They fail to attract talent and they end up regulating big tech which they are unable to even create.
Difference in worldview I suppose.
Saying this as a German: If you take Germany's tech and civil services sector, you're absolutely correct.
There is a world of difference between.
You can't do X
vs.
You have to do Y in this specific way. Which is what this act is going to result in.
It's just another EU powergrab and it helps absolutely no one, least of all european citizens. You can't have innovation in an environment like this. It's already bad in Europe now it will be even worse.
Only 3 parties will benefit from this.
Lawyers, Politicians who can use it as leverage and NGOs who can drum up false narratives and get donor money.
All it does is to protect the incumbents and burry everyone else in bureaucracy.
But hey, by all means if EU wants to be even further behind US and China and not go through yet another decade of not building any significant companies then they should just go ahead.
A bunch of bureaucrats in EU?
Thanks but no thanks.
"So, corporations are bad?"
"No no, not those faceless bureaucracies, obviously."
What the EU is doing is regulation HOW they should act which is the sure way undermine your own citizens ability to stay competitive in the long run.
Rights aren't about "going after those who do us wrong". It's about establishing a relative framework by which we can try to mediate differences in opinion about whose liberties are more important in this or that situation.
Codifying something as a "right" is basically just society's way of signalling that this particular area is one where we all agree we're going to be very reluctant to step on people's individual liberties. But that doesn't mean that there are NO situations where those liberties can be impinged. Incarceration is one example.
You seem to draw a hard distinction between rights and regulation, but they're really just two tools in service of the same goal.
The point is that rights are given to individuals so they can use them if they are violated to get justice in the legal system.
Regulation is forcing companies not just to respect those rights but to force to respect them in a certain way. This breeds stagnation and ends up hurting the rights of the individual because now large companies will be able to push responsibility away under the guise of we followed the regulation.
the fact that so many here on hacker news of all places seems to be ok with that is puzzling.
If you're not in the EU and you don't like their terms, don't do business with them.
Looking at economic trends, this is an increasingly popular choice
Every time I see someone yelling "EU bureaucrats" I can guess that they don't really understand what the word really means.
So even though they might be elected, you can't assume that their actions represent the will of the people (I should really say peoples, plural, because Europeans don't really consider themselves a people either).
Guess who comes up with this crap!
I will add that this type of freezing effect on innovation protects existing elites the most. Can't get disrupted if the competition is outlawed.