Internet earnings without trust in dollars

internet earnings without trust in dollars

WhatsApp A NEW commodity spawns a lucrative, fast-growing industry, prompting antitrust regulators to step in to restrain those who control its flow.

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A century ago, the resource in question was oil. Now similar concerns are being raised by the giants that deal in data, the oil of the binary options strategies on 24option era.

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They are the five most valuable listed firms in the world. Amazon captures half of all dollars spent online in America. Google and Facebook accounted for almost all the revenue growth in digital advertising in America last year.

Such dominance has prompted calls for the tech giants to be broken up, as Standard Oil was in the early 20th century. This newspaper has argued against such drastic action in the past.

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Size alone is not a crime. Nor do these firms raise the alarm when standard antitrust tests are applied.

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Far from gouging consumers, many of their services are free users pay, in effect, by handing over yet more data. Take account of offline rivals, and their market shares look less worrying. And the emergence of upstarts like Snapchat suggests that new entrants can still make waves.

But there is cause for concern. A new approach is needed.

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Quantity has a quality all its own What has changed? Smartphones and the internet have made data abundant, ubiquitous and far more valuable.

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Whether you are going for a run, watching TV or even just sitting in traffic, virtually every activity creates a digital trace—more raw material for the data distilleries. As devices from watches to cars connect to the internet, the volume is increasing: some estimate that a self-driving car will generate gigabytes per second.

Meanwhile, artificial-intelligence AI techniques such as machine learning extract more value from data. Algorithms can predict when a customer is ready to buy, a jet-engine needs servicing or a person is at risk of a disease.

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Industrial giants such as GE and Siemens now sell themselves as data internet earnings without trust in dollars. This abundance of data changes the nature of competition. Technology giants have always benefited from network effects: the more users Facebook signs up, the more attractive signing up becomes for others. With data there are extra network effects.

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By collecting more data, a firm has more scope to improve its products, which attracts more users, generating even more data, and so on. The more data Tesla gathers from its self-driving cars, the better it can make them at driving themselves—part of the reason the firm, which sold only 25, cars in the first quarter, is now worth more than GM, which sold 2.

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Vast pools of data can thus act as protective moats. Access to data also protects companies from rivals in another way. The case for being sanguine about competition in the tech industry rests on the potential for incumbents to be blindsided by a startup in a garage or an unexpected technological shift.

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But both are less likely in the data age. They own app stores and operating systems, and rent out computing power to startups. They can see when a new product or service gains traction, allowing them to copy it or simply buy the upstart before it becomes too great a threat.

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By providing barriers to entry and early-warning systems, data can stifle competition. Who ya gonna call, trustbusters? The nature of data makes the antitrust remedies of the past less useful. Breaking up a firm like Google into five Googlets would not stop network effects from reasserting themselves: in time, one of them would become dominant again.

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A radical rethink is required—and as the outlines of a new approach start to become apparent, two ideas stand out. The first is that antitrust authorities need to move from the industrial era into the 21st century. When considering a merger, for example, they have traditionally used size to determine when to intervene.

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The purchase price could also be a signal that an incumbent is buying a nascent threat. Trustbusters must also become more data-savvy in their analysis of market dynamics, for example by using simulations to hunt for algorithms colluding over prices or to determine how best to promote competition see Free exchange.

The second principle is to loosen the grip that providers of online services have over data and give more control to those who supply them. More transparency would help: companies could be forced to reveal to consumers what information they hold and how much money they make from it.

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Governments could encourage the emergence of new services by opening up more of their own data vaults or managing crucial parts of internet earnings without trust in dollars data economy as public infrastructure, as India does with its digital-identity system, Aadhaar.

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