Facebook To Be 'Biggest Bank' By 2015

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."

Comments

Rip off bank fees

[vlm]

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?

Re:Rip off bank fees

[TaoPhoenix]

Let's back WAY up.

Facebook as a BANK?!

How wrong is THAT?

"FaceBook. The bank that Likes you."

Re:Rip off bank fees

[Chrisq]

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".

Re:Rip off bank fees

[thsths]

> "FaceBook. The bank that Likes you."

Facebook - the first bank you don't want to trust, but you have to.

Re:Rip off bank fees

[Compaqt]

Backed by "what's a foreign key?"/"you don't need no steenkin ACID" MySQL and PHP, no less.

Re:Rip off bank fees

[david.emery]

Someone with points mod parent up. Best line I've seen in quite a while!

Re:Rip off bank fees

[vlm]

MySQL doesn't do foreign keys? You using version 4.0 from 2003?

Re:Rip off bank fees

[MoonBuggy]

For those who haven't RTFA, that's actually a pretty good analogy. The reasoning they use seems to go something along the lines of: "Facebook credits are kind of like money. Also Facebook has a shitton of users. They'll probably be dealing direct with banks for an exchange mechanism soon enough. That makes them a bank with a shitton of customers, right?".

By some fairly tenuous leaps of logic I can see what they're getting at, but it's hardly what the headline claims.

Re:Rip off bank fees

[ackthpt]

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.

Re:Rip off bank fees

[Anonymous Coward]

I don't buy it.

I'll take my chances managing my real money in the real world.

Re:Rip off bank fees

[acedotcom]

in 2015....facebook likes YOU!

Re:Rip off bank fees

[xTantrum]

Yea seriously. To the f-ing authour: STFU!

Re:Rip off bank fees

[cayenne8]

I'll take my chances managing my real money in the real world.

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.

Re:Rip off bank fees

[Mitchell314]

NOOOOOOO. We don't need another Facebook*. D:

* 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."

Re:Rip off bank fees

[Macrat]

Also Facebook has a shitton of users.

More like a shitton of marketing accounts.

Re:Rip off bank fees

[_Sprocket_]

Reading the article (RTFA jokes follow here) made feel like I was watching a shell game.

Re:Rip off bank fees

[ruben.gutierrez]

No, reading the article made you feel like you were playing 3-card Monte. Let me tell you why... When you're having your palm read, someone is trying to predict the future. If you've never had your palm read, you better start. Let me tell you why...

Re:Rip off bank fees

[JamesP]

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.

Re:Rip off bank fees

[Anonymous Coward]

Also somewhere in there he jumps to the conclusion that the credit unions are going to mine your Facebook profile as an input to your credit score, or something. Which is entirely possible, but certainly doesn't make me more likely want to have an account.

Re:Rip off bank fees

[_Sprocket_]

Crap. I lost track of the pea again. Can we start over?

Re:Rip off bank fees

[chickenrob]

How do mod points work now? I haven't had any mod points (that I know of) since the redesign.

Re:Rip off bank fees

[pla]

More like a shitton of marketing accounts.

This.

I have a FB account - Which I use solely as a photo album for my pets. It has no personally identifying information whatsoever (unless you can tell my two-tone grey tigerstriped cat from a million other lookalike two-tone grey tigerstriped cats).

My parents have a FB account - Which they use solely to look at pictures of my pets (and a few other relatives' kids). I made sure they set their account up with no personally identifying information.

My employer has a FB account, which they use solely in a sad attempt to look relevant to the modern online world (I would worry about that more if our core business didn't involve a real, physical, necessarily-local product).

I have a handful of relatives - All older women - Who actually do "use" FB, but for nothing more than a place to chat and play cheesy flash games. They could move to a totally non-social site like Kongregate tomorrow without missing a thing.

So yeah, FB may well have more accounts than humans on this planet - But how many of those actually lead back to a real live human truly interested in networking with their thousands of never-actually-met "friends"? From personal experience, I'd peg it at less than 10%, but YMMV.

Re:Rip off bank fees

[imlepid]

By some fairly tenuous leaps of logic I can see what they're getting at, but it's hardly what the headline claims.

The leaps of logic are most tenuous because the author of TFA is conflating the definitions of 'bank' and 'financial institution'.

A bank is a type of financial institution which takes deposits and makes loans. The article seems to be saying that Facebook will be a large (the largest) company which deals in financial transactions. The article doesn't seem to claim that Facebook has started taking saver's money or has started making loans, nor have I seen that at Facebook, which would mean Facebook is ineligible for the label 'bank'.

Re:Rip off bank fees

[rhsanborn]

It wouldn't be the craziest thing for them to get into though. With the user base they have, spinning off a financial arm and providing banking services to users who are on the site anyway could start to turn Facebook into a one-stop portal, and give them a huge revenue stream...

Re:Rip off bank fees

[maxwell demon]

How do mod points work now? I haven't had any mod points (that I know of) since the redesign.

That's funny. I've gotten lots of mod points lately, definitely more than in earlier times. Maybe it's related to me using all of them. Because otherwise, the only thing I do is post comments (I didn't metamoderate a single post for quite some time, and after a few failed attempts I've given up on trying to post articles).

Re:Rip off bank fees

[davester666]

Particularly since Facebook's actual goal is "Facebook will be the worlds largest money receptacle...you can put money in, but you can never take money out."

Re:Rip off bank fees

[corbettw]

I felt the same way when I read Facebook and Zynga's prospectuses.

Re:Rip off bank fees

[mrclisdue]

This. I've tried meta-moderating, but it's never worked.

I've received mod points fairly regularly, tho, and they don't always necessarily work - it's a crapshoot.

I know peeps complain about the new style, etc., but I think most of my problems are a result of using Firefox. If I really, really want to moderate a conversation, and it doesn't work, I switch to Chrome or Konqueror, and it works without issue.

As for Firefox, sometimes it works, sometimes it doesn't, often in the same Firefox session; I've tried it with proxy on, proxy off, adblock on/off; there are no "script" type addons (privoxy suits my needs), so I'm stumped.

cheers,

Re:Rip off bank fees

[Anonymous Coward]

"Facebook has a shitton of users."

Would that be an imperial or metric shitton?

Re:Rip off bank fees

[AVee]

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.

Re:Rip off bank fees

[Anonymous Coward]

Facebook has a shitton of users. They'll probably be dealing direct with banks for an exchange mechanism soon enough. That makes them a bank with a shitton of customers, right?".

The users of Facebook are not its customers. The users are the the product. The advertisers are the customers.

Re:Rip off bank fees

[golden age villain]

So they are going to finance businesses and projects? Open line of credits? Offer credit and debit cards? Offer mortgages? Maybe even trade highly valuable FarmVille stocks? Yeah right...

Weren't there similar claims some years ago about Second Life's virtual money? And what is the user base of Second Life today?

Re:Rip off bank fees

[Hadlock]

Every time I go on a trip and skip slashdot for 2-3 days straight, a couple weeks after I come back all of a sudden they will throw mod points at me about once a week for a month or two.

Re:Rip off bank fees

[Hognoxious]

at least it knows how to do money wires properly (as opposed to most banks).

You mean most US banks? I can transfer money anywhere within the Euro zone for free.

Re:Rip off bank fees

[Hognoxious]

MySQL doesn't do foreign keys?

It may or it may not. But anyone who uses it wouldn't know when, why or how to use them anyway.

Re:Rip off bank fees

[JamesP]

I can transfer money anywhere within the Euro zone for free.

Funny. Once a friend of mine was charged for a Portugal to France money transfer. But that was in 2003

Glad things changed (or it was something with his bank)

Re:Rip off bank fees

[Anonymous Coward]

Personally, I find it irritating how comment scores are frequently hidden on comments. It can make moderating a pain in the ass.

Re:Rip off bank fees

[chunkyasparagus]

" That makes them a bank with a shitton of customers, right?".

By some fairly tenuous leaps of logic I can see what they're getting at, but it's hardly what the headline claims.

I can't even see what they are getting at. It might turn them into some kind of financial intermediatory/broker, but certainly not a deposit taking and loan-making bank. At best they may come to rival travellers checks issuers, or e-money companies for their pre-paid credit service, but that is where the buck stops.

