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Offline bytemaster

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Offline onceuponatime

Re: [VIDEO] Explanation of BitShares Insurance DAC
« Reply #1 on: March 13, 2014, 04:37:01 AM »
This is an awesome idea in theory - but would be very complex to put in to practice. I would suggest before attempting to take on car or health insurance something much simpler be attempted first to get the ball rolling. Perhaps flight cancellation insurance. Maybe simple term life insurance for a young couple starting a family (although the regulatory hurdles might be daunting.

Or are you thinking of the mutual aid society as being a very small homogeneous group where everyone is known to each other? (a church group, neighborhood benevolent society, etc)?

I intuit as being extremely difficult to start on any large scale.

Offline blackbeard

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Re: [VIDEO] Explanation of BitShares Insurance DAC
« Reply #2 on: March 13, 2014, 05:16:44 AM »
Are there any more resources on how the reputation system would work for the adjuster? The promise of a distributed/decentralized identity and reputation system is one of the reasons I get out of bed every day.

Offline CrazyCriple

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Re: [VIDEO] Explanation of BitShares Insurance DAC
« Reply #3 on: March 13, 2014, 10:49:25 AM »
What if my Buddy is an adjustor and I make small claims from different users and he just pays me this claims every now and then under the cover off real ones?


Offline CWEvans

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Re: [VIDEO] Explanation of BitShares Insurance DAC
« Reply #5 on: March 13, 2014, 06:43:04 PM »
This is an awesome idea in theory - but would be very complex to put in to practice. I would suggest before attempting to take on car or health insurance something much simpler be attempted first to get the ball rolling. Perhaps flight cancellation insurance. Maybe simple term life insurance for a young couple starting a family (although the regulatory hurdles might be daunting.

Or are you thinking of the mutual aid society as being a very small homogeneous group where everyone is known to each other? (a church group, neighborhood benevolent society, etc)?

I intuit as being extremely difficult to start on any large scale.

That's the beauty of it. Once the code is released, let a thousand BitBlossoms bloom.

Fraternities can issue exam insurance for their members. Small-scale international traders can issue vendor or bribe insurance. Gamers can issue orc insurance.

Like Zombo.com, the only limit is your imagination.

Offline luckybit

Re: [VIDEO] Explanation of BitShares Insurance DAC
« Reply #6 on: March 13, 2014, 08:16:14 PM »
http://vimeo.com/user24356268/review/88861284/1789918b92

Bytemaster I have to take my hat off to you. This idea could change society for the better and is even bigger than Bitshares. Bitshares is viewed by some people as just another "bank" or "get rich quick". This idea is the kind of killer app that anyone should want, peer to peer insurance or mutual benefit societies.

How will this DAC be created? Will it require investment through Angelshares or what? I think this DAC is also a killer app because people want a way to insure their Bitcoins and other things like that too after Mt Gox. Anyway I can't wait to sign up.

This is an awesome idea in theory - but would be very complex to put in to practice. I would suggest before attempting to take on car or health insurance something much simpler be attempted first to get the ball rolling. Perhaps flight cancellation insurance. Maybe simple term life insurance for a young couple starting a family (although the regulatory hurdles might be daunting.

Or are you thinking of the mutual aid society as being a very small homogeneous group where everyone is known to each other? (a church group, neighborhood benevolent society, etc)?

I intuit as being extremely difficult to start on any large scale.

That's the beauty of it. Once the code is released, let a thousand BitBlossoms bloom.

Fraternities can issue exam insurance for their members. Small-scale international traders can issue vendor or bribe insurance. Gamers can issue orc insurance.

Like Zombo.com, the only limit is your imagination.

Why can't we start with this community? We'll all join in and find out if it works in practice.
Isn't that the purpose of our community? To help develop and test these new DACs?

I think we should be bold and go straight for health insurance. We all will grow old someday and we will all need it. The other insurance we will all need is something to protect us from theft. You and I both know that theft is a major concern and will only get worse.

So if we lose some coins due to an exchange getting hacked this insurance could help.
This is an awesome idea in theory - but would be very complex to put in to practice. I would suggest before attempting to take on car or health insurance something much simpler be attempted first to get the ball rolling. Perhaps flight cancellation insurance. Maybe simple term life insurance for a young couple starting a family (although the regulatory hurdles might be daunting.

Or are you thinking of the mutual aid society as being a very small homogeneous group where everyone is known to each other? (a church group, neighborhood benevolent society, etc)?

I intuit as being extremely difficult to start on any large scale.

That's the beauty of it. Once the code is released, let a thousand BitBlossoms bloom.

Fraternities can issue exam insurance for their members. Small-scale international traders can issue vendor or bribe insurance. Gamers can issue orc insurance.

Like Zombo.com, the only limit is your imagination.

I completely agree. When I was thinking about economic allegiance systems I was thinking that this is one of the sort of things you could do. I think insurance is really just the tip of the iceberg really for the kinds of organizations you can build.

