There is a lot of risk involved, though many don't like to admit. I guess on a forum where almost 100% are probably bulls... 
I think there are some fundamental misunderstandings, to be honest. One poster earlier said that BFX would be "sued" if they did not fulfill their swap insurance obligations.
And what obligations would those be?
They may collect a % of swap fees to insure against catastrophe, but this is a very paltry sum compared to outstanding long swaps.