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The legal risk is zero for someone who is out of the jurisdiction of the US completely (eg in some developing country).

Ironically, your system is meant to help compensate people when delays to flights occur yet to me it looks like you've built something that strongly incentivises people to cause more disruption to flights.

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Finding the right balance of incentives needs some trial and error. The discussions are not new and well known e.g. with generic prediction markets like Augur or Gnosis.

I think we will find a way to deal with those issues. Experiments like these will help us (and society in general) to come to the right conclusions. Of course we should be careful not to cause too much harm on the way.

Also see https://www.reddit.com/r/ethereum/comments/529o5p/flightdela... and the discussion there.

also note that there is an easy workaround to limit this which essentially is the difference between a bet and an insurance: check if the user has a valid ticket for the flight.

I'm not well versed in Ethereum, but this sounds like creep towards the solutions we already have today.

I think the design space is much larger than what we have today, and blockchain applications surely have interesting features it might be worth exploring in that space.

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