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On privacy and the online market economy

You either die a hero, or you live long enough to see yourself become the villain. — Harvey Dent Something similar is happening with Whatsapp today. Its detractors are pointing fingers at Whatsapp for compromising user privacy, knowing full well that the concept of privacy in today’s world is a misnomer. The same people who click on ‘I accept’ without reading a single line of every app license that they use are worried about their privacy. Let me give a context to how this strange world of online commerce became the market economy that today runs the world. The cornerstone of a market economy is the principle of demand and supply. Traditionally a producer would present her product to a consumer, who would evaluate it and then possibly buy it. This gives the seller some capital with which she can then improve the product and sell it to even more consumers. Meanwhile she would also generate revenue and employ people thus pumping back the capital into the market, raising the per-capita in...