what do you think about KMD (Komodo Platform) ?I have been following them closely. They have Decentralzied Exchange - Barterdex project that's really close to Easy to use GUI.
More info about it https://bitcointalksearch.org/topic/m.23274990
Topic: 3 kinds of ICOs — Protect yourself - page 14. (Read 13644 times)
Tezos had a TON of hype, buzz, big names on its big team, tons of social media activity, thousands of followers, etc., etc., etc. They raised $232 million.
But I was never a fan. I avoided it like it was manure. Their value proposition was formal verification and governance. So what? That’s not a new idea. Who was going to execute it? A couple of people who worked in finance? WTF? What the hell do they know about building large, sophisticated technology projects? What have they built before? Nothing.
More news about Tezos just came out:
A U.S. law firm is investigating a class action lawsuit on behalf of U.S. investors in the Tezos ICO
https://restislaw.com/current-cases-investigations/tezos-initial-coin-offering/
They are seeking a refund to the investors.
This is why it is important that you invest in ICOs from countries with extradition agreements. If they screw you over, your lawyers can help get your money back. If the ICO team is in a corrupt country, kiss your money goodbye.
What Lessons Can Be Learnt From Tezos ICO Debacle
https://cointelegraph.com/news/what-lessons-can-be-learnt-from-tezos-ico-debacle
This shows that even an ICO with a big name Venture Capitalist on the team can mean nothing.
Essentially, they were pocketing the money instead of building a prototype or product. It also shows that the White Paper can mean nothing.
Don’t ever invest in an ICO that hasn’t built a prototype or product.
But I was never a fan. I avoided it like it was manure. Their value proposition was formal verification and governance. So what? That’s not a new idea. Who was going to execute it? A couple of people who worked in finance? WTF? What the hell do they know about building large, sophisticated technology projects? What have they built before? Nothing.
More news about Tezos just came out:
A U.S. law firm is investigating a class action lawsuit on behalf of U.S. investors in the Tezos ICO
https://restislaw.com/current-cases-investigations/tezos-initial-coin-offering/
They are seeking a refund to the investors.
This is why it is important that you invest in ICOs from countries with extradition agreements. If they screw you over, your lawyers can help get your money back. If the ICO team is in a corrupt country, kiss your money goodbye.
What Lessons Can Be Learnt From Tezos ICO Debacle
https://cointelegraph.com/news/what-lessons-can-be-learnt-from-tezos-ico-debacle
Quote
“pre deals were done as far back as September 2016 valuing the company at $6m without actually having an code ready to be released, barely in alpha.”
“And then as the ICO approached, Tezos was being valued at $150m - whereby Draper [Venture Capitalist] exited his $6 mln investment in DLS [founders' company] and doubled his money.”
“And then as the ICO approached, Tezos was being valued at $150m - whereby Draper [Venture Capitalist] exited his $6 mln investment in DLS [founders' company] and doubled his money.”
This shows that even an ICO with a big name Venture Capitalist on the team can mean nothing.
Quote
“Since the end of the ICO there has been a diversion of funds to various corporate structures and foundations. But the biggest issue is clearly the early profit taking for DLS and others ahead of retail investors, way before the venture has delivered anything substantial.”
“One has to ask where was the lock-in for the founders and the commitment to deliver what was promised in the White Paper to retail investors? Is this a clear warning for future ICO token buyers (of app tokens) and investors (securities tokens)?”
“One has to ask where was the lock-in for the founders and the commitment to deliver what was promised in the White Paper to retail investors? Is this a clear warning for future ICO token buyers (of app tokens) and investors (securities tokens)?”
Essentially, they were pocketing the money instead of building a prototype or product. It also shows that the White Paper can mean nothing.
Quote
“Why should Mr and Mrs Breitman and the VCs be rewarded before the Tezos proposition deliver on promises made”
“they still have no customers or working production systems!”
“The Brietmans have made their money so why would they stick around to make good on the White Paper?”
“retail investors were hung out to dry.”
“they still have no customers or working production systems!”
“The Brietmans have made their money so why would they stick around to make good on the White Paper?”
“retail investors were hung out to dry.”
Don’t ever invest in an ICO that hasn’t built a prototype or product.
I'm watching many ico's these days. Many of them looks like scams and many project seems to be loosers or crap as you said. It's very hard to find legit one.
I'm just trying to be careful and not invest so much in ico's. It's too risky.
