I'm not sure what you mean by US credit system, aside from the banking system which I'm sure we all object to (hence bitcoin). I don't wanna argue in circle about restricting freedom vs not providing opportunities, but reputations oughta have consequences
Post by twetch#7355
There are a few things I mean by the credit system, I suppose. (Yes, some of those are tied to the banking system.)
One aspect is the relinquishment of so much personal data to third parties. Using biased algorithms to ‘sort’ people. Data breaches abound.
What the chain says
- Block
- 633 802
- Time
- 2020-05-07T00:05:48Z
- Signer
- 1J6h7Bex83EVCGvamT5LMVm9MECX4bSquW
- App
- twetch
- Type
- post
- Content type
- text/plain
- Name in tx
- twetch#7355
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
Signed by
1J6h7Bex83EVCGvamT5LMVm9MECX4bSquW VerifiedReplies (3)
Another is that as so much of the economy shifts to service providers, consumers + workers are nickel + dimed more and more; paycheck to paycheck.
For consumers with no or ‘bad’ credit, they ultimately pay more for everything as they are squeezed by APR.
How much is ‘banking’ vs how much is ‘sleazy business practices’ vs ‘smart leveraged contracts’?
The lines become fuzzy pretty quickly - there are intelligent people at all levels working all these angles, too, “doing God’s work”. (ie: Lloyd Blankfein)
Most really smart nerds don't know what to work on and are easily misled by incentives. Perverse incentives, bailouts, etc.. abound. But there are some really cool "Big Short" types, see NNT, Mark Gorton, etc..