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Facebook and Google can cry a river all they want, all they should do is to respect the exicting data proptection laws, be transparent with the individual date they collected and quite some practices, e.g. persinstent tracking cookies, hidden in the like button all over the net.
If they can't follow the same rules countless other companies can, then bye-bye. The European market is too big to them to be neclected, so the threat to leave Europe is all typical lobby blackmailing bs.
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Data protection Laws undermine this business.
Collecting Data by all means necessary is the CORE reason d'etre for web companies like Farcebook.
they are not there to provide, offer, give.. not for free.
Therefor their business is to step over the border and just ignore the rules.
Or sign the agreements and still do what they want.
Who will go and check their servers? the EU? the individual countries? Police departments' IT section? It is not going to happen.
Facebook does not care. The EU does not really care, because they are politicians who need votes...
The one that should care and use his brain is the user.
Nothing is free. "There is no such thing as free breakfast".
With SHV's DRM, people screamt "vote with your wallet!!"
yet, now with a similar "carrot and stick" situation, the userbase it crying and b*tching...??!
The fact that such debate even takes place is "Userfail"
on a VERY large scale.