I totally agree with you. Every technological advance in history has been fraught with danger which eventually comes out and must be handled.
There will have to be new rules on the ethical and legal usage and verification of social content. Banks and other firms are now using social content to help influence major financial decisions about you such as issuance of credit and employment acceptance. Pretty soon I expect that admittance to certain organizations, restaurants, clubs and even retail establishments may be subject to a "social footprint" search and analysis. Social media and content participation discrimination may become even more prevalent than racial discrimination!
As to the subject of identity theft, your identity IMHO is essentially just a snapshot of certain key elements of your life for specific identification purposes, mostly financial in nature. I see something worse, call it a "lifestyle theft" where your good name hijacked for use by someone else and maybe your social postings are altered to change others perceptions of what you stand for. Case in point? The hijacking of passports in the Du Bai murders. The individuals who used the "hijacked" passports were questioned by authorities and they had detailed knowledge of the forged passport identities, including some of their social content.
IBM and other traditionally heavy handed employers recently asked all their employees to "volunteer" their DNA for a major genome research project. What was noticeably absent was a guarantee that the donated genome data would be anonymous and secure from prying eyes. Employees got a thanks from the firm for their volunteering and some cute historical data as to where they may be from, but in exchange now somebody has their DNA which can be used for health, employment and who knows what other types of discrimination.
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