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Facebook is very intentionally trading trust for virality. This is b/c most users don't really care. Over time the balance will shift back toward trust.

Google made the opposite choice, and is now shifting its focus to de-emphasize the trust of its users, or put differently, google's new privacy policy (if successful) leverages the years Google spent building trust.

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If by "leverage" you mean "cash out", yes. The official word from the top of Google is that privacy is deprioritized in Google Social, and that the future of Google is Social.

This is a good point but we shall never forget the intersection between FB and G+: if you aren't paying for it, you aren't the customer

That canard doesn't hold sway anymore.

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