(Sorry, this is long)... Like so many things in life, I guess it boils down to your attitude to risk. The original poster states "if it potentially saves your child from something then that is a small price to pay"... padding your house from roof to front door in cotton wool has been shown to dramatically reduce risks of accidents in the home - but no one would suggest doing it (although it might feel pleasantly squishy and be rather nice).
Instead, most people weigh up the risks of injury and we maybe fit cupboard locks under the sink, stick in a fireguard, block plugs, put corner protectors on the coffee tables etc. We all know about the potential risk of mobile phones. How many of us would never bring one into the home without switching it off, or never talk on it for more than three minutes within three metres of any newborn etc. etc.
Instead, we weigh up the perceived (or reported) risks, and take a view about what we are prepared to do to alleviate the potential risk of a given incident.
Now with regards to cord-blood banking, I concede we are dealing with far more serious issues than a trapped finger, but I would suggest that the only way to evaluate the current benefit is to look at the specific figures for the UK / World:
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How many babies per million live births have ever been given actual stem-cells (from private or public banks) or stem-cell derived products ? (and how would these numbers change if the public / private banks were larger)
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How does (1) change when you factor in whether parents / siblings have chromosomal abnormalities or diseases which may derive benefit from stem-cell / derived products ? (ie. in reality, is it indicated for specific conditions rather than the general public)
I accept that scientific research may mean that cord blood could be used in different ways in the future, and that techniques may be refined from those used in the present day, but this applies to any aspect of our lives.
I would guess that the stats don't make a compelling case at all, but, just because it is a once-only 'now or never,' many parents will go for it. Personally, I expect it's a rip-off and was rather surprised when I saw this advertiser given prominence on MN.
I would welcome learning more about this, or exploring URLs of peer-reviewed studies supporting the utility of cord blood banking.