Anit-Trust Bill Targeting Google And Facebook

in LeoFinance2 months ago

The United States Government is stepping up its attacks on the likes of Google and Facebook. In fact, Amazon and Apple are also in the mix.

There is a bill that is being developed in Congress, which has partisan support, that targets these four companies primarily. Their combined market cap is over $6 trillion. So we are dealing with some of the biggest organizations in the world.

We also know these companies influence almost every aspect of our digital, online activities. From the social media content we consume to the platforms on our phones, one of these entities has a hand in most of what we do.


Source

The idea is to "level the playing field". Companies of this nature get so big that they completely take over. When entering a particular arena, being a fair bit better doesn't equate to just a slight edge in market share. It end up in almost total control.

Our siloed Internet means that most of us operate behind the walls these companies erect. All that data that is generated resides on their system. They use this data to either monetize their operations or to target us for more purchases. The ability for a newcomer to break in is almost impossible.

Recently, we saw a lot of this come to light with the lawsuit that was filed by Epic Games against Apple. This is an important step since the accusation is that Apple basically can decide "winners and losers". At the same time, Apple takes what many consider an onerous percentage of the revenues raised off the selling of these applications through its store.

The question is whether this will really have any influence. There does not appear any discussion of breaking these companies up, thus they are going to be able to continue forward in their present state. Often, in anti-trust matters, breakup is the only way to stop monopolistic behavior.

Instead, the goal appears to be aimed at allowing more competitors into the field. While this could be considered noble, the challenge is that no matter what is written down, these companies will find a way around things. That is the issue with trying to legislate a problem away; one cannot simply think of every variable. Over time, these companies will come up with ideas that are outside the framework of the bill presently being put together.

Of course, in the dispute, there is the usual rhetoric being tossed back and forth. Representatives for the industry spew the usual nonsense about consumers being hurt by this and how government is taking over industrial activity. This is the common attack when monopolies are threatened with government action.

The flipside is that politicians see a way to reign in companies that many feel have abused their power. There is little doubt that each of these entities operated in a manner to crush out competition, using their size and market dominance to stifle innovation.

Ultimately, we will likely to see little done that changes things. What does come into play is the idea that we are seeing these companies now under a microscope. Attention is going to be placed upon their activities especially with politicians involved. They will do their usual grandstanding to show how important they are when, in the end, they will like put forth something that has little teeth.


Source

This does provide an opportunity. In the blockchain world, we often discuss how there needs to be a move towards decentralization. Web 2.0 is yesterday's news and, quite frankly, it is unlikely these entities can convert their business model over to what is being developed. Control is at the core of their profitability and Wall Street will not allow that to change. Tim Cook is in a strong position with his board as long as the profits are rolling in. If that stopped, so would Cook's support.

It is simply how Wall Street works.

Blockchain developers are presented with an opportunity to keep adding to their offerings. As more options are available to people, we will see more people utilizing their services. It is slow going but when we consider how long it took a Spotify and Roku to make any noise, development is a grueling process.

To effectively offer an alternative, we need to create a completely new model. Operating within the same parameters is only going to favor the ones who are in control. In reality, these established the system in a manner that best suits them.

Here is where blockchain has the ability to offer something completely new. Tokenization is a powerful mechanism that cannot be underestimated. The incentive layer that comes along with it can truly revolutionize how people approach their digital world.

We are still at the point of developing the infrastructure that is required to stack applications that will capture the attention of users. Whereas the existing system is rather simple to use, the world of blockchain is still extremely technical. This is something that will change over the next couple years, a move that should stimulate more adoption.

This cannot be looked upon as an overnight process. History shows us that the decline is more evolutionary than revolutionary. The newspaper industry, that did not collapse instantly. It took more than a decade before the problem facing these entities was known. Amazon's success took place over the course of two decades, with the "retail apocalypse" only becoming evident in the early 2010s (around 2014). Before that, most were oblivious to what was taking place, including those within the industry.

For the rest of the year, the government's action will be in the media. These companies will be attacked publicly which might present an opening. Even if it doesn't, this will distract them for a while, perhaps reigning in their behavior somewhat. In other words, they might behave if while the eyeballs are upon them.


