Start Trading Now Get Started
Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Data of the World Unite

By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

Password hackedI woke up today to the news that over 700 million accounts with passwords have been hacked and published. Yes, 700 million, you read that right. This made me receptive enough to something I saw later to want to discuss it.

The CEO of Apple, Tim Cook, has called for new legislation and regulation in the U.S.A. which would ensure anyone could discover what data was held on them, and delete it if they wanted. He sees the required process as starting with the U.S. Congress passing “comprehensive Federal privacy legislation”, followed by the formation of a “data-broker” clearinghouse by the U.S. Federal Trade Commission.

The details of how this might work are widely available online and I’m not an expert on the monetization of data, so I have nothing to add there. A more interesting angle is, could such laws be passed, and what would their effect be? Two questions which are interrelated, so we must with effect.

I say, don’t assume that this would kill the “data-industrial” complex. All those free web services that you use such as Google, Facebook, Twitter, etc. are only free because *you* are the product. If they couldn’t make a profit from collecting, managing and selling your data, they probably wouldn’t exist as there would be no viable business model to generate a profit. This means that if everyone restricted their data using such new laws, it could kill the provision of free web services. Yet it might be that enough people wouldn’t do that to render such data collection business models impossible.

Whether Congress would pass laws mandating this control of data will almost certainly depend upon whether profitable data-based businesses could live with it. There isn’t currently enough public outrage over the collection and monetization of data to push Congress into voting for anything that will significantly hit corporate profits, despite the recent scandals over Facebook.

It is likely that something along these lines, with some compromises, will eventually become law in the U.S.A. and may then be copied in other countries around the world. For example, aggregated data is often monetized, so a creative way might be found to keep individual data sacred while allowing the use of aggregated data.

This debate will widen over the coming years. It may be that a spectacular mega-hacking event, such as the publication of the detailed purchase histories of hundreds of millions of individuals, will push this issue to the fore and get the legislative ball rolling.

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

Most Visited Forex Broker Reviews