If your premium isn't risk adjusted most of you would be extremely overpaying and dramatically subsidizing high risk candidates like BM.

(This is why various forms of blockchain insurance aren't likely to catch on, though the blockchain should have much lower expenses, in order to provide good value, you probably still need a lot of personal information and actuarial calculations to be made, absent that you may have a very expensive product for most people.) 

It's worth attempting for the potential publicity. It's always good to be first with something.

This would also work better when there is a bond market so that the balance could be put to use and earn interest.

Quote from: bytemaster on December 14, 2015, 11:33:41 pm

Quote

A benefit society, fraternal benefit society or fraternal benefit order is a society, an organization or a voluntary association formed to provide mutual aid, benefit, for instance insurance for relief from sundry difficulties.

A blockchain cannot provide insurance as it is traditionally known, but could easily create a community of individuals who help one another when they face difficulties.  These difficulties can be a wide range of things.

We live in a society where most good people standby and do nothing to help those who are the victim of state violence. This includes those who are punished for victimless crimes or laws that violate the constitution or other basic human rights.  Few people are willing to stand up to the government because the costs are very high on an individual.  If we could only stand together then we would all be protected and regain our freedom.

Typically the way this would work is this, each month members contribute funds to an individualized account that can only be used to reimburse authorized claims by other members. Each member would be allowed to make a claim for at most a multiple of funds contributed derived from the ratio of claims paid out.

The process of making a claim involves making a public request for help and getting the request for help certified by an oracle trusted to verify the facts of the claim. Once the facts are certified other individuals may review the claim and "donate" up to $100 from their locked up funds to cover the claim. 

Under this system individuals can only receive benefits if they are a victim, produce verifiable evidence, and have the support of a large number of independent users who individually transfer funds from user to user.

I would start this system for five classes of users:

1. Those who are accused of possessing illegal substances but have not actually harmed anyone
2. Those who are accused of traffic violations for behavior that did not harm anyone
3. Those who are accused of copyright violation
4. Those who are accused of participating in prostitution that did not harm anyone and where no children are involved.   
5. Those who have their assets seized   

In all cases we presume innocence and believe that the accused deserve a fair defense.

This is a unique product that could easily be codified in smart contracts and provide real world utility that does not exist elsewhere.   

This is also a controversial product that would generate a lot of media attention and attract people who might not otherwise care about crypto currency.

So the question is, how much would you contribute each month to join a community of people united in defense against government attacks on peaceful individuals?

If all funds / accounting were done using BTS then the amount you can get paid out will dramatically increase as adoption grows. The locked up funds would take BTS out of circulation until a claim was made.  It could get very interesting very quickly.

Thoughts?

I like the idea!

Quote

derived from the ratio of claims paid out.

I don't understand this bit. Can you explain that?

Quote

Once the facts are certified other individuals may review the claim and "donate" up to $100 from their locked up funds to cover the claim. 

Would that system have the overall cost that indidivuals have to pay attention to the claims of other individuals? It's a bit like all shareholders in DPOS have to pay attention in order to vote. Maybe a similar proxy system would make sense?

Quote

5. Those who have their assets seized   

Should it say "Those who have their assets seized" or "Those who have their assets seized without having harmed aynone" ?

Could it be that the system ends up with only one class of people? A class where the "legal risk" is the highest while doing no harm to others. So for example: Only "drug" dealers.

What if you are not harming anyone yourself but you are helping someone that for example is a contract killer by washing his money?

Quote

A benefit society, fraternal benefit society or fraternal benefit order is a society, an organization or a voluntary association formed to provide mutual aid, benefit, for instance insurance for relief from sundry difficulties.

A blockchain cannot provide insurance as it is traditionally known, but could easily create a community of individuals who help one another when they face difficulties.  These difficulties can be a wide range of things.

We live in a society where most good people standby and do nothing to help those who are the victim of state violence. This includes those who are punished for victimless crimes or laws that violate the constitution or other basic human rights.  Few people are willing to stand up to the government because the costs are very high on an individual.  If we could only stand together then we would all be protected and regain our freedom.

