Will we even need credit if this crypto thing blows up? Will there be a new credit system set-up on the blockchain. The current system sucks just as much as the banking system that controls it.
Definitely see the value short term, I could pull down profits in order to buy real estate, which will require credit. Hopefully some new Crypto lenders emerge so i wont have to use FIAT or participate in their discriminatory lending practices!!!
It would definitely be ideal if a new credit system was adopted using blockchain technology. Today's system run by banks is slow and filled with inaccuracies that poorly depict credit risk in so many instances. It will be interesting to see what cryptolenders could bring to the table in aiding the housing market, which I think is the primary reason people need credit.
Whether the current system sucks or not, we need it. Cryptolenders would probably use a similar system. How else do you gauge whether or not people pay their bills on time?