Hey Jess P Morgan Chase
I recently reviewed the movie The Great Hack which is all about the Cambridge Analytica scandal and how social media sites are using big data mining for profit.
We often talk about the importance of data and I'm sure plenty of users on this chain are well aware of the implications of giving away your data to big tech companies. Sites like Facebook, Twitter and Instagram have become targetted advertising and messaging platforms under the guise of the term social media.
The term social media gives off this element of community and user-generated content but in actual fact these sites are more mainstream and mass media than social media, well perhaps not in proportion of content but in proportion of impact, earnings and views then yes mainstream narratives, fake news and propaganda beat any viral video or meme in its reach on these platforms.
Image source: - economist.com
Data more valuable than oil
This has called for privacy regulations and many are fighting the case against the monetisation of big data and while this is an admirable stance against these money-making machines I don't think enough people care about their data to rally behind it, they are so hooked on a free service they cannot see the end goal or value of their contributions.
A layperson who doesn’t understand the value of the right data may have absolutely no use for the same. On the other hand, a smart marketer knows that a robust database is worth its weight in gold.
A good customer can bring in so much business over a lifetime and this is how these platforms make money. Marketers spend money to encourage you to spend your money, it's just an abstract way of getting money out of your pocket and platforms get a piece of all fo that.
Those who work with data on a regular basis - banks, marketers, advertisers, sociologists, scientist, researchers, lawmakers, governments, organizations etc - will attest that data is only as valuable as it is correct.
I've spoken before on how data is an unregulated commodity and these platforms are able to charge large sums of money for certain data elements or certain user profiles as it pertains to a specific market or industry.
You provide all the info, they do all the collecting and sell it off to those who want to speak to you. But you get to access free messaging tools so I guess everyone's happy right? Well, they used to be, but some are starting to wake up to the reality that this deal isn't in their best interests.
Prostitution is one of the oldest forms of employment in the world and while it remains illegal in some parts of the world, in many it is now a fully functional part of the economy.
People feeling as if they want to trade parts of themselves in exchange for money has always been a booming industry and while most of the focus is on those who are forced into these situations, there are people who willingly consent to this type of work.
I won't go into the moral and ethical issues regarding prostitution, I think that's a matter of the individual and there use of their sovereign rights, which I think should be the same for data. If you don't value your data, you should be free to give it to companies who can use it against you. Perhaps you should be compensated for it in some way and included in the data economy for those who opt-in.
While those who opt out should have their privacy respected and if not, they should look at ways to remove themselves from the ecosystem entirely. Just like we have people who are unbanked, we should be able to be "undata'd/undocumented" so to speak, off the grid.
What do you think? Would you be open to selling your data for the monetary reward?
Have your say
Holla at me in the comments! All my commenters I will now refer to as Jessie. Jessie is a good friend of mine, but Jessies got a girl, and I want to make her mine.
So have at it my Jessies! If you don't have something to comment, simply comment "I am a Jessie."
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