Reply to post: Pointless "Safeguards"

DeFi credit scores: Coming soon to a blockchain near you

An_Old_Dog Silver badge

Pointless "Safeguards"

There is no valid reason for having any kind of cryptocurrency "credit score". Cryptocoins are not like a personal check -- once the coins are spent, the spender can't cancel the transaction or grab the coins back. Some people will object, "But what if the coins were stolen?". Well, what happens when cash is stolen? Do merchants refuse cash if the spender doesn't show you his/her credit rating? Of course not. Similarly, the objection, "But what about ransomware?" is pointless -- you already know the ransomware people are untrustworthy scum.

This whole idea looks like an attempt to (1) de-anonymize cryptocoin users, and (2) for the personal-data-industry to grab even more personal data.

Disclaimer: I have no financial interests in the cryptocoin craze, nor have I ever traded in cryptocoins.

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