Has anyone ever thought about starting a crypto insurance business? Like say if someone signs up for coverage and takes X amount of fiat and puts it in crypto, a person could pay per week to have their initial investment insured. Also a percentage of gains and/or trades of coins would be sent directly to the insurance. If the market crashes and you need to recoup your initial investment, a claim could be filed for the difference of what you lost and how much you put in. This way, insurance company makes bank and normies can play with crypto money without worrying too much whether or not they’ll lose everything. Of course if you file a claim, you have a pay a hefty reinstatement fee should you decide to re enter the market and resume coverage. Any thoughts on this or is this just a dumb idea?
Crypto insurance?
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There isn't really any reason why it wouldn't work
There is an insurance smart contract on ETH for if your flight gets cancelled. I believe they use oracles.
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Regulations tho, does something similar exist for the stock market?
I really like EGAS, it looks like a scamcoin but even if it is, at this price it can still go 10x before it gets dumped. check it out.
Take a look@ coinmarketcap.com
Of course there are regulations but with cryptocurrency not currently covered under FDIC or the guv mint what’s to stop the private sector from offering this sort of thing?
The risk outweighs the value. Premiums would be too high because your insurance fund would need to cover the repeated occurances of massive rip-offs to the tune of millions of dollars, vis-a-vis mt gox and bitconnect
actual insurance agencies, when they get hit by disasters like this, end up needing a government bailout. who is going to bail you out?
If it could be correctly I think it could work but I’d need a team of some venture capitalists, some engineers/programmers, linguists and lawyers.
>normies can play with crypto money without worrying too much whether or not they’ll lose everything.
good luck dodging lambo chasers' hitmen
People tried that back in the Pirateat40 days; people were selling insurance policies, which would pay out if "Pirate Savings and Loan" turned out to be a scam.
When it was revealed as a scam, the insurers were unable to pay; they had invested in pirateat40's great investment, and had figured they would have enough warning to pull coins out if it started to fail.