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Would Abolishing Privacy Be Beneficial?
Humans are probably not very well adjusted to living in a world where they would always be watched and where their actions would continuously be scrutinized, by friends and third parties.
Obsessive peering into the life of others would become common, leading to another epidemic of individuals who are unable or unwilling to work
Bullying among children would go up as it will be easier to find out who is different and doesn't fit in, which would affect the long term mental health of the individual if they are unable from the get-go to fit in.
People will stop revealing their feelings (opinions) in fear of blow-back; this could ultimately hinder debate & free-speech. How will the database differentiate between opinion & fact - "who or what decides what's fact & what's opinion & what defines the process?
It would be the first time in humanity's history that humans would not have any place to withdraw to and be safe from prying eyes.
Nobody is perfect. The worst of humanity would then come to bear at any opportunity, creating a world of misery dominated by the lowest common denominator.
Humans are capable of adapting to all kinds of environments.