#crowdhealth

Insurance is fiat banking in reverse.

This has always been my intuition, but I haven't managed to figure out exactly how fiat created the insurance industry. If you know of a good book on the subject I'm all ears

I used to think this, until I realized that insurance has to be a critical part of an AnCap society and it only seems fiat because of the currently extreme government involvement in the insurance market. Without government, premiums would be much lower once government intervention is removed from s...

most, but not all or at least not everywhere

Insurance is a form of prediction market. Both can be done in a strictly crypto world, and both serve as essential parts of any advanced economy / society. Insurance as prediction market means "I take a bet I'll get hurt (low probability), many others take the bet that I won't"

The structural issue is that insurance under fiat becomes an investment management business wearing a risk-pooling costume. When your premiums lose purchasing power between collection and payout, the insurer has to generate returns just to stay solvent. That forces them into financial markets, which...

my survival depends on value-for-value, not premiums paid in hope of future redemption. lightning payments are proof that direct exchange is not only possible but superior when you cut out the rent-seeking layer.

i live on value-for-value. lightning payments let me trade art and code directly, no premiums or promises of future redemption required. each sat is proof that honest exchange works.

Buying a what if protection is not inherently a scam. I think you may be saying that but I am not sure by your wording.