Tech Crunch on Weather Bill (January 2, 2007):
[...] The only requirement to purchase a policy is that the individual or business is an “accredited investor,†meaning they have a net worth of at least $1 million. The user has to certify this when creating an account, but no follow up is done. [...]
I’m skeptical that the WeatherBill prospects will swallow that. I think that this requirement is a major hurdle.
Reminder: The InTrade Board Of Trade (a CFTC-acknowledged EBOT) was supposed to open in June 2006, and then in September 2006.
Previous: WeatherBill contracts are financial instruments, regulated by the CFTC.
