These are so remarkable suggestions and everyone should recognize them. It is obvious that you really are very experienced member of the community. New members, investors and traders should read them all.

There is pushback on my suggestion about corrupt countries.

Here is the logic behind it.

It is a common statistic around the world that young males cause more car accidents than anyone else. That means you (as most people in the crypto space are young males) are high risk. If you are a car insurance company, you would be crazy to accept the same premium from a young male as from a 45 year old. If you did, you will be losing money in no time. Or, you would accept fewer young males as customers than older customers.

Is every young male a dangerous driver? No. Is every ICO in a corrupt country a scam? No. But you need to assess your risk appropriately based on probability. It makes financial sense to reduce your risk exposure to young males.

As already explained in the OP, law enforcement is a deterrent to criminal behavior. If there was no law enforcement, crime shoots up. More Germans will be scamming and killing Germans. More Canadians will be scamming and killing Canadians. More Australians will be scamming and killing Australians. This is an undeniable fact.

Store owners understand this phenomenon. They secure their stores much more so before a hurricane because they know that the police will be unavailable and criminals will be out to loot.

If there was no law enforcement, why wouldn’t people steal $1 million instead of working at their crappy $20/hour job?

If there was no inter-country law enforcement through extradition, crime shoots up. More Germans will be scamming Canadians. More Canadians will be scamming Australians. More Australians will be scamming Germans.

If there was no inter-country law enforcement through extradition, why wouldn’t people steal $1 million from foreigners thousands of miles away, with impunity, instead of working at their crappy $20/hour job? In the past, this didn’t happen very often because it was difficult to rob a store or bank in another country and drive back home. Now, it is easy with the internet, crypto currencies and ICOs. Scammers can do this without changing out of their pyjamas in their basement.

Many countries have inter-country law enforcement through extradition. Most corrupt countries don’t. If you get scammed by a fellow citizen, your government can help you. If you get scammed by a foreigner in another country without an extradition agreement, you are S.O.L (shit out of luck). You need to be aware of this and assess your risk. If you do not, you will be losing money like the insurance company that accepts too many young male customers.

I’ve heard from ICO team members from a country with extradition agreements. They’ve told me that they think that their coin can increase in value, but they won’t say that to investors, in fear of prosecution from securities regulators. This makes their ICO less attractive to investors. If an ICO tells investors that their coin is going to go up in value and it does not, the ICO is guilty of fraud or false advertising, both of which are punishable. Securities laws have been around for a hundred years. This is because for hundreds of years, there have been scammers selling securities.

But ICOs in some countries need not fear. They can say whatever they want with impunity. This is why I see ICOs making crazy claims about paying dividends, spectacular returns on investment, etc. This attracts buyers. But when the buyers find out that they’ve been defrauded, they are S.O.L.

i think no, ive came across recently to some ico that seem verry promising and legit but still turned out to be scam when the ico is about to end and we dont have heard about any news about their project until now. so i guess  its really hard to spot a really legit ico nowadays compared to last  years , maybe this is also due to the competion because i see there were many new ico's and airdrop happening lately.

Hello Leo Mor,

Not only did you claim business problems that do not exist, you are claiming that I wrote things that I did not.

- I never wrote that “decentralized insurance is not needed”. Re-read what I wrote.
- I never wrote “that p2p lending is not needed, because there are centralized banks that know better how to give you money”. Provide the quote. In past comments, I pointed out a poll of Bitcointalk users, the majority of which voted that they do not believe in Bitcoin banks. I did not tell them to vote that way. But if you’re investing in a crypto bank, you should be aware of this. I assume that they voted that way because it is risky to centralize your money, such as in an exchange (dozens have been hacked and stolen from) or investment fund ($50 million stolen from DAO). Even Andreas Antonopoulos, the biggest optimist of Bitcoin, warned about creating a “honey pot”.
- I never wrote the “Blockchain is not needed because there is MC and VISA to transfer money”. Provide the quote. I wrote in the OP:


Blockchain is needed for many applications, which I cited. It takes several days and a lot of fees to withdraw from gambling sites. Crypto is a great solution for replacing credit or debit cards at gambling sites.
- I never wrote “that p2p money such as Bitcoin is not needed, because there are Central banks as emission centers”. Provide the quote.
- Decentralizing is a feature. You need to explain what benefits it creates for your application. Customers do not care about features. They care about benefits, such as saving time or money. REGA’s customers will not save money if they do not invest the premium pool properly.

Decentralizing a currency provides benefits to the currency, such as no single entity (government) can control it, shut it down or print more of it. Decentralizing is needed to create the blockchain and maintain the integrity of the ledgers for a cryptocurrency. Decentralizing is needed for Proof of Work, Proof of Stake, Delegated Proof of Stake or Proof of Importance. Without decentralization, you would not be able to create a crypto currency.

Now that decentralization has created a crypto currency, what are the benefits of the crypto currency over existing currencies? It can be transferred much faster and cheaper than bank wire transfers, Western Union or credit/debit cards at gambling sites. In the long run, it should be better at storing value than fiat currency because governments keep printing more fiat. It is better at storing value than gold in some respects, such as divisibility and cost of storage. These are the benefits ultimately.

You want to create an insurer (or insurers) by decentralizing the stakeholders. (Mutual insurance companies have already decentralized stakeholders.) Now that you have created an insurer, what are the benefits of your insurer over existing insurers?  

Based on your approach and method, it has flaws, and investors should be aware of these flaws.

You haven’t been able to show how the flaws are not flaws. This is what you should be doing to win the confidence of investors.

Nobody buys Bitcoin because it is decentralized. People buy it because it stores value and transfers value faster and cheaper than fiat.

Sorry again, but maybe i got it wrong from you.

Maybe the problem here is that you did not look good into the concept REGA is providing, and didn't bother to look deeper.

But, i would repeat that decentralization is the key issue here, as cryptocurrency is valuable not only because you can only easily withdraw it from gambling sites, rather it is a way of p2p value transfer, the money that you actually possess, the store of value.

Considering mutual insurance companies, it is still a centralized model, as there are still bank accounts that are controlled by the director and accountant, still investment assets that can chosen by a few people to invest into. The money are controlled by minority and still the possibility of credit risk and corruption.

Also please, take into consideration that cryptocurrency, such as Bitcoin has limited emission and increasing demand, that is why it can be considered an investment asset itself, being an appreciating currency. This can be said towards ETH as well.

Back to REGA's concept, the funds that are stored in cryptocurrency to provide risk coverage, that is an investment asset, as we found out. There is no centralized  agent to control the funds, all transactions are governed by smart contracts, and using voting procedures. The excessive funds are returned back to the community by paying premiums back. Those funds can be used by community members at their own convinience and used to invest and gain profit. So here the investment opportunity stays, but not corporate structures gaining profit here rather the community, whos premiums are cryptocurrency and they recieve major part of the premiums back if the risk was not realized, and used at their own discretion.

Thank you for your time.

These are basically what ICOs can be categorized. I would like to believe that more than 50 percent of ICOs right now are still legitimate. The rotten tomatoes are very few and these handful of rotten ICOs cannot simply pull down the reputation of ICOs. The majority of token or coins offered in ICOs can still give us a significant amount of profit in the end.

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

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