Re:Rip off bank fees

[Anonymous Coward]

No doubt. Besides, Facebook is mostly tied to the American economy which will soon be bunk.

Re:Rip off bank fees

[DeBaas]

2003 is ages ago. Check out SEPA

http://en.wikipedia.org/wiki/Single_Euro_Payments_Area

One of the main objectives:
- no differences between national and international payments in the SEPA area

So you can under SEPA still be charged, but only if the bank you're using uses the same rate for national payments.

Not sure if this already established everywhere. But personally I've done some money transfers to other countries in the EU and never was charged.

Re:Rip off bank fees

[Anonymous Coward]

Present tense, dude. Look it up.

Re:Rip off bank fees

[Hognoxious]

Hey, he's an American, give him a break They still use them thar olde-style things where you write the amount on and sign it.

Like PayPal is a bank?

[Anonymous Coward]

No, do not want, and Ken Rutowski and his shitcock little outfit can pound sand.

Re:Like PayPal is a bank?

[Anonymous Coward]

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?

[DanTheStone]

I agree. What a terrible prediction. Facebook trying to make it easy to exchange Facebook credits for currency doesn't make it a bank in any way that a normal person would consider a bank. They don't offer credit lines. People aren't sending money to each other through it. They're not even at PayPal levels of bank functionality.

Re:Like PayPal is a bank?

[Dunbal]

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. Who would have thought.

Re:Like PayPal is a bank?

[cypherwise]

Agreed. There were some true gems in this there though:
1) This guy is the 29th ranked Facebook user. - WTF does that mean? 60% of the time he works every time.
2) Zynga is worth $12 billion. - Maybe in Zimbabwean dollars.
3) "Rutkowski asked Schmidt what Google was doing with “Web 3.0” and Schmidt replied Web 2.0 was just a marketing term and that he was “the inventor” of Web 3.0." - I'm pretty sure he got trolled by Schmidt.

Taking a quick peek at the Founder Institute's web page it looks like the type of business Tom Cruise was running in Magnolia. This is getting filed in my "Check these asshats predictions!" folder to be opened in 2015.

Re:Like PayPal is a bank?

[19thNervousBreakdown]

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.

Re:Like PayPal is a bank?

[networkBoy]

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:Like PayPal is a bank?

[bigstrat2003]

My favorite part was where he said that your profile will be used in the future to determine credit worthiness, and if you don't have one it will be created for you. I stopped reading right there. This man is off his rocker.

OR, OR , OOORRRR -

[ciderbrew]

Banks who give out accounts should require a little more detail before handing out money.

Re:OR, OR , OOORRRR -

[sjames]

Considering the number of dogs, cats, and goldfish that have received credit cards over the years, I would say should and will are worlds apart.

Metal International? Who?

[Hognoxious]

More like Mental International, if he thinks anyone believes bullshit like that.

If this is true its a crap bank

[Chrisq]

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.

Re:If this is true its a crap bank

[grub]

I'd like to see how that would fly in Canada or any other country with strict privacy laws.

Re:If this is true its a crap bank

[Chrisq]

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.

Re:If this is true its a crap bank

[thisnamestoolong]

This. If a bank is that lax with privacy/security policy, everyone responsible belongs in a federal PMITA prison.

Re:If this is true its a crap bank

[migla]

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.

Re:If this is true its a crap bank

[migla]

(sorry, forgot to quote the first paragraph from the parent)

Re:If this is true its a crap bank

[Anonymous Coward]

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.

Re:If this is true its a crap bank

[Dunbal]

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.

Re:If this is true its a crap bank

[delinear]

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.

Re:If this is true its a crap bank

[cayenne8]

Heh. Actually, I would personally be unlikely to lose with such a setup, but for anyone with income or any wealth, that sure would seem like a bad bank.

There, fixed that for you.

Re:If this is true its a crap bank

[Anonymous Coward]

If they are going to be a bank they should do some level of customer checking.

Why should the banks spend THEIR money protecting YOU? Why is it you idiot statists answer to all these kinds of problems always about new goverment laws intruding into private business? It absolutely SHOULD be up to the consumer to manage their own god damned identity, AND NOT THE FUCKING GOVERMENT!

This. This is why we need a Ron Paul president. Get the god damned goverment OUT of our lives.

Re:If this is true its a crap bank

[LBU.Zorro]

Frankly why not let them create an account for you?

I mean does it matter? They're creating false profiles about you in their banking system - in a lot of places that's actionable. Just like if someone else opened an account in your name in Bank of America, or Barclays, it doesn't make you liable. And should their demonstrably false information materially harm you then you can recover that cost, and pretty much recover the cost of recovering the costs, etc. It's hassle, but you add that to the costs that facebook would have to host. Not to mention the legal minefield of libel when your 'friends' say unpleasant things about you on their (or your) walls and it suddenly increases the cost of your mortgage as you're now a higher risk. Would facebook assume that liability? Because some has to, giving random people the ability to materially detriment your life is going to be a lawyers wet dream I'd expect.

The article mentions 680million facebook users, the facebook stats themselves http://www.facebook.com/press/info.php?statistics say 500+million users, and then goes on to say that only 50% of them log on per day. Then a quick look at the number of farmville users http://www.facebook.com/FarmVille gives us about 48million users active in the last month. Now maybe this is just me, (and yes I'm aware that facebook games are more than just farmville) but I would suggest that the vast majority of the 'active' facebook users don't play games, and probably don't spend money to do it - so few of them would be using facebook credits, the underpinning of this idea in the first place.

It sounds like the stats have been inflated to say that everyone using facebook plays games, and everyone playing games gushes money into facebook, this really isn't the case.

Why would companies suddenly try and use facebook (and on Mark's terms, not theirs) to data mine and find out which people are good or bad credit risks? For that matter how truthful is facebook? Is all the stuff you put up there real? Or as I've seen so many times exaggerated to make the poster seem a much 'cooler' person.

It's good for headlines, but I'm pretty suspicious that it has any real world possibilities.

Z.

Re:If this is true its a crap bank

[Anonymous Coward]

"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."

Well, Ken, perhaps you should shoot yourself in the head right away, so you don't risk having someone else doing it for you.

If you create a "financial profile" for me without my express consent I'll hit you so hard, your mother will have a bruise.

Re:If this is true its a crap bank

[demonbug]

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.

Not banks, but I'm pretty sure Trans Union, Equifax, and Experian have already created financial profiles of you (assuming you're an American). And based on the experiences of several people I know, they often make very little effort to actually ensure the information they are collecting and putting in your profile actually belongs to you.

Re:If this is true its a crap bank

[mdielmann]

Try to imagine for a minute how a bank would work if they couldn't uniquely identify and verify the identity of their users. No, names aren't enough. Now, there are one of two options available. First, they can uniquely identify the guy, and under his privacy laws, FB must provide him with his profile data. If they can't, how on earth are they going to function as a bank?

Re:If this is true its a crap bank

[Anonymous Coward]

Heh. Actually, I would personally be unlikely too loose with such a setup, but for anyone with income or any wealth, that sure would seem like a bad bank.

There, fixed that for you.

There, fixed that for you.

Re:If this is true its a crap bank

[migla]

Right. Thanks.

Re:If this is true its a crap bank

[Anonymous Coward]

I say let them setup a financial profile in my name. Can't be any worse than the real thing. Heck, when the fake one is worth millions, I'll just close the account.

Wait, what?

[Lord Lode]

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?

Re:Wait, what?

[Anonymous Coward]

It's how much you are worth to 'them'.

Re:Wait, what?

[timeOday]

That's like saying only gold miners could use gold coins as currency.

Re:Wait, what?

[hitmark]

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.

Re:Wait, what?

[Anonymous Coward]

Your worth will be measured that much higher

Re:Wait, what?

[mcmonkey]

That's like saying only gold miners could use gold coins as currency.

No. It's like saying only the arcade down by the boardwalk uses those tickets from skee ball as currency.

Re:Wait, what?

[timeOday]

OK, I agree that's the best analogy for now. But I think it's an interesting possibility that, maybe, because facebook is so universal, it could become more. I know most people gave up on the idea long ago or simply don't want it, but I still think some form of true digital cash, efficient enough to make micropayments feasible, could be revolutionary.

