7 ms·

This is quite stupid if you ask me; data is the gold of our times, we should have regulations in place that allow individuals to trade certain amounts of data w

This is quite stupid if you ask me; data is the gold of our times, we should have regulations in place that allow individuals to trade certain amounts of data with companies in exchange for money and/or a service - it shouldn't be one way only as it is now, they take everything a make a profit off of it. Some Blockchain startups are coming up with ideas on how to solve a marketplace of data, but I fear it's not enough yet and it will die down with the ICO craze.

EnderMB 8y ago
I like the idea of personal data regulation, but I can't imagine it being easy to enforce, when data can be passed with complete ease and without any detection when compared to moving expensive physical goods. The big problem right now is that Cambridge Analytica/Facebook are about to set a precedent for large-scale data misuse by receiving little to no punishment. In a fair world you'd be right, and regulation would exist to give Facebook and co a big enough fine for their breach of trust to ensure that no one ever does this again.
- devilmoon 8y ago
  GDPR seems to be on the right track, but I still fear that misuse will not be fined enough; if I remember correctly, it should be 20M or 4% of your gross profit worldwide, whichever is higher, and that'd be a joke to a company like Facebook. The other problem to consider with GDPR is that it might set a barrier to entry too high for potential competitors to Facebook to emerge, which on the other hand has enough money to comply/pay the fines right away.
  - majewsky 8y ago
    Wasn't it 4% of your worldwide gross revenue? That is much more substantial. But I guess it would still be profitable for FB to pay such a fine every few years in order to be able to continue doing business in the EU.
    - devilmoon 8y ago
      I think you are right on the revenue part. Yes, it would still be profitable, the only thing I'm not sure about is if the fine would be cumulative for every misuse instance (i.e. in the Cambridge Analytica situation, 50M * 4%WGR) or if, every time a misuse is found, it's a una-tantum fine. Might also be FUD to force countries in the EU to regulate tax at the same level, but I doubt Ireland/Holland will go down without a fight
- fuck_google 8y ago
  Is 4 % of worldwide turnover enough? https://en.m.wikipedia.org/wiki/General_Data_Protection_Regulation https://en.m.wikipedia.org/wiki/General_Data_Protection_Regu...
Omnius 8y ago
Not supporting FB or any company and their data mining BUT... 'that allow individuals to trade certain amounts of data with companies in exchange for money' This is the premise to what they are doing. We made this cool application and you can use it without paying for it by allowing us to use the data.

EnderMB 8y ago

I like the idea of personal data regulation, but I can't imagine it being easy to enforce, when data can be passed with complete ease and without any detection when compared to moving expensive physical goods. The big problem right now is that Cambridge Analytica/Facebook are about to set a precedent for large-scale data misuse by receiving little to no punishment. In a fair world you'd be right, and regulation would exist to give Facebook and co a big enough fine for their breach of trust to ensure that no one ever does this again.

devilmoon 8y ago
GDPR seems to be on the right track, but I still fear that misuse will not be fined enough; if I remember correctly, it should be 20M or 4% of your gross profit worldwide, whichever is higher, and that'd be a joke to a company like Facebook. The other problem to consider with GDPR is that it might set a barrier to entry too high for potential competitors to Facebook to emerge, which on the other hand has enough money to comply/pay the fines right away.
- majewsky 8y ago
  Wasn't it 4% of your worldwide gross revenue? That is much more substantial. But I guess it would still be profitable for FB to pay such a fine every few years in order to be able to continue doing business in the EU.
  - devilmoon 8y ago
    I think you are right on the revenue part. Yes, it would still be profitable, the only thing I'm not sure about is if the fine would be cumulative for every misuse instance (i.e. in the Cambridge Analytica situation, 50M * 4%WGR) or if, every time a misuse is found, it's a una-tantum fine. Might also be FUD to force countries in the EU to regulate tax at the same level, but I doubt Ireland/Holland will go down without a fight
fuck_google 8y ago
Is 4 % of worldwide turnover enough? https://en.m.wikipedia.org/wiki/General_Data_Protection_Regulation https://en.m.wikipedia.org/wiki/General_Data_Protection_Regu...

Omnius 8y ago

Not supporting FB or any company and their data mining BUT... 'that allow individuals to trade certain amounts of data with companies in exchange for money' This is the premise to what they are doing. We made this cool application and you can use it without paying for it by allowing us to use the data.