Title: TyGrr Insurance Hedge your GLBSE risk. Post by: El Cabron on July 02, 2012, 12:54:36 PM TyGrr Insurance Hedge your GLBSE risk.
TyGrr Insurance is an operation that I have thought about for a long time but never developed. It is hard to judge risk and keeping around a pile of coins to pay out was not what I wanted to do so I never got involved. However now I have the perfect thing to cover. GLBSE What I will offer is GLBSE insurance. If GLBSE goes down for whatever reason, hacked and files deleted, nefario runs off, Feds take it over and shut it down I will pay out. This should be used as a hedge for your investments on GLBSE. For example if you have 1,000 coins on GLBSE you might want to buy 1,000 BTC insurance from me. Why would I want to insure GLBSE? It is pretty simple. I have a lot of coin from GLBSE that I will not be able to return if GLBSE shuts down. So if GLBSE does get shut down I would be in the perfect position to pay out. If I am able to pay back my shareholders on GLBSE then I will not pay out insurance. If I am able to return the funds to my shareholders then GLBSE was not “shut down”. Clearly the insurance cannot be listed on GLBSE. We will have to do this outside GLBSE but can list the information on the forum. At this time I am not offering to insure specific assets but I will be interested in hearing proposals. I do hope to expand this but will start out slowly. Thank you. Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: John (John K.) on July 02, 2012, 12:57:16 PM You forgot to make one for Bitcoinica last time. ;)
Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: John (John K.) on July 02, 2012, 01:00:19 PM You forgot to make one for Bitcoinica last time. ;) Yeah... That is why I never got involved. Now this is a win win for me. If GLBSE goes down I win. If GLBSE does not go down I win ;D Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: Sukrim on July 02, 2012, 01:22:17 PM If GLBSE goes down I win. How do you win if GLBSE goes down, if you offer insurance against this yourself?!Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: unclescrooge on July 02, 2012, 01:31:06 PM TyGrr Insurance Hedge your GLBSE risk. What are your rates? :)TyGrr Insurance is an operation that I have thought about for a long time but never developed. It is hard to judge risk and keeping around a pile of coins to pay out was not what I wanted to do so I never got involved. However now I have the perfect thing to cover. GLBSE What I will offer is GLBSE insurance. If GLBSE goes down for whatever reason, hacked and files deleted, nefario runs off, Feds take it over and shut it down I will pay out. This should be used as a hedge for your investments on GLBSE. For example if you have 1,000 coins on GLBSE you might want to buy 1,000 BTC insurance from me. Why would I want to insure GLBSE? It is pretty simple. I have a lot of coin from GLBSE that I will not be able to return if GLBSE shuts down. So if GLBSE does get shut down I would be in the perfect position to pay out. If I am able to pay back my shareholders on GLBSE then I will not pay out insurance. If I am able to return the funds to my shareholders then GLBSE was not “shut down”. Clearly the insurance cannot be listed on GLBSE. We will have to do this outside GLBSE but can list the information on the forum. At this time I am not offering to insure specific assets but I will be interested in hearing proposals. I do hope to expand this but will start out slowly. Thank you. Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: unclescrooge on July 02, 2012, 02:07:45 PM @Raphy I was wondering how long it would take to get to that. Honestly I have no idea. I will not do it for nothing but then again I clearly do not need to charge a lot to cover the costs of idle BTC. I am open to offers for now. Thanks:) Arf, it has to come on the table :/ Well, I trust Nefario enough for not wanting to pay a lot for covering my glbse funds. Actually I would pay a lot more for Pirate's default insurance :) So for me, I wouldn't pay more than 0.01% a month against a "glbse default". Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: waltmarkers on July 02, 2012, 02:14:25 PM More accurately, wouldn't this be a credit default swap?
To collect on the insurance in case of failure of GLBSE, do we have to transfer our right of recovery against GLBSE to you? If not, can these be purchased purely to speculate on the potential failure of GLBSE by those without GLBSE holdings? Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: alatus on July 02, 2012, 02:20:09 PM http://en.wikipedia.org/wiki/Credit_default_swap#Pricing_and_valuation
Not sure yet how to apply. Thinking... ??? Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: GeoRW on July 02, 2012, 02:23:53 PM What about pirate and Nefario (might be the same person after all 8)) default at the same time? I think you are screwed ;D
Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: unclescrooge on July 02, 2012, 02:27:23 PM @Raphy I was wondering how long it would take to get to that. Honestly I have no idea. I will not do it for nothing but then again I clearly do not need to charge a lot to cover the costs of idle BTC. I am open to offers for now. Thanks:) Arf, it has to come on the table :/ Well, I trust Nefario enough for not wanting to pay a lot for covering my glbse funds. Actually I would pay a lot more for Pirate's default insurance :) So for me, I wouldn't pay more than 0.01% a month against a "glbse default". I understand. I trust GLBSE too or else I would not operate on it. But for those who would like to hedge, I will offer the service. The amount you offer is honestly not worth the effort I'm sure you understand. Of course I understand, that's how much I trust Nefario :D Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: alatus on July 02, 2012, 02:33:03 PM What about 0.5% a month?
Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: Sukrim on July 02, 2012, 02:48:47 PM 0.5% a month is also still horrendously high if you compare this to some other insurance rates (non-bitcoin) - I can insure my home up to several 10000 EUR for less than 20 EUR a month. Also the idea alone of depositing money at pirate to cover for insurance cases makes me shake my head in disbelief.
Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: Sukrim on July 02, 2012, 03:12:11 PM GLBSE is however operated in the "real world" paid for in USD and Nefario exists not only in the block chain. The only difference is that you need to pay out in a highly volatile currency that (compared to most other volatile currencies like Zimbabwe Dollars) rather has a trend to shoot UP against USD than down lately making it quite hard for traditional insurance companies who have their assets in fiat currency backing the insured sums and pricing the fees.
Everything else is the same as in any other insurance company and even a bit worse - you won't be able to insure your risk somewhere else in BTC probably, you're probably not licensed to do insurance at all and are an anonymous person on the internet somewhere in a jurisdiction far far away. Still you want/need to charge far more than traditional insurances... I see the dilemma, but I can't give proper solutions either other than really getting in touch with an established fiat money insurance and having a serious talk with them. Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: server on July 02, 2012, 03:32:32 PM What rate do you have in mind ?
Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: server on July 02, 2012, 03:42:53 PM I guess give me some time to feel this out and get back to you. I am open to offers and if it is reasonable I will take it. Maybe you can think about 25-50-75-100% insurance rates too ? Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: Stephen Gornick on July 02, 2012, 05:10:07 PM I have a lot of coin from GLBSE that I will not be able to return if GLBSE shuts down. So if GLBSE does get shut down I would be in the perfect position to pay out. If I am able to pay back my shareholders on GLBSE then I will not pay out insurance. If I am able to return the funds to my shareholders then GLBSE was not “shut down”. Was this in the agreement that was in place when the "shareholders" purchased their "shares" that you issued? Also, this is ludicrous. So let's say the unfortunate event were to occur, you eventually deem GLBSE to be "shut down" and then pay out on this insurance. But then you get a knock on your door from a TLA (three letter agency) investigating fraud as "shareholders" are demanding to be made whole. Except you no longer have the money. Problem? (well, the problem with that is from me making the assumption that any TLA gives a rat's ass about any of this ... but I digress). Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: Stephen Gornick on July 03, 2012, 10:26:04 PM However if they do have the information on who is owed what, I will return the money to the asset holders and not the insurance. And I'm suggesting the knock could come the day after you paid out on the insurance. Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: madberry on July 04, 2012, 02:33:29 AM Does the word "Hedge" in the title mean that this will be a Hedge Fund?
Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: cytokine on July 11, 2012, 11:03:31 PM Goat: I have a proposition for you. Can you provide 100% insurance against pirate defaulting for a specific amount of BTC?
Here is how the deal would work, if you're up for it: - I would send you 1K BTC to put into a pirate account on behalf of my fund - You would pay me 3.5% per week on the investment to a specific BTC address - You would keep the other 3.5% per week for yourself - However, if pirate defaults, then you still owe the 1K BTC to the fund Let me know if you're interested in this kind of deal. I've been completely avoiding pirate in my fund because I don't understand what he's doing, but with full insurance provided by someone trustworthy, then it would obviously make sense to invest some capital here. Let me know, thanks. Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: cytokine on July 12, 2012, 04:39:27 AM Goat: I have a proposition for you. Can you provide 100% insurance against pirate defaulting for a specific amount of BTC? Here is how the deal would work, if you're up for it: - I would send you 1K BTC to put into a pirate account on behalf of my fund - You would pay me 3.5% per week on the investment to a specific BTC address - You would keep the other 3.5% per week for yourself - However, if pirate defaults, then you still owe the 1K BTC to the fund Let me know if you're interested in this kind of deal. I've been completely avoiding pirate in my fund because I don't understand what he's doing, but with full insurance provided by someone trustworthy, then it would obviously make sense to invest some capital here. Let me know, thanks. The problem with this is you give me 1000 BTC and I put it with Pirate. I then need to have 1000 BTC ready in case there is a default. Now let us say that I can take that 1000 BTC and get 2% from it. so what I am really doing is getting 5.5% a week with the same risk of fail as if I were to put my full amount into pirate. There is no way I could do anything like this. For insurance you would have to pay an upfront premium and take less than 7%. Like say pay me 1500 BTC for 1000 BTC into the program getting 5% a week back. I would then be willing to take the risk that pirate will not default and if he does pay you back 1000BTC. You have to take some risk as well, you would need to wait 10 weeks before you made back your premium. Does this seem reasonable? Thanks Hmm I guess there's no way to do this using insurance. I cannot take any pirate default risk per my share contract. Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: Blazr on December 22, 2012, 02:57:27 PM So..... did you pay out all of your customers claims?
Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: jamesg on December 22, 2012, 03:00:43 PM So..... did you pay out all of your customers claims? Goat's been banned so I don't think he'll be replying. Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: Blazr on December 22, 2012, 03:06:27 PM Goat's been banned so I don't think he'll be replying. I know, just thought it was a pretty funny thread to resurrect. Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: HorseRider on December 23, 2012, 07:32:20 AM I miss goat badly....
Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: CountSparkle on December 23, 2012, 07:35:46 AM So..... did you pay out all of your customers claims? Goat's been banned so I don't think he'll be replying. Why was he banned? Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: 🏰 TradeFortress 🏰 on December 23, 2012, 09:14:33 AM So..... did you pay out all of your customers claims? Goat's been banned so I don't think he'll be replying. Why was he banned? Title: Re: TyGrr Insurance Hedge your GLBSE risk. Post by: 01BTC10 on December 23, 2012, 09:44:20 AM |