Re:Wait, what?

[jandrese]

Then clearly you are worthless. Simple as that. I think the article is talking about "Facebook cash" though, which is not exactly the same as Farmville cash (whatever it's called). I don't know of anybody who has ever used Facebook cash so I don't know how they're supposed to grow larger than JP Morgan or Bank of America or whatnot.

Re:Wait, what?

[Anonymous Coward]

Then obviously you are worthless. From their point of view, it's also quite accurate.

Re:Wait, what?

[lgw]

Oddly enough, there are new felony laws in many states against using skee ball tickets, or the cheap tchotchkas you can buy with them, as currency. (It's an anti-gambling thing.)

I would think this is more like using WoW gold as currency - and as such not something to dismiss out of hand. Currency is merely "the most exchangable commodity", and doesn't necessarily require a government to be involved. Heck, Farmville probably does a more responsible job controlling its money supply then the current Fed does - QE3 here we come!

Re:Wait, what?

[Dabido]

You can swap your second life linden dollars for FarmVille Credits.

Re:Wait, what?

[garwain]

MAybe not playing farmville will improve my credit score?

LOL - Facebook credits

[halo_2_rocks]

LOL - You know there is an "new" internet bubble when they start saying Facebook credits are going to be worth more than the money you have in the bank. Hmmm - I wonder where we've heard this before?!?

Re:LOL - Facebook credits

[Spad]

Indeed, if you believe that I've got some Flooz to sell you :)

Re:LOL - Facebook credits

[rufty_tufty]

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!

Re:LOL - Facebook credits

[Anonymous Coward]

inb4 Steve Jobs creates the term Web X

Re:LOL - Facebook credits

[Anonymous Coward]

Well, maybe that's not that far from the truth. facebook credits will certainly get you virtual good in a few years. the USD on the other hand ...

Re:LOL - Facebook credits

[Anonymous Coward]

When the US dollar collapses all we will have is Farmville credits. You'll be smirking out of the other side of your mouth then.

Re:LOL - Facebook credits

[ect5150]

I claim the iWeb!

Re:LOL - Facebook credits

[fortyonejb]

I thought we were going to Web 5.0, because it was so awesome it skipped 3 and 4. In Web 3.0 news, the blowhard founder of a company I worked for has been bandying about with that term for the past 3 years. He never really had a good explanation of it, but I think it made him feel smart. So smart that the company is barely hanging on with about 25% of its one time staff and customers.

Re:LOL - Facebook credits

[Anonymous Coward]

Be sure to check my blog regularly for the announcement!

Your blog?! Who uses blogs anymore?

Surely you mean your facebook status, right?

Re:LOL - Facebook credits

[Anonymous Coward]

Fuck it! We're going to Web 5.0!

Re:LOL - Facebook credits

[cypherwise]

I submit we go back to fiefdoms. You can all be my lowly Farmville peasants and don't even consider taking any of my internet potatoes so you can "feed your family", non-mouse using hand!

Re:LOL - Facebook credits

[cypherwise]

Damnit, need to actually use the preview button. Should have been "I'll have your non-mouse using hand!"

Re:LOL - Facebook credits

[cayenne8]

Your blog?! Who uses blogs anymore?

Surely you mean your facebook status, right?

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.

Re:LOL - Facebook credits

[Anonymous Coward]

Deal. Can I pay you in Beenz?

Re:LOL - Facebook credits

[demonbug]

I thought we were going to Web 5.0, because it was so awesome it skipped 3 and 4.

In Web 3.0 news, the blowhard founder of a company I worked for has been bandying about with that term for the past 3 years. He never really had a good explanation of it, but I think it made him feel smart. So smart that the company is barely hanging on with about 25% of its one time staff and customers.

Get with the times! 5.0 just sounds way too old. We're switching to a new numbering system where every minor update gets an entirely new version number. I expect to be up to 11 by lunch.

Re:LOL - Facebook credits

[sorak]

No. You're thinking iWebV6. It sounds great, but we'll just hack web2.0 to keep from ever having to update anything.

Re:LOL - Facebook credits

[sorak]

I'm sure that someone once said the same thing about credit cards, checks, and cash money.

So you expect me to trade in this money, which can be used anywhere, for what is basically an IOU. Then, I will write my own IOU to some other institution, (who doesn't know if my IOU is any good), and they will take it to your institution and trade it in for money?

That's great! So, how do you stay in business? Transaction fees? Oh, so I have to pay you for this "service"?

I'm not saying that facebook's money scheme will take off, but stranger things have happened.

Re:LOL - Facebook credits

[Anonymous Coward]

Web 99.9 - Mine!

Re:LOL - Facebook credits

[dcollins]

Absolutely, that's exactly what I thought.

Re:LOL - Facebook credits

[Anonymous Coward]

Web 5.0. Called it! Coining this term now qualifies me to make outlandish predictions - like that toplessrobot.com will become the worlds largest media empire by, oh, I dunno, say, 2024.

I'm ready to pose for my photo now.

Re:LOL - Facebook credits

[Xoltri]

Pretty sure I still have some beenz somewhere too...

Re:LOL - Facebook credits

[jvillain]

Truer words were never spoken.

Re:LOL - Facebook credits

[Anonymous Coward]

I believe it was Bitcoin.

Re:LOL - Facebook credits

[egork]

Bitcoin has just reached the parity with USD yesterday, if what reported is correct.

Sigh

[MaltoMario]

I suppose now as good a time as ever to cancel my facebook account. WTF are they thinking? Farmville, free ipad spam, and now banking services? sigh.

What a cock face

[Anonymous Coward]

âoeMy Facebook rank is number 29 of all the users and I have raised $100 million in funding for a few different companies,â Rutkowski said.

Well isn't he just a precious little snowflake?

Are Warran Buffet or Bill Gates on Facebook? No? Then this little turd can shut the fuck up.

FUD, Bullshit, and lies ....

[gstoddart]

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?

âoeWhy is its important to have a profile? They are going to start using that to determine what your credit worthiness is.â

âoeBy the way, if you donâ(TM)t have a profile they will make one for you so itâ(TM)s better for you to create it and manage it then them. Thatâ(TM)s why you want to be selective with what you put on there. If you have kids that are being idiots online make sure you stop them right away as they are creating a pretty negative profile long term and it happens often.â

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 ....

[turing_m]

This is some guy who claims to have invented "Web 3.0"

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 ....

[Anonymous Coward]

This is some guy who claims to have invented "Web 3.0"

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?

Too late, I am already on web 5.0... It is in 3D!

Re:FUD, Bullshit, and lies ....

[gstoddart]

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?

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.

Re:FUD, Bullshit, and lies ....

[Compaqt]

Rant on, bro. I'm with you. We predict this bubble is going to burst. We wouldn't care if this bubble were to burst. We probably might even want this bubble to burst.

Yet, we might have to face the awful reality of it not bursting (in any reasonable time period). Then it's our brains which will be bursting.

Re:FUD, Bullshit, and lies ....

[angiasaa]

You forgot to mention.. This guy also mucked up his grammar. Any article with grammatical errors not only must die, but also must not be worth noting. :) From TFA: "“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." then them?? :|

Re:FUD, Bullshit, and lies ....

[swb]

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?

Re:FUD, Bullshit, and lies ....

[msauve]

"Unless, of course, somebody comes up with Web 4.0."

My Internet goes to 11.0!

Re:FUD, Bullshit, and lies ....

[EveLibertine]

I'm pretty sure this guy has had more than enough smack.

Re:FUD, Bullshit, and lies ....

[Anonymous Coward]

I got dibs on 'Web 95' and 'Web XP' - but 'Web Millenium Edition' and 'Web Vista' is still up for grabs.

Re:FUD, Bullshit, and lies ....

[Anonymous Coward]

amen, I was thinking the same thing.

But seriously, when will World of Warcraft become a bank? I've never played it but I'm thinking I should start because I don't want my character to misrepresent me.

Re:FUD, Bullshit, and lies ....

[slackzilly]

You manage it first, then they will take over and manage if for you.

