The larger paper makes the point that insurance MUST be the primary application of blockchain tech - not necessarily banking or currency. The trouble is that a currency app is contingent on speculation incentives. Whereas the new economic paradigm app(s) requires stability and predictability. You can't have high volatility and low volatility at the same time - this is silly. Insurance, in general, has very long term objectives with an underlying calculus based on stability and predictability. The hallmark of a developed economy is insurability, not money.
The larger paper makes the point that insurance MUST be the primary application of blockchain tech - not necessarily banking or currency. The trouble is that a currency app is contingent on speculation incentives. Whereas the new economic paradigm app(s) requires stability and predictability. You can't have high volatility and low volatility at the same time - this is silly. Insurance, in general, has very long term objectives with an underlying calculus based on stability and predictability. The hallmark of a developed economy is insurability, not money.