We have to start somewhere though and insurance is a great place to start.
« Last Edit: March 13, 2014, 08:21:07 PM by luckybit »
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Offline CWEvans

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Re: [VIDEO] Explanation of BitShares Insurance DAC
« Reply #7 on: March 13, 2014, 08:30:12 PM »
Bytemaster I have to take my hat off to you. This idea could change society for the better and is even bigger than Bitshares.

Credit and insurance are two things that those of us in OECD member states take for granted that something like 6 billion humans do not have access to. If BitInsurance—or whatever it is called—reaches only 0.1% of them, that's still 6 million served.

Why can't we start with this community? We'll all join in and find out if it works in practice.
Isn't that the purpose of our community? To help develop and test these new DACs?

I think we should be bold and go straight for health insurance. We all will grow old someday and we will all need it. The other insurance we will all need is something to protect us from theft. You and I both know that theft is a major concern and will only get worse.

If not conventional health insurance, maybe medical tourism.

Recently, I met with some of the Haitian diaspora here in Miami, who are really jazzed about the BitMusic thing, in large measure because some very popular musicians in Haiti do not have enough money to go to the hospital when they are injured.

When I was thinking about economic allegiance systems I was thinking that this is one of the sort of things you could do. I think insurance is really just the tip of the iceberg really for the kinds of organizations you can build.

We have to start somewhere though and insurance is a great place to start.

Insurance and credit. Crack those two nuts, and the idea of the Developing World could become as anachronistic as the horseless carriage.

Offline oco101

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Re: [VIDEO] Explanation of BitShares Insurance DAC
« Reply #8 on: March 13, 2014, 08:49:29 PM »
This is a very brilliant idea however still not sure how you'll keep the Adjustor honest.
Let say that my buddy the Insurance Adjustor award me a false claim of  20000$ insurance witch of course then I split it whit him. How can anyone know that this is a fraud ? Say I will do my best to make it look as real as possible except is not. How can you control this kind of fraud ?
 

Offline bytemaster

Re: [VIDEO] Explanation of BitShares Insurance DAC
« Reply #9 on: March 13, 2014, 08:54:51 PM »
This is a very brilliant idea however still not sure how you'll keep the Adjustor honest.
Let say that my buddy the Insurance Adjustor award me a false claim of  20000$ insurance witch of course then I split it whit him. How can anyone know that this is a fraud ? Say I will do my best to make it look as real as possible except is not. How can you control this kind of fraud ?

You cannot stop all fraud, but then again neither can traditional insurance companies.   However, it only takes one screw up to ruin the business.
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Offline blackbeard

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Re: [VIDEO] Explanation of BitShares Insurance DAC
« Reply #10 on: March 13, 2014, 08:57:03 PM »
I imagine the hardest part to implement  in a decentralized identity/reputation system is how to protect against sybil attacks. Whats to stop me from creating 1000 fake "accounts" and giving the target adjuster shitty reviews?

Offline biophil

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Re: [VIDEO] Explanation of BitShares Insurance DAC
« Reply #11 on: March 13, 2014, 09:53:04 PM »
I imagine the hardest part to implement  in a decentralized identity/reputation system is how to protect against sybil attacks. Whats to stop me from creating 1000 fake "accounts" and giving the target adjuster shitty reviews?

Yeah, establishing an identity needs to be costly. According to my vague understanding this is part of what Keyhotee does, right?

Offline phoenix

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Re: [VIDEO] Explanation of BitShares Insurance DAC
« Reply #12 on: March 13, 2014, 09:55:37 PM »
I think waiting a month to start receiving payout is to long, perhaps it could be shorter if the adjuster has had a good reputation for a very long time? Also, how do the shareholders in the DAC make a profit?
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Offline phoenix

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Re: [VIDEO] Explanation of BitShares Insurance DAC
« Reply #13 on: March 13, 2014, 09:58:33 PM »
I imagine the hardest part to implement  in a decentralized identity/reputation system is how to protect against sybil attacks. Whats to stop me from creating 1000 fake "accounts" and giving the target adjuster shitty reviews?

Anybody can advertise the adjuster in a positive or negative light anywhere, not just in the DAC's forum page. But in order to actually affect how much they can spend you have to actually affect the adjuster's prediction market.
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Offline blackbeard

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Re: [VIDEO] Explanation of BitShares Insurance DAC
« Reply #14 on: March 13, 2014, 10:05:30 PM »
I imagine the hardest part to implement  in a decentralized identity/reputation system is how to protect against sybil attacks. Whats to stop me from creating 1000 fake "accounts" and giving the target adjuster shitty reviews?

Anybody can advertise the adjuster in a positive or negative light anywhere, not just in the DAC's forum page. But in order to actually affect how much they can spend you have to actually affect the adjuster's prediction market.


Ah let me see if I understand what you mean. Let's say that I want to be an adjuster. I create a coin called "bitBeard" to represent my adjusting firm. As people trust me they will purchase more shares in bitBeard which will drive my price up. If I'm on the right track this logic seems to say that my prediction market will go up if I can turn turn a profit. Turning a profit doesn't mean that I'm honest

 

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