Re:FUD, Bullshit, and lies ....

[Gordonjcp]

I'm using Web 2.4TDi which is a bit slower but much cheaper to run, and a lot simpler to work on.

Re:FUD, Bullshit, and lies ....

[Martian_Kyo]

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!

Re:FUD, Bullshit, and lies ....

[Anonymous Coward]

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?

âoeWhy is its important to have a profile? They are going to start using that to determine what your credit worthiness is.â

âoeBy the way, if you donâ(TM)t have a profile they will make one for you so itâ(TM)s better for you to create it and manage it then them. Thatâ(TM)s why you want to be selective with what you put on there. If you have kids that are being idiots online make sure you stop them right away as they are creating a pretty negative profile long term and it happens often.â

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.

That is exactly what I was thinking. Please give that guy a smack from me too.

Re:FUD, Bullshit, and lies ....

[geekoid]

Value in writing is spreading an idea. Everything else comes second, including exact grammer and spalling.

Re:FUD, Bullshit, and lies ....

[gsslay]

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?

Re:FUD, Bullshit, and lies ....

[frenchbedroom]

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 and me only, and he, uh, he knows about shit like that huh ?)

OMG my plan is FLAWLESS. Even Google doesn't know about lolcat-olicism.

Re:FUD, Bullshit, and lies ....

[delinear]

Charles Stross' book Halting State deals with some vaguely similar themes and features a virtual bank robbery on a... I'm loathe to say MMORPG, it's more like a virtual platform connecting multiple games which acts as a point to meet and transfer cash and in-game items. It's a good read but the chances of Facebook getting to this point (especially in the next four years) are hopefully slim to none.

Re:FUD, Bullshit, and lies ....

[slackzilly]

"OMG my plan is FLAWLESS. Even Google doesn't know about lolcat-olicism." They know now.

Re:FUD, Bullshit, and lies ....

[Dunega]

Pfff... We all know Web 3.11 for Workgroups will be the version everyone uses anyway.

Re:FUD, Bullshit, and lies ....

[Anonymous Coward]

My thoughts exactly. C'mon /. get this garbage out of here.

Re:FUD, Bullshit, and lies ....

[bstender]

Anyone who crows about "coming up with" the awesome moniker "Web 3.0" is laughably unclear on the concept of what is generally known as a "nice one", and also unclear on how relatively clever a "nice one" is in the spectrum of creative utterances. I wonder if his next brainstorm will involve a clever name for the next cellular standard.

Re:FUD, Bullshit, and lies ....

[Anonymous Coward]

Welcome to the 21.1st century...

Re:FUD, Bullshit, and lies ....

[Anonymous Coward]

This is some guy who claims to have invented "Web 3.0"

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?

Oh yeah. Web 4.0 will have built in support for virtual pain, to include shock collars that zap the shit out of you when you write stuff that's beyond retarded.

Re:FUD, Bullshit, and lies ....

[Anonymous Coward]

I remember a long time ago sitting in a large conference hall listening to some guys talk about technology and banking. One guy got up and help up this little plastic card and said something along the lines of, "One day you will do your banking and shopping with this card and it will be more convenient than writing a check."
Everyone laughed at him too.

Re:FUD, Bullshit, and lies ....

[cOldhandle]

"Fuck everything, we're going to Web 5.0..."

Re:FUD, Bullshit, and lies ....

[Anonymous Coward]

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?

No problem. Just make a few revisions to your plan and call it Web 3.11. It worked for Windows...

Re:FUD, Bullshit, and lies ....

[Anonymous Coward]

7.... Minute......abs!

Re:FUD, Bullshit, and lies ....

[turing_m]

Why?

Re:FUD, Bullshit, and lies ....

[Archwyrm]

I say we pull a Slackware and go straight to 8.0!

Re:FUD, Bullshit, and lies ....

[Martian_Kyo]

'Cause you're frakkin' fired!

Re:FUD, Bullshit, and lies ....

[Dr Max]

This is the report from software engineering put it in the bathroom i want to wipe my ass with it. They don't tell me what version of web to invent i tell them, and i'm telling them to cram 3 more webs in there. I don't care if they have to install one of the webs at right angles to the others. What part of this don't they understand if web 1.0 was good and web2.0 is great then web5.0 is going to be amazing. Stop. I just had a stroke of genius. Are you ready? Open your mouth, baby birds, cause Mama's about to drop you one sweet, fat nightcrawler. Here she comes: Put another dot zero on that fucker, too. thats right web 5 with two point zeros. It's a whole new way to think about the internet. Don't question it. Don't say a word. Just key the music, and call the chorus girls, because we're on the edge—the virtual edge—and I feel like dancing.

Re:FUD, Bullshit, and lies ....

[angiasaa]

I suppose you've updated that in your blag? ;) http://xkcd.com/148/

Re:FUD, Bullshit, and lies ....

[angiasaa]

I'm not trying to be an authority on anything, least of all communications and journalism. Was making a point, see! :) They can manage if for themselves instead of for me. Hey, I'm a nobody!

Re:FUD, Bullshit, and lies ....

[slackzilly]

Thats exactly what they want :)

Re:FUD, Bullshit, and lies ....

[angiasaa]

Haha! The plot never thickens. It's thick all the way. ;)

Yea Right

[Anonymous Coward]

Just wait till the next social site that everyone moves to. Facebook will fall just like myspace.

Re:Yea Right

[Dunbal]

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 perceived value and lack of privacy just isn't worth it for me.

Re:Yea Right

[smelch]

Really if you pay attention, the demographic that Facebook was built on has pretty much outgrown it. Look at the people in their mid to late 20s. Most of them have gotten away from it. Sure, they might still have accounts that they "use" but its not the same level of use. At least in my experience people in that age range have stopped updating statuses multiple times a day, stopped only sending invitations through it, and generally don't know everything that has been on facebook like they used to. I think the popularity has radiated out from that group of people who were in college when Facebook hit, to older and younger crowds. If the core is getting tired of it, it won't be long until the follow-up demographics get tired of it too. You're exactly right when you said it's just teenagers and middle aged women.

You see this trend all the time, especially on the web. lolcats were funny for a while but were mostly a nerd thing, then it slowly spread out, so by the time my less-nerdy friends (or the population at large) started to come up with "hilarious" cat pictures it was already old hat. Its called going mainstream. Facebook had a much longer lifespan for its novelty than cat pictures, so naturally the core demographic was still interested when it went mainstream. Now its losing steam and may be around for a while to come, but of course its a fad. Its not really useful at all, and there are a billion ways to do it better that don't make Zuckerberg a fist full of cash (so Facebook CAN'T compete with upcoming offerings). We just need to wait for a while. The technology that obsoletes Facebook is around, we just need to standardize it and get a couple of big players to support it. Google, Microsoft, Mozilla and the W3C will crush Facebook in the same way broadband crushed AOL.

YHBT. YHL. HAND.

[Anonymous Coward]

In other words, please refrain from feeding the trolls. Yes, I'm aware this is the Internet, but still: try to contain the impulse.

2015+ #1 criminal charge, murder by thyroid rot

[Anonymous Coward]

some of us should have had our glow level checked 30 some years ago here? nothing can be done now? that's total crap. all of it. the ongoing fatal to all chosen ones holycost/extermination. all of it. fiction. poorly (hurriedly) written. executed with a flare for the cruel & unusual. it's in the book, all part of our forever eventual, 'reward'.

Re:2015+ #1 criminal charge, murder by thyroid rot

[tgeller]

This comment made more sense than the original post.

Barf!

[migla]

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.

Re:Barf!

[Anonymous Coward]

Damn straight

Re:Barf!

[geekoid]

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.

Re:Barf!

[migla]

I'm a bit intrigued by what you might be talking about specifically, but not very much.

I wouldn't go mainly to bill hicks for facts. I'd probably rather start off at wikipedia, As per your warnings, I shall not base my model of who runs the world on Vonnegut. Instead, would it be ok if I'd try to follow the money? Money is power, right?

You didn't deride Chomsky. Should I take it that Chomsky is ok? So...

For funny angry words, I'll go to Bill Hicks, for funny kind words, I'll read Vonnegut and for truth I'll consult Chomsky. Deal?

