Andreas Antonopoulos as usual very eloquently explains why reputation systems are contrary to the vision and principles of Bitcoin and by extension why Identibit is as well.
What are we trying to accomplish with cryptocurrency? Answer: MANY things, some of which are contrary to the reasons Bitcoin was invented. Identibit is such an example, however it would also be hypocritical and contrary to the principle of freedom to say Identibit should not be allowed to exist. If Mr. Underwood can make it happen let him try, I wish him the best of luck. If his efforts are successful it could have an indirect benefit to BitShares, not only by sharedropping on owners of BROWNIE.PTS but in getting a more mainstream audience introduced to cryptocurrency that otherwise would never learn of it. Once exposed they would be that much more open to the benefits of other crypto ecosystems like Bitcoin and BitShares that do not impose the restrictions that Identibit does.
When Identibit was initially announced I was very vocal in my opposition of it, primarily b/c it sounded to me like CNX would be doing all of the technical work which I saw as a conflict of interest and a derailing of the focus towards BitShares' goals and vision. I still have some of those concerns, however I am not seeing Identibit gain much traction yet, and it maybe it won't, possibly because the banking industry may be open to cryptocurrency only as a closed, proprietary, internal system.
As I have said all along, AML / KYC compliance is contrary to the disruptive technology BitShares / Bitcoin is based on, and compliance to those regulations simply perpetuates the injustice and facilitates the war-mongering practices of the existing bankster cartel.
The choice is in our hands. Will you choose freedom or the illusion of safety that complying with corrupt rules and regulations give you?
Consider where your personal vision lies and act accordingly.
https://www.youtube.com/watch?v=IuA2kr3tXL8