Datacoup Offers to Pay $8 a Month for Your Social Media & Financial Data

datacoupHere’s a strange offer: give Datacoup all of your social, browsing, and purchasing history for a month, and the company will pay you $8. Datacoup then strips the personal details out of that stream of valuable information and sells it to advertisers for profit.

Now, if you are browsing the web and imbibing in social media shenanigans, you’re already contributing a lot of information to Google, Apple, Amazon… the difference is, not one of those companies have offered to pay you for sharing your data. At least with Google you are getting free services, but soon, even Verizon and Firefox will get into the big ads business.

According to the CEO of Datacoup, Matt Hogan, nearly 1,500 users have already signed up for the company’s beta trial. Datacoup have yet to sell their paid-for data, but Hogan is optimistic based on initial discussions with potential clients.

There is obviously an infinite number of questions to be considered. Say, if in the future, you don’t want Datacoup to share your data anymore, what are the legal consequences? Does Datacoup plan on telling all customers about how their data is being used? If Datacoup is willing to pay $8 each month for one user – what is the actual cost of that data? Is $8 enough to pay for unintended consequences? Like, what if advertising based on your data is so effective, you end up spending more money each month?

Can I pay a company $8 to stop all ads from attacking my every day existence?