Comment by jancsika
18 hours ago
Is that necessarily true?
E.g., suppose I'm grocery shopping online and get put in behavioral histogram bin #1. You're in bin #2 because of stuff like impulsive browsing habits and low battery. Your bin's price for chips is consequently x% more expensive than mine.
Now, suppose both of us get separate uber rides from the same location. Similar data bins end up with your low battery generating y% higher price for your Uber.
Seems to me enough consolidation and behavioral data-based pricing practically impedes the fungibility of currency. Because while you and I can still borrow and pay back the currency directly to each other with impunity, the literal price of goods and services we can buy with that currency will be different. I.e., if you buy me a sandwich on Monday and I pay you back with a sandwich on Tuesday, you're losing money.
Edit: for the steel man of what I'm saying, imagine most grocery and convenience stores have shifted away from static pricing to something like qr codes. Also, assume pricing based on personal data is rampant across industries for most basic private goods and services.
The truth is, price differentiation is something we've been doing for centuries, just with much worse heuristics.
People are triggered when you frame it in terms of one cohort paying more than the rest. However, if there's a sticker price that basically nobody pays, with most customers getting a discount based on how rich the heuristics say they are, that's suddenly fine.
Transit tickets work this way in most of Europe. There is a sticker price, but most people don't pay the sticker price. In practice, most tickets are purchased by school children, university students, seniors etc, and they all have varying levels of discounts. Whether you think of it as a "student discount" or as a "probably-rich-person surcharge", it doesn't really matter, in the end, the result is the same. Same applies to cinemas, museums, amusement parks. Here, you even have some grocery store chains that give you discounts if you have a "large family card."
Stick to the steel man.
If our cash system deems dollars with certain serial numbers worth only $0.80 because they have history in the illicit drug trade, that cash is no longer fungible.
How is that functionally different than a system where a dollar of essential goods suddenly becomes $1.20 across most sellers for a particular consumer due to reliable inferences from an digital dossier inaccessible to the user?
In both cases, consumer confidence suffers. The biggest difference I see is that there's a rabid contingent who correctly yell, "Don't fucking mess with that!" with regard to currency fungibility, and a bunch of people saying, "It's complicated," with regard to surveillance capitalism.
Edit: again, to be clear-- I'm talking about individually tailored prices insidiously affecting large numbers of consumers in a consolidated industry for essential goods.
Edit 2: I know surveillance capitalism isn't the same thing as making currency be non-fungible. I'm looking for insight on what the difference is in terms of consumer confidence and other economic impacts.
Edit 3: clarification to narrow my question. If you can't tell yet, I'm earnestly looking for knowledge from someone who studies economics.
You know what else we've been doing? Replacing 2 consumers with 1 consumer when the 1 consumer has more money and is easier to statisfy. Eventually it'll be a couple of billionairs selling a few boner pills for a few million dollars.