The blue 'Privacy settings' box in the bottom right corner is a new legal requirement under GDPR (General Data Protection Regulation). It can’t be dismissed or hidden as the idea is that it must be easy to access at all times should you wish to change your settings.
An explanation of quote folding
Here's an explanation of quote folding...
You can adjust your preferences for this in your Quote settings.
If you choose not to fold your quotes at all, this is what you see when several different posts are quoted at the same time:
If you choose to fold your quotes, this is what it will look like:
In the above example, I chose to fold it after three posts have been quoted.
You can then expand the list by clicking Show previous quotes or collapse the list by clicking Hide previous quotes.
Hope that makes sense!