This is what I hoped DAO's would do, instead of being basically just trumped up treasuries / voting systems. Prediction markets can be used for insurance as well... "I bet I'm going to get insured this month, you all bet that I won't"

statistically, a good bet at scale

And their customers are like: oh hell yea, I’ll take that bet.

I'm going to try and stick it to a large insurance company in 3 weeks. They canceled a contract with my resort, but didn't pay the liquidated damages in the time stated in the contract... My email is going to start with your cancellation is denied 😎 Then I'm going to slam them with $600k in a...

That is true lol

Gamblers who cheat and welsch on bets all the time, often requiring lawyers to extract contractual payouts. Reputational risk not an issue when they have a State-enforced oligopoly... :/

Some of them are heavily underwater too 👀

Basically, all financial products, including insurance, are just a gamble. But to be more precise, that 'gamble' is just an excuse to take people's money. They collect cash from users under that pretext and use it to buy assets. In the end, they’re just shorting the dollar using our own money, and...

They didnt account for the tornado that got you.