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Author Topic: Bitcoin bank accounts - maybe sooner than we think?  (Read 5485 times)
RoadToHell
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November 04, 2013, 05:14:41 PM
 #41

I don't know how it would be implemented but it is quite possible that private wallet insurance might emerge.
I'll believe it as soon as someone presents a pricing scheme for it that is both affordable and actuarially sound.

Insurance isn't magic pixie dust - doing it correctly means having the ability to accurately calculate the risk of insured losses, and for that risk to be low enough that customers are willing to pay for it (either directly via premiums, or indirectly via opportunity cost).
I agree.  By "how it would be implemented" I was thinking that it will necessarily be bound to the wallet owner following some provable steps of safe keeping.  After all, one of the events that you would want insured is the theft of btc by sweeping into another wallet.  So there would need to be a way to show that the policy holder wasn't just stealing their own money and then putting in a claim.

Sam Spade: We were talking about a lot more money than this.
Kasper Gutman: Yes, sir, we were, but this is genuine coin of the realm. With a dollar of this, you can buy ten dollars of talk.
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toy4lov3rs
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November 04, 2013, 05:21:47 PM
 #42

I don't know how it would be implemented but it is quite possible that private wallet insurance might emerge.
I'll believe it as soon as someone presents a pricing scheme for it that is both affordable and actuarially sound.

Insurance isn't magic pixie dust - doing it correctly means having the ability to accurately calculate the risk of insured losses, and for that risk to be low enough that customers are willing to pay for it (either directly via premiums, or indirectly via opportunity cost).
I agree.  By "how it would be implemented" I was thinking that it will necessarily be bound to the wallet owner following some provable steps of safe keeping.  After all, one of the events that you would want insured is the theft of btc by sweeping into another wallet.  So there would need to be a way to show that the policy holder wasn't just stealing their own money and then putting in a claim.


But I assume the bank would have exclusive control of private key. And yes if someone confirm transaction with password+SMS code+yubi key he cant complain it was not him

Kenshin
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November 04, 2013, 05:26:37 PM
 #43

You would trust your entire Bitcoin safekeeping to China?

Why not? I trust China more than America or Britain. If it wasn't America or Britain. We wouldn't have so many war or economy crisis.
CurbsideProphet
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November 04, 2013, 05:32:20 PM
 #44

Why would you centralize something which essence is being decentralized?

I am seeking a patent for water that isn't wet.
Ice?
Technically not water, it's ice.

Technically it is water.  Ice is just one state of water (solid), the others being liquid and gas.

1ProphetnvP8ju2SxxRvVvyzCtTXDgLPJV
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