XOXOX

Predictions, Predictions, Predictions

[Anonymous Coward]

I predict that this guy is wrong.

More People Come up with Tech Terms

[Anonymous Coward]

I am confused by the term bank in this article, and I believe so is the writer. A bank makes loans and does so by storing money and returning a percentage to its holders for holding that money. Facebook does not store money with the intent of loaning it out. You will be able to put into your account to pay for games, and then spend money on said games. By that definition Xbox Live, PS Network, and the Wii Network are all banks. Android Market, and Apple Store are banks. No they are storefronts.

Love that fact that he also coined the term Web 3.0.

Re:More People Come up with Tech Terms

[FireFury03]

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 misrepresent the risk.

Re:More People Come up with Tech Terms

[delinear]

That doesn't change GP's underlying point that banks are about the exchange of money - I can put it in in the form of savings and take it out in the form of loans. I don't see FB offering an equivalent service. Being able to pay into a service and take delivery of the service at some future date, or pay into a service and allow someone else to take delivery does not a bank make - even if said service sets up some arrangement with real banks to make payments more efficient.

Re:More People Come up with Tech Terms

[Anonymous Coward]

That would be true if banks were still loaning money. Instead, they've taken loans from the government, who asked them to loan the money to spur the economy. Then they laugh at Obama and instead continue giving money to each other, making money on volume.

Facebook Ranking?

[Anonymous Coward]

“My Facebook rank is number 29 of all the users ..."
 
Sounds like this guy needs to stop playing so much Farmville.

Fuck facebook

[poptones]

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? tough.

Well, fuck you, farley. I don't need your crackhead credit.

I'm sure everyone is just going to stand by and let their credit worthiness be determined by the parasites who make their living selling shit like farmville and dog wars to compulsive computerized crackheads.

Re:Fuck facebook

[Anonymous Coward]

Checks the time... 9:16 AM.

Yep. Trite, juvenile slashdot rant posted when the rest of us have jobs.
I personally have the day off, so I get to enjoy this kind of amusement for once.

You took the time to blow your load over an article about some idiot who claims to have invented Web 3.0... and you call Facebook users "compulsive computerized crackheads"???

Re:Metal International? Who?

[Anonymous Coward]

Mod +1
Agree it's a load of shit. Out of the hundreds my Facebook 'friends', the ones that use it the most are generally the most retarded. If anything there is probably a direct, inverse correlation between Facebook use and creditworthiness.

3rd party self written bio/ WP

[Anonymous Coward]

http://kenrutkowski.com/biography.html

Ken Rutkowski is one of the most broadly-informed and connected people in the media, entertainment and technology (MET) market

Looks like he created/ edits his own WP page too http://en.wikipedia.org/w/index.php?title=Ken_Rutkowski&action=history

Why do people do that?

Re:Metal International? Who?

[hey!]

More like Mental International, if he thinks anyone believes bullshit like that.

Close. It's actually *Mental Institutional*

Delayed post from 4/1

[twigstamc420]

Apparently the admin desk at /. has been unmanned since April fools and they are just catching up.

I mean seriously, this is worthy of Slashdot?

The fact that this story was selected makes me seriously wonder why I come here any more...

Re:Delayed post from 4/1

[garatheus]

For the comments - they are usually far more insightful and interesting than the actual stories...

Oh, and did you see the quality of writing in the article? Wow. So. Bad.

Re:Delayed post from 4/1

[twigstamc420]

Well I was marked a troll which is a first for me but I was just stunned to see that this guy wrote this article and that it got picked up...The guy could be standing on a street corner announcing the second coming and probably be more accurate than saying FB is going to be a bank based on the fact that folks play FV and MW using "credits"....Grrr....for some reason this article just really hit a sore spot with me.

FDIC Insurance?

[Anonymous Coward]

So they will have FDIC/CDIC balance insurance right?
So they will be subject to the same privacy and data retention requirements?
So they will compensate me for errors, right?

So they will actually offer me something of value?

Yeah...right..good luck on that one.

Re:FDIC Insurance?

[green1]

While I don't agree with the original article, I don't think you quite grasp the new reality of the banking world. Sure the old banks need to follow all those rules, but the precedent has been set that new banks that operate purely on the internet don't. For the biggest example see paypal, it would be really hard to argue that they don't provide banking services, yet they follow none of your original 3 points. As an asside, this is something government really needs to work to correct. Saying you aren't a bank while acting like you are shouldn't give you carte blanche to screw people over. (and no, I'm not asking for increased regulation, I'm asking to enforce existing regulations on all players in the same market)

Uh, yeah

[wcrowe]

"Also, I invented the question mark", Rutkowski added.

 

Unworthy spammy BS

[Anonymous Coward]

This article is utterly terrible. From what I read before I gave up that is...

Loads of typos/spelling mistakes, and "prides himself on coining the phrase Web 3.0" ??? I guess a patent analogy might be "prior art" on that one buddy...

I'm starting to suspect slashdot has begun selling "authority" backlinks to these crapola companies, I think I've seen more truly shite articles here in the last 2 weeks than the previous 5 years! There has always been a lot I wasn't particularly interested in, but very few that actually made me angry they are so full of shit...

Threatening Me?

[Anonymous Coward]

Extortion, threatening, menacing. If you motherfuckers even think of creating a profile for me I will own your company, or at least be able to retire very comfortably. Besides, you are going to base my credit worthiness on how much I play games? It's called identity theft assholes. It's illegal in my state. You will go to jail and pay restitution.

Facebook Bailout.

[geekmux]

"...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...

skeptical

[Cobble]

I predict Facebook will be a bigger version of itself in 2015. Not a bank. Not a sparkly unicorn.

Re:skeptical

[Anonymous Coward]

I predict that the bubble will burst somewhere around 2015. I've done some guesswork where I compared it to the bubble of the 90's, and it seems like a reasonable number.

Real Estate

[Wiarumas]

In other news, Facebook will be the largest realtor by 2020. Better sign up and purchase a Facebook mortgage or else you might miss the bubble pop.

"social networking commerce"

[unity100]

what the fuck is that ? i have a goodly amount of people in my facebook list, yet i havent seen a single one of them buy something from facebook, its 3rd party interests or each other.

i guess a suit is inventing a new buzzword to shake the fools' money in wall street.

Re:"social networking commerce"

[geekoid]

None of them play any of the Zynga games. like farmville?

It's virtual tokens. to buy real things and or virtual things. It will be the largest simply because 500,000,000 + people use face book. It only 1/2 of them had 1000 'credits' that 250Billion dollars. And I won't be surprise if it's more like 90% of them with 1000+ credits.

I am pretty certain that within 6 year there will be over a trillion active credits between all the games on facebook.

Will facebook be around?

[pokyo]

Will facebook still be around in 4 years? I half expected something else to have majority share by then

Re:Will facebook be around?

[DerekLyons]

That's what all the highly modded 'experts' on Slashdot have been saying - for four years now.

Short summary

[Anonymous Coward]

The real summary should have been: Massive twat spew bollocks to stroke own ego.

uhhhh...

[Anonymous Coward]

For f**k sake cmdrtaco, please report on something other than your facebook propaganda that's been pulled out of your ass.

Ha!

[Capt James McCarthy]

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.

Re:Ha!

[gstoddart]

I just created Web 4.0

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. ;-)

Re:Ha!

[PaxTharsis]

if anything holds true, Facebook too will jump the shark one day.

It already has, it's just the rest of the nation hasn't noticed yet.

Re:Ha!

[dogmatixpsych]

I can play this game too but I'll outdo you. My Web goes to 11. Web 11.0. ;)

Re:Ha!

[Anonymous Coward]

I'm afraid I can't share my Web oo.0 concept freely.

Web oo.0 is so awesome that so far all the investors that have heard my pitch have died within seconds of hearing it in eruptions of simultaneous heart attacks and orgasms.

Questions...

[Dcnjoe60]

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?

Re:Questions...

[Anonymous Coward]

wait wait, are you saying Zynga isn't *already* laundring money?

Re:Questions...

[Em Adespoton]

All they really need to do is buy Paypal.... that answers all 3 of your questions.

