[ANN] [ICO CLOSED] Inchain - insurance for the crypto economy

[ttg43]

Inchain signature campaign updated: https://docs.google.com/spreadsheets/d/1ZDwUJeTStAzD4QtxM2gqNSaXm5LgMRgKUU0OXs9vEBI/edit?usp=sharing
Antispam enabled)

Im done join this sigcamp sir, add me on the list please..

You are already on the list. Your campaign status is updated every week. Last update was yesterday, so you have to wait till next saturday.

[Sergey_Inchain]

Well, as i mentionned above, each member of the team recording a video, presenting himself, showing papers proving who he is.

Give to your investors the possibility to cause you real problems if you scam and run away. This is how i can trust you for real, supporting Inchain and not investing only a few pennies in the project.

 Not a single investor would have the possibility to cause problem to a team which did the job, and finally failed, but still have been honest and transparent.

Inchain is far different from other projects, and may last years, if it fits to conjuncture, business evolution, keep going under a reasonable management.

Many legit projects didn't see their team loosing anonymity, they finally all paid the price... a crazy project not meeting the success it should have had, a failed ICO not gathering enough of funds to keep the project running...
Inchain is different, that's i guess going up to that step shouldn't be a problem.

I really wish Inchain team will be transparent, for the project to be successful and solving a large problem existing in this sphere.

Ok, I will discuss it with other team members.

Just remember any questions are welcomed.

Hi,

Did Inchain team eventually decided to loose anonymity?

Such a video would give credibility your projects, and it might also be useful to give your version of Elephant mess up.

You even may go further with some kind of questions/answer stream.

He did give his versoin here https://bitcointalk.org/index.php?topic=1623519.msg16390344#msg16390344

But hosting a live Q&A is always a good move.

As we explained before we have not been involved in this Elephant scam and are not responsible for this.
We have nothing to hide. If you have any questions regarding this matter, we invite you to join our QA session taking place in our slack group on Friday 5pm BST.

See you in #q_a channel.
Slack registration link: slack.inchain.io
If you already registered: inchain.slack.com

My post was mainly about revealing their identity to their potential investors in the forms mentionned.

Still waiting an answer BTW.

We can make a video call in Skype with you. PM me if is it OK for you.
My video in progress

Thanks for your skype call proposition, despite i would prefer something public, i may accept it.

Some news about your video?

I hope it will finished next week

[Sergey_Inchain]

https://bitcointalk.org/index.php?topic=1633718

I have done the Chinese OP, guys enjoy my professional service.   

Thank you)

[baggle]

Well, as i mentionned above, each member of the team recording a video, presenting himself, showing papers proving who he is.

Give to your investors the possibility to cause you real problems if you scam and run away. This is how i can trust you for real, supporting Inchain and not investing only a few pennies in the project.

 Not a single investor would have the possibility to cause problem to a team which did the job, and finally failed, but still have been honest and transparent.

Inchain is far different from other projects, and may last years, if it fits to conjuncture, business evolution, keep going under a reasonable management.

Many legit projects didn't see their team loosing anonymity, they finally all paid the price... a crazy project not meeting the success it should have had, a failed ICO not gathering enough of funds to keep the project running...
Inchain is different, that's i guess going up to that step shouldn't be a problem.

I really wish Inchain team will be transparent, for the project to be successful and solving a large problem existing in this sphere.

Ok, I will discuss it with other team members.

Just remember any questions are welcomed.

Hi,

Did Inchain team eventually decided to loose anonymity?

Such a video would give credibility your projects, and it might also be useful to give your version of Elephant mess up.

You even may go further with some kind of questions/answer stream.

He did give his versoin here https://bitcointalk.org/index.php?topic=1623519.msg16390344#msg16390344

But hosting a live Q&A is always a good move.

As we explained before we have not been involved in this Elephant scam and are not responsible for this.
We have nothing to hide. If you have any questions regarding this matter, we invite you to join our QA session taking place in our slack group on Friday 5pm BST.

See you in #q_a channel.
Slack registration link: slack.inchain.io
If you already registered: inchain.slack.com

My post was mainly about revealing their identity to their potential investors in the forms mentionned.

