3 ms·
Insurance isn't a magic word. Insurance works on risk profiles. Insurance also works by limiting exactly what situations they do and do not cover (see: All the
by itcmcgrath 14y ago
Insurance isn't a magic word.
Insurance works on risk profiles. Insurance also works by limiting exactly what situations they do and do not cover (see: All the people who 'thought' they had flood insurance over the years).
Something tells me insurance is going to be a lot more expensive for BTC, which can have a range of impacts that will make it unpalatable for the average consumer, if they or online services can even get (try insuring a Audi R8 under an 18 year old's name...)
- polemic 14y agoThat's all true. It's also the only way anyone is going to trust an online bitcoin wallet. Why is it surprising that it would be expensive?
- itcmcgrath 14y agoNot surprising; 'Insurance' is less likely to have the impact people are saying it will - either it will be incredibly hard to get insurance in the first place (making it more of a non-factor), and/or it will not provide the same level of coverage/safety-net as you get with a Bank, and hence BTC will never get to the same level of trust. Either case, I don't think 'Insurance' is going to be the magic thing that will make BTC as viable as traditional currencies.