I'm just trying to be careful and not invest so much in ico's. It's too risky.
LONDON - A blind investment in every initial coin offering (ICO) to date, including those that have failed, would have generated an average return of 1,320% for investors, according to a new report.
http://www.businessinsider.com/ico-mangrove-capital-average-returns-crypto-icos-2017-10?r=UK&IR=T
I'm watching many ico's these days. Many of them looks like scams and many project seems to be loosers or crap as you said. It's very hard to find legit one.
I'm just trying to be careful and not invest so much in ico's. It's too risky.
I'm just trying to be careful and not invest so much in ico's. It's too risky.
Hi jlp. You have a great insight on ICOs. I know i'm being bias since I'm part of the bounty but I think project related to e-sports such as Eloplay has a good shot in being successful in the future. What can you say about it 
In regards to Eloplay, I think gaming and gambling are two excellent applications for cryptocurrency. After transfer of value (currency) and store of value applications, gaming and gambling are very good fits. Cryptocurrencies enable several things to be done that could not be done previously:
For Gaming:
- Win real value that can be withdrawn from the game or gaming ecosystem, instead of winning just digital goods that are locked in.
- Winning real value elevates the fun and excitement of the games and competitions.
- In essence, crypto currency enables gaming to provide gambling. Gaming (with crypto currency) is an euphemism for gambling. One will argue that gaming has skill whereas gambling does not. This is not true. Lotteries and slots do not involve skill, but many gambling games, such as Black Jack or Poker, involve skill. Financial betting involves skill.
For Gambling:
- Governments around the world are the biggest operators of gambling. Most governments run big lotteries. Several run huge casinos. But, they block competition, such as online gambling, to maximize their own revenue. Many of them do not have specific laws that outlaw online gambling. If they do, they rarely enforce them because it’s difficult, as they themselves are gambling operators. To block online gambling, they ban credit card companies and banks from sending money to and from gambling sites. Cryptocurrencies can solve this business problem for gambling operators. Cryptocurrencies can unshackle and liberate gambling and let anyone to play from anywhere in the world.
- Gambling sites are known to cheat or steal from their customers. If the bets are handled by smart contracts, this business problem can be solved.
Therefore, Eloplay is in a great space. They have a product, which is great news, though I didn’t try it. That proves that they can build.
However, they have lots of competition. There have been many eSports or Gaming ICOs, such as Firstblood, Unikoingold, GameCredits, etc. There are more, but I forgot their names. I’m not saying that this industry cannot support many competitors. I just don’t know how many.
Elopay is from that large country east of Europe, which has no extradition agreements with much of the world. This increases the risk for you, because if they defraud you, your government cannot help you.
Amazing opinion. What cryptocurrency and Blockchain is suitable for is gaming and gambling. Nice.))
Hi jlp. You have a great insight on ICOs. I know i'm being bias since I'm part of the bounty but I think project related to e-sports such as Eloplay has a good shot in being successful in the future. What can you say about it
In regards to Eloplay, I think gaming and gambling are two excellent applications for cryptocurrency. After transfer of value (currency) and store of value applications, gaming and gambling are very good fits. Cryptocurrencies enable several things to be done that could not be done previously:
For Gaming:
- Win real value that can be withdrawn from the game or gaming ecosystem, instead of winning just digital goods that are locked in.
- Winning real value elevates the fun and excitement of the games and competitions.
- In essence, crypto currency enables gaming to provide gambling. Gaming (with crypto currency) is an euphemism for gambling. One will argue that gaming has skill whereas gambling does not. This is not true. Lotteries and slots do not involve skill, but many gambling games, such as Black Jack or Poker, involve skill. Financial betting involves skill.
For Gambling:
- Governments around the world are the biggest operators of gambling. Most governments run big lotteries. Several run huge casinos. But, they block competition, such as online gambling, to maximize their own revenue. Many of them do not have specific laws that outlaw online gambling. If they do, they rarely enforce them because it’s difficult, as they themselves are gambling operators. To block online gambling, they ban credit card companies and banks from sending money to and from gambling sites. Cryptocurrencies can solve this business problem for gambling operators. Cryptocurrencies can unshackle and liberate gambling and let anyone to play from anywhere in the world.
- Gambling sites are known to cheat or steal from their customers. If the bets are handled by smart contracts, this business problem can be solved.
Therefore, Eloplay is in a great space. They have a product, which is great news, though I didn’t try it. That proves that they can build.
