We have access to more information than ever before, but the true costs are hidden. Dado Ruvic / Reuters
We have access to more information than ever before, but the true costs are hidden. Dado Ruvic / Reuters

What is the real price of social media?



Social media seems innocent enough. Websites such as Facebook and Twitter give you the power to connect with your friends and the world in uniquely powerful ways. Whether it is a friend from school who lives on the other side of the world or a news event that could change the course of history, social media gives you the power to organise what you want to see and how you want to see it with no cost attached. Or does it?

You don’t have to be a tech genius to know that social media operates according to algorithms that calculate a variety of metrics to produce results such as new posts on your Facebook wall. These metrics include what you like, what you comment on, which websites you visit and even which friend profiles you return to more than others. The result is a streamlined experience whereby companies provide you results they believe will keep you on their platform and, hopefully, click on adverts that have been tailored to your interests. Sounds harmless – but this power is having a profound effect on the type of information we see on the internet.

When someone opens a newspaper or visits a library, items randomly catch the eye. This serendipity has always been vital to a well-balanced approach to information. While you might open the paper to see the result of the Manchester City football match, you could end up seeing an article about a new flu drug that is having great results in Sharjah. If our information stream is tailored solely to items that algorithmically make sense based on our previous serach history, chance is lost or placed solely in the hands of advertising companies.

Facebook has already been accused of supressing information about Donald Trump in favour of Hillary Clinton. Snapchat, the video sharing platform, is planning to make its own content, which presumably will be tailored to a narrow set of users. Underlying these changes to how we access information is the illusion that the user is in control and that social media companies open up a world of possibility. The opposite is true, as users give up their access to chance and accept what these advertising companies believe they want to see or read.

MATCH INFO

What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae

In numbers

Number of Chinese tourists coming to UAE in 2017 was... 1.3m

Alibaba’s new ‘Tech Town’  in Dubai is worth... $600m

China’s investment in the MIddle East in 2016 was... $29.5bn

The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn

Boost to the UAE economy of 5G connectivity will be... $269bn 

Aquaman and the Lost Kingdom

Director: James Wan

Starring: Jason Mamoa, Patrick Wilson, Amber Heard, Yahya Abdul-Mateen II 

Rating: 2/5

 

 

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

A cryptocurrency primer for beginners

Cryptocurrency Investing for Dummies+– by Kiana Danial 

There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine. 

Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer+(2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.

Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.

Begin your cryptocurrency journey here. 

Available at Magrudy’s , Dh104 

GROUPS

Group Gustavo Kuerten
Novak Djokovic (x1)
Alexander Zverev (x3)
Marin Cilic (x5)
John Isner (x8)

Group Lleyton Hewitt
Roger Federer (x2)
Kevin Anderson (x4)
Dominic Thiem (x6)
Kei Nishikori (x7)

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

World Cricket League Division 2

In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.

UAE fixtures

Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

Women’s World T20, Asia Qualifier, in Bangkok

UAE fixtures Mon Nov 20, v China; Tue Nov 21, v Thailand; Thu Nov 23, v Nepal; Fri Nov 24, v Hong Kong; Sun Nov 26, v Malaysia; Mon Nov 27, Final

(The winners will progress to the Global Qualifier)

Our Time Has Come
Alyssa Ayres, Oxford University Press

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices