Bitcoin Insurance [IDEA]

[Instaclasher56]

So today I thought about all the people who have been scammed.
I thought about the idea of insurance so if YOU were scammed you would get your money back!

Ya there is things like that already but this is a little different.
Like everyday insurance you get coverage over damages right?
Well since we are talking about bitcoin I decided to change that a little so you get your bitcoin back!
Here is an example:

I went to a site and it turned out to be a Ponzi scam so I just lost all of my money.
Well thanks to the bitcoin Insurance I bought I Get my money back!

So please tell me what you think!
There would be a lot of funding needed but there will be fees as well.

You can get half your money back for $10 a month or all of it for $40 a month
Yearly and so ons will be available too!
Please write what you think and any suggestions!

EDIT: Eveyone calm down! You are overlooking the idea here.

1. ITS A FREAKING IDEA

2. If someone created this legitly (like me) it wouldn't have to be a ponzi like seriously here people if someone has thousands of dollars in bitcoin or more and they charged $20 a month or whatever that's around 50,000 bits. That would be a great profit!

3. Proofs of no payment like: Screenshots, emails with proof of purchase and ETC.

4. This IDEA could have its very own wallet so if you want to be getting your money back you must use This wallet, then we know if you spent or didn't spend or received or didn't receive money! The wallets could have use and existing wallet as well. Used a different wallet and got scammed? well to bad you didn't save your passphrase. And use it on here.

Please DO NOT take This out of hand! It's an idea and it isn't real yet! (Maybe it is, idk) So just think of it as an imagination.

EDIT 2: I'd also like to ad that there can be a personalized web search so that no ponzu scam sites aprear. (I or the company will only post the good sites. And sites can be requested and reviewed)


I want to state that this is an IDEA, and that it is possible.

[shorena]

What if the insurance is a scam? How much are you willing to pay for it? The bitcoins have to come from somewhere. If everyone is just blindly "investing" in ponzis, because "herp derp I has insurance" it wouldnt work or be very expensive.

[franky1]

1. if your going to be the insurance provider then you will be the ponzi, scamming people with hopes of pay out
2. even if you were legit, how will people prove they got scammed

even in real world situations claims assessors dont hand out funds freely.. they find any excuse not to pay. so many believe legit insurance is just as much of a scam as ponzi's are.

bitcoins whole philosophy and reason for creation is....... dont trust centralized services to hold your wealth.
only risk what you are willing to lose, and only for a short amount of time needed to use that service

3. by having insurance.. ponzis, scammers and exchange bankruptcy will increase, because they will not see it as a immoral thing to steal peoples funds, because someone else is repaying the victims.. so they will presume no one is losing. and feel more happy to steal funds as they feel its now a victimless crime

[rajat08]

there are many aspects to see this.
I think people will do more scam if anyone implement this.
Lets say user takes insurance and then he only opens a ponzi site and he himself invest in the site and close the site, so he basically have his money and the insurance money too. Then the user can do this multiple times in a single month with the help of some friends and make lots of money.

[7788bitcoin]

Insurance is based on trust, and many real life insurance companies themselves are scam!

On the other hand, bitcoin is trustless. So after you click "SEND", there is no way to get your coins back- the only "insurance" is your own judgement.

[elizabethqueen]

So today I thought about all the people who have been scammed.
I thought about the idea of insurance so if YOU were scammed you would get your money back!

Ya there is things like that already but this is a little different.
Like everyday insurance you get coverage over damages right?
Well since we are talking about bitcoin I decided to change that a little so you get your bitcoin back!
Here is an example:

I went to a site and it turned out to be a Ponzi scam so I just lost all of my money.
Well thanks to the bitcoin Insurance I bought I Get my money back!

So please tell me what you think!
There would be a lot of funding needed but there will be fees as well.

You can get half your money back for $10 a month or all of it for $40 a month
Yearly and so ons will be available too!
Please write what you think and any suggestions!

bitcoin is anonymous,and it make some people really easy to manipulate data or anything,and how if bitcoin assurance and it can't claimed because the data is not true. or maybe how if that assurance is scamming us too,so we all lost almost double of money.

[franky1]

bitcoin is anonymous,and it make some people really easy to manipulate data or anything,and how if bitcoin assurance and it can't claimed because the data is not true. or maybe how if that assurance is scamming us too,so we all lost almost double of money.

thirdly, i pretend i had 1,000,000 bitcoins stored in cryptsy and 1million bitcoins stored in mtgox, and said
"gimme money" to the insurer. showing the bankruptcy paperwork of both companies

fourthly
i show a valid amount i do own. and move the funds to a second address. and claim the second address was a hacker stealing my funds and said
"gimme money" to the insurer. showing the transaction ID's of the funds moving saying the first address was me and the second address is someone else

[SFR10]

The idea is only good if the person who starts this is well know and trusted in the first place then regarding the funding, a back option should be made as well. Let's say hire three or four reputable persons and escrow providers to hold onto the back up money in case the insurance company itself disappears all of a sudden. Every single pores should have a back up option on this category in order for the plan to go forward. You need to assure people in multiple ways so they would acquire the insurance. The more assurance and back up option, the better.

[franky1]

The idea is only good if the person who starts this is well know and trusted in the first place then regarding the funding, a back option should be made as well. Let's say hire three or four reputable persons and escrow providers to hold onto the back up money in case the insurance company itself disappears all of a sudden. Every single pores should have a back up option on this category in order for the plan to go forward. You need to assure people in multiple ways so they would acquire the insurance. The more assurance and back up option, the better.

mark kerpeles was well known and trusted between 2011-2013..
mark kerpeles had employee's who also overseen the funds

big vern was a well known person from 2013-2015
big vern had employee's who also overseen funds

in both cases even with trust respect and a dozen employees each... money still went missing

[NorrisK]

The single biggest problem with insurance is fraud. And in bitcoin it was never easier to commit fraud. You just load a vpn or proxy, send your coins away through a mixer and don't touch those coins anymore.

Next you claim your coins at your insurance company and you have doubled your coins.

Also, insurances are not designed to protect you from being stupid. If you invest in a ponzi, you take the risk. If you get scammed, you took a bad judgement call.

The only real application I could see is hardware failure, but that is also difficult to prove that you don't have a backup somewhere.

[fortunecrypto]

I think there is a no possibility of this kind in the bitcoin community although it is a good idea,we are dealing with trust so just go to person and companies that are trustworthy  I just recommend a site where people and  company can get a trust seal on the services and the product that they are selling..