Typically the way this would work is this, each month members contribute funds to an individualized account that can only be used to reimburse authorized claims by other members. Each member would be allowed to make a claim for at most a multiple of funds contributed derived from the ratio of claims paid out.

The process of making a claim involves making a public request for help and getting the request for help certified by an oracle trusted to verify the facts of the claim. Once the facts are certified other individuals may review the claim and "donate" up to $100 from their locked up funds to cover the claim. 

Under this system individuals can only receive benefits if they are a victim, produce verifiable evidence, and have the support of a large number of independent users who individually transfer funds from user to user.

I would start this system for five classes of users:

1. Those who are accused of possessing illegal substances but have not actually harmed anyone
2. Those who are accused of traffic violations for behavior that did not harm anyone
3. Those who are accused of copyright violation
4. Those who are accused of participating in prostitution that did not harm anyone and where no children are involved.   
5. Those who have their assets seized   

In all cases we presume innocence and believe that the accused deserve a fair defense.

This is a unique product that could easily be codified in smart contracts and provide real world utility that does not exist elsewhere.   

This is also a controversial product that would generate a lot of media attention and attract people who might not otherwise care about crypto currency.

So the question is, how much would you contribute each month to join a community of people united in defense against government attacks on peaceful individuals?

If all funds / accounting were done using BTS then the amount you can get paid out will dramatically increase as adoption grows. The locked up funds would take BTS out of circulation until a claim was made.  It could get very interesting very quickly.

Thoughts?

derived from the ratio of claims paid out.

Once the facts are certified other individuals may review the claim and "donate" up to $100 from their locked up funds to cover the claim. 

5. Those who have their assets seized   

Quote from: delulo on December 14, 2015, 07:46:07 pm

I watched it and thought... Ah Bitshares... a few times. Watched it half asleep so cant remember really The one thing I can remember is the video's message that there is a huge demand for speculation...

At 11:00 he talks about 'The Stock Market Of Things' 

As in wouldn't it be great, rather than having to buy the actual sneakers, being able to invest in 'Sneaker BitAssets' instead.
(As well as other similar items that are collected and valuable - watches & handbag BitAssets etc.)

BTS would be a great platform for his stock-market of things 

Quote from: delulo on December 14, 2015, 07:46:07 pm

I watched it and thought... Ah Bitshares... a few times. Watched it half asleep so cant remember really The one thing I can remember is the video's message that there is a huge demand for speculation...

Yeah I think the speculation part was interesting... and the whole idea of an exchange for commerce.. a few companies are working in the blockchain of things space for supply chain mgmt and there was a guy who had a project at Blockchain University for using the blockchain for baseball card collectibles...   Good opportunity to do that with Bitshares esp because the exchange part is built in.   

To help prioritize and/or value various proposals we have created some new assets that act as a pre-sale auction for ownership of various revenue streams.   The first revenue stream is 80% of all confidential transfer fees.  We have registered the STEALTH asset with a maximum supply of 1M shares.  If you are interested in owning a cut of this revenue stream you can place a bid in this market.  Stealth fees will be set to 3x the normal transfer fee set by the committee.

@onceuponatime has an implicit bid of  12 BTS per STEALTH for 1M shares giving STEALTH a market cap of $45,000.   

The purpose of this market is to help prioritize various features and give the more passive members of the community an easy way of evaluating / comparing the various proposals.  Those that have the highest market caps (with sufficient liquidity to fund the development) represent the highest value features. 

For this proposal we have already produced a basic GUI workflow that will be implemented before any STEALTH is actually sold to the market.  At no time will proceeds from this sale be spent prior to delivering of the feature.   If you are interested in stealth and believe it will be a profitable feature for BitShares, then place some bids to show your support.

Once the feature is implemented, ONCEUPONATIME will be given 1M STEALTH which he may choose to sell as he sees fit. 

https://bitshares.openledger.info/#/market/STEALTH_BTS