Pump and dump scam
Only insiders will get rich off this.
CIA-backed data-mining business Palantir is reportedly in talks with banks to take the company public for a blockbuster sum, and could move as early as next year. Peter Thiel’s company – known for its work with the US government, spy agencies and police as well as its reported links to the Cambridge Analytica data-harvesting …
Stockmarkets are at record highs and a lot of them at higher than historic price:profit ratios. Expect a flood of valuations based on this and possibly IPOs hoping to ride the wave before there is, er, a correction. Hence, Uber's ludicrously high IPO scheduled for next year: pension funds beware.
This is why I'm glad I don't rely on funds managed by others. I have ultra low expense index funds, and a handful of really strong individual stocks. I suppose I will own some overvalued Uber or Palatir eventually, but not much as their impact on the S&P 500 etc. will be pretty minor. I don't have to worry about some fund manager getting bribed by Thiel to buy up billions and have it compromise a significant chunk of my retirement!
What data would banks glean from them? Potential customer's Facebook faux pas? Risky credit profile because they like a drink?
Obvious one is a 16 bit value containing some leading numerals, padded with zeros. There's a lot to be made from pimping an IPO, and subsequent financing rounds, consulting etc etc. Then there's the requirement to prevent fees earned from money laundering. See Denmark and Estonia for more billions.. I mean info. Then there's credit risk/fraud prevention, which is increasingly a 2-way street, ie if banks cough up their customer's transaction history, companies like Palantir will 'help them' selves to our data.
And there's time pressure. So people are finally waking up to rampant commercial exploitation and mismanagement of our privacy, so starting to legislate against it. So IPO before that really kicks in and extract your profits.
The sooner the AI singularity occurs and they put humans in a zoo the better
Depending on your online presence, you're there already.
“The technological solution I would like is where .. we have more security with fewer invasions of privacy .. what I would define as actual innovation in a space” Peter Thiel
Palantir or more correctly Palantíri: a crystal ball giving the possessor the ability to observe events both in the present or distant past, as depicted by Saruman in Lord of the Rings.
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