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EU to block Big Tech from new financial data sharing system
- senorqa 1y agohttps://archive.ph/FUYvv https://archive.ph/FUYvv
- bigfrere 1y agoinsane. so obviously european consumers need to detach themselves from the government as much as possible
- Incipient 1y ago>knowing people’s spending and saving behaviour Uhh. I passionately don't want mega corporations to have this information about me - European or not. My bank has it, but even then I'd rather they didn't! If companies can trivially identify people bad at saving...that won't end well.
- bigfrere 1y ago[dead]
- nine_k 1y ago> If companies can trivially identify people bad at saving...that won't end well. Pray elaborate. How do you see the consequences? I can see many possibilities.
- dotnet00 1y agoI think the most obvious negative outcome would be advertisers, particularly those running scams, directly targeting those who are bad at saving.
- charcircuit 1y agoWhy is that a negative outcome (not in the case of scamming)? The advertiser makes a sale, and the customer gets something that they find value in. It's a win win situation.
- viccis 1y agoWhy is that a negative outcome? The fisher gets a fish, and the fish gets a delicious worm offered directly to it.
- esseph 1y agoSales for payday loans, or 40%+ personal loans, etc. Any sort of exploitation that can be aimed that that person.
- tossaway0 1y agoIn general, advertising seeks to manipulate. It is not at all based on trying to link people’s needs and wants to those who provide that.
- dotnet00 1y agoIt's kind of like intentionally targeted advertising of alcohol to alcoholics and recovering alcoholics. Probably not explicitly illegal to do, but an unethical move that props up social harms for no constructive reason.
- denkmoon 1y agoIntensification of the already powerful psychological warfare waged on regular people to separate them from their money and concentrate it in the hands of those with enough wealth to engage in this kind of psychological warfare.
- smileybarry 1y agoDyamically-adjusting (higher) pricing to take advantage of your spending problem, for one.
- totetsu 1y agohttps://doctorow.medium.com/https-pluralistic-net-2024-12-17-loose-flapping-ends-luigi-has-a-point-db7e46c1c9c9 https://doctorow.medium.com/https-pluralistic-net-2024-12-17... > The less money you have in your bank accounts and the more you owe on your credit cards, the lower the wage the app will offer you.
- surgical_fire 1y agoThe only insanity is allowing those corporations to operate freely in Europe. European consumers should detach from US big texh as much as possible.
- bigfrere 1y agothe government is the only company that is obligatory. any other is optional the mega corporation that spends 50% of all resources says it wants a slice on the other half
- eru 1y agoYou can vote with your feet and move to a place where the government takes less than 50% of GDP..
- bigfrere 1y ago[dead]
- grimblee 1y agoSorry but how optionnal is google, really ? Even if you are tech savy enough to use better tools, the rest of the world is still sharing their data with them and so your data too as you interact with it.
- moi2388 1y agoIt’s not. Every transaction has 2 parties. I can decline and still all my information could be known. No thanks.
- saubeidl 1y agoThe government is not a company. It is our democratically elected representation and by smearing it, you are smearing the people.
- esseph 1y agoPeople don't necessarily want the same things you may.
- hsuduebc2 1y agoBecause they try to restrict access to companies being notoriously known for their malicious use of consumer data? This seems little bit extreme.
- grimblee 1y agoNo ? I'm glad my financial data won't get in the hands of facebook and google, thank you.
- hulitu 1y ago> No ? I'm glad my financial data won't get in the hands of facebook and google, thank you. Don't you have a phone ?
- saubeidl 1y agoDo you by any chance work for US Big Tech?
- throwaway13337 1y agoThe EU's bank count per capita is tiny compared to the US. Their offers are never competitive if you compare to the US banks (e.g. interest rates, apps that actually work, customer service, etc). They lack competition due to over-regulation, which, if you understand the history of corruption within banking in europe, should not imply good regulation. Regulating big tech is good. Kill gatekeeping platforms and engagement-driven newsfeeds that are tearing us apart. I wish they could do that. Big tech competition with banking, on the other hand, would be welcome. It's too bad, too, because overall the EU in most places has a history of better representing their citizens. I wish that mechanism was more functional. My experience is living in 3 EU countries as an American - the banks are similarly terrible and entrenched in each.
