The ironic thing about the Facebook data mess is after they get regulated other advertising companies will need huge legal and compliance teams to deal with the new regulations. The regulations could actually build a nearly insurmountable moat for FB.
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Honestly if you’re a giant powerful company it may actually be in your best interest to start doing stuff so egregious that the powers that be try to regulate your industry
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Exactly. Ironically, competition is the only force that truly pushes companies to act in the interest of their users because it aligns the company’s profit motive with the users satisfaction. More regulation, less competition, more bad behavior. more calls for regulation.
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Problem is it's catch-22. Less regulation, more competition, but those competitors are often just corrupt, they just don't have as wide a reach. Look at small banks pre-regulation, and some simply spent all their investor's savings and fled.
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The idea that highly competitive markets are full of extremely ethical people who always prioritise their customers' needs rather than doing whatever it takes to get ahead is for the birds.
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Right, it’s not black and white. There’s a balance to be struck.
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For me, the key to regulation is that it has to be something that companies want to do, but feel that they can't justify losing competitiveness over.
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Not sure how you handle this around data regulation, because I suspect they really don't want to treat your data with respect, and Facebook's hardly being pressured competitively.
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Regulations -> entrenchment, sure, but is the effect really unexpected? Aren't most regulations instituted as people give up hope of breaking a monopoly or they don't think the new entrants would behave any differently?
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I'm pretty cool with destroying the prospects of future surveillance-capitalism competitors. Each one just behaves worse in a race to bottom since they already have to overcome market entrenchment.
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Having to fight the abuses of one FB isn't as bad as having to do that plus fight 1000s of get-rich-quick scammers doing MLM adtech and PII mining.
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It’s a natural monopoly like your utility company. Predictable cash flows but lower multiples
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