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ycagel
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August 28, 2014, 03:20:54 PM |
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Side note for folks using Coinbase: Coinbase Names Aon as its Bitcoin Insurance Broker
Nermin Hajdarbegovic | Published on August 28, 2014 at 13:28 BST
UPDATE (28th August 15:00 BST): CoinDesk has reached out to Coinbase for clarification on whether the company’s policy excludes bitcoin held in cold storage (offline wallets).
Aon insurance headquarters
Coinbase has revealed that its users’ online wallets are being insured through top broker Aon.
The news came in a surprise blog post in which the company announced it has been insured against the theft or loss of bitcoin since November 2013, stressing that its users are not being charged for the cover.
The wallet and merchant services provider said it teamed up with Aon, one of the world’s largest insurance brokers, to further protect its users’ bitcoin funds.
Aon uses underwriters with high credit ratings, Coinbase explained, such as an Standard & Poor’s rating of ‘A+’ or AM Best rating of ‘A XV’ or higher.
Protected against theft and hacking
The company said its policy provides sufficient insurance to cover the company’s average online holdings at any time and protects against a variety of potential causes of loss:
“Coinbase is insured against theft and hacking in an amount that exceeds the average value of bitcoin we hold in online storage at any given time. The insurance covers losses due to breaches in physical or cyber security, accidental loss, and employee theft.”
There is one significant caveat, however:
“It doesn’t cover bitcoin lost or stolen as a result of an individual user’s negligence to maintain secure control over their login credentials.”
The policy comes with industry standard policy exclusions that apply to most policies around the world. Additional details are available on the Coinbase FAQ page.
Coinbase vs the competition
Coinbase went on to warn against claims made by some other companies in the bitcoin industry.
The company pointed out that some bitcoin wallets claim to be fully insured, but in reality are not working with accredited carriers or are self-insuring. Others claim to be fully insured currently, but only because they hold very few bitcoins which can be covered by a small policy. Once the operator grows, the cover would not be adequate, Coinbase said.
Although blog post did not specifically name the bitcoin companies in question, there are relatively few operators offering insured bitcoin services.
Elliptic Vault launched in January, with insurance underwritten by Lloyd’s of London. However, the company’s deal with Lloyd’s broke down and it was forced to look for a new insurance company shortly after it launched. It has since made a deal through broker CBC Insurance.
Xapo is another bitcoin company claiming to have insurance cover, stating that all bitcoins in its vaults are covered. However, the company is insured by Bermuda-based Meridian Global Insurance Limited, which is wholly owned by Xapo.
CoinDesk took a closer look at the issue of insurance in a recent feature which examined why insurance companies are reluctant to cover bitcoin operators. Source: http://www.coindesk.com/coinbase-names-aon-bitcoin-insurance-broker/ |
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DigiByte (OP)
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Activity: 1722
Merit: 1051
Official DigiByte Account
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August 28, 2014, 03:30:17 PM |
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Side note for folks using Coinbase: Coinbase Names Aon as its Bitcoin Insurance Broker
Nermin Hajdarbegovic | Published on August 28, 2014 at 13:28 BST
UPDATE (28th August 15:00 BST): CoinDesk has reached out to Coinbase for clarification on whether the company’s policy excludes bitcoin held in cold storage (offline wallets).
Aon insurance headquarters
Coinbase has revealed that its users’ online wallets are being insured through top broker Aon.
The news came in a surprise blog post in which the company announced it has been insured against the theft or loss of bitcoin since November 2013, stressing that its users are not being charged for the cover.
The wallet and merchant services provider said it teamed up with Aon, one of the world’s largest insurance brokers, to further protect its users’ bitcoin funds.
Aon uses underwriters with high credit ratings, Coinbase explained, such as an Standard & Poor’s rating of ‘A+’ or AM Best rating of ‘A XV’ or higher.
Protected against theft and hacking
The company said its policy provides sufficient insurance to cover the company’s average online holdings at any time and protects against a variety of potential causes of loss:
“Coinbase is insured against theft and hacking in an amount that exceeds the average value of bitcoin we hold in online storage at any given time. The insurance covers losses due to breaches in physical or cyber security, accidental loss, and employee theft.”
There is one significant caveat, however:
“It doesn’t cover bitcoin lost or stolen as a result of an individual user’s negligence to maintain secure control over their login credentials.”
The policy comes with industry standard policy exclusions that apply to most policies around the world. Additional details are available on the Coinbase FAQ page.
Coinbase vs the competition
Coinbase went on to warn against claims made by some other companies in the bitcoin industry.
