Lloyd's of London and Bitcoin

[fiatsux]

http://www.coindesk.com/worlds-first-insured-bitcoin-storage-service-launches-uk/

Now what does that say about mainstream adoption? 

[minerpart]

Nothing really. Lloyds make money from insurance and here they are assessing the risk to an asset from theft or loss. Nothing to do with BTC as a currency or asset class.

[Nagle]

When a Bitcoin exchange gets insurance against loss of customer assets, that will be news.

Every legit broker/dealer in the US has SIPC insurance against up to $500,000 in losses per customer. When a broker takes the money and runs, they pay.

[BitCoinNutJob]

another big player on board, welcome Llyods

[HairyMaclairy]

This is important.  Welcome Lloyd's indeed.

[LiteCoinGuy]

This is important.  Welcome Lloyd's indeed.

i think so too and also the whole insured wallet service is important! i hope they do it right.

[bobdude17]

Unlike most of its competitors in the industry, it is not a company but it is a corporate body governed by the Lloyd's Act of 1871 and subsequent Acts of the Parliament of the United Kingdom.

[bluemeanie1]

http://www.coindesk.com/worlds-first-insured-bitcoin-storage-service-launches-uk/

Now what does that say about mainstream adoption? 

the problem isn't how do we get Bitcoin to be accepted by eg. Lloyds of London.

the problem is how do we bypass LLoyds of London completely.

seems that a much different attitude has taken over the bitcoin world these days.

-bm

[HairyMaclairy]

http://www.coindesk.com/worlds-first-insured-bitcoin-storage-service-launches-uk/

Now what does that say about mainstream adoption?  

the problem isn't how do we get Bitcoin to be accepted by eg. Lloyds of London.

the problem is how do we bypass LLoyds of London completely.

seems that a much different attitude has taken over the bitcoin world these days.

-bm

So long as the bitcoin community is rife with pirates, scammers, fraudsters, conmen and hackers then there is a role for theft insurance. No one actually thinks air gapping, paper wallets or cold storage are ideal solutions (it's an internet based currency but the only way to protect it is take it off the internet?!  That's crap).

This could eventually lead to fully insured hot wallets which is where we need to be IMHO.

If you think the answer is individuals teaching themselves current best security practises then bitcoin won't get very far.  The average Walmart shopper is not going to teach themselves Linux just to use bitcoin.

[bluemeanie1]

http://www.coindesk.com/worlds-first-insured-bitcoin-storage-service-launches-uk/

Now what does that say about mainstream adoption?  

the problem isn't how do we get Bitcoin to be accepted by eg. Lloyds of London.

the problem is how do we bypass LLoyds of London completely.

seems that a much different attitude has taken over the bitcoin world these days.

-bm

So long as the bitcoin community is rife with pirates, scammers, fraudsters, conmen and hackers then there is a role for theft insurance. No one actually thinks air gapping, paper wallets or cold storage are ideal solutions (it's an internet based currency but the only way to protect it is take it off the internet?!  That's crap).

This could eventually lead to fully insured hot wallets which is where we need to be IMHO.

the initial fuel for this movement was an increasing awareness of a systemic bias in our financial system.  So tools were conceived and developed in order to help make a more equitable capital system.  Bitcoin was(presumably) one of these tools.  Sometimes though I wonder if the real story was something else completely.  The system does allow for authorities to track taxibility for instance.  Financial privacy is going to be of increasing importance in the near future, and Bitcoin not only doesn't offer it, it is misleading in that it offers the APPEARANCE of such, which is probably much worse.

Once we have London based insurance on Bitcoin, then we are back to relying on the same systems we were trying to escape.  Why not use PayPal instead of using Bitcoin and buying insurance from Llloyds?  Seems that people on here either 1) cant see the forest for the trees 2) are actively trying to move Bitcoin in this direction.  We even have full time Google employees now sitting in chairs on the 'Bitcoin Foundation'?

[HairyMaclairy]

Zerocoin is coming (eventually).

[Verum Libertas]

http://www.coindesk.com/worlds-first-insured-bitcoin-storage-service-launches-uk/

Now what does that say about mainstream adoption?  

the problem isn't how do we get Bitcoin to be accepted by eg. Lloyds of London.

the problem is how do we bypass LLoyds of London completely.

seems that a much different attitude has taken over the bitcoin world these days.

-bm

So long as the bitcoin community is rife with pirates, scammers, fraudsters, conmen and hackers then there is a role for theft insurance. No one actually thinks air gapping, paper wallets or cold storage are ideal solutions (it's an internet based currency but the only way to protect it is take it off the internet?!  That's crap).

This could eventually lead to fully insured hot wallets which is where we need to be IMHO.

the initial fuel for this movement was an increasing awareness of a systemic bias in our financial system.  So tools were conceived and developed in order to help make a more equitable capital system.  Bitcoin was(presumably) one of these tools.  Sometimes though I wonder if the real story was something else completely.  The system does allow for authorities to track taxibility for instance.  Financial privacy is going to be of increasing importance in the near future, and Bitcoin not only doesn't offer it, it is misleading in that it offers the APPEARANCE of such, which is probably much worse.

Once we have London based insurance on Bitcoin, then we are back to relying on the same systems we were trying to escape.  Why not use PayPal instead of using Bitcoin and buying insurance from Llloyds?  Seems that people on here either 1) cant see the forest for the trees 2) are actively trying to move Bitcoin in this direction.  We even have full time Google employees now sitting in chairs on the 'Bitcoin Foundation'?

This.

Bitcoin infrastructure currently isn't at a level where it can be SOLEY relied upon as a unit of currency. Ideally instead of Llyods bank offering insurance a Bitcoin provider should do so. There's a business idea for you folks.

[timmmers]

So long as the bitcoin community is rife with pirates, scammers, fraudsters, conmen and hackers then there is a role for theft insurance. No one actually thinks air gapping, paper wallets or cold storage are ideal solutions (it's an internet based currency but the only way to protect it is take it off the internet?!  That's crap).

This could eventually lead to fully insured hot wallets which is where we need to be IMHO.

If you think the answer is individuals teaching themselves current best security practises then bitcoin won't get very far.  The average Walmart shopper is not going to teach themselves Linux just to use bitcoin.

Agree 100%, it's all about ease of use and trust/safety if the general public are to use bitcoins.