However, they have lots of competition. There have been many eSports or Gaming ICOs, such as Firstblood, Unikoingold, GameCredits, etc. There are more, but I forgot their names. I’m not saying that this industry cannot support many competitors. I just don’t know how many.
Elopay is from that large country east of Europe, which has no extradition agreements with much of the world. This increases the risk for you, because if they defraud you, your government cannot help you.
EOS is one of my favorite projects. Dan Larimer has a great track record in proving that he can build a product. But investors overpaid. Last time I checked a month ago, they raised $230 million. Someone said that they raised $300 million so far. Market cap is at $217 million.
Every one should see this thread. This is very imformative and will save a lot of newbies and some investors their money as we all know that lots if ICO is just a money making way on how they will steal money from the investors. although some ICO's are just crap and not a total scam. So to all investors and newbies out there you should really research the project before investing in. ICO's are risky if you dont really know what it is.
Bancor was another over-bought ICO. Investors gave them $153 million. Now, the market cap is $85 million. That’s a loss of 44%. The price will need to rise 80% for investors to break even.
The problem with ico's nowadays and people who invest in ico's in general is the following. Too many people assume they know what other people want while in reality this is not the case. Just because something is meant to be used by a specific group doesn't mean they will use it on a regular basis. So essentially you can divide the last group of legitimate ico's into 2. Legitimate ico's but without a use and ico's with a real use case. You would want to invest ik the latter.
The instability not in the currency. It is in people's minds.
Tezos Derivatives Crashes Amid Management Infighting after $232 Million ICO
https://www.cryptocoinsnews.com/tezos-derivatives-crash-amid-management-infighting-and-stalled-development/
Actually, it looks like they are locked at an impasse:
This shows that even if an ICO has Venture Capitalist backing and raises a ton of money, they still cannot prove that they can build a product.
Reduce your risk. Look at ICOs that have already built a prototype or product.
This seems to be the case with most ICOs.
https://www.cryptocoinsnews.com/tezos-derivatives-crash-amid-management-infighting-and-stalled-development/
Quote
“causing months of delays”
“This infighting has stunted the development of the Tezos network.”
“This infighting has stunted the development of the Tezos network.”
Actually, it looks like they are locked at an impasse:
Quote
“Gevers told The Wall Street Journal that the Breitmans had “attempted to bypass the Swiss legal structure and take over control of the foundation.” He blames them for “causing months of delays in the Tezos project.” The Journal also reports that a lawyer for the Breitmans sent a letter to the foundation threatening to withdraw their support from the project unless Gevers was removed from its board.”
This shows that even if an ICO has Venture Capitalist backing and raises a ton of money, they still cannot prove that they can build a product.
Quote
“the tezzie derivatives offered by HitBTC crashed from $2.30 to $1.70 in an hour, and although they have since ticked up to $1.98, they are still down more than 20% for the day.”
Reduce your risk. Look at ICOs that have already built a prototype or product.
Quote
“There’s a lot of public information on what’s going on with a project, but most people are too lazy to do any real homework.”
This seems to be the case with most ICOs.
Spectre is impressive because they have an alpha release that you can test out today. This is good news.
However, Spectre is talking about a niche in the trading world, where traders are trading against the broker.
Brokers are typically middlemen between the buyers and sellers. When you are trading on the big brokerage house accounts, such as Charles Schwab, Fidelity, TD, etc., you are trading against other traders, not brokers.
Spectre is talking about going into the market that MetaQuotes, Spot Option and TechFinancials are in. MetaQuotes is the developer of MT4/MT5. MetaQuotes is not a public company, so it isn’t that big. According to Spot Option’s website, they have 150 employees, so it is small. According to TechFinancials’ website, they have 130 employees, so it is small.
Spectre is really a gambling app that lets traders bet against the house. Some gambling sites allow you to bet against other users. Stockbet will allow you to do both.
An issue with Spectre is that they are telling token buyers that they will earn a dividend. This means that they are blatantly pushing a security and likely breaking securities laws. If regulators start enforcing the laws, they will go after these types of ICOs. If they do, then not only will the project team suffer, but so will the token holders.
One of its videos says:
This sounds like a lie. If every trader was winning on every trade, then Spectre and the token holders will lose their shirts. This will only be magnified on higher volume.
The last issue with Spectre is the vig, which is 25%. This sounds very high. But I could be wrong because it could be normal for the niche that Spectre is going into. Most financial betting sites charge far less. If few traders use Spectre because of the high vig, then Spectre and its token holders are not going to make much money.
