[rglover]

> Are you suggesting that either all sellers know a) the credit worthiness of their customers or b) don’t extend any credit?

That's up to the business owner, but considering the utter destruction its done to the world I would say most businesses should not extend any credit.

The nice thing about Bitcoin is it's a transaction layer and people can build services on top of it. Someone could start a guarantor business that other businesses pay to verify creditworthiness. They do that already now, the difference being that it's a completely dark system controlled by people with no incentive to fairly or accurately represent your worthiness.

[lxgr]

> Bitcoin is it's a transaction layer and people can build services on top of it

The transaction layer is arguably the least interesting service the credit card and other incumbent transaction/payment networks provide.

Deciding whether to move money, and possibly whether to move it back, is where the value is created.

[rglover]

> The transaction layer is arguably the least interesting service the credit card and other incumbent transaction/payment networks provide.

It isn't until you can't transact over it because your government blocked it or received an international sanction that prevents you, an innocent citizen from transacting. Or, if you reside in a country where that network does not exist.

> Deciding whether to move money, and possibly whether to move it back, is where the value is created.

Incorrect. The ability, not the decision, is where the value resides. I can decide all I want that I'd like the bank to send $20K to someone overseas for me, but that likely means jumping through several hoops to do it. With Bitcoin, I can just do it.