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Author Topic: Bitcoin Value Coupons - Guarantee your Bitcoin investment.  (Read 3151 times)
TradeFortress
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October 17, 2012, 03:19:46 AM
 #1

What if you wake up one morning, checked bitcointalk, and found that some anonymous entity (like banks or governments) spent a ten million dollars performing a 51% attack? Or maybe the DEA thought that it's chump change to do it to shut down the silk road? Your bitcoins, worth hundreds or thousands of dollars are now worth essentially nothing.

Bitcoin value coupons promises buyback of bitcoins at an agreed rate, and they last for a period of time. They're insurance for bitcoin value.

> Prices and time periods are subject to change depending on the estimated risk. Purchase today to lock in the rates.

Coupons that last for one month:
$1/BTC coupon: 0.002 BTC each
$3/BTC coupon: 0.007 BTC each
$5/BTC coupon: 0.014 BTC each

Coupons that last for three months:
$1/BTC coupon: 0.0066 BTC each
$3/BTC coupon: 0.0231 BTC each
$5/BTC coupon: 0.0462 BTC each

Coupons that last for one year:
$1/BTC coupon: 0.029 BTC each
$3/BTC coupon: 0.1016 BTC each

How we operate:
We will maintain an amount in fiat that is exceeding our current active coupon commitment. When mtgoxUSD drops below the value of your coupon for a period of longer than 48 hours, we will buy back 1 BTC per coupon and pay the agreed price via Paypal, Liberty Reserve, Dwolla. More payment methods may be available - please contact us.

But what if you run away??
The bitcoin economy is filled with scammers and other less-moral persons. The price of coupons are determined based on historical trends of Bitcoin crashes as well as predicted trends and world events, and in the event of such a scenario, we will still come out ahead due to the profits made from when bitcoin didn't crash. The price of coupons will be adjusted when our assessment of the risk changes. Government issued IDs, proof of savings accounts with the stored collateral and additional verification are available on request for large orders.

Can I buy more coupons than the amount of bitcoins I have?
Absolutely. If you think bitcoins will drop below that value, you can buy as much coupons as you'd like and in the event of a collapse, you can go to a btc exchange and buy bitcoins for cents while we buy them from you for the value of the coupon.

Awesome, I'm interested.
PM me!
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gweedo
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October 17, 2012, 03:33:01 AM
 #2

If anyone believes this FUD, I have bridge to sell you.

Want to earn 2500 SATOSHIS per hour? Come Chat and Chill in https://goseemybits.com/lobby
cunicula
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October 17, 2012, 03:34:39 AM
 #3

This would work much better with colored coins. Say Liberty reserve issues blue satoshis which represent Liberty reserve USD. (unlikely, but let's pretend)

Then you could offer these contracts using blue satoshis + multisig + nLockTime and we would no longer have to worry about you running away. We would only have to worry about LR repudiating the blue satoshis. Still possible, but a much lower probability event.

As it stands, I think you will need a trusted intermediary to perform escrow.

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farlack
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October 18, 2012, 11:57:15 AM
 #4

Why wouldn't I just cash out my bitcoins for cash?

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