nostrich on nostr

Open in Damus

Toxic Bitcoiner · 1d

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 mark...

nostrich 1771348060

You can only have insurance under a fiat system where they pay claims from freshly printed money. It cant work under hard money system.

3

DireMunchkin · 1d

No, insurance is hundreds of years older than fiat currency. E.G Lloyds of London started in 1688 and the pound was gold backed at the time. Britain didn't leave the gold standard until 1914.

Toxic Bitcoiner · 1d

What? Modern insurance companies don't have access to the money printer. And back in the day, pooled risk programs like "mutual aid societies" in the early 20th century, as well as I'm sure plenty of other examples from antiquity were able to successfully operate something that was effectively "in...