Former Facebook Exec: ‘You Don’t Realise It But You Are Being Programmed’

By Jennifer Ouellette on at

This is the year everyone—including founding executives—began publicly questioning the impact of social media on our lives.

Last month, Facebook’s first president Sean Parker opened up about his regrets over helping create social media as we know it today. “I don’t know if I really understood the consequences of what I was saying, because of the unintended consequences of a network when it grows to a billion or 2 billion people and it literally changes your relationship with society, with each other,” Parker said. “God only knows what it’s doing to our children’s brains.”

Chamath Palihapitiya, former vice president of user growth, also recently expressed his concerns. During a recent public discussion at the Stanford Graduate School of Business, Palihapitiya—who worked at Facebook from 2005 to 2011—told the audience, “I think we have created tools that are ripping apart the social fabric of how society works.”

Some of his comments seem to echo Parker’s concern [emphasis ours]. Parker has said that social media creates “a social-validation feedback loop” by giving people “a little dopamine hit every once in a while, because someone liked or commented on a photo or a post or whatever.”

Just days after Parker made those comments, Palihapitiya told the Stanford audience, “The short-term, dopamine-driven feedback loops we’ve created are destroying how society works,” Palihapitiya said. “No civil discourse, no cooperation; misinformation, mistruth. And it’s not an American problem—this is not about Russians ads. This is a global problem.”

It’s as if Parker and Palihapitiya got together at a bar that week to work out their inner demons. When the host asked Palihapitiya if he was doing any soul searching in regards to his role in building Facebook, he responded: “I feel tremendous guilt. I think we all knew in the back of our minds—even though we feigned this whole line of, like, there probably aren’t any bad unintended consequences. I think in the back, deep, deep recesses of, we kind of knew something bad could happen. But I think the way we defined it was not like this.”

He went on to explain what “this” is:

So we are in a really bad state of affairs right now, in my opinion. It is eroding the core foundation of how people behave by and between each other. And I don’t have a good solution. My solution is I just don’t use these tools anymore. I haven’t for years.

Speaking more broadly on the subject of social media, Palihapitiya said he doesn’t use social media because he “innately didn’t want to get programmed.” As for his kids: “They’re not allowed to use this shit.”

Then he got even more fired up: “Your behaviours—you don’t realise it but you are being programmed. It was unintentional, but now you gotta decide how much you are willing to give up, how much of your intellectual independence,” he told the students in the crowd. “And don’t think, ‘Oh yeah, not me, I’m fucking genius, I’m at Stanford.’ You’re probably the most likely to fucking fall for it. ‘Cause you are fucking check-boxing your whole Goddamn life.”

Bitcoin Price Headed for $100,000, Says Trader Who Called Q4 Rally

Bitcoin

A Hong Kong trader who successfully forecast the bitcoin price’s dramatic year-end ascent believes that the flagship cryptocurrency’s rally is far from over.

Dave Chapman, managing director of cryptocurrency trading firm Octagon Strategy, told CNBC’s “Squawk Box” that many analysts scoffed at him when he predicted the bitcoin price would more than double in the fourth quarter and reach $10,000 before the end of the year.

“I was quoted back in August when bitcoin was trading at around $4,000 that we would have a five figure headline by the end of this year,” he said. “I think a lot of people thought I was crazy, a lot of people scoffed at me, but that’s OK.”

However, despite condescending looks from bitcoin bears, the bitcoin price has met — and exceeded — Chapman’s prediction. At the time of writing, bitcoin was trading at $16,615, fresh off a 20 percent rally fueled by the launch of CBOE’s regulated bitcoin futures contracts.

bitcoin price

Source: CoinMarketCap

The bears chalk this movement up to a speculative frenzy, and Chapman concedes that he is a bit concerned about the market’s current “heat”. However, he denies that bitcoin’s value is derived purely from speculation.

“Bitcoin allows the immediate transfer of value from one individual in the world to any other individual in the world, and it does that without a middle man. That’s its value,” he said. “If you look at bitcoin and its impact on finance, it’s really not that crazy to think that bitcoin could be an extremely huge disruptor to finance as we know it today.”

Chapman said that the launch of bitcoin derivatives is a sign that cryptocurrency is “growing up,” and he added that he would not be surprised if the bitcoin price reaches $100,000 before the end of 2018. Nevertheless, he cautioned that becoming too fixated on cryptocurrency prices will cause people to lose sight of the truly revolutionary aspects of the technology.

“The price to me is probably the most uninteresting component about bitcoin. I’m more excited in the applications and more excited about what this means for people who don’t have access to financial inclusion,” Chapman concluded. “If we focus on the price, we’re losing track of the big picture.”

Posted by Josiah Wilmoth

Josiah is a former ancient and medieval literature teacher. He has been writing about cryptocurrency since 2014, and his work has been cited in Business Insider, NPR, and Yahoo! Finance. He lives in rural North Carolina with his wife and son. Email him directly at josiah.wilmoth@cryptocoinsnews.com