Another Example...
The Market Ticker - Commentary on The Capital Markets
Logging in or registering will improve your experience here
Main Navigation
Display list of topics
Sarah's Resources You Should See
Sarah's Blog Buy Sarah's Pictures
Full-Text Search & Archives
Legal Disclaimer

The content on this site is provided without any warranty, express or implied. All opinions expressed on this site are those of the author and may contain errors or omissions.

NO MATERIAL HERE CONSTITUTES "INVESTMENT ADVICE" NOR IS IT A RECOMMENDATION TO BUY OR SELL ANY FINANCIAL INSTRUMENT, INCLUDING BUT NOT LIMITED TO STOCKS, OPTIONS, BONDS OR FUTURES.

The author may have a position in any company or security mentioned herein. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

Market charts, when present, used with permission of TD Ameritrade/ThinkOrSwim Inc. Neither TD Ameritrade or ThinkOrSwim have reviewed, approved or disapproved any content herein.

The Market Ticker content may be sent unmodified to lawmakers via print or electronic means or excerpted online for non-commercial purposes provided full attribution is given and the original article source is linked to. Please contact Karl Denninger for reprint permission in other media, to republish full articles, or for any commercial use (which includes any site where advertising is displayed.)

Submissions or tips on matters of economic or political interest may be sent "over the transom" to The Editor at any time. To be considered for publication your submission must include full and correct contact information and be related to an economic or political matter of the day. All submissions become the property of The Market Ticker.

Considering sending spam? Read this first.

2018-09-10 07:00 by Karl Denninger
in Technology , 169 references Ignore this thread
Another Example...
[Comments enabled]

You never knew..... and you never will until and unless you demand this crap stop.

(Bloomberg) -- For the past year, select Google advertisers have had access to a potent new tool to track whether the ads they ran online led to a sale at a physical store in the U.S. That insight came thanks in part to a stockpile of Mastercard transactions that Google paid for.

But most of the two billion Mastercard holders aren’t aware of this behind-the-scenes tracking. That’s because the companies never told the public about the arrangement. 

"Select" advertisers.

In other words, Google picking winners and losers.  The losers are all the small businesses and others who didn't get "selected."  They had less information on purpose, and no level playing field.

What stops MasterCard from selling that same data to your health insurance company?

Nothing.

They own it.  That's how the law is right now.  And they have quietly, over the last few years, gone from collecting just time, date and total ticket amount from a given business (which has a "code" so they know what it's primary business function is -- e.g. a restaurant, a grocery store, etc) into Level 3 data which returns the exact quantity and price on every single item purchased.

This has to change folks, and it must change now because you are being discriminated against right here, right now, today even if the only use is to "prejudice" ads.

You get some opportunity and someone else doesn't.  More to the point you don't on something and someone else does, which means you pay for part of their <X>, where X is whatever it was -- whether it's health care, a product in the store, car insurance or something else.

Competition is supposed to prevent this sort of discriminatory conduct from being successful but it doesn't work when there's no actual competition.  If I can catalog everything you look at and do both in the online and real world then I can make damn sure you get screwed in some form or fashion.

This "maximizes" my profits -- gee, isn't Wall Street "enjoying" that right now -- while you are getting hosed.

Those "record profits" don't come out of thin air.

They all come out of your wallet and it's only reasonable if it happens due to a fair market-based exchange, not one where you are intentionally kept in the dark so you can be screwed -- as is the case today.

Go to responses (registration required to post)
 

 
Comments.......
User: Not logged on
Login Register Top Blog Top Blog Topics FAQ
User Info Another Example... in forum [Market-Ticker]
Benthere
Posts: 72
Incept: 2018-06-16

Report This As A Bad Post Add To Your Ignored User List
I assume paypal is no better? I have been paying more in cash as time goes on.
Tickerguy
Posts: 154276
Incept: 2007-06-26
A True American Patriot!
Report This As A Bad Post Add To Your Ignored User List
Not only is PayPal not better their Level 3 ("cart level") data collection goes back to nearly if not to their inception. The same is true for Square.

----------
Winding it down.
Thelazer
Posts: 169
Incept: 2009-05-11

Davenport, Fl
Report This As A Bad Post Add To Your Ignored User List
PayPal, isn't even subject to normal banking rules. I know plenty of people who used paypal for there website, craft store, ebay, etc.. you name it and got there money held or outright taken and had to resort to legal to get it back.
Whitehat
Posts: 720
Incept: 2017-06-27

The People's Republic of New York
Report This As A Bad Post Add To Your Ignored User List
interesting about PayPal is that with all of their granular data, they do not 1099 for less than ~20K or some number of transactions that is rather high. in most normal professions, including mine, that starts at $600.00. kind of tells one what they are really interested in.

----------
There are two ways to be rich: One is by acquiring much, and the other is by desiring little.
snow, seasons, distance and dirt roads: SSDD
"Be not deceived; God is not mocked; for whatsoever a man soweth, that shall he also reap" (Gal. 6:7)
Mangymutt
Posts: 654
Incept: 2015-05-03

Vancouver WA
Report This As A Bad Post Add To Your Ignored User List
Benthere - I was in a position where someone was making recurring payments to me.

