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Would a crypto based insurance cause major kvetching?

submitted by CPU to AskUpgoat 3.0 yearsMay 21, 2021 21:54:14 ago (+1/-0)     (AskUpgoat)

I wonder if some how a crypto based insurance system could be implement, not sure how it would work. But an electronic based currency has its advantages for transferring funds fairly easily.

I would love to see a system implemented that isn't for profit and to see the kvetching aftermath, lol.



3 comments block


[ - ] ParnellsUprising 0 points 3.0 yearsMay 22, 2021 18:17:22 ago (+0/-0)

Why do you think that a crypto absolves you of profit?

Yes, it won't be long before there are smart contracts on a chain, but stop being naive, everything involves a profit. Why would someone take the chance? Do you not believe in a free market system?

i.e
Farmer Bob
Hmm, I've been doing really good for the last few years, but 12 years ago that flood almost made me lose the farm. It would be really nice if I could pay a fixed amount that I could include in my price to market calculations.

Insurance guy:
Well Bob, based upon the acreage that you have, and your HISTORY, we will guarantee you X amount of dollars for y per/acre.

Now, the government gets involved and fucks everything up, but don't blame that on a free market system, and unfortunately, crypto does not necessarily solve that problem.

This is a low-brained primer on how the contracts would work if you're interested:
https://ethereum.org/en/developers/docs/smart-contracts/

[ - ] TerryB 0 points 3.0 yearsMay 22, 2021 03:19:55 ago (+0/-0)

The goal in life should be to self insure. Be wealthy or have a large clan who can help in time of need. Insurance companies are parasites.

[ - ] account deleted by user 0 points 3.0 yearsMay 21, 2021 23:47:41 ago (+0/-0)*

account deleted by user