On Insurance: Most insurance is a rent seeking scam today. Life insurance is in many ways a scam targeting poor people who don't save. Homeowners insurance is a complete scam, "required" if you have a mortgage (sadly, almost everybody). Rates increase ~12%/year even if you have 0 claims for 20 years. Car insurance (except liability and UM) is also a complete scam, unless you suck at driving or like to chase deer and fiat-financed your car at a stealersip (again, then required). Providing 'safety' feelz to the non savers in exchange for the monthly vig.
There is a reason all the high rises are built by insurance companies and banks: it is a massive rip off - where the house makes Vegas casinos rake look like Mother Theresa.
Sorry, I enter the conversation skeptical🤣.
How does the $5 Wrench attack insurance pencil out? $X per $ thousand per year/month? Is it actually underwritten to the individual and their risk profile? Not sure. So after a big hack, will they jack rates across the board ("Katrina was the excuse for about 5 years to raise rates in the great plains)? Finally, as I understand it from the pod shilling, after the ransom claim is paid you forfeit your Bitcoin to that extent anyway. Sure, there's some narrow use cases where it might help . . .
Edmond Dantes / Edmond Dantes⚡
npub1kd…sc3nr
2025-02-04 01:42:09
in reply to nevent1q…cxrw
Author Public Key
npub1kdp9ndl26w07klfq259qvsutwtaw9qxazyr8a5k8027a3nfrlx5szsc3nrPublished at
2025-02-04 01:42:09Event JSON
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"pubkey": "b34259b7ead39feb7d20550a06438b72fae280dd11067ed2c77abdd8cd23f9a9",
"created_at": 1738633329,
"kind": 1,
"tags": [
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[
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"content": "On Insurance: Most insurance is a rent seeking scam today. Life insurance is in many ways a scam targeting poor people who don't save. Homeowners insurance is a complete scam, \"required\" if you have a mortgage (sadly, almost everybody). Rates increase ~12%/year even if you have 0 claims for 20 years. Car insurance (except liability and UM) is also a complete scam, unless you suck at driving or like to chase deer and fiat-financed your car at a stealersip (again, then required). Providing 'safety' feelz to the non savers in exchange for the monthly vig.\n\nThere is a reason all the high rises are built by insurance companies and banks: it is a massive rip off - where the house makes Vegas casinos rake look like Mother Theresa. \n\nSorry, I enter the conversation skeptical🤣.\n\nHow does the $5 Wrench attack insurance pencil out? $X per $ thousand per year/month? Is it actually underwritten to the individual and their risk profile? Not sure. So after a big hack, will they jack rates across the board (\"Katrina was the excuse for about 5 years to raise rates in the great plains)? Finally, as I understand it from the pod shilling, after the ransom claim is paid you forfeit your Bitcoin to that extent anyway. Sure, there's some narrow use cases where it might help . . . \n\n\n\n",
"sig": "86facab2a425afe24e8659775ccf491ee409f8926d10f9864677a7427a5d91419ae8308a2a8e60b49a353d751c83ae28f5b0cc59e548c5f6fdee2c149083dc69"
}