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Why is online privacy so important?
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Something else we should also be worried about is data leaks. Investments in consumer data security don't raise stock prices so it'll be underfunded by corps. Suddenly there will be huge breaches of consumer data accessible by everyone.
You can imagine all sorts of black mail attempts,not just by hackers, but ordinary people who know how to sparse the raw data.
You can have private "viewing habits" or edgy jokes you made sent to your company's HR and shit. Also of course now the government has access to all of this information. Can you imagine the government passing some draconian "stop terrorists, and also protect the kids" bill. They could start spying on or even prosecuting those reading material related to stuff like the anarchist's cookbook and similar.
At the end of the day, data that doesn't exist can't be leaked.