Why Bitcoin’s Bad Reputation is in the Eye of the Beholder
As an industry insider, it is sometimes very hard to admit that bitcoin suffers from serious negative perception issues: that in the minds of many people bitcoin is still automatically linked to thoughts of drugs, terrorist financing and money laundering. Needless to say, this has massive implications for all potential stakeholders: It slows down consumer adoption, it has regulators set the bar unreasonably high for bitcoin companies to operate and many banks still refuse to provide bitcoin companies with simple operating accounts. All of this results in the stifling of innovation, the....
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The World Table, a startup company in Orem, Utah, is building a quantified reputation system to aggregate reputation data and report trust scores for individuals and organizations. The system is built upon Open Reputation, an open source decentralized reputation platform under development, sponsored by The World Table, which maps identity and reputation onto the Internet-of-things (IoT). The Open Reputation concept is open and flexible, able to accommodate diverse applications and usage patterns, from user reputation and "karma" in online discussion spaces to automatic reputation-based....
Bitcoin is a great way to move money around the world, and it is also a movement that wants to decentralize all services. However, the digital currency has not been embraced fully just yet, due to identity and reputation management, which could not be decentralized up until now. Trust remains an important factor, and people don’t trust decentralized platforms just yet. One of Bitcoin’s positive aspects is that there will be no disputes when things need to be resolved. But, how can you be sure you are not getting scammed with Bitcoin? A proper solution needs to be found, and the Bitrated....
Despite calls to adopt a decentralised reputation system on its platform, Bitsquare says it will not rely on it even though it is typically used to establish the trustworthiness of users in a network. Some Redditers, have asked for the system to be included as a feature on the platform. However, in a chat with CoinTelegraph, Mihail Mihaylov, Bitsquare’s Chief Decentralist, said the system could be used to defraud others. Mihaylov says: “For example, if Jane has a high reputation, it means a lot of users find her to be trustworthy. However, such systems can be manipulated to inflate the....
The early days of Bitcoin gained the first great cryptocurrency a reputation as dirty money. The Silk Road remains one of the first salient examples of a thriving Bitcoin economy, and even now the currency still has yet to completely shake off that reputation. However, as Bitcoin tries to move mainstream, Monero, a very privacy-focused digital currency, has rocketed to the top of the cryptocurrency rankings by going after exactly what took its predecessor to glory. Bitcoin is better than fiat, but not by enough for regular people to care. The hard fact of Bitcoin that even hardcore fans....
Bitcoin’s technological innovation is available for anyone to use, even bigots; but this shouldn’t sully the entire network’s reputation.