The iView Thin Edge Of The Privacy Wedge?

Michael Cowling Associate Professor – Information & Communication Technology (ICT), CQUniversity Australia penned an important article in The Conversation today. And raises some important questions for us to consider, as the ABC turns on account login and personalisaton services.

https://theconversation.com/mandatory-logins-for-abc-iview-could-open-an-intimate-window-onto-your-life-177540

The ABC says that for iview you can Continue Watching where you left off across all devices logged in to your ABC Account, Create a Watchlist to keep track of your favourite shows, Access your Viewing History, Create a profile for members of your household and Receive personalised recommendations based on what you watch.

For the Listen app it says you can Continue listening where you left off across all devices logged in to your ABC Account, Create a Playlist to listen to programs uninterrupted, Use Favourites to keep track of shows and podcasts, Access your Listening History, Choose Your News with a broader offering of local and topical news content andUse the Call-In and Text-In feature to conveniently engage with a range of ABC radio programs
He wrote: Last week, the ABC announced it will begin to track the viewing habits of all users of its iview streaming platform from March 15. This will be done by making users create an account and log in to watch shows and “benefit from the next stage of personalised services” such as “program recommendations [and] watchlists”.

The change was initially planned for the middle of last year, but was delayed after heavy criticism from privacy experts and others over the proposed arrangements for sharing and recording data. One point of contention was the ABC’s plans to share viewer data with Facebook and Google.

Significant amounts of information could be inferred from our viewing habits: everything from our political leanings to our attention span. What that can then be used for is anyone’s guess.

That’s not to say you shouldn’t create an account, but rather that you need to go in with your eyes wide open. Think about what iview means to you, what data might be shared, and how it might be used. And then decide if you really love Bluey all that much after all.

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The Hidden Hand Of Digital Control

I have been discussing the rise of Central Bank Digital Currencies over the past few years, and we know that in Australia the Treasury is now actively exploring the implementation of a digital Aussie Dollar for consumer use. This mirrors efforts underway in other countries, including both the UK and USA.

Canada Deputy Prime Minister and Minister for Finance Chrystia Freeland announced the government is broadening the scope of the country’s anti-money laundering monitoring and terrorist financing laws to cover crowdfunding platforms and the payment service providers they use. “These changes cover all forms of transactions, including digital assets such as crypto currencies,” she announced during a recent press conference. To underscore the point, the Canadian government made it clear on Monday that it would target cryptocurrency alongside traditional transactions.

But consider how much easier it would be to control the access to money if it was sitting in a Central Bank Digital Currency Account. Potentially total transparency, and control.

The Canadian experience underscores for me the importance of safeguarding our financial system, and we should be aware of the grave risk which exists from those in Government and the Security Services which wants more direct control.

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Flip To Rally Mode – For Now: The DFA Daily 8th Dec 2021

In today’s show we look at the latest from the markets, consider the proposals for digital currency reform in Australia, and look at a weak report on the Bank of Mum and Dad from the Productivity Commission.

First as expected, we flipped back to buy mode on the markets, as the impact of Omicron is re-calibrated, and ahead of the US inflation number at the end of the week. We keep flipping from buying value stocks to growth and back.

Go to the Walk The World Universe at https://walktheworld.com.au/

Today’s post is brought to you by Ribbon Property Consultants.

If you are buying your home in Sydney’s contentious market, you do not need to stand alone. This is the time you need to have Edwin from Ribbon Property Consultants standing along side you.

Buying property, is both challenging and adversarial. The vendor has a professional on their side.

Emotions run high – price discovery and price transparency are hard to find – then there is the wasted time and financial investment you make.

Edwin understands your needs. So why not engage a licensed professional to stand alongside you. With RPC you know you have: experience, knowledge, and master negotiators, looking after your best interest.

Shoot Ribbon an email on info@ribbonproperty.com.au & use promo code: DFA-WTW/MARTIN to receive your 10% DISCOUNT OFFER.

Crypto Is NOT Immune!

We already covered the recent market falls in our show yesterday, but there was not time to cover the market movements in Crypto land. I have suggested that Bitcoin for example, being a pure digital play, with no underlying, is more exposed to volatility in times of uncertainty. So while Gold when nowhere, as markets fell, Bitcoin shed a fifth of its value on Saturday thanks to a combination of profit-taking and macro-economic concerns. This triggered nearly a billion dollars worth of selling across cryptocurrencies.

At one stage Bitcoin was 22% down to as low as $41,967.5 during the session, taking total losses for the day to 22%. It subsequently recovering from the biggest drop in crypto since September 7th and is sitting at 49,038 a mere 7% down.

The broad selloff in cryptocurrencies also saw ether, the coin linked to the ethereum blockchain network, plunge more than 10%.

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The RBA’s Crypto Warning…

The RBA’s head of payments, Tony Richards, said the value of many cryptocurrencies, which have surged to $US2.6 trillion, could crash when central banks decide to assert control over their monetary systems.

He has warned users and investors in fad-fuelled cryptocurrencies such as bitcoin they risk holding speculative assets with “niche” uses that could lose most of their value.

https://www.rba.gov.au/speeches/2021/sp-so-2021-11-18.html

Go to the Walk The World Universe at https://walktheworld.com.au/

Today’s post is brought to you by Ribbon Property Consultants.

