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Insurance of all kinds

Insurance ain’t a scam governments enforcing it is.

You mean governments mandating it such as with car insurance? Agreed

But imo the whole business model of insurance is by definition a scam too. “Everyone pay us on a regular basis and you’ll be ‘covered’ so when you need us, we’ll still make you pay anyway”

How is that not a scam?

KassandrA dot_c0m 2y ago

Guys i’m falling in love.

With whom

KassandrA dot_c0m 2y ago

With every clear mind here.

I agree but I’d call insurance more of a gamble than a scam. Some people it does benefit but there’s a houses edge and most people lose out by it. Anyhow car insurance is the only reason I don’t own a car well that and now gas prices are insane due to the governments incompetency getting involved in a war in Europe.

Vehicle Insurance

Renters' Insurance

Mortgage Insurance

Life Insurance

The List goes on and on. What is INSURANCE? It's a TAX. Pure and simple.

Pay a CORP that WILL be bailed out by the FED GOV that prints USD to do so.

All Insurance is a SCAM.

Wow never thought it quite like that tbh

I would say more like a counter-party gamble. That the third party will still be there when it’s time to collect.

I'm a gambler. Insurance is a SURE loss on your money. Life is RISK. You have to be willing to take it. I pay the shit b/c they won't let me drive "legally" otherwise.

OP's point was about scams. Insurance is one of the biggest.

Hear you, but having 3 kids, it was useful occasionally

I get it. I use it too. Still a SCAM.

Agree. Like credit cards, and many other things, small few get a benefit to exploit by leveraging the system and the rest get screwed à la usury

JeffG 2y ago

It’s worth looking into the history of insurance. It definitely didn’t start out as a scam. It was a community project to make sure unforeseen black swans were manageable (the community knowing those events would be rare).

The Ascent of Money by Niall Ferguson has a more in depth take on it.

A lot of well intentioned ideas have gone awry over time.

Sounds very akin to people trusting banks to hold their gold knowing that a 'bank run' would be rare.

JeffG 2y ago

Counterparty risk is an inherent part of being human. We’ll never remove all of it and it’s not default evil.

It’s also fair to say that Scottish widows in the early 1800s didn’t have the option of using bitcoin.

Never said counter party risk was evil. We may never be completely rid of it.

I'm not a Scottish widow and I DO have the option of using bitcoin.

GN PV.

Not true my ex rear ended someone on the highway completely her fault totalled her SUV and ruined buddy’s truck insurance covered the guy she hit and some of her damages. Her insurance obviously went up but it was better than filing for bankruptcy or going tens of thousands of dollars in debt.

But your ex paid into that policy. How many monthly payments did she shell out to the INS CORP before she needed it? Does that math work out? It might be better to go bankrupt and borrow shitty fiat to get back on your feet. Nevertheless they fucking "force" us to have INS anyway.

Interest rates for someone with low credit like hers would’ve been insane she was 19 when this happened. It worked out well for her. Not saying it works for everyone. VLT gambling your odds are like 40/60. Car insurance is probably more like 1/99 but still it’s a gamble, just not a very good one even by gambling standards.

yep, It's worked out for me before too. Still a scam.

Well you have the choice to take public transit like me, I still get around fine. 😝😂

Getting around isn't the point. I've hitchiked, hopped trains and taken public trans. That doesn't change the fact that insurance is a coercive scam.

To me it just sounds like another flawed and outdated government system. They are all like that from healthcare to the justice system. I spent 2 weeks in Jail here in Canada a few months ago for Instagram messages as a first time offender. Cost the Canadian tax payer $120 per day to keep me there that’s not even including the hidden costs such as a public defender and court costs just to teach me a lesson not to send mean Instagram messages. Don’t even get me started on our healthcare system and how much money that wastes the Canadian taxpayer. Or even our public transportation system that loses billions a year. The whole government is a scam insurance is the least of my issues with them.

That's fuct and deserves an entire thread to itself. Canada is ruled by the WEF and maybe US ain't far behind. Glad you are out and 'free' now tho.