The company pointed out that some bitcoin wallets claim to be fully insured, but in reality are not working with accredited carriers or are self-insuring. Others claim to be fully insured currently, but only because they hold very few bitcoins which can be covered by a small policy. Once the operator grows, the cover would not be adequate, Coinbase said.
Although blog post did not specifically name the bitcoin companies in question, there are relatively few operators offering insured bitcoin services.
Elliptic Vault launched in January, with insurance underwritten by Lloyd’s of London. However, the company’s deal with Lloyd’s broke down and it was forced to look for a new insurance company shortly after it launched. It has since made a deal through broker CBC Insurance.
Xapo is another bitcoin company claiming to have insurance cover, stating that all bitcoins in its vaults are covered. However, the company is insured by Bermuda-based Meridian Global Insurance Limited, which is wholly owned by Xapo.
CoinDesk took a closer look at the issue of insurance in a recent feature which examined why insurance companies are reluctant to cover bitcoin operators. Source: http://www.coindesk.com/coinbase-names-aon-bitcoin-insurance-broker/YC, Thanks for posting! This is good to know! |
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racer2012
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August 28, 2014, 06:48:02 PM |
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So r we going to see price increase after we found that block  |
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makishart
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August 28, 2014, 07:11:29 PM |
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So r we going to see price increase after we found that block who cares! prices going up and down.. I only hope the network to become helthy after that and I see more people to mine on dgb! including me because now I have turn my gpus on x11. |
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Kayahoga
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August 28, 2014, 07:22:16 PM |
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Agreed, we need to focus on the health of the network right now and the price will take care of itself after that.
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Ryven Cedrylle
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August 28, 2014, 07:24:05 PM |
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ycagel
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August 28, 2014, 07:42:25 PM |
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Gotta love it! Maybe Brian Kelly can get the Nautilus community to help us too! YC |
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NZ_miner
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August 28, 2014, 08:04:52 PM |
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Support has been fantastic, special thanks to the folks at hashtalk, the dogecoin community, certain pool operators and of course everyone here!
UPDATE:
For the last few weeks due to the difficulty oscillation problem DGB was only producing 30-50 blocks a day and the fix coded in at block 145,000 would have not been reached until late October/ early November. In addition wallets had trouble syncing and transactions/payments took hours to go through.
Since this push started we hit 350+ blocks in the first 24 hours, wallets show as fully synced and transactions/payments are moving a lot quicker. If we were to maintain this rate we would hit block 145,000, the fix and multi-algo mining in less than six days.
There has also been a marked increase in hash over the last few hours, if this keeps up we could reach our goal at some point over the weekend and return to a stable block chain and a viable currency... every hash counts!
Current block: 142,972
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Scyntech
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Activity: 349
Merit: 250
“Blockchain Just Entered The Real World”
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August 28, 2014, 08:55:57 PM |
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hot damn! Great job everyone!  |
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djnocide
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Activity: 1164
Merit: 1000
Einsteinium Foundation Board Member and Treasurer
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August 28, 2014, 08:58:18 PM |
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Good news!! Keep up the good work everyone  |
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ycagel
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August 28, 2014, 09:11:55 PM |
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NZ, Awesome to have members like you as a part of the community that take initiative and provide valuable contributions! Great job! YC
Support has been fantastic, special thanks to the folks at hashtalk, the dogecoin community, certain pool operators and of course everyone here!
UPDATE:
For the last few weeks due to the difficulty oscillation problem DGB was only producing 30-50 blocks a day and the fix coded in at block 145,000 would have not been reached until late October/ early November. In addition wallets had trouble syncing and transactions/payments took hours to go through.
Since this push started we hit 350+ blocks in the first 24 hours, wallets show as fully synced and transactions/payments are moving a lot quicker. If we were to maintain this rate we would hit block 145,000, the fix and multi-algo mining in less than six days.
There has also been a marked increase in hash over the last few hours, if this keeps up we could reach our goal at some point over the weekend and return to a stable block chain and a viable currency... every hash counts!
Current block: 142,972
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HR
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Activity: 1176
Merit: 1011
Transparency & Integrity
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August 28, 2014, 10:35:39 PM |
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I've been away on "summer vacation" and I've only had opportunity enough to check in once in a while to read and stay more or less up-to-date, and since I'm going to be extremely pressed for time in the coming weeks (paying for that vacation, LOL), the only thing I have time to say (and that is really worth saying) right now is: DigiByte's Community Is Awesome! You guys are tops! And you know I'm not just saying that. |
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thrassos
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August 28, 2014, 10:37:08 PM |
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NZ, Awesome to have members like you as a part of the community that take initiative and provide valuable contributions! Great job! YC
Support has been fantastic, special thanks to the folks at hashtalk, the dogecoin community, certain pool operators and of course everyone here!