- eru 1y agoHaha, historically Americans over-regulated their banking system, and got rewarded with frequent banking crises in return. (And America was the only major economy with that problem.) Eg until a few decades ago many American states banned banks from having more than one branch. See also the big struggles Walmart had in trying to become a bank; and conversely see how US banks are (or at least were) banned from serving their customers coffee..
- est31 1y agoWhich EU countries have those been? The EU has recently reduced fees for one of the biggest instant payment systems of the world (SCT inst reaches the Eurozone's 350M residents). Compare the quality of that to a wire or to a ACH transfer. EU is also ahead with security. PSD2's requirements go further than US requirements, and they are also ahead in the magnetic swipe card phaseout. Wise and Revolut, two companies which brought a lot of innovation to international money transfer, were founded in the EU as well (since 2020 not EU companies any more). Of course, all of this doesn't mean that the average EU bank doesn't suck. But I heard worse of the US.
- hsuduebc2 1y agoThis is a good step. The notoriously malicious actors should not have access to last piece of data they do not have which is the most sensitive data you can acquire. EU should also take a look at Visa and Mastercard. Skimming fraction of most retail payments in Europe for an obsolete service that adds little real value is crazy. With the digital euro ecosystem, Europe has a unique chance in the coming years to build its own payment rails and end this dependency.
- kyriakos 1y agoReally like the idea of digital euro unfortunately when you look at the timeline for implementation I am skeptical if it will ever become a reality. Changing politics are not favouring long term projects. I would have expected it to be live sooner.
- unmole 1y agoCBDC's are a gimmick. Alternatives like Union Pay and Rupay and were built without any of this nonsense. Same for Pix and UPI.
- hsuduebc2 1y agoIt is good that Europe is keeping some distance from Big Tech. This kind of infrastructure has enormous influence on people here and US companies can easily bend to the whims of whichever administration is in power. That is dangerous, as unpredictable as Russian gas which was used to blackmail us. Strategic systems should not be in foreign hands, especially given their reputation.
- moi2388 1y agoGood. Foreign tech should have no place in the EU. It’s continuously been used to violate rights to privacy and even spying on companies, individuals and politicians.
- unmole 1y agoThe EU is perfectly capable of violating user privacy without the involvement of foreign tech.
- Nasrudith 1y agoYeah, what the EU needs is its own domestic tech to violate rights to privacy and spy in companies, individuals and politicians. We call that sovereignty!
- moi2388 1y agoYes. Because they are easier to subject to repercussions.
- thehamkercat 1y agoOn one hand EU does things like this^ to protect their people (like right-to-repair stuff, also made apple use USB-C instead of lightning and whatnot) but then they try to implement severe privacy-invading shit like chat-control, what's happening?
- wojciii 1y agoLike all bureaucracies .. the left hand doesn't know what the right hand is doing. Also our government (I'm a citizen in the kingdom of Denmark) doesn't listen to experts when it comes to IT/security/encryption and is making a fool of itself.. It will pass.
- izacus 1y agoBecause the world view of people leading EU isn't the same as American "corporations and the state are the same thing'. Once you get that, a lot of thing start to make sense.
- rsynnott 1y agoThe EU isn't one single decision-maker. There was a brief period where the EU had both the GDPR and the Data Retention Directive, which were practically contradictory (the courts nuked the Data Retention Directive).
- ranguna 1y agoThe EU is not one voice. It's comprised of multiple member states, each one with their own views and opinions. One member state proposed privacy friendly laws and it passes, another proposed privacy invasive laws and it doesn't pass. It's a distributed democracy.
- vader1 1y agoThis sounds great! Does anyone know what this means for Google Pay and Apple Pay? In this country there's not a single bank anymore that offers contactless payments without going through Google or Apple...
- seec 1y agoI blame Apple, who hindered the adoption of alternative NFC payment apps by disallowing access to the hardware for developers. Banks wanted to make their own payment solution but since they definitely couldn't on iOS it was pointless to come up with a separate solution for Android. So, they negotiated a contract with both tech firms and that was it.