So, insurance bot is basically a casino with 5% house edge.
welcome to insurance business. I think insurance business is comparable to a casino with house edge
It is actually not quite the same as normal insurance business. You don't need to have a ticket to buy insurance from the bot. So, it is really pure gambling for both sides.
There is something to it. This actually opens the door to possible misuse. Imagine, you have insider knowledge, you could just bet without booking the flight.
Still, as a concept, it's interesting.
Pilots are going to start bet heavily on the flight delay and intentionally cause delays.
Jokes aside it may be problematic in case of strikes that cause cancellations pretty often.
Lufthansa cancels 1,700 flights due to pilots' strikeTonych's bot would be hit by heavy losses if many ppl bought insurance well in advance, especially as you said if anybody had knowledge of the planned strike and bought plenty of insurance. Running this kind of bot requires constant attention to the situation in airlines and other unexpected events like volcano eruptions, heavy snowfalls, tornadoes and the like. Not a part time job but tech can be sold to a company interested in running it with more staff to keep attention and adjust insurance cost in time or even exclude certain flights from the service.
If that happens there's a need for competition so we have more than just one bot like this because if a company starts to run it for profit the cost of insurance certainly will go up. That's why it's important how a new bot is introduced to the Bot Store. People will look there first in search of an insurance bot therefore whoever has a bot in the bot store will have advantage over the others.
Even the order itself in which bots are presented in the Bot Store will have a tremendous impact on the popularity of the given bot and therefore profits of whoever runs it. All this needs thorough reflection on the concept design.
My feeling is that the Bot Store would likely have to be taken outside the wallet app and kept on a website because the wallet app is too small and to difficult to keep updated with the future number of bots and frequent changes that will inevitably happen. Users would likely want to have some form of searching and sorting capability - if there are hundreds of bots it won't be possible to do so inside the wallet app.
