I'm from europe. Not sure how US people feel about this. However the "every interaction visible to all", is quiet scarry to me. There are laws which are protecting government interactions to be visible for good reasons. Imagine your tax statment beeing visible. Even if anyone would now i did or didn't pay my taxes yet.

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this depends mostly on the level of transparency. And that can also be openly definied by the applied protcol. last but not least, also no exeptions would be allowed (all must be treat equally) i think that your concerns can be handled. esp. since the current system is not working at all.
I don't agre with this point. There should be nothing which is to be kept secret. There is no such a thing as white lies. I feel that this type of mindset doesn't belong much in an open protocol. I can understand fair competition, but again, what is the gain of keeping something secret? I personally think that this is tied to personal gains, which in my opinion is not the right mindset for open protocols.