Replies (42)
Only for companies, no?
maybe it's doable with the model of bitkey, an insurance from the server side seed
No need. this is a simple property insurance. Simple math. It is just risk assessment.
i don't use the service but ask
@Rob Hamilton It’s somewhat false peace of mind though. Have a neighbor who is battling insurance company over burst pipe and flooded basement and who knows if they’ll pay out.
Well yes, it needs to be good insurance that actually pays when shit happens. Shitty insurance will also exist, but hopefully we will have 1 or 2 good players.
There’s certainly more of a marketplace after today
How did we get from "Bitcoin is money you cant fuck with" to "I need insurance"
A monthly insurance fee is the solution to bitcoin providing physical security so the government can't put you in a cell away from your family as they ask for your keys?
😬
On-ramp for sure offers it for individuals
simply how can the insurance company verify your claim of loss?
from the company/server side it's an auditable regular insurance model
That’s called iBIt dude.
We serve individuals and companies, if you want to learn more hit me up at AnchorWatch.com or Rob at AnchorWatch.com
We are working on this at AnchorWatch if you want to learn more.
View quoted note →Not against the government, but against wrench attacks, hackers and other terrible humans.
This is why people use exchanges: insurance.
Right, but I just want the policy, not the exchange.
What is needed is a bitcoin insurance policy that pays claims in bitcoin.
yes, just paperwork. No software, no bullshit 3-part signing, no sending BTC to a company...
Yeah, but they would want to have a 1oo2 key to a multisig, other wise they wouldn't know if you just spent it and claimed theft.
A better model would be a bank holding part of a multisig in a safe deposit box. No way for them to know what's in there to rehypothicate. But it stops wrench attacks and would have inheretence planning.
Well, it went from permissionless, fuck the state money to hodl and regulate me harder daddy , so why the f not 😂
Who is talking about regulation? Insurance is not regulation. It's just protection against other humans inevitably fucking with you.
Price is per policy holder. A good holder puts systems in place that can let them lower the cost. Others pay the full cost. This is just risk analysis... And now that we have data on how much Bitcoin is being stolen over 16 years, the risk is known and can start assembling a good business model.
Nah, it's just the policy. Just paperwork. No bullshit software or custodial transfers.
I wish we lived in a world that didn't need insurance to feel safe 😕
I was born in Brazil, so feeling safe wasn't my life options.
Thats insurance fraud. And insurance companies are EXPERTs in figuring that out.
Yeah, on small stuff sure... Its easier to pay than to fight. But anything over 50K gets into a different level of scrutiny. Its all in the business model anyway.
Zero insurers will be interested the moment that they learn that user understanding of technical concepts including cryptography play a major role in these coins' safety.
Banks steal all kinds of things from deposit boxes. Anyone keeping bitcoin keys in one Is a fool.
Sometimes, I'm glad I'm broke and actually considered legally retarded with my 8th grade education...
The insurers establish conditions of insurance and that nearly fully mitigate the actual risk. You could almost ask yourself (or Rob) what an insurer would require, then do that, then you likely wouldn’t even need it any longer.
i won't take commission unless you force me to
If you figure out the recipe, send me a copy 😊
This got brought up about the insurance over breakfast this morning. I think I said something like, a lot of people are gonna want reassurance to stay in the game... and could this be some kind of incidence to get people to dox themselves and their stash to big money businesses in order to feel more secure? I just hope that as the dust settles, these stolen coins are able to find their way back home. Too much pain today 💔
Insurance….what a ponzi if there ever was one :)
Onramp Multi Institution Custody, even their free accounts have insurance from Bitgo, created just for this reason
I think actually this is the must sensible thing I have heard
Why would it?
And where would the insurance company get the btc to pay out victims of theft?
Blackrock would have to start giving out loans to the insurance companies so they can pay people out.
Your premiums would be insane, they can't just print more btc from nothing like they can with dollars
Not really, good insurances have this dial up incredibly well. I used to work with a lot of them.
