By Doug Miller
Back in the 1800s, the possibility of striking it rich simply by picking up gold nuggets that were lying in creek beds – getting something for nothing – was a lure that hundreds of thousands of people couldn’t resist. Today, personal data is the new valued resource and it has become this century’s “gold nugget lying in a creek bed” to simply be collected for free and sold for millions. You might think that the gold extracted in a typical gold rush was much more valuable than personal data could ever be, but the revenue generated from mining personal information is worth much, much more. For example, the California gold rush that lasted about 16 years generated 8.3 million troy ounces of gold which would be worth over $13 billion at today’s prices. But today, Google makes over three times that much in one year from its advertising business which is built upon mining and refining vast amounts of personal data.
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