Still waiting an answer BTW.

We can make a video call in Skype with you. PM me if is it OK for you.
My video in progress

Thanks for your skype call proposition, despite i would prefer something public, i may accept it.

Some news about your video?

I hope it well finished next week

Just a thought.

1) Inchain insurance service is destined to people keeping their coins on the different exchanges.
Also, how will Inchain success? It makes sense that only those people will have an interest by being insured, and that people who don't do this won't need this insurance. Moreover, considering the few amount of "legit" exchanges, when a sinister will happen,we can imagine that a large part of the people Inchain insured will ask for their part, for what they paid.
We all know that insurance companies are in hard troubles when too many people ask at the same time for their compensation.
How will Inchain handle this?

2) What would prevent somebody to create an exchange, keep it running for some time to make it "legit" in Inchain point of view, and then put all his coins on the its own exchange with many different accounts, take Inchain insurance, scam/close his exchanges ( he also necessarly still have his coins) and then ask Inchain for his compensation with each account?

[kellendil]

Well, as i mentionned above, each member of the team recording a video, presenting himself, showing papers proving who he is.

Give to your investors the possibility to cause you real problems if you scam and run away. This is how i can trust you for real, supporting Inchain and not investing only a few pennies in the project.

 Not a single investor would have the possibility to cause problem to a team which did the job, and finally failed, but still have been honest and transparent.

Inchain is far different from other projects, and may last years, if it fits to conjuncture, business evolution, keep going under a reasonable management.

Many legit projects didn't see their team loosing anonymity, they finally all paid the price... a crazy project not meeting the success it should have had, a failed ICO not gathering enough of funds to keep the project running...
Inchain is different, that's i guess going up to that step shouldn't be a problem.

I really wish Inchain team will be transparent, for the project to be successful and solving a large problem existing in this sphere.

Ok, I will discuss it with other team members.

Just remember any questions are welcomed.

Hi,

Did Inchain team eventually decided to loose anonymity?

Such a video would give credibility your projects, and it might also be useful to give your version of Elephant mess up.

You even may go further with some kind of questions/answer stream.

He did give his versoin here https://bitcointalk.org/index.php?topic=1623519.msg16390344#msg16390344

But hosting a live Q&A is always a good move.

As we explained before we have not been involved in this Elephant scam and are not responsible for this.
We have nothing to hide. If you have any questions regarding this matter, we invite you to join our QA session taking place in our slack group on Friday 5pm BST.

See you in #q_a channel.
Slack registration link: slack.inchain.io
If you already registered: inchain.slack.com

My post was mainly about revealing their identity to their potential investors in the forms mentionned.

Still waiting an answer BTW.

We can make a video call in Skype with you. PM me if is it OK for you.
My video in progress

Thanks for your skype call proposition, despite i would prefer something public, i may accept it.

Some news about your video?

I hope it well finished next week

Just a thought.

1) Inchain insurance service is destined to people keeping their coins on the different exchanges.
Also, how will Inchain success? It makes sense that only those people will have an interest by being insured, and that people who don't do this won't need this insurance. Moreover, considering the few amount of "legit" exchanges, when a sinister will happen,we can imagine that a large part of the people Inchain insured will ask for their part, for what they paid.
We all know that insurance companies are in hard troubles when too many people ask at the same time for their compensation.
How will Inchain handle this?

2) What would prevent somebody to create an exchange, keep it running for some time to make it "legit" in Inchain point of view, and then put all his coins on the its own exchange with many different accounts, take Inchain insurance, scam/close his exchanges ( he also necessarly still have his coins) and then ask Inchain for his compensation with each account?

Exactly i think like you. The idea of a blockchain insurance system is great but very difficult to make it work. Even in real life insurance companies have many problems with fraud , just think about what they will do in in the crypto scene with all these scammers İnchain is a very difficult project...

[penniless1]

Real insurance is rife with similar fraud...up to murder and or false death.

I'm hoping a lot of any funds earned will go to investigation team, operations and ROI.

