Re:The Absence of Data Privacy Law Is a National Security Th...
by BLKNSLVR on Friday September 08, 2023 @11:50PM
(#37442117)
Totally in agreement with the Kant paraphrasing sentiment.
Re-reading my comment, I did use language that was too strong. I wasn't trying to say entirely held up, but that it would have a non-trivial, even-a-layman-would-notice effect. I wouldn't predict a 2008-scale crash, but I would predict a crash that would make global headlines.
Microsoft, Apple, Amazon, Nvidia, Alphabet, Meta, and Tesla make up over 50% of the 'weight' (market cap?) of the Nasdaq[0]. I'd argue that all but Nvidia would have fairly significant changes to make to their operations and software if (worthwhile) privacy legislation was put in place (Apple and Tesla less obviously, but definitely non-zero).
It would also potentially entirely negate the raison d'être of a number of companies that exist purely to collect, aggregate and trade private data, partially as their data sources are immediately dried up, and partially because their stock-in-trade has been outlawed.
I don't think it'll ever happen though, because politics has very quickly become addicted to this data. Politics is providing the umbrella for the bloodsucking surveillance, tracking, and targeted-advertising industries.
Politics may put forward some kind of sop to the privacy-nuts making a big noise, but it would be totally and absolutely toothless. Written intentionally ambiguously enough as to be easily circumnavigated, and there would be little to no funding for enforcement.
Re-reading my comment, I did use language that was too strong. I wasn't trying to say entirely held up, but that it would have a non-trivial, even-a-layman-would-notice effect. I wouldn't predict a 2008-scale crash, but I would predict a crash that would make global headlines.
Microsoft, Apple, Amazon, Nvidia, Alphabet, Meta, and Tesla make up over 50% of the 'weight' (market cap?) of the Nasdaq[0]. I'd argue that all but Nvidia would have fairly significant changes to make to their operations and software if (worthwhile) privacy legislation was put in place (Apple and Tesla less obviously, but definitely non-zero).
It would also potentially entirely negate the raison d'être of a number of companies that exist purely to collect, aggregate and trade private data, partially as their data sources are immediately dried up, and partially because their stock-in-trade has been outlawed.
I don't think it'll ever happen though, because politics has very quickly become addicted to this data. Politics is providing the umbrella for the bloodsucking surveillance, tracking, and targeted-advertising industries.
Politics may put forward some kind of sop to the privacy-nuts making a big noise, but it would be totally and absolutely toothless. Written intentionally ambiguously enough as to be easily circumnavigated, and there would be little to no funding for enforcement.
[0]: https://www.visualcapitalist.com/cp/nasdaq-100-companies-by-...