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Anonymous is building their own social network.
I don't believe that Anonymous is seeking to compete with Facebook for ad money, based on their latest screed. It appears more that they're trying to explain to the world at large that Facebook can, and likely is, being used by Western governments to spy on their own citizens.
Well if you don't have anything to hide, why should you be worried about a government protecting its citizens? It's better that the government read my Facebook posts than prevent all of us from using facebook because they've blacklisted the site.
In fact, that reminds me of some good advice I learned in my Computer Ethics course in college: ask yourself if you would be ashamed if your mother or grandmother read about what you've done in a newspaper. If you're embarrassed about what you've done, you 1) probably shouldn't do it and 2) certainly shouldn't post about it on Facebook. There's far too many stories about people losing their jobs or getting busted for committing a crime, so if you haven't learned your lesson by now, you're pretty dumb.
I welcome Anonymous' attacks on Facebook. It will demonstrate to Facebook that the privacy of user data is an important concern that they have ignored (and have been overlooking by design). Perhaps they'll be successful and Facebook will be forced to address some of these privacy violation issues. But more likely Anonymous will misfire - they're a loose band of hackers anyway, from what I gather - and whatever disruptions happen will be minimal at best.
That's kind of a glib answer. How can you honestly say you're backing the hackers? Disgraceful.
Anonymous are a bunch of jerks who thrive on screwing things up. For whatever "political" skinning might be attached to the reporting of their actions, their targets are widely different: PBS, Visa, HB Gary, the Australian Prime Minister, etc. There's no sense of a long-term plan and their activities will hurt their causes more than that which they're rallying against. It would be a terrible thing if Anonymous is succesful in their attacks on Facebook. There are many reports of the feds tracking Anonymous members and these script kiddies will have a long time in jail or prison to consider their poor choices.