you so it's better for you to create it and manage it then them. That's why you want to be selective with what you put on there.
On the other hand, I can see some smart con artists creating multiple personalities on Faceb
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This was actually the dumbest article ever posted on Slashdot. It makes "No Wireless. Less space than a Nomad. Lame" look like Pulitzer worthy reporting. I'm still hoping this is some sort of weird stupid joke.
Re:Like PayPal is a bank? (Score:5, Insightful)
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Nah, it's just some stupid little attention whore trying to draw attention to himself by making outrageous claims. And on the internet to boot.
On the internet? Ooh, Patent Pending.
Who would have thought.
It had better not be you, or Ken Rutowski sue your ass.
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I have to pick a nit at #2...
Since I am in possession of 30 trillion Zimbabwean dollars (3x 10,000,000,000,000 notes) and I am broke I think your valuation of Zynga is a bit off. They are worth at least 1 quadrillion Zdollars
-nB
Re:2015+ #1 criminal charge, murder by thyroid rot (Score:5, Funny)
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A bank makes loans and does so by storing money and returning a percentage to its holders for holding that money.
I think you misunderstand how modern banks work. When you get a loan from the bank, that bank then packages the loan up, rates how much risk there is and sells it to someone. This is why the banking system basically collapsed - a load of high-risk loans were sold on under the pretence of them being low-risk and when this was discovered the whole thing went to hell. If the banks still worked the way you describe then this would never have happened as there would have been no reason for them to misrepresen
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Maybe not. After all, Google is still around...
But then again you could argue that Google adds value to all internet users through its web crawling and indexing, whereas facebook just provides one more avenue of communication for teenagers and middle aged lonely divorcees trying to get back in touch with old friends. Not the same market.
I had a facebook account at the beginning. I canceled it as soon as I realized they don't take security seriously, and I am never going back. The trade-off between perceiv