what monero services are needed? (monero.town)

submitted 11 months ago by shortwavesurfer@monero.town to c/monero@monero.town

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I keep thinking we need monero insurance (life, health, auto, etc) where premiums are paid in monero and benifits are only paid out in monero. What services do you think we need?

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[-] itsmect@monero.town 3 points 11 months ago

Payouts cut into the profit margins, so insurance companies will pay as little as they can get a way with legally. When paid anon in monero, it's even easier for them to take the money and run (or operate as a ponzi scheme or whatever else).

On the other hand the insurance company must ensure that their customers claims are correct, so that they do not get scammed. I'd assume they demand proof, which does require a lot of personal info.

[-] shortwavesurfer@monero.town 1 points 11 months ago

Hmmm, true. I would expect that insurance of some sort would have to exist, though, because otherwise people would be on the hook themselves for extremely expensive things like cancer treatment or a car accident, and Lord knows the majority of people do not have the kind of money to cover something like that.