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Author Topic: [Feedback Request] BitRewind: The World's First Bitcoin Price Insurance  (Read 41 times)
bitrewind
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March 14, 2018, 08:32:13 PM
 #1

Hi everyone,

I'm launching a new service called BitRewind (bitrewind.com) and wanted to ask for your feedback. In short, BitRewind offers a price protection for your Bitcoin.

Details

Currently, 1 BTC is traded at $8500. I can give you an insurance against a possible price drop so that you can protect your profit.

How It Works

1. Let's say you decide to buy an insurance so that if your BTC drops below $8500, you're protected.
2. If BTC drops to $7000, you get $8500 - $7000 = $1500 back. Therefore, you still have your $8500.

Price (one-week insurance)

- To protect at $6500: $73
- To protect at $7500: $152
- To protect at $8500: $457

FAQ

- Minimum amount you can insure: 0.1 BTC
- You can be repaid in BTC or Tether (I might be able to support USD and Euro very soon).
- You can sell back / trade the insurance.

Let me know what you think.
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buwaytress
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March 16, 2018, 10:26:36 AM
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Forgive me, but it sounds almost too good to be true to be seriously considered. It's a decent idea, to be honest, and it's almost like those put options  already available out there for traditional markets like stocks... except yours seems like a more direct insurance against price decreases. Checked out the website already and my comments:

- it's not a licenced insurance I suppose, so am assuming this is going to be a conditional smart contract triggered by a price and not manually claimable?
- will the insurance amounts be escrowed along with the plan's cost?
- You put 3 options only in the example. No price limits between that range?


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March 18, 2018, 10:03:04 PM
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Forgive me, but it sounds almost too good to be true to be seriously considered. It's a decent idea, to be honest, and it's almost like those put options  already available out there for traditional markets like stocks... except yours seems like a more direct insurance against price decreases. Checked out the website already and my comments:

- it's not a licenced insurance I suppose, so am assuming this is going to be a conditional smart contract triggered by a price and not manually claimable?
- will the insurance amounts be escrowed along with the plan's cost?
- You put 3 options only in the example. No price limits between that range?



Hey @buwaytress,

Thanks for the feedback! 🙂

You're right in that we're essentially offering put options. Some institutional funds are interested in offering over-the-counter (OTC) Bitcoin options, and we've been trading with them. We were thinking more people could benefit from this if we simplified this in laymen terms (as insurance) and offered to more people.

To answer your other questions:

- We're actually taking the steps to get regulatory approval and a corporate insurance from a traditional financial services company. If it doesn't work out, we think smart contract is definitely the right approach and would be our Plan B.
- Yes
- The ranger is wider (from 500 to 35,000; increment by 500), but for simplicity, we just wrote down the three.

Let us know if you have any questions.

P.S. We've updated the landing page with more information.
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March 27, 2018, 08:51:58 PM
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Couple of questions for you:

Who is underwriting these contracts/policies?
How do you arrive at final settlement price- given that BTC is traded in multiple domains.

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