Facebook has both good and bad parts; unfortunately, the good part of FB (which helps people connect/stay in touch with each other) doesn't make any money, on the other hand, the bad part that incites jealousy, consumerism and depression is very lucrative.
There is no better company to illustrate the problems of our current economic system than Facebook.
Well it's still unclear Facebook is a good business, they're hardly a good example. I, for one, think it's hilarious how much money goes into the social black hole with minimal appreciable return. But hey, that black hole also pays my bills!
Facebook—the product is possibly better than the other social networks at doing the basics.
Facebook—the company, is morally bankrupt. Arguably the worst of the bunch. The overly invasive data-collection, sharing of data in questionable ways, repeated lying about.. just about everything... etc.
For me, the product is not appealing enough to compensate for the failings of the companies. If it weren't for the fact that so many friends/ businesses/ family rely on it for communications I would quit it entirely.
Facebook reminds me of the story The Ones Who Walk Away From Omelas - the story of the utopian city whose prosperity depends on the perpetual misery of a single child.
At its heart, Facebook can't be honest with what it is. Mark Zuckerberg can't admit to himself that what's good for Facebook is bad for society. That's why he says a lot about "community" and "connection" but never talks about advertising or monetization. Look at his updates - they never talk about the billions of dollars they make (money talk - that's taboo!)
Facebook doesn't make money via advertising. Advertising is a billboard, or a TV commercial. Facebook makes money by selling your private data (oh you're showing signs of depression - try some prozac!). Facebook is a surveillance operation in a way that traditional advertising isn't.
I have a friend who worked on the newsfeed team at Facebook. Nice guy. Smart guy. But he's unable to consider the broader ethical implications of what he's doing. In the Facebook paradigm more engagement = good.
Facebook has contempt for the general public, and for that reason deserves contempt from the general public.
Facebook imo has contributed more positive than negative. It's easy to quickly judge FB as an evil company because of the media recently, but, just for starters, here are a few things FB has done well:
- Connected people from all around the world
- Empowered small businesses
- Is very pro-charity (e.g. "birthday" charity donations)
- Allowed people to organize themselves online (groups)
Profits are a good thing as usually some portion of them are brand new wealth, which makes us all richer. And if Facebook can create new wealth while promoting free speech, then society wins twice. Profits are simply the creation of new wealth and it is ridiculous to think they're bad.
On the other hand, you could equally say that Facebook's business is finding a way to exploit people's personal data for profit. They are no better nor worse than any investment bank.
90% of web startups are "finding new ways for people to waste (their employer's) time so we can show them banner ads". Social good? Just sayin'.
The questions are twofold: does Facebook do more good than bad? Could the good be accomplished without much of the bad? The answers to both questions are arguably bad for Facebook.
Facebook's entire business model is creating people addicted to chaos. It has radicalized people, led to suicides, and caused a huge rift in many countries' political ecosystems. That is their business model, it's the only way they make money.
Amazon, Google, Microsoft etc have flaws but their business models don't depend on creating conflict.
actually it is terrible also for many for-profit businesses. For many industries it's just the wrong platform. Especially for tech or anything not recreational or hobby related. People just don't want to think about work when they are on facebook.
As a user you're always at their mercy regarding any changes in their algorithm. This in itself is not always bad but considering how many times in the past facebook left their customers hanging I wouldn't spend any money there (not anymore). Unless you are a multinational with a 5 figure monthly marketing budget it's no point.
"Zuckerberg's vision of Facebook as a good thing for the world was a lie" - That is such a broad generalization. In the developing world where I live Facebook gives me the opportunity to maintain contact with my family who live on the other side of the world, as I walk the streets of São Paulo, for free. There are hundreds of millions of others like me who keep in contact with their family because of Facebook (and the companies they own). The alternative (cel phone calls and sms) is literally an inch away on our smartphone, but it is such bad quality and so expensive its unusable. For all of us, Facebook is definitely a good thing.
I think the money is the problem. Before Facebook was profitable, it was fun to use and I enjoyed using it. But any competitor to Facebook must be more profitable than Facebook, and if you can’t do that while remaining ethical, then you will lose out. This is why I’m such a fan of regulation because it can level this particular playing field.
Facebook has money because it's Facebook. That doesn't mean how the company is run is good, efficient or worthy of emulating. Everyone I know who's worked there says it's not well run. There are constant articles like this proving it is not, and has not been, well run.
People at HN proclaiming all FAANG companies are equally bad, here’s another feather to the hat. All of them are bad but if u remove the problems at those companies, their core business model can still survive except Facebook. It’s business, at its heart is creating polarization and alternative realities.
I really don't see how by a wide margin Facebook products can be a net positive to the world. They are a net NEGATIVE and probably by a huge margin (if you could quantify it, probably destroying more lives than a lot of defence contractors). Facebook:
- Disrupt democracy all over the world,creating divisive political lines between us.
- Destroys the mental health of millions of teenagers that spend hours on Instagram comparing their lives with the fake lives of other people. An epidemic of mental health is directly linked to Instagram/Facebook
- Make us lose Billions of hours scrolling through a feed of nonsense just to display some ads.
Facebook is a huge net negative to the world. The only justification that I can see working for them is selfish money. Call it what it is, don't come up with some nonsense Koolaid around the product being a positive to the world.
And the size of this problem, managing the entire human race, is part of why they make so much money. They are in front of a lot of people and extracting value from them.
So it seems that they want to keep the profits while not paying the costs to be in this business. While Facebook does bring some benefits to people, it also does a lot of harm, to the point that I'm not sure it's a net positive to the world (or even if it's possible to have a net positive company in this space).
There is no better company to illustrate the problems of our current economic system than Facebook.
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