I was one of those kids at one point. In meatspace we have ways to deal with it and online we do as well. Of course if there is no risk to a business then they will put no resources into managing that risk.
>Ad peddling, stealing and selling personal information, that has been detrimental.
So we agree on this part.
> What did happen is that regulation was passed to allow 13 year olds to participate online much to the detriment of our society.
My claim is that if "we" hadn't allowed 13 year olds to sign away liabilities when they registered on a website there would be fewer minors using social media in environments that are mixed with adults; more specifically guardians of minors would be required to decide if their kids should have access and in doing so would provide the correct market feedback to ensure that sites of great value to minors (education resources being top of mind for me) would receive more market demand and at the same time social platforms would have less impact on children as there would be fewer kids participating in anti-nurturing environments.
The missed opportunity was to provide privacy protection before everyone stepped into the spotlight. The limitations on RSA key sizes etc (symmetric key lengths, 3DES limits) did not materially affect the outcomes as we can see today. What did happen is that regulation was passed to allow 13 year olds to participate online much to the detriment of our society. What did happen was that business including credit agencies leaked ludicrous amounts of PII with no real harm to the bottom lines of these entities. The GOP themselves leaked the name, SSN, sex, and religion of over a hundred million US voters again with no harm to the leaking entity.
We didn't go wrong in limiting export encryption strength to the evil 7, and we didn't go wrong in loosening encryption export restrictions. We entirely missed the boat on what matters by failing to define and protect the privacy rights of individuals until nearly all that mattered was publicly available to bad actors through negligence. This is part of the human propensity to prioritize today over tomorrow.