Continuing the discussion from $1 Million Dollar Bounty:
I’d like to continue the idea of creating a decentralized gambling and insurrence app here. I realize we may already have a gambling app somewhere however for the life of me I can’t find it. I’m focused less on casino style wagers and more on betting on probabilities and crowdfunding collatoral for said wagers over time. This would allow participants to bet on events. One of the reasons big inssurence companies dominant the sphere is they’re the only ones with enough cash to cover if someone were to get sick or not, or if your car were to get in an accident, or if there would be a freak hurricane blow through your town and demolish your house or any number of tragedies. But imagine if instead of having one centralized entity dishing out cash you have a lot of smaller people placing smaller wagers on whether or not something will happen to you? All they really need to know is the statistics of the situation (just like the insurence company). If you like you could release the specifics which may or may not influence their decision but all they NEED to place the bet is the raw numbers. What’s the risk of a new driver with a drinking habit crashing an old cheap used car compared to an experienced driver with a history of not drinking crashing a car he just paid a fortune for? If you live in a flood plain what’s the chances you’ll be flooded compared to if you live in the high mountains? Again vital statistics. But the difference being corporations don’t like taking risks. But gambling is all about taking risks. Hence where decentralization would shine. If you’re only risking a small amount of money yourself you’d be more inclined to take a risk right? And with more people out there putting money down the pot could grow based on the amount of people contributing rather than the amount each gave. Basically the principle of crowdfunding. Deadlines could be set so that one could wager on the probability that an event would happen by x date or within y timeframe. Then people start putting their money down. If your wagering someone won’t get sick within a given timeframe then you collect if they remain healthy and the time runs out. But if they do get sick within the allotted time you need to pay up. Sound familiar? Conversely however one could place a bet that they would get sick which would give a whole new spin on the health insurrence scene. Instead of wagering for one’s health one would wager against it. Sounds crazy but if they’re basically saying “I believe you’ll be dead in a week so my money will be useless to you anyway.” and your retort is “You wanna bet! I’ll survive and I’ll beat this thing.” Then it makes more sense.
All this could be applied to any subject. Agriculture, starting a new business, gambling on the weather, stocks, anything. With it all we’d need some statistical analysis data And we’d probably need a way for people to enter data or release data safely to the system. Also a way to verify that the data they entered was TRUE. I mean you could claim you’re a single mom with a $10,000 a year income when in fact you’re a rich single male CEO of a fortune 500 company. If the SAFE network doesn’t know Dick from Harrieta then neither does anyone else. Ergo information verification of some kind.