The media coverage last week of the Optus meltdown that left cities almost grinding to a halt, did not focus on the real problem here, not the odd bod not being able to get his coffee. The only real saviours were other networks still working, and cash. Malcolm Roberts has given a superb speech on this issue as illustrating the threat that removing cash and establishing a Central Bank Digital Currency (CBDC) will bring.
The government’s Identification Verification Services Bill itself will make it irresistible for hackers due to the centralisation of data. As Roberts rightly notes: “If the government centralises the private data it collects from citizens, on-sells the records to the commercial market while simultaneously mandating the use of digitised personal records within the economy, it will be installing digital socialism. A digital prison no less. Government and its parasitic billionaire mates want to become the middlemen of all transactions between customers and businesses.”