Slashdot Mirror

wasimkadak sends this quote from an article at Forbes: "Facebook's 27-year-old founder, Mark Zuckerberg, isn't usually mentioned in the same breath as Ben Bernanke, the 58-year-old head of the Federal Reserve. But Facebook's early adventures in the money-creating business are going well enough that the central-bank comparison gets tempting. ... Initially, the Credits-based economy was confined to the virtual world’s trifles. Credits could be spent to buy imaginary gold bars for aficionados of Mafia Wars, or bouquets of virtual flowers for birthday postings on friends’ Facebook accounts. This new form of digital money was cute but essentially useless for mainstream activities. Lately Credits have become more intriguing. Warner Brothers this summer offered movie-goers a chance to watch Harry Potter and The Dark Knight for 30 Credits apiece. Miramax and Paramount countered with film-viewing offers, too. In a provocative post this week on Inside Facebook, guest blogger Peter Vogel argues that Credits in the next few years will become more of a true currency. Facebook's 800 million worldwide users represent a lot of buying power. He figures Credits could evolve into commercial mainstays for digital movies and music."

Hugh Pickens writes "Blake Snow writes that evidence suggests that a small but increasing number of users — at least in North America, where Facebook use is especially saturated — may be shunning the site with Facebook losing nearly 6 million users, falling from 155.2 million at the start of May to 149.4 million at the end of the month, the first time the US has lost users in the past year. Some users complain they're spending so much time on Facebook that they're short-changing the rest of their lives. 'I figured out that I wouldn't look back as an old man and wish I had spent more time on Facebook,' says David Cole, an IT manager from Boston, adding that he believes the popular social-networking site is a useful tool, but not a replacement for what he calls 'realbook' experiences. Kip Krieger, a college student from Virginia, says Facebook has become predictable. 'It's really gotten to a point where I know pretty much what my friends are going to post. They usually just write the same thing over and over again, and I am getting sick of that.' Still there are a lot more satisfied customers of Facebook than disgruntled ones, so are Facebook shunners a tiny minority or part of a growing trend? 'Having that connection with others is a very powerful thing,' says Toby Bushman who felt so much pressure that she decided to rejoin Facebook, and is glad she did. 'It makes me feel like I'm a part of something bigger and more grand than just my life as a stay-at-home mother.'"

crimeandpunishment and other readers noted the US government's increasing pressure on Facebook and Google. On Friday the head of the House Judiciary Committee, John Conyers, sent the two companies a letter asking them to cooperate with any government inquiries. It's not clear exactly what purpose the letter served, other than to make Google's and Facebook's lawyers squirm a bit more than they already were, with Germany and courts and the FTC looking hard in their direction; Conyers did not say his committee will be holding hearings. The FTC just asked Google to hold onto the Wi-Fi data that it says it accidentally collected while snapping Street View photos. And in response to the growing outcry since its F8 conference last month, Facebook offered some simplified privacy controls — though opinions vary on how much the new controls simplify things for users.

An anonymous reader writes "Three months after being awarded $873 million in a lawsuit against Atlantis Blue Capital for violating the CAN-SPAM Act of 2003, Facebook earlier this week filed a federal complaint against 'Spam King' Sanford Wallace in San Jose District Court. Las Vegas night club manager Adam Arzoomanian and Scott Shaw are also named as defendants in the suit." These filings do not mark the first time Wallace has faced legal action; last May, MySpace won a $230 million judgment against him.