[Kazadar]

2) What would prevent somebody to create an exchange, keep it running for some time to make it "legit" in Inchain point of view, and then put all his coins on the its own exchange with many different accounts, take Inchain insurance, scam/close his exchanges ( he also necessarly still have his coins) and then ask Inchain for his compensation with each account?

There will be a limit to how much Inchain will insure each exchange for.
Not sure if it can be prevented but it will limit the damage that can be done.

Considering the amount of work that will need to be put in to such a scam vs. the payout, I doubt it will be a very common scam. Also with KYC it will be much easier to open and exchange and steal peoples money that way without trying to do insurance fraud aswell.

[loveofmylife]

Real insurance is rife with similar fraud...up to murder and or false death.

I'm hoping a lot of any funds earned will go to investigation team, operations and ROI.

You are right, IMO some sites may pretended to be hacked and ask compensation, OP how do u think?

[baggle]

2) What would prevent somebody to create an exchange, keep it running for some time to make it "legit" in Inchain point of view, and then put all his coins on the its own exchange with many different accounts, take Inchain insurance, scam/close his exchanges ( he also necessarly still have his coins) and then ask Inchain for his compensation with each account?

There will be a limit to how much Inchain will insure each exchange for.
Not sure if it can be prevented but it will limit the damage that can be done.

Considering the amount of work that will need to be put in to such a scam vs. the payout, I doubt it will be a very common scam. Also with KYC it will be much easier to open and exchange and steal peoples money that way without trying to do insurance fraud aswell.

The question isn't "is it a common scam or not?".

A single scam, well planed, well done, can break the balance of the project.

Just see the scams on this forum, there are some largely obvious, and some others where we can see the scammer did the job greatly. I am BTW sure there are a few serial scammers who live from scamming others, it's their job.
Those people won't hesitate to work on a complex rubbish to have large benefits.


To scammers: Fuck you bitches.

[Kazadar]

2) What would prevent somebody to create an exchange, keep it running for some time to make it "legit" in Inchain point of view, and then put all his coins on the its own exchange with many different accounts, take Inchain insurance, scam/close his exchanges ( he also necessarly still have his coins) and then ask Inchain for his compensation with each account?

There will be a limit to how much Inchain will insure each exchange for.
Not sure if it can be prevented but it will limit the damage that can be done.

Considering the amount of work that will need to be put in to such a scam vs. the payout, I doubt it will be a very common scam. Also with KYC it will be much easier to open and exchange and steal peoples money that way without trying to do insurance fraud aswell.

The question isn't "is it a common scam or not?".

A single scam, well planed, well done, can break the balance of the project.

Just see the scams on this forum, there are some largely obvious, and some others where we can see the scammer did the job greatly. I am BTW sure there are a few serial scammers who live from scamming others, it's their job.
Those people won't hesitate to work on a complex rubbish to have large benefits.


To scammers: Fuck you bitches.

My main point was that if it happens it shouldnt break the balance as the amount insured would only be a small part of Ínchains funds.

And considering it might be a years work (or more) to gain a few hundred BTC its still a pretty bad scam compaired to an "easy" ICO scam.

[baggle]

2) What would prevent somebody to create an exchange, keep it running for some time to make it "legit" in Inchain point of view, and then put all his coins on the its own exchange with many different accounts, take Inchain insurance, scam/close his exchanges ( he also necessarly still have his coins) and then ask Inchain for his compensation with each account?

There will be a limit to how much Inchain will insure each exchange for.
Not sure if it can be prevented but it will limit the damage that can be done.

Considering the amount of work that will need to be put in to such a scam vs. the payout, I doubt it will be a very common scam. Also with KYC it will be much easier to open and exchange and steal peoples money that way without trying to do insurance fraud aswell.

The question isn't "is it a common scam or not?".

A single scam, well planed, well done, can break the balance of the project.

Just see the scams on this forum, there are some largely obvious, and some others where we can see the scammer did the job greatly. I am BTW sure there are a few serial scammers who live from scamming others, it's their job.
Those people won't hesitate to work on a complex rubbish to have large benefits.


To scammers: Fuck you bitches.

