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Insurance in any form is never a good deal, actuarially -- the house always wins. What insurance is, is a way to trade a non-zero risk of ruin (someone steals
by URSpider94 14y ago
Insurance in any form is never a good deal, actuarially -- the house always wins. What insurance is, is a way to trade a non-zero risk of ruin (someone steals all your bitcoin and you are broke) for a zero risk of ruin and a guaranteed risk of a small loss (someone steals your credit card number and you are not liable, but you pay 2% of every transaction).
Most people will take this trade all day, every day -- and they are not wrong to do so. It's a valid decision to pay for predictability.
- snitko 14y agoThere's nothing out there that prevents companies to create Bitcoin services to store and insure your savings for you. I believe they will inevitably emerge as the Bitcoin economy grows.
- eric_bullington 14y agoAlready happening: http://bitcoinmagazine.com/coinlab-bringing-bitcoin-to-wall-street-with-mtgox-deal/ http://bitcoinmagazine.com/coinlab-bringing-bitcoin-to-wall-... They are working with some major Wall St insurers to insure and store large quantities of btc.