...or it will have disappeared entirely

[T.E.D.]

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.

Re:...or it will have disappeared entirely

[Macrat]

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!!!

Re:...or it will have disappeared entirely

[Anonymous Coward]

It already has. The movie was the popularity peak. See Prechter on socionomics. I don't know if he's tried to predict this, but it fits the theory.

Re:...or it will have disappeared entirely

[spiralx]

Geocities wasn't a social anything, AOL was primarily an ISP with their own walled garden they tried to preserve for as long as possible, and Myspace barely qualified as being a social network in that it had a very limited set of ways to interact with other people, all of which were implemented horribly anyway.

Social networking sites are all about the network effect, and will always tend towards a single player dominating. The only other players will be those aiming at different markets e.g. demographically (Bebo) or nationality (Orkut, QQ). And those niches are all dominated by a single site as well.

Like eBay, Facebook would have to undergo a whole load of colossal blunders sustained over a long period of time before any other player would have the chance to replace them.

I don't know about everyone else...

[Anonymous Coward]

But I've long since deleted my facebook account, and many of my friends / family have done the same over the last few years or have stopped using it all together. I know its anecdotal evidence, but it seems to me (at least in my group of friends) that the website is already on the decline.

Hello spam filter?

[CFBMoo1]

"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."

This sounds like some sort of big money making scheme mixed with scare tactics to push people to get on Facebook for someone else benefit rather then their own.

Makes Sense...

[Anonymous Coward]

Ties in with my prediction that Facebook will be the biggest high street supermarket by 2016....Using teleporters to stack shelves and supply the stores!

What utter crap.

[sirwired]

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 companies a year?

Maybe Rob Enderele will hire this clown!

Re:What utter crap.

[Anonymous Coward]

My thoughts exactly. Launches 1000 companies a year, so I'm guessing most are gone in a month aka those college at home scam infomercials on TV and other such shady crap

What about privacy?

[Lunaritian]

Suddenly those privacy leaks that happen every once in a while sound much scarier.

Perfect icon

[snspdaarf]

The empty suit. Seems to be exactly what is needed for this story.

In Related News

[rlp]

Facebook to apply for TARP funds from the Obama administration. :-)

Re:In Related News

[Anonymous Coward]

Facebook to apply for TARP funds from the Bush administration. :-)

FTFY.

That's it. I'm done on the Internet for the day.

[Anonymous Coward]

This is by far the dumbest thing I've heard thus far today. It's going to be hard to top. Filing this statement and this guy in my "Where the hell are they now and how are their predictions doing?" folder to be opened in 2016.

XKCD

[Sechr Nibw]

I can't believe this hasn't been posted yet...
http://xkcd.com/605/

Re:XKCD

[gstoddart]

I can't believe this hasn't been posted yet...
http://xkcd.com/605/

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. ;-)

Re:XKCD

[Anonymous Coward]

I'd say this one is more on point.

Uhhhh no.

[Dunega]

Ken Rutkowski should spend some of his Farmville credits on something resembling intelligence. What a piece of trash of an article.

what crap

[Anonymous Coward]

Boycott Facebook! Freedom from business profiling

how about this...

[Anonymous Coward]

go f*** yourself facebook.

I tend towards the K.I.S.S. principal for everything, that includes posts :)

Yeah Right

[AMindLost]

I know this is a bold claim to make, but I have never before seen such twaddle posted on slashdot. I don't even know where to begin in describing how ludicrous this idea is.

Facebook is an interactive soap opera

[mangu]

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.

What an eDork

[Agent0013]

Rutkowski runs the Founder Institute in Los Angeles which launches about 1000 companies year and prides himself as being the fist person to coin the term “Web 3.0” during a press conference with Google CEO Eric Schmidt.

What an Idiot! I very much doubt this guy knows anything at all.

And for the record I am coining the term "Web 4.0" right now. It is on record here and I am very proud of my new accomplishment. Brand new term, nothing similar has ever before been uttered.

announced revolutions

[kubitus]

will not take place.

seen too many hypes of things to be the next big thing.

Companies will have their own currency.

[captainpanic]

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?

Mysql / FKs

[Compaqt]

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.

Re:Mysql / FKs

[cayenne8]

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.

If you want a robust open source RDBMS, go for PostgreSQL .

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).

Re:Mysql / FKs

[vlm]

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 individual tables. Note that innodb isn't that much slower than the alternatives. You won't post numbers, so I won't either, but frankly unless you're doin' it wrong, innodb simply isn't slow. Using innodb "just because" even if a table inherently doesn't have any FKs and doesn't need any other innodb goodness is probably pointless.

Re:Mysql / FKs

[Anonymous Coward]

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.

Ah, I see. So you're making a thoroughly obsolete argument with entirely backwards data stubbornly stuck numerous years in the past to make a similarly obsolete joke? Are you the sort of person who still finds "RealPlayer? MOAR LIEK REALBUFFERING AMIRITE LAWL" jokes funny?

Re:Mysql / FKs

[kwoff]

Foreign keys are bad for scalability.

Re:Mysql / FKs

[Compaqt]

Maybe. But that's basically what I'm talking about.

When you delete a row in one table, how can you know you're not leaving orphans? Or, on the other hand, how can you ensure you're not deleting related records of a row in another table? FKs.

Databases which have advanced functionality also have the ability run as fast as they need to (i.e., as fast as they can without risking data). And we're talking about people's bank accounts, not status updates.

Re:Mysql / FKs

[Compaqt]

There's a difference between a feature which has been tuned for decades, and a feature tacked on by a dev team which doesn't really even think they are necessary.

It's like a compiler which said, "Well, no one really uses STL, so we don't really need to implement it." Even if they come up with an implementation years later, it's a level of trust issue.

That's different from Mozilla/tabs in 2 ways: 1) FF simply did not have tabs. They didn't actively dismiss them as unneeded, like Monty did with FKs. 2) FF is just consumer software. If it crashes, whatever, reload it. Database servers are a different thing.

The fact that Monty would even say something like that shows a fundamental disconnect in philosophy.

I'd be just as wary of accepting promises of "bank-grade" software from MySQL as I would be of a rapid application stack from Oracle (proper).

And in other predictions

[rossdee]

The increase in clouds (from cloud computing) will cool down the planet and we will have a new ice age.

Re:Metal International? Who?

[ddd0004]

Damn it. They stole the name of my Scorpions cover band.

FARP

[darien.train]

If Facebook ever gets a bailout humanity officially becomes a doomed race.

Re:FARP

[Anonymous Coward]

The solution to the Fermi Paradox.

Re:FARP

[Anonymous Coward]

They're halfway there...
http://www.karthikk.net/2011/02/pics-of-tech-dinner-obama-steve-jobs-and-mark-zuckerberg/

Re:FARP

[Anonymous Coward]

We are doomed. It's just not official.

Joe Schmoe and 5 others Like your bank balance.

[gsslay]

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.

Re:Joe Schmoe and 5 others Like your bank balance.

[geekoid]

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.

Re:Joe Schmoe and 5 others Like your bank balance.

[networkBoy]

you're right, but the interesting thing is I bet they don't know why they feel uncomfortable.

Re:Joe Schmoe and 5 others Like your bank balance.

[gsslay]

Oh I agree, it's incredibly useful. LOL! You have to watch this! Click here to see a funny video and share your bank account details. 18 of your friends Like this video,

Re:Joe Schmoe and 5 others Like your bank balance.

[delinear]

It kind of depends how they pitch it. Sure if they say "give us your money and we'll open an account" people might steer clear. If, on the other hand, they say "Free Farmville credits for all... you just need to set up an account for us to pay them into" they'll likely get a few people take it up.

Re:Joe Schmoe and 5 others Like your bank balance.

[Anonymous Coward]

Awesome video! That kitten is adorable!! :)

Re:Joe Schmoe and 5 others Like your bank balance.

[Fritzed]

I truly believe that the best life cycle analogy for facebook is the rise and fall of AOL. Yes, a ton of people used it for a long time even though there were a lot of problems with it and other better options but it still eventually died.

Facebook is dying right now, even if the number of users is rising.

