however the big question is if a balance like this is achievable and will not be another whale birthing factory
Technical problems are easier to solve than social problems. The technical problem is whether or not by cryptographic means can we protect data ownership rights.
If you own a piece of data then you can set the access restrictions? This is a problem cryptography can solve to a point. It becomes a matter of using technology to guarantee certain rights.
What about the benefits and risks? The potential for abuse? This all depends on how you choose to implement privacy and not whether you have privacy at all. Implement privacy in the pro-social way and you get the benefits. The benefits are known based on whether people are happy or unhappy while also being kept safe.
So in an ideal world you can share it all and get only the benefits. In the current world if you share it all you'll get risks which may far exceed the benefits. The technical solutions should be about controlling the risks associated with sharing and magnifying the benefits. The risk for example if you share how much is in your bank account is you can become a victim and blockchain only helps increase that risk. On the other hand if you develop a private wallet now you help reduce that risk but then it creates some additional risks unless you have it implemented in such a way that you can reduce those risks using technical means.
In other words you can keep your transactions shielded while also proving for example to the IRS or whomever that your transactions are clean without having to reveal to any human the transactions. In other words using cryptography to prove clean money is technically possible to do. I promote that we give privacy where it is necessary and transparency where it is legally required but in a way which doesn't violate personal privacy.