Saturday, May 22, 2010

Is Facebook set to crumble? Hope they don't close my account!!

(Be sure to note videos below)

Market activity provides a check on would-be monopolists...As long as the dominant industry does not rent-seek to limit competition, then new rivals can (1) provide viable alternatives, (2) keep the dominant industry honest and require them to work to please its customer base. However, this is dependent on maintaining the market mechanisms of economic freedom, entrepreneurship, profit motive and private property rights (intellectual property rights in this case)...
From BBC:   ""The controversy over Facebook's privacy policy is helping those developing alternatives to the social network. Funding and users are flowing to services that claim to put members in charge of their personal data. The rivals range from start-ups to more established firms working on the specifications for an ecosystem of open social networks....""
However, it does not look like it has reached a tipping point yet.  I am an avid user of Facebook and I am not really up to speed on the privacy issues.  I am sure I am affected in some way, but have to say I don't see any negative consequences thus far...
 ""Experts say Facebook may have little to worry about, despite 11,000 people pledging to quit Facebook on 31 May. "Nobody has reached anything like critical mass in the same social platform area," said Lee Bryant, from social technology consultancy Headshift. "Facebook is like an entire web operating system," he said.""
BBC Video story on Facebook privacy issues in Europe

BBC Video:  Facebooks Response (rare interview with  Mark Zuckerburg)
View My Stats