However, Spectre is talking about a niche in the trading world, where traders are trading against the broker.
Brokers are typically middlemen between the buyers and sellers. When you are trading on the big brokerage house accounts, such as Charles Schwab, Fidelity, TD, etc., you are trading against other traders, not brokers.
Spectre is talking about going into the market that MetaQuotes, Spot Option and TechFinancials are in. MetaQuotes is the developer of MT4/MT5. MetaQuotes is not a public company, so it isn’t that big. According to Spot Option’s website, they have 150 employees, so it is small. According to TechFinancials’ website, they have 130 employees, so it is small.
Spectre is really a gambling app that lets traders bet against the house. Some gambling sites allow you to bet against other users. Stockbet will allow you to do both.
An issue with Spectre is that they are telling token buyers that they will earn a dividend. This means that they are blatantly pushing a security and likely breaking securities laws. If regulators start enforcing the laws, they will go after these types of ICOs. If they do, then not only will the project team suffer, but so will the token holders.
One of its videos says:
Quote
Whether a trader wins or loses, is no longer relevant, as neither Spectre nor the token holders make money only on traders’ losses, but instead purely on volume.
This sounds like a lie. If every trader was winning on every trade, then Spectre and the token holders will lose their shirts. This will only be magnified on higher volume.
The last issue with Spectre is the vig, which is 25%. This sounds very high. But I could be wrong because it could be normal for the niche that Spectre is going into. Most financial betting sites charge far less. If few traders use Spectre because of the high vig, then Spectre and its token holders are not going to make much money.
Great job man. Your attitudes are nicely logic. I can't count the number of useless services given by un-known persons that focuses all their attention to the token and the ICO when they should be spending time making prototypes/products. Would you kindly share your opinions about start-ups on the prediction market using hybrid intelligence into blockchain, i recently saw two projects starting with ICO; Cindicator and Trackr. Also the two famous ICO working on freelance market; Bitjob (freelance for students.ICO just finished) Blocklancer (platform for freelance jobs.ICO sheduled to winter 17/18).
Thanks in advance
Thanks in advance
Blocklancer is going to compete against Upwork. This will be a big undertaking. It will require a ton of software development.
It claims these business problems:
Quote
On Blocklancer you only have to pay if you are 100 % satisfied with the work or if certain milestones are reached. And in case of a dispute the token holders will decide. Never again will you encounter unilateral decisions by a biased authority and an unfair money loss.
Is that a problem on Upwork?
Quote
Never depend on a single authority to settle your disputes again. With our token holder tribunal (THT) the decision lies in the hands of thousands of token holders, guaranteeing a fair decision.
Is that a problem on Upwork? If you believe so, then maybe Blocklancer is onto something. I don’t think this is a business problem on Upwork. I would think that even if it was, and if it was replaced by thousands of token holders, then it will likely introduce other problems. How much longer is it going to take to get multiple token holders to arbitrate the dispute?
Blocklancer says that token holders will earn fees from the platform. But how profitable is this business? How much profit is Upwork making? If Upwork is making a lot of profit then Blocklancer has potential. But if Upwork is not profitable, I do not see how Blocklancer will be able to pay token holders, especially if Blocklancer plans to charge a lower to fee to customers.
The biggest issue with Blocklancer is that they want to put job offers on the blockchain. I wonder if they have ever run a full node of Ethereum. Putting job offers, and I assume job postings and messages between contractors and employers, onto the blockchain will make it much bigger than Etheneum’s blockchain. Blocklancer will have significant scaling issues and will unlikely ever be able scale as much as Upwork.
Out of these types of ICO, Spectre is far from crap or scam! The authenticity of Spectre and the problem it's solving are very real. There are life examples of people ruined by brokers all over financial market! Less transparency with brokers has ruined a lot of investor. Spectre platform for brokerless transaction is going to change all of that.
New technologies that are brought to the market: smart-contracts technology, information stored in public Blockchain, risk segmentation through scoring system, machine learning technology supported by Microsoft (our partner), oracles concept connected to IoT.
They mean nothing unless they improve business metrics, such as improving the combined ratio by X% or improving the returns on investment of the premium pool by Y%, and you can prove these with references.
Insured member pool will invest his premium into mutual pool represented by smart-contract in Blockchain.
