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Author Topic: Credit Rating and Bitcoin.  (Read 1383 times)
cbeast
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February 07, 2012, 04:38:21 PM
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Credit bureaus are a major industry. Not just lenders, employers and dating services use them. Building credit establishes your identity and value in Western society by how responsible we are with money. If we make Bitcoin like cash, how will we establish a solid reputation? How will you know who you can trust?

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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February 07, 2012, 05:18:55 PM
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Credit bureaus are a major industry. Not just lenders, employers and dating services use them. Building credit establishes your identity and value in Western society by how responsible we are with money. If we make Bitcoin like cash, how will we establish a solid reputation? How will you know who you can trust?

I've been wondering this myself..   

simple solution..  we need a bitcoin rating agency.. based not on social security number / address / name /whatever the current CBR's use.. but instead we need to be rated on public addresses.

Imagine, you could build up an absolutely stellar credit rating, and still remain mostly anonymous.

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February 07, 2012, 05:54:26 PM
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Yeh address based reputation would be an epic idea.
cbeast
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February 08, 2012, 04:18:14 PM
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The major credit bureaus could adapt to Bitcoin if people were willing to share their BTC addresses with them.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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February 08, 2012, 06:04:56 PM
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The major credit bureaus could adapt to Bitcoin if people were willing to share their BTC addresses with them.

How do you link a BTC address to a person, let alone to the real estate that is the basis of a good credit score?  Surely being totally anonymous is the whole point of this currency ?

cbeast
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February 08, 2012, 06:10:25 PM
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The major credit bureaus could adapt to Bitcoin if people were willing to share their BTC addresses with them.

How do you link a BTC address to a person, let alone to the real estate that is the basis of a good credit score?  Surely being totally anonymous is the whole point of this currency ?
Exactly the same way banks do it. Require ID and report transactions linked to it.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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February 09, 2012, 04:18:32 AM
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The major credit bureaus could adapt to Bitcoin if people were willing to share their BTC addresses with them.

How do you link a BTC address to a person, let alone to the real estate that is the basis of a good credit score?  Surely being totally anonymous is the whole point of this currency ?
Exactly the same way banks do it. Require ID and report transactions linked to it.

But then you lose the anonymity of the currency which is one of its biggest appeals.  If the government can force the credit bureaus to give up people's addresses or if a hacker could steal the information then you are not really anonymous, correct?
cbeast
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February 09, 2012, 04:55:44 AM
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The major credit bureaus could adapt to Bitcoin if people were willing to share their BTC addresses with them.

How do you link a BTC address to a person, let alone to the real estate that is the basis of a good credit score?  Surely being totally anonymous is the whole point of this currency ?
Exactly the same way banks do it. Require ID and report transactions linked to it.

But then you lose the anonymity of the currency which is one of its biggest appeals.  If the government can force the credit bureaus to give up people's addresses or if a hacker could steal the information then you are not really anonymous, correct?
It is a conundrum. At least you wouldn't have banks printing their own personal money.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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February 09, 2012, 06:23:00 AM
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You can send it anywhere in th world in seconds with near 0 tx fees. How is anonymity close to the best feature? Anon can be lost with a simple mistake. Fast, cheap are almost all of the value.

Even most of the 'anon' value isn't from people not being able to figure out who you are it's from you not having to prove it before you use it. My PP has been stuck for months, they know who I am but have some more identity related hoops to jump if I want my money.

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February 09, 2012, 06:36:28 AM
 #10

The real question is how to make the rating decentralized as well -- if it's peer2peer, what's to stop me from loaning money to my own address, etc?

If I helped, feel free to donate to:
BTC: 1DimPUBPnmZuWu5XrMa3xVnFgMz1iGBNdr
LTC: LLqQuvRZd4uZyenER2mE8d3ns1N1qBWQjD
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