Security Issues : Whats App !!!!

1.   WhatsApp had set a new record with 27 billion messages in a day on 13th Jun 2013...now that's hell of a lot!!!!!a huge success by any means in terms of revenue generation and collection of info...as I really wonder if all these naive users most of them who are actually not aware of the kind of critical information they have allowed to be passed on...such applications are currently enjoying huge success banking on the naive users....who don't actually realize the repercussions owing to this valuable personal info loss.....just read these few eye raising conditions before any one installs this app :

- Prevent Phone from sleeping

- Change Wifi state

- write sync settings

- Modify/delete SD card contents

- read phone state

- Read contact data

- Write contact data

- Record audio

- Read my location

- Read my other accounts credentials

2.  If one goes through the deeper insights of all these aspects that the user has to invariably accept for enjoying the application thinking its free(when he has given invaluable personal info to a stranger) from point of view of security...it starts getting scary...!!!!going through the above terms it is invariably understood that all your contacts info is already gone....now how much is that info depends on how much have you stored...if you have stored the residential address,his email,his other phone numbers etc...that's all gone the moment you install!!!!..and add to this location and hardware details....from a hacker point of view the attack surface is already prepared vide one shot of installation only.....

3.  If Whatsapp says that they respect user privacy and would not submit all the info to any advertising agency or any third party...then y are they collecting all this ?Whats their security architecture?How reliable is that?Do they guarantee a NO-HACK situation?......