CoinCare - Bitcoin Insurance

[cryptocare]

Hello everyone,

I recently opened a thread here asking if insurance was needed in bitcoin, the consensus was that it's needed but only for select people.

Introducing CoinCare - we insure your bitcoin from volatility.

You can apply for a quotation on our website, www.coincare.co

Established members and press can receive a trial here - www.coincare.co/press

We will have a limited release at first, if you have any questions please let me know.

Hopefully we can make bitcoin a consumer friendly product  

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[pinoycash]

Hello everyone,

I recently opened a thread here asking if insurance was needed in bitcoin, the consensus was that it's needed but only for select people.

Introducing CoinCare - we insure your bitcoin from volatility.

You can apply for a quotation on our website, www.coincare.co

We will have a limited release at first, if you have any questions please let me know.

Hopefully we can make bitcoin a consumer friendly product  

Its a good idea, but what is your guarantee that you will buy back the coin? do you have a funds escrowed for the insurance fund?

[cryptocare]

Hello everyone,

I recently opened a thread here asking if insurance was needed in bitcoin, the consensus was that it's needed but only for select people.

Introducing CoinCare - we insure your bitcoin from volatility.

You can apply for a quotation on our website, www.coincare.co

We will have a limited release at first, if you have any questions please let me know.

Hopefully we can make bitcoin a consumer friendly product  

Its a good idea, but what is your guarantee that you will buy back the coin? do you have a funds escrowed for the insurance fund?

We're registered in the USA, but sadly there's no kind of regulation for this right now. We are accepting a small number of applications at first to trial it and see the feedback.

We will also provide reports of capital that covers any payouts that may occur.

[Juggy777]

Firstly this is a service, have it moved in the service section. So you are saying I can insure my coin for the volatility, say I insure it at 1000$ prices are 750 you will refund me the rest. What's your calculating method to decide the premium. Have you tried before. Where are your proofs. If you want people to join more information needed and escrow I don't know how you will get it worked but that's needed. Plus do you have license also? On face of it, I would avoid it. But will keep a eye on this in case it's nice.

[cryptocare]

Firstly this is a service, have it moved in the service section. So you are saying I can insure my coin for the volatility, say I insure it at 1000$ prices are 750 you will refund me the rest. What's your calculating method to decide the premium. Have you tried before. Where are your proofs. If you want people to join more information needed and escrow I don't know how you will get it worked but that's needed. Plus do you have license also? On face of it, I would avoid it. But will keep a eye on this in case it's nice.

Regarding authenticity our legal documents confirm that we have to pay out if it reaches a certain price, our fees range from 3-5% of the original value per month depending on how many coins you would like insured - if you apply for a quotation we can give you a more accurate quote.

This is completely new, has never been tried before.

[Juggy777]

Firstly this is a service, have it moved in the service section. So you are saying I can insure my coin for the volatility, say I insure it at 1000$ prices are 750 you will refund me the rest. What's your calculating method to decide the premium. Have you tried before. Where are your proofs. If you want people to join more information needed and escrow I don't know how you will get it worked but that's needed. Plus do you have license also? On face of it, I would avoid it. But will keep a eye on this in case it's nice.

Regarding authenticity our legal documents confirm that we have to pay out if it reaches a certain price, our fees range from 3-5% of the original value per month depending on how many coins you would like insured - if you apply for a quotation we can give you a more accurate quote.

This is completely new, has never been tried before.

With all due respect your service may be genuine but how will the users of this forum trust you. 3-5% of a btc is a good amount to pay to a service that's not been tried before. What I would suggest you is to give one vouch copy. Give it to any legendary members and let's see their review. If you get a good review many shall follow, let's see if this service is sustainable for you and works for all. But need someone to vouch this and you plan to hold fees In your own hands, so you need to escrow that and take your fees per claim. I think you will have to work that part.

[ArtPlayer]

"your legal documents confirm" but what constitutes your proof of solvency? What is the guarantee that you'll not be essentially freerolling on your customers money?

Your insurance is basically option writing. As such how can the price be "3-5% of btc / mo" regardless of volatility ?

[cryptocare]

Firstly this is a service, have it moved in the service section. So you are saying I can insure my coin for the volatility, say I insure it at 1000$ prices are 750 you will refund me the rest. What's your calculating method to decide the premium. Have you tried before. Where are your proofs. If you want people to join more information needed and escrow I don't know how you will get it worked but that's needed. Plus do you have license also? On face of it, I would avoid it. But will keep a eye on this in case it's nice.