So, who is deciding which investments (Bitcoin, stocks or fixed-income) to make? The insured member pool or the smart contract? If it’s the smart contract, how will it pick the investments?
Car crowdsurance claim adjustment can be realized through telematic hardware connected to smart-contracts to know exactly if the accident happened.
What percentage of cars are currently hooked up with telematics that can detect damage? Are you going to turn away customers that don’t have telematics in their cars?
Here the information about the claim is stored safely in Blockchain.
Are you saying that claim info is not stored safely? I’ve rarely heard that this is a business problem in the insurance industry.
As i said before even if the crypto went down for a month, still all the accidents don't happen at once.
Bitcoin can go down 40-50% for 2 years. You’ll likely need to pay claims in that time.
And about our "not going deeper" in insurance market, let me point out that Team members been working in insurance companies and banks for more than 15 years. Head of the biggest Insurance company in Russia Sberbank Insurance is part of the Advisory board, as well as Jake Diner, insurtech professional from Silicon valley.
Please investigate.
Please investigate.
As per your request, I investigated. According to LinkedIn, REGA’s CEO, CMO, COO and CFO have never worked in insurance. REGA’s CTO and Chief Architect have no LinkedIn profiles. With all those people and fancy pretentious titles, they cannot get one person experienced in insurance?
They are asking people to give them money to build an insurance business, when they have little understanding of insurance. In addition to this, they are misleading people when they try to make them think that risk is not currently shared. Like many ICOs, REGA is claiming business problems that do not exist.
According to LinkedIn, the CEO was an "Ethereum enthusiast" before starting REGA. You mentioned the Advisor in insurance. If an accountant tells you that he can do surgery because he has an Advisor who is a doctor, would you let him cut open your heart?
Ok, got it, no voice of reason here, just a prejudice.
Thank you for your opinion
New technologies that are brought to the market: smart-contracts technology, information stored in public Blockchain, risk segmentation through scoring system, machine learning technology supported by Microsoft (our partner), oracles concept connected to IoT.
They mean nothing unless they improve business metrics, such as improving the combined ratio by X% or improving the returns on investment of the premium pool by Y%, and you can prove these with references.
Insured member pool will invest his premium into mutual pool represented by smart-contract in Blockchain.
So, who is deciding which investments (Bitcoin, stocks or fixed-income) to make? The insured member pool or the smart contract? If it’s the smart contract, how will it pick the investments?
Car crowdsurance claim adjustment can be realized through telematic hardware connected to smart-contracts to know exactly if the accident happened.
What percentage of cars are currently hooked up with telematics that can detect damage? Are you going to turn away customers that don’t have telematics in their cars?
Here the information about the claim is stored safely in Blockchain.
Are you saying that claim info is not stored safely? I’ve rarely heard that this is a business problem in the insurance industry.
As i said before even if the crypto went down for a month, still all the accidents don't happen at once.
Bitcoin can go down 40-50% for 2 years. You’ll likely need to pay claims in that time.
And about our "not going deeper" in insurance market, let me point out that Team members been working in insurance companies and banks for more than 15 years. Head of the biggest Insurance company in Russia Sberbank Insurance is part of the Advisory board, as well as Jake Diner, insurtech professional from Silicon valley.
Please investigate.
Please investigate.
As per your request, I investigated. According to LinkedIn, REGA’s CEO, CMO, COO and CFO have never worked in insurance. REGA’s CTO and Chief Architect have no LinkedIn profiles. With all those people and fancy pretentious titles, they cannot get one person experienced in insurance?
They are asking people to give them money to build an insurance business, when they have little understanding of insurance. In addition to this, they are misleading people when they try to make them think that risk is not currently shared. Like many ICOs, REGA is claiming business problems that do not exist.
According to LinkedIn, the CEO was an "Ethereum enthusiast" before starting REGA. You mentioned the Advisor in insurance. If an accountant tells you that he can do surgery because he has an Advisor who is a doctor, would you let him cut open your heart?
It is not a problem. It is just old fashioned way of financial industry to work. New technologies bring new capabilities and efficiencies.
REGA users will pool risk premiums together and decide on payments if smth happens to community members.
I wouldn't call Bitcoin movement as a bubble, rather corrections. Nothing will happen to risk pools as the risk is distributed, all risks shouldn't realise at once. The volatility with currency happens all the time, for example some foreign currencies depreciated twice in some countries. We expect crypto volatility will decrease with time.
Mutual insurance companies lack technological efficiencies as insurtech solutions have.
