Silon please write what will happen next and what should we do?

Is it possible to verify insurance case if your insurance is based on crypto crowdfunding?

Best regards

Осталось 12 дней до конца продаж, а собрано меньше половины минимальной суммы. Я так понимаю если не соберут, запуска платформы не будет? Я только в твитер компании участвую, но все же будет обидно. Активности как то мало на форуме у них.

That was a big amount of the softcap, Do you think they can reach the softcap?
And by the way it the softcap reach or not? I think it is imposible to reach that.

Кто в курсе, силон статью на facebook  примет?

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.

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• Win real value that can be withdrawn from the game or gaming ecosystem, instead of winning just digital goods that are locked in.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.

i dev, can you please tell me, when will this project gonna end or end already?? and When will this token listed on exchange??

Hi dev, token sell only 25 days away. if I still may follow your project in the signature campaign.

sorry i did not see it

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.


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?


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?


Are you saying that claim info is not stored safely? I’ve rarely heard that this is a business problem in the insurance industry.


Bitcoin can go down 40-50% for 2 years. You’ll likely need to pay claims in that time.


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?

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

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.

Hello Leo Mor,

Are you saying that one of the problems of Mutual insurance is that the “investments assets that can chosen by a few people to invest into”? Why is that a problem? What are you proposing? Are you proposing that all REGA users invest the premium pool?

Are you saying that REGA will invest its premium pool into Bitcoin and Ethers? Bitcoin has had 4 bubbles. Nobody knows if this if the 5th bubble. It went down for 2 years in 2014 and 2015. What if that happens again? How will REGA pay its claims if it loses 40-50% of its premium pool?

You wrote: “The excessive funds are returned back to the community by paying premiums back.” Mutual insurance companies do this already. Even then, rarely are they or other insurance companies able to pay premiums back. That’s why mutual insurance companies are small in numbers.

When an insured makes a claim, an adjuster physically visits the insured, inspects the damage and tries to prevent insurance fraud by customers. Are you going to have a fleet of adjusters? How will you build this staff and manage them? How will they be paid?

Eliminate insurance companies?

Well, I’m in the Insurance business, so I guess now I have to do due diligence on you and spread FUD everywhere.  Thanks for trying to put me out of business, starve my children, and throw me a shitcoin as a heads up.

Game on.

where did you get this information about the soft cap ?

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.

Good day, Leo Mor,

1) I never said that the sharing economy is not a trend. I said that there is no such thing as a risk sitting on a parking lot and unused 90% of the time, which is what a car is.
2) Sharing is already intrinsic in insurance. Insurance cannot exist if people do not share risk. Insurance equates to sharing risk. Insurance is one of the first industries to start sharing, starting hundreds or thousands of years ago, when villagers shared the risk by pooling their money together to pay the unfortunate. That’s why many insurance companies have names that start with “Mutual”. "Mutual" insurance companies evolved from people pooling money together to share risk. REGA Crowdsurance is trying to make the reader think that they came up with this idea of sharing risks, which is misleading. "Mutual insurance" companies are already doing much of what REGA wants to do. https://en.wikipedia.org/wiki/Mutual_insurance :  3) These people are supporting the creation of one or more entities into insurers. There’s nothing wrong with that. New insurers are created every day.
4) Vitalik moved to Canada at age 6 and grew up in Canada. Then they started Ethereum in Switzerland. The risks involved has nothing to do with where a person is born. It is related to the country's modus operandi, culture and especially the country's law enforcement. Someone born in Denmark but running an ICO in another country without extradition agreements, where he is immune to punishment from other countries (and from his new country), will much more likely exaggerate and claim anything he wants on his ICO.
5) I have never bought an insurance policy for the strict purpose of obeying rules. I bought insurance because it is a service. If you’re not doing this, then you need to shop around among the thousands of insurers.
6) Yes, the returns from investing the premium pool goes to the insurance company. But if the insurance company cannot invest wisely, they can go bankrupt or fail to pay claims, which hurts the insured. Many insurance companies lose money on underwriting and make up the loss from the investments. REGA or its users will have to do something similar. Who is going to invest the premium pool? REGA or its users? For you to guarantee that you will always be profitable from underwriting is naive. Almost all insurance companies lose money from underwriting in some or many years. Rarely are any insurance companies able to repay premiums because nothing happened to the insured. REGA’s business model is flawed if it is assuming that it will do this.
7) You are claiming a business problem that does not exist. What corruption? There are tens of thousands of insurance companies competing against each other vigorously. The regulations are for the protection of the insured, to ensure that the insurance company has enough capital to pay off claims, to ensure that they do not squander it and to ensure that the insurance company does not take excessive risk by putting the premium pool into derivatives or leveraged bets.

Rega Crowdsurance is trying to mislead you.  Their website state:


Currently, few cars and homes are shared. Cars and bikes are parked and unused 90% of the time. Therefore, there is an opportunity to increase utilization by sharing them. This is not applicable to insurance. Risks are already shared with insurance companies. There is no such thing as a risk sitting on your driveway, waiting to be used. When you buy insurance from anyone, you are automatically sharing the risk.

The way to reduce the money you pay, is to increase competition. There are already tens of thousands of insurance companies and there are bankruptcies (insolvencies) every year. Google it. They go bankrupt because they are NOT charging the customers enough to cover the risks that the insurer is taking on. This implies that customers can be paying too little already.

A crypto currency speeds up and lowers cost for bank wire transfers. A crypto currency eliminates the high cost and multi-day withdrawal from gambling sites. The key to success in insurance is not related to the currency. A new currency does NOTHING for the insured nor does it improve an insurer’s operating costs or COMBINED RATIO, which is one factor to profitability.

Their white paper states:


Does Rega Crowdsurance think that their 20 years experience in risk assessment is superior to Berkshire Hathaway’s 60 years experience in risk assessment?  Even though AIG has 100 years of experience in risk assessment, they almost went bankrupt.

What makes Rega Crowdsurance think they know more than anyone else in how much to charge you to insure your car against the next accident?

Even if Rega Crowdsurance thinks they know risk assessment, there is another major factor to profitability:  KNOWING HOW TO INVEST. Let’s say you are an insurer and you collect $100 million of premiums, which is called the PREMIUM POOL. You won’t have any claims until the next hurricane. What you do with the premium pool is critical. You cannot let it sit there to collect dust. You have to invest it. Where and how are you going to invest it? Quite often, insurance companies lose money from underwriting (risk assessment) and make up the loss from their investments. The majority of profits for Berkshire Hathaway comes from how the premium pool is invested. What makes you think Rega Crowdsurance knows how to invest?

Their white paper states:


Yes, there are insurers: other users. GEICO has had no intermediaries nor brokers for 70 years. Other insurance companies exist without brokers.

If you are a Rega Crowdsurance user, you will be an insurer or insured. If you are an insurer, are you going to go through the hassle of complying with the multitude of state government regulations on insurers?

If you are an insured, is the state government going to make sure that Rega Crowdsurance is properly capitalized so that they will have enough to fully reimburse you and all of the insured when your cars are destroyed?

Their white paper addresses regulations by stating this:


Most of this is verbose. The rest is misleading. Regulations of insurance is not related to illegal activities or money laundering. They are there to make sure that the insurer has enough money to pay all of the claims.

Rega Crowdsurance is extremely is extremely high risk, unless it is being started by former executives of GEICO, State Farm, etc.

Also, they are in a country without extradition agreements. If they screw you over, they are immune from punishment from your government. This makes them more invulnerable and likely to make any claim they want.