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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."
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?
"Science flies us to the moon. Religion flies us into buildings." - Victor Stenger
More like Mental International, if he thinks anyone believes bullshit like that.
Confucius say, "Find worm in apple - bad. Find half a worm - worse."
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.
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?
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?!?
I find this article to be somewhat lacking on credibility.
This is some guy who claims to have invented "Web 3.0" telling us that traditional banks will be creating Facebook profiles on our behalf to track our credit rating? Based on what?
This is some marketing idiot who is trying to push an idea.
I'm sorry, but this stupid article doesn't do anything to make me want to get a *(&%^&*$^ Facebook account. In fact, it reinforces the perception that Facebook is overhyped, with everybody thinking it's the most significant thing to ever happen.
Biggest bank by 2015? Mandatory Facebook accounts? What drivel. Someone needs to give this guys a smack.
Lost at C:>. Found at C.
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.
More like Mental International, if he thinks anyone believes bullshit like that.
Close. It's actually *Mental Institutional*
Post may contain irony: discontinue use if experiencing mood swings, nausea or elevated blood pressure.
"Also, I invented the question mark", Rutkowski added.
Proverbs 21:19
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.
"...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...
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.
I will bend like a reed in the wind.
Will facebook still be around in 4 years? I half expected something else to have majority share by then
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.
There are no loopholes. It's either legal or it's not.
This comment made more sense than the original post.
Tom Geller
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?
Facebook to apply for TARP funds from the Obama administration. :-)
[Insert pithy quote here]
I can't believe this hasn't been posted yet...
http://xkcd.com/605/
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.
If Facebook ever gets a bailout humanity officially becomes a doomed race.
I don't know how many years on this Earth I got left. I'm going to get real weird with it. - Frank Reynolds
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'.
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.
"16MB (fuck off, MiB fascists)" - The Mighty Buzzard
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.
My first Journal Entry ever, in 8 years! http://slashdot.org/journal/365947/aphelion-scifi-fantasy-horror-poetry-webzine
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.