Claim adjustment in crowdsurance is done by expert voting on the platform, they vote with their tokens. Tokens will be traded on the exchanges, anyone can become an expert and recieve incentive from part of premiums they process. Sorry you missed that point, cause didn't care to go deeper inside the concept.
REGA users will pool risk premiums together and decide on payments if smth happens to community members.
I wouldn't call Bitcoin movement as a bubble, rather corrections. Nothing will happen to risk pools as the risk is distributed, all risks shouldn't realise at once. The volatility with currency happens all the time, for example some foreign currencies depreciated twice in some countries. We expect crypto volatility will decrease with time.
Mutual insurance companies lack technological efficiencies as insurtech solutions have.
Claim adjustment in crowdsurance is done by expert voting on the platform, they vote with their tokens. Tokens will be traded on the exchanges, anyone can become an expert and recieve incentive from part of premiums they process. Sorry you missed that point, cause didn't care to go deeper inside the concept.
Hello Leo Mor,
What capabilities and efficiencies will new technologies bring to the insurance business? Who or what is going to invest the premium pool? You refuse to answer this question.
You don’t have to call it a bubble if you don’t want. Bitcoin went down 40-50% for two years in 2014-2015. You alluded that your premium pool will be in Bitcoin. What happens if Bitcoin goes down 40-50% again for 2 years? How is REGA going to pay the claims?
So what if Mutual insurance companies lack technological efficiencies as insurtech solutions have. What are these technological efficiencies that will resolve the flaws with REGA that I had pointed out earlier?
Claim adjustment is done by voting? With what information are the token holders going to use to decide how to vote? Let’s say I’m an insured. I claim that my car is destroyed and I file a claim. How are the token holders going to verify that I’m telling the truth? Do I send in photos? If so, I can grab any photos from Google Images and defraud your token holders.
Let’s say my car is truly damaged. How will you ensure that I get it repaired at trustworthy body shops? How do you ensure that I do not send it to my cousin and tell him to over-charge REGA? How do you ensure that I sent you the real receipt, and not a fake one that I made up? Who is going to process these receipts and send the reimbursement to me?
If I was a token holder (voter), I would not want to review information from hundreds of claimants to ensure that they are not defrauding me or over-charging me. Even if your token holders are willing to do this, they are not trained adjusters. Are you going to send them to training school?
I read the white paper. If you want me to go deeper, you need to provide more information and especially good answers to my questions.
I think you’re missing the point. The REGA team didn’t care to go deeper inside the insurance business to understand how it works.
I don't think it's in your best interest to keep discussing REGA. The more we discuss it, the more flaws we uncover.
I would still want to address those issues to make it clear. Sorry to bother you.
New technologies that are brought to the market: smart-contracts technology, information stored in public Blockchain, risk segmentation through scoring system, machine learning technology supported by Microsoft (our partner), oracles concept connected to IoT.
Insured pool member will invest his premium into mutual pool represented by smart-contract in Blockchain.
REGA started not from cars, but from pets, which is less risky product and more social. Car crowdsurance claim adjustment can be realized through telematic hardware connected to smart-contracts to know exactly if the accident happened. Claim adjusters in insurance companies also check basic facts, no sophistication. Here the information about the claim is stored safely in Blockchain.
Investment assets of Russian insurance companies also depreciated 50% as the currency depreciated, it is a risk but he is manageable. As i said before even if the crypto went down for a month, still all the accidents don't happen at once. All transactions are traceable and transparent in Blockchain compared to traditional insurance companies that sometimes hide the transactions behind insolvent balance sheets.
And about our "not going deeper" in insurance market, let me point out that Team members been working in insurance companies and banks for more than 15 years. Head of the biggest Insurance company in Russia Sberbank Insurance is part of the Advisory board, as well as Jake Diner, insurtech professional from Silicon valley.
Please investigate.
For you to get closer to the concept please consider reading provided professional article about insurance on Blockchain.
https://www.dropbox.com/s/ztie24ezn1lejll/Chain_Of_A_Lifetime_December2014.pdf?dl=0
Thank you
It is not a problem. It is just old fashioned way of financial industry to work. New technologies bring new capabilities and efficiencies.
REGA users will pool risk premiums together and decide on payments if smth happens to community members.
I wouldn't call Bitcoin movement as a bubble, rather corrections. Nothing will happen to risk pools as the risk is distributed, all risks shouldn't realise at once. The volatility with currency happens all the time, for example some foreign currencies depreciated twice in some countries. We expect crypto volatility will decrease with time.
