A Quote by Evgeny Morozov
As befits Silicon Valley, 'big data' is mostly big hype, but there is one possibility with genuine potential: that it might one day bring loans - and credit histories - to millions of people who currently lack access to them.
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Let's look at lending, where they're using big data for the credit side. And it's just credit data enhanced, by the way, which we do, too. It's nothing mystical. But they're very good at reducing the pain points. They can underwrite it quicker using - I'm just going to call it big data, for lack of a better term: "Why does it take two weeks? Why can't you do it in 15 minutes?"
There are hundreds of millions of people around the globe who could safely repay loans but nonetheless do not have access to a line of credit. Financial institutions in developing economies are broken and inefficient, and hard-working people have not been given the chance to establish a credit history.
People think 'big data' avoids the problem of discrimination because you are dealing with big data sets, but, in fact, big data is being used for more and more precise forms of discrimination - a form of data redlining.
Big data will never give you big ideas... Big data doesn't facilitate big leaps of the imagination. It will never conjure up a PC revolution or any kind of paradigm shift. And while it might tell you what to aim for, it can't tell you how to get there
Silicon Valley has a lot of noise, a lot of hype. People are very excited about all of the Facebook stuff, Facebook applications. It's just been a huge hype over the last year when actually... there isn't really that much value.
I've been reading a lot about Silicon Valley history recently and was struck by just how core the lack of unions has been to the American tech industry's evolution. It's enabled the constant creative destruction that keeps Silicon Valley relevant and thriving in a rapidly changing world.
Right now, with millions of Americans still out of work, and struggling to recover from the worst economic downturn since the great depression, with 40 million Americans dealing with student loans, with millions of people working full-time at minimum wage and still living in poverty, with the big banks getting bigger and the workers getting poorer, and seniors struggling to make ends meet, Republicans in Washington have decided the most important thing for them to focus on is how to deny women access to birth control.
Just as divine authority was legitimised by religious mythologies and human authority was legitimised by humanist ideologies, so high-tech gurus and Silicon Valley prophets are creating a new universal narrative that legitimises the authority of algorithms and Big Data.
Silicon Valley does not breed great technology. Instead, the smartest people from around the world tend to move to Silicon Valley.
I'm probably the worst Silicon Valley insider ever. I don't hang out with Silicon Valley people.
Don't let a lack of big company names on your resume get you down, but also, don't let it feed a Silicon Valley ego. Oftentimes, the best candidates come from startups or smaller companies. It shows they are open to risk and can keep up with the long hours and occasional harsh demands.
I'm a Silicon Valley guy. I just think people from Silicon Valley can do anything.
We live, I regret to say, in an age of Big Data hype.
Too-easy credit and millions of bad loans made during the U.S. housing bubble paved the way for the financial calamity and Great Recession that followed. Today, by contrast, credit is too tight. Mortgage loans are particularly hard to get, creating a problem for the housing market and the broader economy.
Just the number of people - 'Silicon Valley''s a relatively small, core cast, whereas 'The Office' was enormous. Also, I feel more of a sense of ownership of 'Silicon Valley' because I've been there from the get-go.
The USA Freedom Act does not propose that we abandon any and all efforts to analyze telephone data, what we're talking about here is a program that currently contemplates the collection of all data just as a routine matter and the aggregation of all that data in one database. That causes concerns for a lot of people... There's a lot of potential for abuse.
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