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Make all loans signed by an private key, all payments toward the loan signed by a private key. If the signatures don't match then credit reporting agencies should not be allowed to use it. I did more in 1 minute of thought than the entire ftc just now.



Who issues the private keys? What happens if the keys are compromised? What happens to the debt if a key is lost? How do you migrate older debt to the new system? How would this solve the issue of proving the person you are talking to actually owes the debt? There are soooo many questions and things to figure out in such a big and complicated system. It's easy to criticize, especially when you aren't actually responsible for execution.


No, you just armchair quarterbacked a "why don't you just" solution.


You posted a comment on a website. You have not done a single thing to implement that, nor a single thing to tackle the immense logistics of getting everyone, including people who might not have a computer, a private key, securing that key, or dealing with the fallout that happens when people's private keys inevitably get leaked.


Why would a central agency even have everyone's private key? All they ought to have is a record of whom a given public part of the key pair belongs to.

If you lose your private key or leak it you don't go to the government to get it back you just pay some money to have a second key issued and the original declared to be invalid.

All debt assigned to the original public part of the key pair would be transferred to the new one unless you could show that it is fraudulent much like you would if your debit card number was stolen.

Additionally the private key shouldn't ever be shared it should be stored on a physical device and proof of having the public key ought to be the only thing transmitted.

Its true that there are logistical challenges involved but they are the boring and tedious kind. Work that nobody wants to do.


> Why would a central agency even have everyone's private key?

Why would people store the majority of their cryptocurrency on an exchange?

Besides, a leak can happen without a big centralized repository - a flaw in the software used to generate and locally store these keys could be exploited, or a flaw in the generation algorithm itself, or any of a number of things.

> Its true that there are logistical challenges involved but they are the boring and tedious kind. Work that nobody wants to do.

I think that was part of s73ver_'s point, and what coding123 completely glossed over.




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