UPDATE:
For the last few weeks due to the difficulty oscillation problem DGB was only producing 30-50 blocks a day and the fix coded in at block 145,000 would have not been reached until late October/ early November. In addition wallets had trouble syncing and transactions/payments took hours to go through.
Since this push started we hit 350+ blocks in the first 24 hours, wallets show as fully synced and transactions/payments are moving a lot quicker. If we were to maintain this rate we would hit block 145,000, the fix and multi-algo mining in less than six days.
There has also been a marked increase in hash over the last few hours, if this keeps up we could reach our goal at some point over the weekend and return to a stable block chain and a viable currency... every hash counts!
Current block: 142,972
+1 Current block: 143,002 |
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Moxymore
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August 28, 2014, 11:50:56 PM |
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Even if I don't reply often on this topic cause i'm out from mining crypto (financial reason), I have followed this topic for months right now. And what I have to say is : good job to everybody (devs, community, and the few guys who have put some hashpower to help Digibyte project).
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♥ Digibyte ♥ "THE" Digital currency of the future ♥
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ycagel
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August 29, 2014, 12:24:33 AM |
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143K! WOW! Not too far away from that magic number. Volume is picking up on the exchanges as well. Great things around the corner for DGB! YC NZ, Awesome to have members like you as a part of the community that take initiative and provide valuable contributions! Great job! YC
Support has been fantastic, special thanks to the folks at hashtalk, the dogecoin community, certain pool operators and of course everyone here!
UPDATE:
For the last few weeks due to the difficulty oscillation problem DGB was only producing 30-50 blocks a day and the fix coded in at block 145,000 would have not been reached until late October/ early November. In addition wallets had trouble syncing and transactions/payments took hours to go through.
Since this push started we hit 350+ blocks in the first 24 hours, wallets show as fully synced and transactions/payments are moving a lot quicker. If we were to maintain this rate we would hit block 145,000, the fix and multi-algo mining in less than six days.
There has also been a marked increase in hash over the last few hours, if this keeps up we could reach our goal at some point over the weekend and return to a stable block chain and a viable currency... every hash counts!
Current block: 142,972
+1 Current block: 143,002 |
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Moxymore
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August 29, 2014, 12:44:48 AM |
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Actually, it's approx 25 block per hour, 600 a day, fine If the hashpower is stable from now, in less than 4 days we'll be at block 145.000 |
♥ Digibyte ♥ "THE" Digital currency of the future ♥
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DigiByte (OP)
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Official DigiByte Account
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August 29, 2014, 01:02:01 AM |
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I've been away on "summer vacation" and I've only had opportunity enough to check in once in a while to read and stay more or less up-to-date, and since I'm going to be extremely pressed for time in the coming weeks (paying for that vacation, LOL), the only thing I have time to say (and that is really worth saying) right now is: DigiByte's Community Is Awesome! You guys are tops! And you know I'm not just saying that. +1 The DigiByte community does rock! We are at 4700 MH & have pushed past block 143k! Thank you to everyone who is donating hash! May a plethora of DigiBytes rain upon your gracious souls!  Just spent an hour on the phone with the 1&1 support staff. They migrated the DigiByte servers to a new data-center. The site was supposed to be offline for no more than 30 minutes. 8 hours later it is finally back online. |
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Scyntech
Sr. Member
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“Blockchain Just Entered The Real World”
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August 29, 2014, 01:14:48 AM
Last edit: August 29, 2014, 01:37:58 AM by Scyntech |
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By far from what I have seen. Digibyte support from both the Dev's and the community is beyond great. Now we just need stable and reliable pools. I just went through my old list and none of the pools bookmarked are running. Not just for DGB, but many other coins as well.
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djnocide
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Activity: 1164
Merit: 1000
Einsteinium Foundation Board Member and Treasurer
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August 29, 2014, 01:25:25 AM |
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Someone else had problems with bgfminer and furys not connecting to p2p pools (saying the pool is hiding block contents from the user) and tried with Cryptopool mining but after 5 min my hashrate disappear from the dashboard (i can see it in my workers page). But everything seems to work fine on blazinghashes.com
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DigiByte (OP)
Legendary
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Activity: 1722
Merit: 1051
Official DigiByte Account
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August 29, 2014, 01:40:28 AM |
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Someone else had problems with bgfminer and furys not connecting to p2p pools (saying the pool is hiding block contents from the user) and tried with Cryptopool mining but after 5 min my hashrate disappear from the dashboard (i can see it in my workers page). But everything seems to work fine on blazinghashes.com
Thanks for letting us know! The network is almost up to 6 GH! Lets get to 10 GH & get to the switch-over in a couple days! |
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