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FICO’s Blockchain Usage — Now Patented — Boosted Firm’s Accountability
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Ethereum Soul-Bound Tokens & FICO Scores
An innovative new financial instrument will let the Bitcoin rich buy a home with no down payment, tax returns, or FICO score required. “Your crypto is what qualifies you,” says the Miami-based startup behind it.
What is going to be the effect of crypto going forward on credit scores?
🍀 Ferox 🍀 [$375k market cap only] [Rising Star of DeFi on Tron] Staking DApp Is Live, Presale Continues with Spectacular Bonus Tiers, "Be Your Own Hedge Fund"
🟪Launch - Bem-vindo à Rede 🟣 e à nuvem descentralizada de dados e finanças para os negócios! destino 🟣Final Moon 🚀 BSC Token
🟪Launch - Bem-vindo à Rede 🟣 e à nuvem descentralizada de dados e finanças para os negócios! destino 🟣Final Moon 🚀 BSC Token
Zoracles the privacy oracle but not only with 8 millions mcap.
Mentions
The government doesn't give you a credit score. C'mon now. Equifax, Experian, and TransUnion are private companies. FICO and VantageScore Solution are private companies too. I love crypto and I'm thankful for this community, but I wish more people here actually knew what they were talking about rather than spreading misinformation via memes where getting a laugh matters more than getting a fact right. Be better than that.
> It's actually pretty rare to not have electricity/internet. Any place that has a generator and a cell tower has that. According to research, nearly 1B (940 million) don’t have access to electricity. https://ourworldindata.org/energy-access https://www.visualcapitalist.com/mapped-billion-people-without-access-to-electricity/ Some research says 775 million https://www.iea.org/commentaries/for-the-first-time-in-decades-the-number-of-people-without-access-to-electricity-is-set-to-increase-in-2022 > And if a place doesn't have that....it's extremely rural and doesn't even have credit cards, cell phones, etc. How many places have that? I’m talking about fiat. Bills and coins, hard currency. Credit cards are not declared by a government to be legal currency (the card itself), it isn’t issued by the state, and the card isn’t convertible through a central bank. When you sign a cardholder agreement you are making an agreement with a private company, that uses your FICO score to determine how likely you are to repay the private company.
It's been proposed off/on for last 45 years. The 30% is based on average federal tax bracket plus FICO, 22% + 7.65%, rounded up. Problem I see with this, is it hits the lower/middle class consumer more. As they tend to be below this. If they buy less, the economy does less overall. May be offset if the higher classes didn't have/find as much loopholes. The entire existence of the IRS, tax software companies, all of it would be gone overnight from that. That is usually one of the biggest reasons given to not do it. Hell, TurboTax/H&R/Jackson Hewitt lobbed like crazy to make sure gov't didnt do returns for free with their own software. At the end, fuck it. Can only try it and see what would come out of it.
The truth is that nowadays everyone cannot so easily get a cash-back card. Low-income consumers make up a demographic which is disproportionately disadvantaged by the credit system, and would not get to enjoy the cash-back benefits OP describes. So although a higher income individual (perhaps OP's demographic ??) could earn lots of cash-back, but others who are low-income consumers would not because their low FICO score would only qualify them for a non-cash-back credit card. In the end, should the Bitcoin and Lightning Networks replace the antiquated Credit Card, Processor, Interchange, and Banking systems, the world will gain a more fair and equitable payments system.
I’m going to need a FICO to dignify conversion ratio.
It's not always about your FICO Credit Score. Sometimes it's about dignity. And did I lose 200 points on my FICO Credit Score? Close to it. Fuck! But I bet I gained 200 points of dignity.
How do you improve your FICO score?
The truth is, if you live in a 1st world country, have a bank account, have a government that (mostly) respects property rights, have a good FICO/credit score, and you don’t have to flee your city for fear of war, rioting or famine - you probably don’t need cryptocurrency. If you look at countries that utilize BTC the most, it’s a lot of developing countries. They have shady governments, no banks or underbanked populations, war, rioting, food shortages, hyper inflation - they need Bitcoin and other cryptocurrencies. Just because your 1st world view of cryptocurrency is a speculative play thing does not mean that’s what it is for other people on this planet. For some it’s an asset. For others a currency. For others a tool. For some, a lifeline. If you can’t see that, maybe r/buttcoin is for you.
The truth is, if you live in a 1st world country, have a bank account, have a government that (mostly) respects property rights, have a good FICO/credit score, and you don’t have to flee your city for fear of war, rioting or famine - you probably don’t need cryptocurrency. If you look at countries that [utilize BTC the most](https://www.google.com/amp/s/www.statista.com/chart/amp/26757/cryptocurrency-adoption-world-map/), it’s a lot of developing countries. They have shady governments, no banks or underbanked populations, war, rioting, food shortages, hyper inflation - they need Bitcoin and other cryptocurrencies. Just because your 1st world view of cryptocurrency is a speculative play thing does not mean that’s what it is for other people on this planet. For some it’s an asset. For others a currency. For others a tool. For some, a lifeline.