Regarding authenticity our legal documents confirm that we have to pay out if it reaches a certain price, our fees range from 3-5% of the original value per month depending on how many coins you would like insured - if you apply for a quotation we can give you a more accurate quote.

This is completely new, has never been tried before.

With all due respect your service may be genuine but how will the users of this forum trust you. 3-5% of a btc is a good amount to pay to a service that's not been tried before. What I would suggest you is to give one vouch copy. Give it to any legendary members and let's see their review. If you get a good review many shall follow, let's see if this service is sustainable for you and works for all. But need someone to vouch this and you plan to hold fees In your own hands, so you need to escrow that and take your fees per claim. I think you will have to work that part.

In response to this we have created a press section. www.coincare.co/press - established members and media can apply here.

[cryptocare]

"your legal documents confirm" but what constitutes your proof of solvency? What is the guarantee that you'll not be essentially freerolling on your customers money?

Your insurance is basically option writing. As such how can the price be "3-5% of btc / mo" regardless of volatility ?

We have capital reserves to ensure that we can afford to pay out. We have a business model in place that makes this sustainable, we like most bitcoin users believe that it will go up. After we pay out we receive an asset in the form of BTC.

[Xester]

Bitcoin Insurance is new to me but as you said it will only protect us from the volatility of bitcoin price. What about if your system is hacked will you also refund the clients investment.

Another thing is the insurance only applicable to bitcoins deposited in your site or you also have a program for bitcoin outside of your site.

[Digitalbitcoin]

I think insuring your Bitcoins for volatility in price is quite good idea. But it seems like service offering to user to ensure Insurance of Bitcoins is quite unpredictable. I think coincare offering this amazing service to Bitcoin enthusiast to secure their own Bitcoins.

But I have some questions regarding this insurance for Bitcoin used for investment with coincare as what about sudden price of Bitcoin increase or decrease. And what about assurity of insurance.

[cryptocare]

Bitcoin Insurance is new to me but as you said it will only protect us from the volatility of bitcoin price. What about if your system is hacked will you also refund the clients investment.

Another thing is the insurance only applicable to bitcoins deposited in your site or you also have a program for bitcoin outside of your site.

We accept BTC payments along with regular fiat payment processors - this is stored in a US bank account, can't be hacked. The fees in BTC will be stored offline.

You keep hold of your bitcoin, so there's no risk of you losing it or it getting hacked

I think insuring your Bitcoins for volatility in price is quite good idea. But it seems like service offering to user to ensure Insurance of Bitcoins is quite unpredictable. I think coincare offering this amazing service to Bitcoin enthusiast to secure their own Bitcoins.

We're offering this to give people assurance that their investment is safe, we take on the gamble of it going down instead of you.

[franky1]

OP's failures.

1. due diligence. no listing of real world address, even domain is hidden behind privacy guards
-- customer be warned, you wont be able to slap coincare with a wetfish/court order should they run away with your premiums
-- if OP updates website to include an address, make sure its not a virtual office/PO box/mail dropbox

2. no Terms and conditions listed on website
-- customers be warned, you wont know what your signing into, until you have already signed up

3. no example/demonstration quote/fee on website
-- customers be warned, you wont know what your signing into, until you have already signed up

4. there actually are insurance regulations in many countries. and insurance regulations are not based on the (secret) location of the insurer. but also the insurer has to follow the insurance regulations of where the customer is located (EG NY bitlicence means international companies need to follow NY regulations for NY customers)

i hinted this in the other topic, and suggested to you a work around. but it seems that you have decided against it and avoided the basic things that some would deem you as a trusted service.

[KennyR]

That's something unique, but when it gets implemented the result will not be similar to the proposal made. The reason is that if he gets good number of beneficiaries to invest then the firm can pay its users the proper amount. So its better to make a perfect and scheduled calculation, so that it won't come under the scam list in a short time period.

[cryptocare]

OP's failures.

1. due diligence. no listing of real world address, even domain is hidden behind privacy guards
-- customer be warned, you wont be able to slap coincare with a wetfish/court order should they run away with your premiums
-- if OP updates website to include an address, make sure its not a virtual office/PO box/mail dropbox

2. no Terms and conditions listed on website
-- customers be warned, you wont know what your signing into, until you have already signed up

3. no example/demonstration quote/fee on website
-- customers be warned, you wont know what your signing into, until you have already signed up

4. there actually are insurance regulations in many countries. and insurance regulations are not based on the (secret) location of the insurer. but also the insurer has to follow the insurance regulations of where the customer is located (EG NY bitlicence means international companies need to follow NY regulations for NY customers)

i hinted this in the other topic, and suggested to you a work around. but it seems that you have decided against it and avoided the basic things that some would deem you as a trusted service.