Mutual insurance companies lack technological efficiencies as insurtech solutions have.
Claim adjustment in crowdsurance is done by expert voting on the platform, they vote with their tokens. Tokens will be traded on the exchanges, anyone can become an expert and recieve incentive from part of premiums they process. Sorry you missed that point, cause didn't care to go deeper inside the concept.
REGA users will pool risk premiums together and decide on payments if smth happens to community members.
I wouldn't call Bitcoin movement as a bubble, rather corrections. Nothing will happen to risk pools as the risk is distributed, all risks shouldn't realise at once. The volatility with currency happens all the time, for example some foreign currencies depreciated twice in some countries. We expect crypto volatility will decrease with time.
Mutual insurance companies lack technological efficiencies as insurtech solutions have.
Claim adjustment in crowdsurance is done by expert voting on the platform, they vote with their tokens. Tokens will be traded on the exchanges, anyone can become an expert and recieve incentive from part of premiums they process. Sorry you missed that point, cause didn't care to go deeper inside the concept.
Hello Leo Mor,
What capabilities and efficiencies will new technologies bring to the insurance business? Who or what is going to invest the premium pool? You refuse to answer this question.
You don’t have to call it a bubble if you don’t want. Bitcoin went down 40-50% for two years in 2014-2015. You alluded that your premium pool will be in Bitcoin. What happens if Bitcoin goes down 40-50% again for 2 years? How is REGA going to pay the claims?
So what if Mutual insurance companies lack technological efficiencies as insurtech solutions have. What are these technological efficiencies that will resolve the flaws with REGA that I had pointed out earlier?
Claim adjustment is done by voting? With what information are the token holders going to use to decide how to vote? Let’s say I’m an insured. I claim that my car is destroyed and I file a claim. How are the token holders going to verify that I’m telling the truth? Do I send in photos? If so, I can grab any photos from Google Images and defraud your token holders.
Let’s say my car is truly damaged. How will you ensure that I get it repaired at trustworthy body shops? How do you ensure that I do not send it to my cousin and tell him to over-charge REGA? How do you ensure that I sent you the real receipt, and not a fake one that I made up? Who is going to process these receipts and send the reimbursement to me?
If I was a token holder (voter), I would not want to review information from hundreds of claimants to ensure that they are not defrauding me or over-charging me. Even if your token holders are willing to do this, they are not trained adjusters. Are you going to send them to training school?
I read the white paper. If you want me to go deeper, you need to provide more information and especially good answers to my questions.
I think you’re missing the point. The REGA team didn’t care to go deeper inside the insurance business to understand how it works.
I don't think it's in your best interest to keep discussing REGA. The more we discuss it, the more flaws we uncover.
I would still want to address those issues to make it clear. Sorry to bother you.
New technologies that are brought to the market: smart-contracts technology, information stored in public Blockchain, risk segmentation through scoring system, machine learning technology supported by Microsoft (our partner), oracles concept connected to IoT.
Insured member pool will invest his premium into mutual pool represented by smart-contract in Blockchain.
REGA started not from cars, but from pets, which is less risky product and more social. Car crowdsurance claim adjustment can be realized through telematic hardware connected to smart-contracts to know exactly if the accident happened. Claim adjusters in insurance companies also check basic facts, no sophistication. Here the information about the claim is stored safely in Blockchain.
Investment assets of Russian insurance companies also depreciated 50% as the currency depreciated, it is a risk but he is manageable. As i said before even if the crypto went down for a month, still all the accidents don't happen at once. All transactions are traceable and transparent in Blockchain compared to traditional insurance companies that sometimes hide the transactions behind insolvent balance sheets.
And about our "not going deeper" in insurance market, let me point out that Team members been working in insurance companies and banks for more than 15 years. Head of the biggest Insurance company in Russia Sberbank Insurance is part of the Advisory board, as well as Jake Diner, insurtech professional from Silicon valley.
Please investigate.
For you to get closer to the concept please consider reading provided professional article about insurance on Blockchain.
https://www.dropbox.com/s/ztie24ezn1lejll/Chain_Of_A_Lifetime_December2014.pdf?dl=0
Thank you
very nice thread! The security of the ico is really important. I have witness many icos got hacked like coindash (inside job) insurex, pillar, DAo, and many others. I would say pick the strong icos and most hyped ones just to be safe.
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