> The mafia probably doesn't need your name for a loan, too.

What? They'll know your name, address and your whole family history usually.

It's just a smart contract execution on the global computer that is Ethereum, how is that shady?

There's a big cultural gap here, because your description sounds obviously shady to me. If my car financing agreement said "the terms of the loan are whatever happens when you run this program we wrote", I would never in a million years have signed it.

The code is immutable and open source, so you can inspect exactly what it does.

I can inspect the code I write professionally too, but I still end up shipping bugs from time to time. So I'm not really convinced that the ability to read the code will let me reliably determine what it does. Have you heard of the DAO hack?