Yeah - agree totally. I think we’re both saying that insurance will mostly cease to exist.
What I’m focused on is 1) what will a world without it really look like; 2) what lessons should bitcoiners understand - I think it’s presumptive that mistakes won’t be made and that risk will never be mispriced - but we probably agree that companies that do this will get rekt quickly.
Bitcoiners understand counterparty risk but not the risk of outliving their savings. Satoshi focused us all on banks, correctly. But I think there’s a lot to be learned from how insurers have behaved and how their wreckage will unfold in the next decade.
This will only be true if the coincidence of wants is met at the margins. My guess is that there isn’t nearly the natural market for insurance as we think - this is why the govt was compelled to create it.
I can assure you that nobody knows the true price of risk. No actuary, no insurance CFO - nobody.
Does Bitcoin fix insurance or does insurance fix Bitcoin?
After 28 years as an actuary seeing failures in pensions, health care, insurance, and annuities - the systems people relied on to not outlive their wealth -
MY LIFE’S WORK IS NOW TO DISCOVER THE ANSWER
Bitcoiners focus on bank failures and are correct to do so - but -
An insurance company failed in 2008 called AIG. What was their role in the scheme of things and do we not pay enough attention to that? What would a wave of insurance company failures mean for bitcoin?
Is insurance just another rug-pull waiting to happen?
April Fools is fiat bullshit.
Haha gotcha your money is fake and so is everything else you value!!!
No thank you. Bitcoin fixes this.
Pura Vida!
Waking up with a purpose is the greatest gift a human being can have. Today I was determined to learn what docker containers are and how they work.
Thanks to Mastering the Lightning Network, I can run a bitcoind docker that contains a script to run a mining operation in regtest locally. Every 10 seconds it mines 6 blocks.
After 100 confirmations, I can “spend” the mined coins (in regtest)
Bitcoin provides an endless curriculum to wake up every morning with boundless energy.
The greatest laugh in the history of mankind belongs to
PATRICE O NEAL
Like it or not, El Salvador has cut themselves off of the Fiat money printer.
Emphasizing that Bukele might have dictatorial tendencies on the periphery of this fact is like emphasizing that MLK Jr loved to eat pussy.
In a democracy, the most unacceptable power a man can have is the power to change his mind.
People who come to power under a particular consensus decree that consensus be immutable and will attack any threat to it.
Fiat money gives unlimited resources to this attack. Stagnancy of opinion will be achieved at any cost.
Fiat Delenda Est
Pura Vida!
The fiat world is adamant that nobody “reinvent the wheel”. People say this unironically when their jobs depend on the wheel not existing.
The wheel, as a metaphor for the best tool to cause a breakthrough in productivity, is only for those who live outside the Fiat system.
The wheel needs billions of more people to join the outside system before the magic of this breakthrough can be seen.
Bitcoin is NOT the wheel - human ingenuity is. But Bitcoin provides both the alternative system and the incentives to reinvent the wheel, hopefully, for the last time.
My kids to me in the future: “ Your standard zap HAD to be 69??? “
Vegetarians are responsible for mineral depletion. They should buy meat and give it to their friends or throw it away just so there are more hoofed animals fertilizing and tilling the soil.
Pretty shitty that Kobe Bryant is dead
This is the sexual content i come to nostr for !!
Etiquette is fiat. Value is discovered. Do what fees right and observe how you feel about that afterwards.
I’m zapping in every scenario i can to understand my own sense of what I value.
I’ll be damned if I ever let someone’s idea of etiquette poison my sense of value.
Pura Vida!
Pura Vida!
Mornings, for me, are for reading and learning. Whatever it takes to make my mind work so hard that it escapes default consciousness.
Most things cannot be learned under our default consciousness. The ability to change states is a learners greatest asset. It’s like a tennis player changing surfaces and retraining their brains and body for it.
May you all be blessed and make the most of this day!
In the poker game of life, self custody of Bitcoin gives you the strongest hand and all the best draws.
When your money is by decree you do NOT want a showdown. It is so easy to exploit that weakness in Fiat.
We must continue to do that until their chip stack is too small to make us make difficult decisions.
We are winning. Slowly.
Pura Vida!
Connections are everywhere. We only need the diverse experiences in our memory and the imagination to see connections where others don’t.
This is what separates us from machines and AI
This is what Bitcoin has selected human being for.
How to people keep coins on Binance or Coinbase?
I worry about getting rugged by my mining pool and Bitrefill!