Hey Frank,

Sorry our address, terms etc are all included in the quotation - I will work on putting them on display on the website.

[franky1]

Hey Frank,

Sorry our address, terms etc are all included in the quotation - I will work on putting them on display on the website.

you are aware that by offering terms of repayment in dollars. your automatically required to comply with american law.

meaning you are going to need an MSB licence.
yep even insurance companies need an MSB licence.

lets say you set up a business on the Virgin islands.
having a US bank on the US side but an office ok the british side of the Virgin islands.

you would still need to comply and register here

U.S. Virgin Islands Money Transmitter License
Department: Division of Banking & Insurance
Website: http://ltg.gov.vi/division-of-banking-and-insurance.html

remember MTGOX.. although having offices in japan, the banks were handling dollars.. and when they got real 'popular' the US regulators stepped in
https://en.wikipedia.org/wiki/Mt._Gox#2013
and within 6 months MTGOX started its exit strategy. and ran off within 10months of regulators poking at mtgox.


anyway, i wanted to see your 'info' so sent a quote.
1. seems to be a manual system so im guessing your just plucking a number out of a hat rather than having a automatic quote calculator.

2. your thankyou page "Go back to CoinCare" does not hyperlink back to homepage..

seems like you rushed out a website GUI without much care/attention to detail
seems your not well researched in the regulatory requirements of being a financial business (handling/offering fiat)

[Kprawn]

Hey Frank,

Sorry our address, terms etc are all included in the quotation - I will work on putting them on display on the website.

you are aware that by offering terms of repayment in dollars. your automatically required to comply with american law.

meaning you are going to need an MSB licence.
yep even insurance companies need an MSB licence.

lets say you set up a business on the Virgin islands.
having a US bank on the US side but an office ok the british side of the Virgin islands.

you would still need to comply and register here

U.S. Virgin Islands Money Transmitter License
Department: Division of Banking & Insurance
Website: http://ltg.gov.vi/division-of-banking-and-insurance.html

remember MTGOX.. although having offices in japan, the banks were handling dollars.. and when they got real 'popular' the US regulators stepped in
https://en.wikipedia.org/wiki/Mt._Gox#2013
and within 6 months MTGOX started its exit strategy. and ran off within 10months of regulators poking at mtgox.


anyway, i wanted to see your 'info' so sent a quote.
1. seems to be a manual system so im guessing your just plucking a number out of a hat rather than having a automatic quote calculator.

2. your thankyou page "Go back to CoinCare" does not hyperlink back to homepage..

seems like you rushed out a website GUI without much care/attention to detail
seems your not well researched in the regulatory requirements of being a financial business (handling/offering fiat)

Franki1, do you also smell something fishy here? I would like to see how this business model will cover a major collapse and how this is

funded. The insurance companies normally have a "back door" clause to protect themselves when things goes south. { Example :

Act of God } I am curious to see how this is going to play out in the long run. 

[nizamcc]

-snip-
Introducing CoinCare - we insure your bitcoin from volatility.
-snip-

I still don't get this, you said you insure our coins from volatility.
What exactly do you mean to say?
Let's say like, if the price goes below the rates at which we lock our coins at your place, will we get the coins based on another currency or something?
What's the difference then?

[franky1]

Franki1, do you also smell something fishy here?

yes, but im trying to hold back on pointing out the fish until he digs himself into a hole. then i can throw the fish inside and let it stink.

im seeing how much he knows and how much he is willing to reveal first.

[franky1]

-snip-
Introducing CoinCare - we insure your bitcoin from volatility.
-snip-

I still don't get this, you said you insure our coins from volatility.
What exactly do you mean to say?
Let's say like, if the price goes below the rates at which we lock our coins at your place, will we get the coins based on another currency or something?
What's the difference then?

this was the OP's announcement in another topic

Hello everyone,

I'm looking for opinions on a concept that I would like to release.

The issue for the majority of potential bitcoin users is the price volatility, which gives them uncertainty investing in the currency.

So what if there was a way to ensure that your investment is safe for a fee per month as an insurance package?

As an example, if a coin is worth $1000 and the user wants to protect it from dropping below $500, they can purchase an insurance package for a low monthly fee that would purchase the bitcoin for $1000 if it dropped below $500.

Is this something that you think would be beneficial to the bitcoin community and to the general risk side of the currency?

I have a platform ready to launch, let me know guys.

guaranteeing to pay out in dollars if the price tanked below $500, he will pay his premium customers $500 a coin