I know that statement doesn't sound like it makes any sense on the face of it, but the key is who the users are and what they are using it for. The people joining facebook at this point are not the trend makers, they are the people who are slow to the party and they are people trying to capitalize on something popular. In my experience, the people who really started using Facebook and spurred the initial growth are all starting to move on.

Re:Joe Schmoe and 5 others Like your bank balance.

[spiralx]

What's the better alternative though? One that actually exists and has a compelling reason for Facebook's hundreds of millions of users to switch.

In my experience, the people who really started using Facebook and spurred the initial growth are all starting to move on.

The people who started using FB were college students, I'm sure a large proportion of them are still active on there, and the growth in new users who are college students outstrips those that have deleted their accounts or even stopped using it regularly. FB claim around 50% of their users log in at least once a day, if you accept the wildly-overblown estimates of dupe/sockpuppet/marketing accounts bandied around on /. then the proportion of actual users using it regularly is even higher than half.

Facebook Flying Car?

[Anonymous Coward]

That will happen too.

I have a new piggy bank.

[mevets]

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"?

Re:I have a new piggy bank.

[Anonymous Coward]

How come you are so stupid?

facebank

[Anonymous Coward]

So what's to stop me from making my profile private? Or from engineering the info on their to look good for a credit check? Don't these companies already have systems to track credit ratings? Why use facebook?

Unreadable

[nmccrin1]

This is a completely worthless article. The guy can't stay on topic for even a sentence. “If you play games on Facebook, which, by the way 40 to 50 per cent of the time spent on Facebook is playing games, and those games – like Farmville and Mafia Wars – are paid for and you have to buy credits for that and they are called Facebook Credits.” This is exactly how I would expect the squirrel from Over the Hedge to explain it. Finally the article closes comparing Apple's and Tiffany's retail stores. How does this relate to Facebook? The guy is all over the map.

3: PROFIT!!!

[Anonymous Coward]

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.

I think, I know what's going on...

1: Buy Facebook stocks.
2: Get all the retards to create Facebook accounts, to increase value of Facebook stocks.
3: PROFIT!!!

Can someone check if Ken Rutkowski got a bunch of Facebook stocks recently?

No, no it won't.

[Anonymous Coward]

Carry on.

I am also a "technology observer and entrepreneur

[Anonymous Coward]

Hey, DelTaco, I am also a "technology observer and entrepreneur". Check what I have to say!!!

This guy is wrong. If people has some feelings about Facebook is a regret, every time they post something. I can't imagine somebody clicking the button to transfer their funds to facebook bank.

I don't have a financial profile unless

[bl8n8r]

"Screwed by the USA and it's Mortgage Racket" counts.

You forget something important

[geekoid]

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.

What an irritating Troll!

[tronkel]

This sentence is from the above article: "Let me tell you why it’s important why you do.” In good English grammatical style this sentence should read: "Let me tell you why it's important that you do" This guy is in severe need of remedial education. I wouldn't take anything of the tripe that he spouts as being in any way important.

Slashdot, you hurt my heart

[coldsalmon]

I actually feel betrayed by this article. It's as if you've stopped caring about me and my needs. I really trusted you to have something substantive behind that ridiculous headline. I guess I'm not mad at you, I'm just mad at myself -- for thinking that you were different.

Idiot

[gatkinso]

This is they kind of guy who would pay $10,000 for a nice lakeside cabin in Second Life.

BS

[PPH]

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 Facebook and maintaining them over the years. With stories about their yacht and condo in Monaco (good luck trying to verify property information in that country). So when some moron decides to do a credit check on them using Facebook, they'll be prime candidates for a confidence game.

Oh, come on

[beaverdownunder]

Dear /. -- please keep this bullshit off my timeline. Cheers, me.

Re:Metal International? Who?

[M. Baranczak]

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'.

I think it's a misprint

[Anonymous Coward]

Facebook To Be 'Biggest Bank' By 2015

s/est B/est W/ will fix that for you

Second life

[Anonymous Coward]

Hmmm... second life?

Facebank, the new credit buble

[Anonymous Coward]

Sure. When facebook ads even a minute interest rate for their credits, we could see an almost instantaneous collaps of the banking industry. Why? Well because facebook has the technology and knowhow to make this happen rather rapidly, and most people don't care if "Big organisation A" or "Big organisatino B" is issuing their loans or holding their money, as long as they are stable (Banks are at a disadvantage here). It would be the IT/internet revolution that the banking world has been spending billions on trying to get to so far without any significant results except a few phone applications. Ofcause the governements will then bail out the banks because.... Well, we need the banks because....

Welcome to the world of public finances

[Anonymous Coward]

Oh Good!! I am delighted at the prospect of a 20-something with an avowed attititude of "what privacy?" responsible for the security of my day to day financial profile. I just can't wait until any company that feels like following me on twitter has instant and irrevocable access to my bank accounts.

A bank with only funny money in it?

[Anonymous Coward]

How does having a big virtual economy with a payment platform API give Facebook the potential of turning into a bank? The currency that people can hold has no real world purchasing power. Unless they go the Linden Labs route, and let people cash out their Farmville and Mafia Wars winnings.

Re:mod

[TaoPhoenix]

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.

Troll much?

[Anonymous Coward]

angrytapir: Douchebag says something dumb! Read all about it!

CmdrTaco: Hmm, no. This story is ridiculously stupid. I'm not going to post it, unless... wait. Yes, outrage against stupidity from the slashdot community is most flavorful when it's outrage against Facebook. This will go nicely with my coffee this morning.

Two important notes on this article:

[straponego]

1) The guy looks like Bob Odenkirk playing one of his trademark slimeweasel businessmen. Bob Odenkirk... Ken Rutkowski. Huh.

2) According to TFA, he prides himself on being the "fist person" to coin the term "Web 3.0". He does look like a fist person.

dont have a facebook account, never will

[Anonymous Coward]

the fear mongering doesn't work on me, brah.

"My Facebook Rank is 29"

[Anonymous Coward]

"My Facebook Rank is 29"

REALLY?

I think this guy has 29 friends, and so he thinks he's got a UID of 29.....

Come on over to /. dude, we've got a nice big number for you, and it is still going to be less than
your actual facebook #.....

meh

[fuckamonkey]

I see you've spent $500 this month on Farmville. We're denying your credit application on the basis that you are idiot.

Too big to fail

[John Jorsett]

I think in the US that any nonbank financial entity worth 50 billion or more is subject to regulation under the "too big to fail" law. I wonder what that would look like in Facebook's case?

What if you can't have an account?

[Tigger's Pet]

What concerns me with all this is his comment about "Who doesn’t have a Facebook profile?".
I'll tell you who - anyone convicted of a sexual offence. You may not think someone in that situation deserves any pity - however think of this. You're not just talking about serial rapists and paedophiles, but the 16year old boy who has sex with his 14year old girlfriend and gets reported by her parents. Is he seriously trying to suggest that as well as everything else that gets in his way, he also has his credit rating ruined for life - AND an account created for him by the 'Bank of Facebook'?

Yeah - that sounds fair.

Maybe he's right

[Anonymous Coward]

Revelations 13:17–18:

And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.

Idiot article is idiotic

[Anonymous Coward]

I am truly less intelligent for having read this article. Can we get warnings on these things please? First, there is the assumption that Facebook will even exist in 10 years. Second, is the assumption that people will not care when rogue accounts are created for them. Third, is the absolute travesty of jumping into incoherrent nonsense about web 2.0 and coining the term web 3.0 (that must have taken an immense amount of brain power that...I think I have the next one, web 4.0!!!).

Perhaps a simple red down arrow graphic that increases the number the more it lowers your IQ. So this would get like a -200 score or something. If you read it, you know you have to find a bunch of intelligent articles to offset the loss.

What CEO doesn't think his gig is not important?

[strangeattraction]

Show me a CEO that doesn't think his company's product isn't the most important innovation since fire. The graveyard of defunct companies is full of them.