For a multitude of reasons they were cash payments. However, the person kept complaining, "I have to go to the bank to get the money out" or "The bank charges me a fee every time I go to their ATM" or Whatever. And they kept telling me to get Venmo, because it was SOOOOOOO much easier.

Long story short a couple months ago in a moment of weakness and frustration I finally relented and installed Venmo. Once I did I got a list of people who also have Venmo. On that list I could see the time and amount and if the Venmo user chose the "reason" a payment was made.

I am a person who happens to be slow to anger, but when that pot starts boiling, it is hard to put things back in place.

Most of the people coming up on my Venmo list were starngers or people who I was mildly associated with, some I actually knew, but the one that took me from simmer to full blown boil was my daughter. My daughter is a full grown woman who has taken care of herself, by herself for the past 7-8 years. Whether she cared what I saw she was paying or receiving through Venmo is not the point. I did not ask to see it nor did she give me permission. But it was there in plain view.

At that point I stopped any and all of my Venmo transactions and demanded payment be made in cash the way we originality agreed upon.

If I can see the financial transactions of family, friends and complete strangers, how much more (I believe it is Paypal who owns Venmo) how much more is Paypal tracking?

Now if my daughter or whoever wants and believes it's ok for the world to see some of her financial transactions, there is nothing I can do about that. But the question for them is why would they want that?

Whitehat
Posts: 720
Incept: 2017-06-27

The People's Republic of New York
Report This As A Bad Post Add To Your Ignored User List
Mangymutt wrote..
Now if my daughter or whoever wants and believes it's ok for the world to see some of her financial transactions, there is nothing I can do about that. But the question for them is why would they want that?

to get them used to their lives being public, to get them used to be surveilled, to get them used to being subject to scrutiny of SJWs, to keep them from speaking out, to having no privacy. this is why millennials always say that they have nothing to hide. it is a mantra to quell their fear. keeping people afraid is the goal for the past two decades and started with the PC movement. it creates a learned helplessness. people who do nothing for themselves will do nothing to challenge the status quo. see the actions of other people trained for generations not to challenge "authority" such as members of the Catholic church, same ****, different *******.

----------
There are two ways to be rich: One is by acquiring much, and the other is by desiring little.
snow, seasons, distance and dirt roads: SSDD
"Be not deceived; God is not mocked; for whatsoever a man soweth, that shall he also reap" (Gal. 6:7)
Thelazer
Posts: 169
Incept: 2009-05-11

Davenport, Fl
Report This As A Bad Post Add To Your Ignored User List
Mangy, how that doesn't violate all manor of privacy laws...
(oh wait, it does....)
Vernonb
Posts: 2202
Incept: 2009-06-03

East of Sheol
Report This As A Bad Post Add To Your Ignored User List
I am getting amazed how the advertising algorithms are being constantly "fine tuned". I've noticed on youtube if I log in after 1am I am assailed by videos to help me sleep. This only occurs at night/early morning.


I only played one video of thunderstorm sleep sounds in the past. Makes me wonder what else the are reporting from my account.


----------
"Mass intelligence does not mean intelligent masses."
Idiom
Posts: 142
Incept: 2015-02-20

New Zealand
Report This As A Bad Post Add To Your Ignored User List
Here, if we could show that the governments failure to act on this injures indigenous peoples interests, the government would become liable.

But what would it take to stop it? A fire-walling of banks from all other sectors? Requirements for transaction processors to neither trade information, nor allow it to leave the country?
Robodog
Posts: 293
Incept: 2011-06-12

Report This As A Bad Post Add To Your Ignored User List
As a test, I will be mangling the chip on my V-CC (am a convenience type user) in three days to circumvent this level 3 detail data disclosure and see what repercussions ensue. At most retailers I have observed recently, after two or three failed chip reads, the terminals default to the swipe (desperate retailers certainly do not want that sale waltzing out the door). If the issuing bank does not give blowback, I will repeat the treatment on my M-CC & D-CC. If the issuing bank(s) balks, then begins the process of finding other banks to patronize. I will report back to this forum the results in ~ 45 days, assuming the light is still on here; whenever the shading/colors change, the thought does occur that our host is only human and does not have an unlimited amount of patience & perseverance.

I readily admit this reaction is merely that and neither deals with online commerce nor the paramount issue of why the rights to my data were assigned without consideration and the requisite duty to at least disclose that it is being (mis)used by others.

----------
I believe in only one thing: liberty; but I do not believe in liberty enough to want to force it upon anyone. ~ H.L. Mencken
Tickerguy
Posts: 154276
Incept: 2007-06-26
A True American Patriot!
Report This As A Bad Post Add To Your Ignored User List
Level 3 is not tied to the chip it comes from the POS and terminal integration. They'll still get it.

----------
Winding it down.
Rollformer
Posts: 351
Incept: 2013-02-13

Report This As A Bad Post Add To Your Ignored User List
Interesting how they wont share it with me, whose data it is. I might even find it useful.
Login Register Top Blog Top Blog Topics FAQ