If you are buying your home in Sydney’s contentious market, you do not need to stand alone. This is the time you need to have Edwin from Ribbon Property Consultants standing along side you.

Buying property, is both challenging and adversarial. The vendor has a professional on their side.

Emotions run high – price discovery and price transparency are hard to find – then there is the wasted time and financial investment you make.

Edwin understands your needs. So why not engage a licensed professional to stand alongside you. With RPC you know you have: experience, knowledge, and master negotiators, looking after your best interest.

Shoot Ribbon an email on info@ribbonproperty.com.au & use promo code: DFA-WTW/MARTIN to receive your 10% DISCOUNT OFFER.

Inflation Fears To The Fore: DFA Daily 10th Nov 2021

In today’s show we check in on US markets as new economic data suggests to some that inflation may be peaking. Then we look at the NAB results, where margin compression is actually the main story, consider how Blockchain may impact property, and whats expected from today’s Chinese data on inflation, which is running hot.

The latest edition of our finance and property news digest with a distinctively Australian flavour.

Go to the Walk The World Universe at https://walktheworld.com.au/

Today’s post is brought to you by Ribbon Property Consultants.

If you are buying your home in Sydney’s contentious market, you do not need to stand alone. This is the time you need to have Edwin from Ribbon Property Consultants standing along side you.

Buying property, is both challenging and adversarial. The vendor has a professional on their side.

Emotions run high – price discovery and price transparency are hard to find – then there is the wasted time and financial investment you make.

Edwin understands your needs. So why not engage a licensed professional to stand alongside you. With RPC you know you have: experience, knowledge, and master negotiators, looking after your best interest.

Shoot Ribbon an email on info@ribbonproperty.com.au & use promo code: DFA-WTW/MARTIN to receive your 10% DISCOUNT OFFER.

Go to the Walk The World Universe at https://walktheworld.com.au/

Crypto Services Goes Mainstream

CBA has made a significant announcement today.

CBA has partnered with one of the world’s largest regulated crypto exchanges and custodians, Gemini, and leading blockchain analysis firm, Chainalysis. Both partnerships have allowed the bank to design a crypto exchange and custody service that will be offered to customers through a new feature in the app.

The pilot will start in the coming weeks and CBA intends to progressively rollout more features to more customers in 2022. CBA will provide customers with access to up to ten selected crypto assets including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

https://www.commbank.com.au/articles/newsroom/2021/11/CBA-to-offer-crypto-services.html

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The Programmable Finance Trap!

We need to think ahead as to how Digital Identity, Central Bank Digital Currency and Programmable Money will interact, and ask the all-important question are we comfortable with these developments. Who is in control, and to what extent will we really be able to opt out?

CONTENTS

0:00 Start
00:15 Introduction
01:05 Should A CBDC Be Programmable?
03:55 We Already Have Directed Spending
05:09 BasicsCard and Cashless Debit Card
08:22 Tracking Transactions and Directing Payments
09:00 Digital Euro
09:45 Digital US Dollar
10:45 The Bitcoin Proxy
11:10 China CBDC Pilot and Social Score
19:10 Current Digital Identity Consultation
21:58 Current Issues
22:45 27th October Deadline
23:00 Summary and Conclusions

As I reported earlier in the week a Senate inquiry has recommended that Treasury should lead a policy review of the viability of a retail central bank digital currency in Australia. This is something the Reserve Bank of Australia has been reluctant to entertain given it could increase the likelihood of a run on commercial bank deposits in a crisis. In fact, the RBA has been focussing on Commercial orientated CBDC pilots. But the Senate committee has asked Treasury to study the case for creating a retail ‘central bank digital currency’ to compete with private currencies being created by tech companies.

But what are we really getting into here? Well, back in June The Bank of England called on ministers to decide whether a central bank digital currency should be “programmable”, ultimately giving the issuer control over how it is spent by the recipient.

I suspect many will be totally unaware of Australian Digital Identity Programme and the current inquiry which is running. You have until 27th October to make a submission.

But my point is, say the Government gave you an account at the Reserve Bank, for digital currency, but to access it you needed a Digital ID, and the funds were programmable. Not only would spending be tracked, but certain types of transactions could be encouraged or restricted. Combined the Governments tentacles of control would be extended, and our liberties further eroded.

My worry is that we may be heading for an Aldous Huxley’s, Brave New World which will be controlled by the central planners. Even as we speak, the components are being strung together. So time to have your say.

https://www.digitalidentity.gov.au/

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A Real Digital Road Map?

Those following this channel will know I am a believer in the future disruption of the financial system thanks to the emerging digital landscape, which is powered by the blockchain, and of which Bitcoin is merely the first faltering steps on the journey to a decentralised financial system, which may ultimately remove the need for banks, and perhaps even central banks. Yet I also highlight the risks in the system right now, it is the wild west, to quote the head of the SEC.

On that journey, Australia’s cryptocurrency industry needs a robust policy and regulatory framework if the country wants to compete with other global financial hubs that are targeting one of the fastest growing areas of finance. Such a framework is needed to protect consumers, promote investment, facilitate enhanced market competition and provide a structure where innovation can thrive, the Senate Select Committee on Australia as a Technology and Financial Centre said in a draft 150-page report Australia as a Technology and Financial Centre (ATFC) which has just been released.

The latest edition of our finance and property news digest with a distinctively Australian flavour.

Go to the Walk The World Universe at https://walktheworld.com.au/