User Agents Or Double Agents?; Agencies, The Agents Of Arbitrage | AdExchanger
Briefly

For the most part, browser operators and consumer tech companies that should offer true user agents have abandoned that philosophy. Instead, the 'user agent' is a product beholden to the business and its bottom line.
In-app browsers are downright traitors that trick people into using a clone of their browser that's stripped of privacy protections.
Most major holding companies still run principal trading operations, with agencies arbitraging media at a markup and pocketing the difference.
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