My main point was that if it happens it shouldnt break the balance as the amount insured would only be a small part of Ínchains funds.

And considering it might be a years work (or more) to gain a few hundred BTC its still a pretty bad scam compaired to an "easy" ICO scam.

Then what if POLO or shittrex owners decide to scam?

[Sergey_Inchain]

First, for all of this you need strong KYC. People register their BTC addresses and balances. Going in the regular insurance business and fraud detection. Basically, fraudsters need to know they are on a risky hook to pay or lot or even go to prison. For example, if someone tells you, "access to BTC address lost", these coins may never ever be moved again from that claimed to lost address. Because if they are, it's insurance fraud. You'd then have to go through the legal system like any insurance does.

We are in progress of discussion KYC with our legal advisor. It is a good tool to prevent some types of fraud. But, it also may scare a lot of crypto economy members who care about their anonymity.
So KYC discussion in progress, welcome)

Registration of BTC/ETH addresses and balances not so easy task. Imagine you hold some BTC in Coinbase. Do you know what address they have exactly? And if you a trader, your balance can change very often so it can be very different at the end of the insurance policy from when you insure it. Anyway, we hope our legal advisor and all of you will help us to find the optimal decision of how must Inchain prevent possible fraud.

For now we plan do not check the address and balance of insured before insure him. We think if someone ready to pay an insurance premium for 100 BTC he really may insure it.

In the event of damage, you should probably terminate the contract with the customer. (But of course still restore the customers damage if it was legit.) Not nice - but many insurance companies do that, no?

Yes, we think that not more that only one insurance payment possible during an insurance policy lifecycle.

Stolen coins are of course more difficult. Any worthy amount... Could you work with the authorities and track them down?

We intend to continue a promotion of Inchain concept to real insurance sector. But it needs a lot of time. When we will have the PoC of Inchain it may speed up a process legitimisation of Inchain. Of course, if Inchain will act as a fully regulated company there will be available all legitimate tools for protecting of Inchain customers.

[Kazadar]

2) What would prevent somebody to create an exchange, keep it running for some time to make it "legit" in Inchain point of view, and then put all his coins on the its own exchange with many different accounts, take Inchain insurance, scam/close his exchanges ( he also necessarly still have his coins) and then ask Inchain for his compensation with each account?

There will be a limit to how much Inchain will insure each exchange for.
Not sure if it can be prevented but it will limit the damage that can be done.

Considering the amount of work that will need to be put in to such a scam vs. the payout, I doubt it will be a very common scam. Also with KYC it will be much easier to open and exchange and steal peoples money that way without trying to do insurance fraud aswell.

The question isn't "is it a common scam or not?".

A single scam, well planed, well done, can break the balance of the project.

Just see the scams on this forum, there are some largely obvious, and some others where we can see the scammer did the job greatly. I am BTW sure there are a few serial scammers who live from scamming others, it's their job.
Those people won't hesitate to work on a complex rubbish to have large benefits.


To scammers: Fuck you bitches.

My main point was that if it happens it shouldnt break the balance as the amount insured would only be a small part of Ínchains funds.

And considering it might be a years work (or more) to gain a few hundred BTC its still a pretty bad scam compaired to an "easy" ICO scam.

Then what if POLO or shittrex owners decide to scam?

It will still only be a small parts of Inchains capital at risk. And considering that many of the policies will be owned by other users already, the scammer can only insure a bit of BTC for a small part of the capital assigned to the specific exchange.

So the money gained from Inchain would be peanuts compared to the amount of BTC stored on the exchange.

Many of the larger exchange owners are also registered with their local authorities so runnig away with them will be a lot harder than running with ICO money.

[Sergey_Inchain]

Just a thought.

1) Inchain insurance service is destined to people keeping their coins on the different exchanges.
Also, how will Inchain success? It makes sense that only those people will have an interest by being insured, and that people who don't do this won't need this insurance. Moreover, considering the few amount of "legit" exchanges, when a sinister will happen,we can imagine that a large part of the people Inchain insured will ask for their part, for what they paid.
We all know that insurance companies are in hard troubles when too many people ask at the same time for their compensation.
How will Inchain handle this?