Like the guys who claimed the dotco bubble wasn't

[Attila Dimedici]

I was going to say that Ken Rutkowski was like those guys who said that the dotcom bubble would never pop because it was a "new" economy and the boom and bust cycle was over. Then I googled him and read his wikipedia page and realized that he was almost certainly not just "like" those guys but actually one of them. He sounds like somebody who is always talking about how technology has made everything different. That the old rules about the economy aren't true anymore. Every now and again, you come across someone who manages to make money despite being consistently wrong about just about everything. Ken Rutkowski appears to be one of those guys.

yeah, whatever, Ken

[spidercoz]

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.

I don't think I'm alone here when I say, "Go fuck yourself, Ken."

Idiot.

Re:Metal International? Who?

[Bing Tsher E]

The thing is, you have to acknowledge the value that marketers find in lists of said people.

You know, those late night infomercials that present ludicrous offers of health cures and financial 'fixes' that could never really exist? The purpose of them is for building lists of gullible suckers. Once a shyster has a good long list of the people who actually believe they need to 'phone within the next 30 minutes to get this incredible deal' they have a goldmine of suckers to rip off.

The Facebook demographic is a goldmine for the kind of rip-off artists who are it's customers (the rip-off operators who advertise and sell on it.)

Things I will not give Facebook

[Fujisawa Sensei]

My phone number: none of them.

My bank information

My credit card numbers

My email passwords

My online shopping information: i.e. Amazon/itunes/whatever

My SSN

My home address

*anything haven't listed, that they happen to ask for in the future.*

Re:Things I will not give Facebook

[Anonymous Coward]

I personally suspect that Facebook already has much of that info. Addresses and phone numbers are usually publicly available. The rest of it comes at a price, but Facebook has info about you that they can trade with others in exchange for more info.

Web 11.0

[Anonymous Coward]

Before you all get any smart ideas ( I know how you nerds like to roll ),
and before some smartass says "I already invented web 4.0",
you guys can skip all the way to Web 11.0, which I have already invented,
and is currently under development. Expect new web sites that not only
suck dry your personal information and money, but also your soul.
If you have spent any time reading the cyberpunk genre you know
what is about to go down.

#NotIntendedToBeAFactualStatement

[uiucgrad]

Looks like they forgot to add that to the end of the story.

Re:Metal International? Who?

[ELitwin]

That guy looks and sounds like the biggest douche in the world. He claims credit for the term Web 3.0.

Well, I would like to officially coin the following terms:

- Web 4.0 ©
- Web 5.0 ©
- Web 6.0 ©
- Web n.0 ©

* Copyright 2011 - Douchebag International

Re:Metal International? Who?

[ColdWetDog]

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'.

Excellent. I would like one billion dollars, please.

Super Shitty Article

[dcollins]

Basically self-promotion by a huckster. And poorly written. Stuff like (FTA):

"Rutkowski runs the Founder Institute in Los Angeles which launches about 1000 companies year and prides himself as being the fist person to coin the term 'Web 3.0' during a press conference with Google CEO Eric Schmidt."

Etc., etc.

Re:mod

[HungryHobo]

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.

Bitcoin

[Anonymous Coward]

The world's 'largest' bank will be pretty small if Bitcoin has anything to do with it.

Sounds like a threat to me

[Khyber]

"People who don't have a Facebook account should get one or risk having a financial profile created for them"

Aka if you don't join Facebook we'll make sure you join.

Hey, Ken Rutkowski. You leave my financial ANYTHING alone, or I'll fucking shoot you and anyone like you.

Re:mod

[Anonymous Coward]

I never metamod and I keep getting these 15 point packs. It's kind of annoying as I stop posting so I can mod. And posting anon is usually ignored, so meh. Just stick around, make your posts meaningful, and don't be a crazy douchebag.

I guess the rate of your posts also matter. If you just post 1/week or so, you are a lurker. Try to participate more and you'll be allowed to participate more.
If you find yourself not being modded up, take a breather, and only post when you have something important to say.

If you can't manage a regular rate of insightful posts, then maybe you don't have the mental capacity, worldly experience, or common sense to be trusted with modpoints.

Banks are regulated

[yuna49]

Does anyone really think Facebook wants to subject its operations to the scrutiny of the Federal Reserve Board, the Federal Deposit Insurance Corporation, and any state regulators in any location where Facebook has facilities? California, where Facebook maintains its corporate headquarters, has extensive banking regulations as well.

American Express used to issue only credit-cards that carried no interest charges and required full and immediate payment of all outstanding balances. That's because AMEX didn't want to be regulated as a bank.

Long way to go

[DanielRavenNest]

There are 35 banks in just the United States with more assets than Facebook's stock valuation (50 billion). The three largest US banks have assets of around 2 trillion each. Total *revenue* for Facebook is estimated at $2 billion. Since banks have to hold around 12% capital (their own money, not deposits), at most FB could host $16B per year, even if all revenue were profits (which it's not). They have a long way to go to even be noticed in the banking industry. Hell, I don't even leave money in Paypal longer than a few hours. It goes to my real bank where there is some oversight and regulations. I would trust Facebook with my money even less.

Remember all those Polack jokes?

[Anonymous Coward]

Remember all those Polack jokes? You know, the ones with the really stupid Polack?

Ken Rutkowski is that Polack.

Mark of the Beast

[Anonymous Coward]

Is Mark Zuckerburg the anti-christ?

That filthy jew zuckerberg

[Anonymous Coward]

needs about a dozen nigger dicks in his anus

Remember the dotcom bubble around 2000?

[Colin Smith]

Facebook and twitter.
 

12 days late

[southpolesammy]

Seems to be the only plausible explanation for this. But if not a very late April Fools joke, then the author is a total moron. His entire life's chance at 15 minutes of fame -- gone in one big whoosh of stupidity. Nice work, genius.

Re:mod

[Fjandr]

That's not entirely true. I have gotten mod points 15 at a time a couple times a week when there have been no stories I've been interested in commenting on for a month or more.

Web 3.0

[Fjandr]

Rutkowski runs the Founder Institute in Los Angeles which launches about 1000 companies year and prides himself as being the fist person to coin the term “Web 3.0” during a press conference with Google CEO Eric Schmidt.

Rutkowski asked Schmidt what Google was doing with “Web 3.0” and Schmidt replied Web 2.0 was just a marketing term and that he was “the inventor” of Web 3.0.

The fact that someone, sometime, would eventually use the term "Web 3.0" means that the person who "claims" it is nothing more than an opportunistic douchebag. He didn't invent shit.

time & money

[Anonymous Coward]

i thought facebook was waste of time now waste of money too :)

Re:Metal International? Who?

[Archwyrm]

Hold on, let me just check with the federal government to see if they will back up this loan... Yes, based on your trustworthy credentials as a random internet user and the total lack of banking regulation, we will be happy to make this transaction!

Re:mod

[treeves]

"I never metamod and I keep getting these 15 point packs. It's kind of annoying as I stop posting so I can mod."

Almost same here.
I rarely metamod. Especially since the redesign made it so you don't directly moderate the moderation - now you re-moderate the comment and moderate the original moderation depending on whether your moderation agrees or disagrees with the original moderation. Is that as clear as mud?

In Which Country?

[DERoss]

In which country will a financial profile be created for those who don't establish their own Facebook bank account? In which country will people be able to establish a Facebook bank account for themselves?

U.S. law prohibits a bank from establishing a new account for anyone without positive identification and a Social Security number. Facebook, however, requires no such identification; and I certainly would not give Facebook my Social Security number.

By the way, for those of you who do not like being nickled and dimed by your current bank, consider either a credit union or a small, community-based bank. Credit unions still provide free checking accounts and no-fee credit cards. Through their Co-Op Network of ATMs, you can use ATMs from one credit union while having your account at another -- without any ATM fee for at least three transactions per month. Through their Service Center Network, you can do a teller transaction for your account at one credit union while at a competing credit union. (Picture trying to make a deposit to your Bank of America account while at a Wells Fargo Bank.) While these features might not be available at small, community-based banks, they often have free checking accounts and no-fee credit cards; they also seem to charge less than large banks for safe-deposit boxes.

Wank

[Married to Christ]

Editor made a mistake, article title should read, "Facebook to be worlds biggest wank by 2015"

Oh cool!

[Anonymous Coward]

When will I be able to apply for a Mortgage using Facebook? Auto-loans?

Hmmm...

What a useless fucking article.