It is important to understand Who and How they are profiting from our personal data. Gregory Barber a staff writer of Wired tried to sell his own data through sites like Datum, Doc.ai and Wibson amongst others. He made precisely 0.3 cents.
So how does this work?
William Poundstone, Author of “The Doomsday Calculation” wrote a detailed answer on Quora and It was linked to by Forbes. In the 18th century, by Reverend Thomas Bayes devised Bayes’ Theorem which is now used “to transmute the base metal of personal data into the gold of actionable predictions. The real power of Bayes’ theorem is when you can ..make very unobvious predictions—about what you’re going to buy, how much you’re willing to pay, who you’re going to vote for.”
Companies are selling your data make pretty much what Gregory made – like 10 cents / person. However the ‘Social Security number of someone with good credit…can sell for $60-$80. This is where it transcends into grey and then black.
The 2018 article by Max Eddy for PC Magazine provides perspectives of the how and what of your data. Read them through as we decide for ourselves how we intend to manage our privacy and our personal data.
Where I learnt this #385
How Companies Turn Your Data Into Money
How Do Tech Companies Make Money From Our Personal Data?
I Sold My Data for Crypto. Here’s How Much I Made