2) What would prevent somebody to create an exchange, keep it running for some time to make it "legit" in Inchain point of view, and then put all his coins on the its own exchange with many different accounts, take Inchain insurance, scam/close his exchanges ( he also necessarly still have his coins) and then ask Inchain for his compensation with each account?

1) The best way to demonstrate how it can be is the catbonds concept: https://en.wikipedia.org/wiki/Catastrophe_bond. Inchain issues insurance bonds like catbonds.

2) So, I think it is very hard task to create an exchange, attract many customers, support an exchange's work, and that scam it. Also, I don't think that Inchain DAO will not possible to find some tracks of the case you described. Anyway, Inchain will balance their insurance portfolio between all insured exchanges.

So if insurance case (or not detected scam) happened and all funds on hacked exchange were stolen Inchain will pay only [Inchain fund]/[Amount of insured exchanges].

Also, some prevention steps described here

[Sergey_Inchain]

Exactly i think like you. The idea of a blockchain insurance system is great but very difficult to make it work. Even in real life insurance companies have many problems with fraud , just think about what they will do in in the crypto scene with all these scammers İnchain is a very difficult project...

Sure, the project is massive but must we stop work on it if it so big?

[Sergey_Inchain]

Real insurance is rife with similar fraud...up to murder and or false death.

I'm hoping a lot of any funds earned will go to investigation team, operations and ROI.

You are right, IMO some sites may pretended to be hacked and ask compensation, OP how do u think?

Inchain will not insure user's account on the services that have no enough risk rating. And firstly, Inchain will be very conservative when will decide to include exchanges in the insurance portfolio.

[WorldCoiner]

Gentlemen, will this be an Ethereum Smart Contract based ICO  (like Firstblood.io) what would mean the primary investment money is Ether or will you base the ICO at BTC like Incent for example. Thank you for your feedback.

[Inchain.io]

Gentlemen, will this be an Ethereum Smart Contract based ICO  (like Firstblood.io) what would mean the primary investment money is Ether or will you base the ICO at BTC like Incent for example. Thank you for your feedback.

Hi
We will be accepting both BTC and ETH.

This is the link to pour github
https://github.com/Inchain/ethereum

[Inchain.io]

2) What would prevent somebody to create an exchange, keep it running for some time to make it "legit" in Inchain point of view, and then put all his coins on the its own exchange with many different accounts, take Inchain insurance, scam/close his exchanges ( he also necessarly still have his coins) and then ask Inchain for his compensation with each account?

There will be a limit to how much Inchain will insure each exchange for.
Not sure if it can be prevented but it will limit the damage that can be done.

Considering the amount of work that will need to be put in to such a scam vs. the payout, I doubt it will be a very common scam. Also with KYC it will be much easier to open and exchange and steal peoples money that way without trying to do insurance fraud aswell.

The question isn't "is it a common scam or not?".

A single scam, well planed, well done, can break the balance of the project.

Just see the scams on this forum, there are some largely obvious, and some others where we can see the scammer did the job greatly. I am BTW sure there are a few serial scammers who live from scamming others, it's their job.
Those people won't hesitate to work on a complex rubbish to have large benefits.


To scammers: Fuck you bitches.

My main point was that if it happens it shouldnt break the balance as the amount insured would only be a small part of Ínchains funds.

And considering it might be a years work (or more) to gain a few hundred BTC its still a pretty bad scam compaired to an "easy" ICO scam.

Then what if POLO or shittrex owners decide to scam?

We believe it is too complicated for scammers/hackers. First of all, we will be selecting the platform very carefully. Secondly, we will not have a large exposure to one exchange (as we showed in our fin model it is only 1/12 of the total risks, in reality we plan to have even less share, 1/20 for example).

[someone111]

We are in progress of discussion KYC with our legal advisor. It is a good tool to prevent some types of fraud. But, it also may scare a lot of crypto economy members who care about their anonymity.
So KYC discussion in progress, welcome)

Of course is KYC a PITA that costs money. It may be a necessity for some business models but if you guys can design a business where KYC is irrelevant, that is a relevant market share also.