have you ever asked a doctor or nurse (not dentist) what a procedure will cost before consenting to it?
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smart contract life insurance aka assassination on the blockchain
Thanks. Twitter will use this to make your timeline better. UndoUndo
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in case it's not clear, insurance has a tendency to transfer risk in perverse ways. it's designed to be a risk transfer mechanism so it's not that surprising. it's possible to transfer risk to the wrong place, and the most wrong place of all is **everyone else**
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Cost Disease (a la Baumol) is the most common result of perverse risk transference. The natural containment mechanism on cost is that it's you're own money on the line and you eventually reach the end of your demand elasticity. Take that away and well...
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Nearly identical phenomenon happening in college costs (mostly tuition, but also text books, etc.). Same mechanism too. Student loans are acting as if they were, essentially, Bachelor's Degree insurance. Cost Disease results as soon as we make this mandatory, and we have.
End of conversation
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