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To illustrate op's point I'm going to spin up an instance, federate with everyone, and not tell anyone what that instance is.
Then I'm going to feed all that data into my new website, called Open Lemmy Stats, where anyone can query the user data ive accumulated. The homepage will be ripe with insights, leaderboards and all kinds of data on prolific users.
Additionally, I'll display a snapshot/profile of a random user by feeding that users data to GPT4 to make inferences about the user's political affiliations and display the results.
Worst of all, I'm not going to out my instance for everyone to know it as the one to defederate. In fact I'm spinning up a few instances that will host innocuous communities that I plan to mod and support to give my instances cover for their true purpose: redundant fediverse datastreams for my site, Open Lemmy Stats.
I'll also have a store where anyone can buy my collected fediverse data for a handsome sum.
Just kidding I'm not doing any of this. But someone absolutely will or already is.
I'm almost willing to bet that big tech companies are already doing this. They got the motive and the means. No doubt Meta or Google have dedicated some of their servers to mining our Lemmy data in this way.
With only around 100k users and most people using anonymous usernames that cannot be connected to their identity it would hardly be worth the effort, time or money.
You're looking at this from the wrong point of view. The fediverse is not just lemmy: Threads, Tumblr, even BlueSky (albeit with their own protocol, but anyone could just modify their fediverse enabled app to convert their data to be applicable to BlueSky's protocol) are quickly setting the stage for a new norm. The more websites integrate the fediverse into their stack, the more data outside the immediate sphere of influence of these major corporations can be harvested. To what ends they'll use it, I don't know -- but I don't trust them with it.