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Ken Rutkowski  (Source:
Forty to 50 percent of time spent on Facebook is dedicated to playing games

A successful entrepreneur has predicted that Facebook will be the largest bank by 2015.

Ken Rutkowski, founder and president of Metal International, is an observer of technology and an entrepreneur. Recently, he stated that Facebook would be the biggest bank by 2015 because of Facebook Credits found in games.

Facebook has become a powerhouse in the social networking industry since its launch in 2004. It currently has over 600 million active users, and even had a movie made about its creation called "The Social Network." 

In addition to just socializing with friends, Facebook allows its users to connect through playing games like Farmville, which was developed by Zynga. Farmville is undoubtedly Zynga's most popular game with an estimated value of $12 billion.

"Facebook will be the largest bank by 2015," said Rutkowski. "I hear you say 'how can they be a bank, what's going on?' If you play games on Facebook, which, by the way 40 to 50 percent of the time spent on Facebook is playing games, and those games - like Farmville and Mafia Wars - are paid for and you have to buy credits for that and they are called Facebook Credits." 

Rutkowski mentioned that "old school" media companies have a market capitalization of $241.7 billion while "new school" media companies are valued at $319.7 billion. 

Rutkowski also noted that people who do not have a Facebook profile may want to make one soon because if they don't, a profile will be made for them. 

"Why is it important to have a profile?" said Rutkowski. "They are going to start using that to determine what your credit worthiness is. By the way, if you don't have a profile they will make one for you, so it's better for you to create it and manage it than them. That's why you want to be selective with what you put on there. If you have kids that are being idiots online, make sure you stop them right away as they are creating a pretty negative profile long term and it happens often."

In other news, Rutkowski reported that Apple is now the most profitable retailer in the world. 

"Apple retail stores do $2400 per square meter of floor space compared with Tiffany's which does $700 per square meter per day," said Rutkowski. 

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How can Facebook create a profile without you?
By Senju on 4/14/2011 12:00:27 AM , Rating: 3
What does that exzactly mean?

RE: How can Facebook create a profile without you?
By Fritzr on 4/14/2011 12:12:45 AM , Rating: 2
In the context I think he means the credit bureaus. The implication of the last paragraphs is that credit bureaus will use Facebook as part of the data used to calculate credit score. If you don't have a Facebook profile for them to use, they will create one and insert whatever info they have regardless of accuracy.

It could be done by any third party that has enough info about you to populate a basic Facebook page. The warning in the article is to create the profile yourself so you control what is on it.

It could even be done by Facebook as a courtesy granted to partners generating revenue for Facebook.

By bigdawg1988 on 4/14/2011 2:05:59 AM , Rating: 2
Now what the hell kind of credit worthiness is determined by a face book page? Damn, can credit bureaus get the any more evil? I probably shouldn't even write this, they'll probably lower my credit rating down to single digits....

By TSS on 4/14/2011 9:30:44 AM , Rating: 2
I can hardly call the credit companies evil when their just jumping on the bandwagon everybody else has already jumped on to. Employers have been checking out applicants facebook or comparable social media pages for years now, just to pick an example other then the classic personalized ads, so why shouldn't credit agencies?

It's been said a thousand times but it cannot be said enough. Don't put anything online you don't want other people to know, or aren't willing to stand and fight for. That may still seem exadurated now, but it was alot more ridicolous a few years back, and it'll make alot more sense a few years into the future. Try to think ahead.

RE: How can Facebook create a profile without you?
By AntiM on 4/14/2011 9:31:14 AM , Rating: 2
I think that if this happens, the lawsuits will start flying. I also predict that FB will eventually die a slow death like AOL did.

By kleinma on 4/14/2011 10:38:16 AM , Rating: 2
I agree... nothing lasts forever, people will get tired of airing their entire lives to advertisers on facebook. They simply aren't wise to it now, but once there is some sort of massive data leak, followed by the scary news coverage and tv documentaries on 60 minutes about how your identity is no longer yours, people will back off of facebook. Selling your soul is not worth whatever it is facebook offers.

By Dr of crap on 4/14/2011 10:43:27 AM , Rating: 2
Sorry, but I can't see anyway that your credit score will be tied to a Facebook page.
If you do not incage in any game ply, or post any messages, what credit / personal things can a credit scoreing company get from that?

This is just brainstorming to get a reaction and get people thinking to maybe make it happen.
It won't!

By augiem on 4/14/2011 2:02:40 PM , Rating: 2
If FB can ride the wave a few more years, they could easily mutate and go off in all kinds of random directions like Google did. Although the most likely course seems to be yet another advertising company... yecch...

RE: How can Facebook create a profile without you?
By augiem on 4/14/2011 1:59:36 PM , Rating: 2
I think the guy is trying to get at the idea that a universal online identity is coming and he sees it as Facebook. I doubt FB'll be it, but they are branching out into other areas like universal logins, now FB cash, it's not too hard to see it also growing to handle transactions like paypal, etc.

By augiem on 4/14/2011 2:00:53 PM , Rating: 2
I should clarify... Online identity being your primary identity you use to interact in the virtual and real world when everything out there we interact with is IP connected.

By MrTeal on 4/14/2011 12:11:30 PM , Rating: 2
And people wonder why I won't download the FB mobile app when it asks for access to my contacts, accounts (including passwords) and GPS location.

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