Source

In the end, the government action will not bring about change. The largest recent anti-trust case in the U.S. was with what became known as AT&T. In 1982, it was broken up under court order. The Telecommunications Act of 1996 was passed as a way to stimulate competition for the "Information Superhighway". The only thing it allowed is for the old Ma Bell companies to get back together, this time through the merger of their wireless divisions.

The difference is that we are now dealing with a more technically advanced group of developers who are intent on providing options. As blockchain starts to grow in terms of the applications, we will see a shift towards this end of the spectrum. There is simply no reason to operate on a Web 2.0 platform if there is a viable one on Web 3.0. So far, we haven't reached that point yet. However, over the next couple years, we will see some things arrive at that level.

And this will be the ultimate threat to many of the major companies in operation today.


If you found this article informative, please give an upvote and rehive.

gif by @doze

screen_vision2025_1.png

logo by @st8z

Posted Using LeoFinance Beta

Sort:  

The politicians aren't going to do much against the companies that put them into office. This is all a show.

Well most of them kind of rely on the traditional banking system for funding. What will change with crypto is essentially a new system to fund projects is things like Defi and creating their own token. So I don't think wall street will have as much control.

Posted Using LeoFinance Beta

Aparently these companies are big and have big market share. There is no day without trillions of megabit being use on their site. I think the bill that tje government want to pass is not bad


Posted via proofofbrain.io

We now live in a world where corporations run the world. They even own power governments so the real risk isn't crypto to government it's actually mega corporations. I do like the fact that instead of breaking them up they are instead allowing for more competition to enter the area. I believe a good portion of people are sick of these large companies and their actions and are looking for alternative means but let's be honest there are slim pickings.

While sure Hive/Leo for example offer some alternatives to this they don't have the userbase which is what would attract people. It's why community is so important but also continues building of that community over time will build a true powerhouse of a platform.

Back on the subject of governments vs corporations though. Just another case of how wasteful our governments have become and powerless they have become. If you have enough wealth you can get away with anything.

The Golden Rule: he with the gold makes the rules.

This was always the case, even in the US. I have a feeling it wasnt as evident to the masses as it is today.

Of course, there is the ebb and flow through life. What is common today will not be the case 20 years from now.

Posted Using LeoFinance Beta

If more competitors are allowed to break the mix, I mean of Facebook, Google and Apple, I don't think it'll change anything, the people who are being exploited and manipulated will still continue being exploited, if people don't participate, get incentives for all these billions garnered by these companies then it's really nothing to me.

Posted Using LeoFinance Beta

People are volunteering to be exploited in many instances. They choose to go to Facebook and YouTube. Mobile usage is a bit different since there is the choice of two.

So we need to be careful about making it all the fault of the corporations. In some of these instances, we make our own grave by voluntarily going to these platforms. Facebook would not have the influence if many just stop signing on each day.

Posted Using LeoFinance Beta

Well I would actually say a lot of people are still Ignorant hence they don't even know that they're being exploited at all. I believe a lot of people don't even understand the secrets to which these exploitations happens, they're just caught up in the craze, not really knowing what happens under.

Posted Using LeoFinance Beta

I would agree. They are unaware that is happening, let alone how it is done. We are seeing a great deal of light shed on it though. The fact that the government of the US is going after mega tech is going to open a few eyes. Most will still be asleep but each day a few more wake up.

Posted Using LeoFinance Beta

Yeah that actions by the government will sure open up a few eyes by all means, however it's it is, the exploitations are too much and people would need to actually understand it in totality to start believing

Posted Using LeoFinance Beta

Thanks for the update, never new those big four were targeted by government.


Posted via proofofbrain.io

pixresteemer_incognito_angel_mini.png
Bang, I did it again... I just rehived your post!
Week 60 of my contest just started...you can now check the winners of the previous week!
!BEER
3


Hey @taskmaster4450, here is a little bit of BEER from @pixresteemer for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

Facebook started when a college kid stole an idea from some twins. The change will not come from old people in D.C. trying to get re-elected, it will come from another kid nobody knows right now willing to do something big.

Posted Using LeoFinance Beta