1) USD is absolutely inflationary. Everyone can see that the prices of **everything** has gone up since March 2020 - most things to the tune of 15-30%. It’s not just a US problem, every bank essentially does/did the same thing. That $1000 I put in the safe 10 years ago simply doesn’t have the same spending power. 2) What’s your timeline? Because anyone can cherry pick an arbitrary beginning and ending date to show one asset outperforming another. NVIDIA is up 400% in the last 5 years and Bitcoin is up 1000% the last 5 years. 3) Fiat is tightly controlled, by only a few people that have the power to make and break economies. This centralization of control by only a few people is exactly one of the reasons why BTC protocol was created. 4) who knows what “everyone” stores their savings in. BTC is one of those assets. If it’s not for you, that’s fine. It’s a permissionless tool you can use. If you live in a 1st world country and have access to banking and loans, a good FICO score and a local currency that isn’t devaluing at a phenomenal rate - BTC probably looks like internet nerd money - a speculative gamble. Looking at its boom/bust cycles, it’s often treated that way. But for a lot of other people, it’s a parallel financial system they can use to preserve their devaluing local currency, avoid government fiscal oppression and sanctions, flee war torn areas and trade among each other without a middle man. If it’s not for you, that’s fine. You just move along. Do you post on r/airplanes that flying is too dangerous and r/bread that it’s too high in carbohydrates? What’s the goal of this post?
tldr; Soul-Bound Tokens (SBTs) can become a decentralized alternative to the FICO scores we have today. SBTs can represent affiliations, memberships, education credentials, employment history, or even works of art such as writing or music. Counterparties, such as other individuals or even institutions, can verify credentials directly on the blockchain. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
> "We thus replace real estate with digital assets as our preferred alternative asset class along with hedge funds," they wrote. You know why? Because they know there is, again, a bubble (pushed by themselves) in real estate that is bursting (recent FICO score soft-fraud anyone?), and they hope of offload their crypto. This is another bulltrap.
I think that you view currency through a very first world, bank account, non-hyper inflation, FICO score, credit karma, online loan type lens. El Salvador didn’t adopt BTC to “help out cryptocurrency”. They adopted to try and help themselves. When your currency debased by hundreds of percentage point in a month, a 50% dip in BTC price is welcome. As far as payment goes, their are layer 2’s on BTC network like lightning and layer 3’s like strike. Add in stable coins pegged to USD and El Salvador just might be able to pull off the greatest “fuck you” to the IMF and their predatory loans in history. The whole thing is fascinating.
I’ll repost this comment I made from yesterday: “Truth; it (cryptocurrency) offers them (no-coiners) nothing but the opportunity to speculate on promises. Solana offers cryptocurrency enthusiasts an opportunity to do a lot of things they do on Ethereum for cheaper. But if your mom (or whoever) isn’t using ethereum, Solana offers her NOTHING except speculation. If you live in a first world democratic “free” society and you have a bank account, a good FICO score, credit cards, things like Bitcoin is just a volatile asset to speculate on. This is why so many think it beanie babies, tulips, wildcat notes - whatever. But, if you live in a country where your fiat money is forced on you and is losing value to inflation/hyper inflation and you have no credit, no banks, no loans, or you live in an oppressive totalitarian society and are trying to get out due to oppression, war, riots etc - Bitcoin offers you a lot, it’s essentially a lifeline. And if things ever get bad in YOUR 1st world country, BTC is the parallel financial system that many people never knew they needed so much.”
Truth; it offers them nothing but the opportunity to speculate on promises. Solana offers cryptocurrency enthusiasts an opportunity to do a lot of things they do on Ethereum for cheaper. But if your mom (or whoever) isn’t using ethereum, Solana offers her NOTHING except speculation. If you live in a first world democratic “free” society and you have a bank account, a good FICO score, credit cards, things like Bitcoin is just a volatile asset to speculate on. But, if you live in a country where your fiat money is forced on you and is losing value to inflation/hyper inflation and you have no credit, no banks, no loans, or you live in an oppressive totalitarian society and are trying to get out due to oppression, war, riots etc - Bitcoin offers you a lot, it’s essentially a lifeline. And if things ever get bad in YOUR 1st world country, BTC is the parallel financial system that many people never knew they needed so much.
I think you look at the world from a FICO score, get a loan from a bank, atm around the corner lifestyle. You don’t experience war, hyperinflation, the seizure and/or freezing of assets. There are, however, around 4 billion people that are unbanked/underbanked that DO experience this. What “industry” are you talking about? As I feel Bitcoin is in a class of its own. Just because you don’t think you need a parallel financial system, doesn’t mean other feel the same. The bitcoin price is highly speculative. The Bitcoin network is not.
I also have 835 FICO score and six figures on Coinbase. So that probably helps.