Bitcoin Exchanges at Japan Get be Insured

[DimensionZ]

Mt.Gox was an inside job. Even if they had been insured at the time the insurance company wouldn't probably have paid anything to the screwed users because the money ended up in Mark Karpeles'es pockets. Now it will be interesting to watch how they will distinguish between an inside job and a genuine breach of security.

[yayayo]

Seems to be a result of the Mt.Gox disaster and numerous other hacks...

While many regular customers of bitcoin exchanges will see this as a positive development, it also has a negative side: It encourages trusting third parties and storing Bitcoin on exchanges, where they effectively are only IOU's - just like fiat accounts at ordinary banks. People must understand that you don't own Bitcoin, if you don't (exclusively) own the private keys. Nobody should store Bitcoin at exchanges, especially since you don't need such a third party to make Bitcoin transactions, which is a great difference compared to traditional fiat money.

What make more sense in my view would be independent insurance offerings to individuals for protection against hacking and theft. This might in fact be the only market that may be left for banks in the future - only the forward looking and innovative ones, of course.

ya.ya.yo!

[Immakillya]

Its really a good news to us because we all know exchange sites are prone from attacks of the hackers. Insurance is a good help to us and they really must give us insurance because they are the owner and responsible for the money and cryptocurrencies which is stored in the exchange site. Hope many exchange sites implement this kind of system because its really unfair to the customers which is losing their money.

[mastica]

Mt.Gox was an inside job. Even if they had been insured at the time the insurance company wouldn't probably have paid anything to the screwed users because the money ended up in Mark Karpeles'es pockets. Now it will be interesting to watch how they will distinguish between an inside job and a genuine breach of security.

For exists the ensurance for sure they have a team that will analyse each problem the exchanges may face, and will check the code first, makes no sense give protection to a new exchange that can easy hacked, i do hope this ends with the problem of exchanges funds lost to hackers.