Insurance of any kind is 100% a scam
Change my mind.
Discussion
I give u money in case shit happens
Ok
But if shit doesn’t happen, shouldn’t I get my money back?
Chris Rock
Many of the people who have shit happen to them get multiples more money back in insurance than they gave to the insurance company, and this is subsidized by those who didn’t have shit happen to them.
Therefore a scam correct
?
Nope. People voluntarily pay into a system knowing the will likely lose money, so that if, and only if, shit happens they will get a lot more money out than they put into insurance premiums.
If people got their money back if shit didn’t happen to them, there would be no money to pay to those whose who had bad shit happen to them, as insurance premiums total only a small fraction of potential losses on that thing being insured.
Not voluntarily… car insurance for example
True, it’s not all voluntary.
I guess what I’m saying is I think bitcoin does replace the need for insurance because if the money is not broken and people can actually save for when something bad does happen then they won’t want or need insurance anymore
Saving could cover if something bad happens
Yes, in most cases people would be better off if they self insured through bitcoin. But sometimes people can’t do that and buying insurance is logical.
Buying insurance is not logical at all imo agree to disagree
What u mean some people can’t do that?
Anyone can
It is often logical for those with little to no resources. For example, if one has young children but no resources, it is logical to buy life insurance until the time they can save enough to not devastate their children financially if they were to die.
Same thing with a house. If it burns down and you have no insurance, you still owe the mortgage. If you had not yet saved enough in bitcoin at the time of the fire, you are screwed, and that is why it is logical for many to buy home insurance.
But my point is that nobody will need mortgages either… because if the money isn’t broken and people can actually save up to buy a house…
And not to mention the cost of buying a house will go back down to its use case… which is for living in
I disagree with ur whole Point of view dog.
Right now I have assholes buying houses for investment purposes
Everything is fixing to change
We are talking about two different things. You are talking about a future with hard money and people save up for things with hard money.
I’m talking about the reality of most people today. Today people make logical choices to buy insurance and for them it is not a scam.
I said bitcoin fixes this.
Bitcoin fixes this
It is still a scam today.
But now we have a solution
Bitcoin fixes this
How soon idk
But it’s very much a scam
So thank god for bitcoin
We are still living in clown world
That’s changing in real time tho
Not to buy a house. To build one! There is a plenty of land. Everyone can build a house in a year even manually (upper bound). Why to subscribe to 30 year mortgage? Or to work more than a year to save money on a house. Just build it on your own, if it is too expensive to buy or to take mortgage
Nice take. I like that
Wait! If your house burns down, you are better off to have nothing to pay the mortgage and just go bankrupt, then pay the mortgage with saved money. When you not saved, you spent it somehow and they can't take that consumed pleasure away from you.
For example, you spent money on education or beautiful journey in tropical countries. Then come back and discover that the house burned down. Ok, you have no money to pay the mortgage, so you go bankrupt. You take away good emotions from the trip and your education.
Alternatively, you saved the money, then the house burned down and you pay the mortgage with the sawed money. You are worse off now. You could have received education and the trip, but instead gave the money to bank!
Does bitcoin fix this?
Insurance is a gamble to make u feel secured instantly, to NOT have the buffer you should and could have had covering for the whole issue in the first place.
It's a matter of handing responsibilities you should have (saving in case of) to others who don't care about you (insurance). And when the time comes for them to pay they become notsureance. So it's a gamble that things will probably be ok, so you can live in the now and worry later. Instead of taking responsibility and not worry later.
Insurance and pension go hand in hand with a debt system. Poor countries don't have either of these "options" provided to us to make us feel secure. We aren't secure, but we are told not to worry about that. People in poor countries have neighbours though. And good neighbours can make all the difference in the world.
💯💯💯but so transitioning from a debt based fiat world to a hard money standard… it basically kills off all the bull shit in clown world 🌎
Am I on the right track here?
Damn right. Reduce the hosts, reduce the paracites. It is a grassroots movement, spreading knowledge and power from the bottom up. Eventually this will hurt the positions feeling comfortable controlling the clueless sheeple. No sheeple, no free lunch.
If stealing is no longer an option, people will have to look for an actual value to provide someone else in order to provide for one's family. This happens in real-time in El Salvador. More people start to build and actually save and then build more. Crime rate is way down. And not due to more police on the street beating more people to stay in line. It's peace at personal level causing peace in local society.
What if you bought an expensive car? You can buy an insurance against damages or theft. Otherwise stupid drug addict can damage your car or steal it just for fun and you would have to pay from your pocket!
Yeah if u wanted to buy insurance for your nice car or whatever… u could
But it shouldn’t be forced
Sure. Forcing into a contract is not a good thing in any case. But in this case you might want to buy an insurance, because the car is very expensive and you don't want to pay a lot more of something happens.
But I also think that priced in bitcoin cars will get cheaper and cheaper over time too… going to 0 vs bitcoin so the expensive car won’t be that expensive