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0 sats \ 3 replies \ @DarthCoin 15h \ parent \ on: Aggeus Market: permissionless prediction markets on bitcoin - SuperTestnet bitcoin
Nope. I closed all my insurances long time ago and I bought BTC.
If something happen with me, I am totally responsible for my own actions. If I dei, I die, that's it, this is life. And that is what many people do not want to hear about: RESPONSIBILITY.
The only case where an insurance could be useful is in a contract. To be a clause in case of not fulfilling the duties of a party and the other party must pay for damages.
And I see some movements into this direction using Bitcoin too: https://privatelawsociety.net
Well, for instance, what about this: I hire a contractor to come help me redo the siding on my chimney. I check to make sure they are bonded because if one of their workers falls off my roof, I don't want to have to pay for their hospital bills (I would only be willing to do that if I knew the person and had a sense of how careful they will be. But it's not reasonable for me to know every worker a contractor might hire).
This isn't quite like insurance, but it kinda is.
Here's another example: a fidelity bond on join market. Posting a fidelity bond is putting sats on the line despite the fact that you don't necessarily get sats in return for bonding them. You demonstrate that you are willing to risk the sats so that other people can trust you a little bit.
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You make contracts with specific clauses.
Any work done for you, you must have a contract, where you stipulate who is responsible for what.
Contracting an insurance is nothing else than throwing the dead cat into another yard.
If you say to the worker, ok we will not contract any 3rd party insurance but I will pay you a bit more, are you agree with that? If they say yes, is THEIR responsibility not yours. But stipulate that in a contract.
Read UCC - Universal Commercial Code. The whole world function based on UCC.
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Prediction markets have an obvious utility in measuring peoples perceptions and expectations.
This is valuable information in any market it is applied to.
It is not gambling in the pure sense but instead a process of understanding better how people understand the world around them and the changes that are occurring in it.
While gambling is for the most part a losers game with the house generally profiting from peoples weaknesses, prediction markets are potentially useful mechanisms in creating more informed and open free markets.
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