[2014-08-29] theverge.com: Meet the man building the Fort Knox of bitcoin

[LiteCoinGuy]

Meet the man building the Fort Knox of bitcoin

http://www.theverge.com/2014/8/29/6082195/the-fort-knox-of-bitcoin-xapo-wences-casares

[fryarminer]

This is insanely awesome! Makes me feel safe just reading it!

[311]

In July, a bitcoin startup named Xapo announced it was raising $20 million, bringing its total backing to $40 million. It was using this funding for an unusually intense security setup. Xapo tells users that they can feel secure because their bitcoin will be stored in offline servers, scattered across multiple continents, in secret underground vaults, with armed guards, and biometric sensors. We sat down with Xapo CEO Wences Casares to discuss why he thinks such extreme measures are necessary and how he sees bitcoin changing the world.

Umm... seriously? Is that even necessary. Sounds like it could make a great heist movie though  .

[dserrano5]

Umm... seriously? Is that even necessary.

The article mentions it's necessary in order to get insurance.

"and all that stuff, because that was the only way we could get it insured", "For us to get the insurance, we wouldn’t get it if there was a high risk of a hack. If you’re not thorough with your security the insurance guys won’t touch you."

[311]

Umm... seriously? Is that even necessary.

The article mentions it's necessary in order to get insurance.

"and all that stuff, because that was the only way we could get it insured", "For us to get the insurance, we wouldn’t get it if there was a high risk of a hack. If you’re not thorough with your security the insurance guys won’t touch you."

Didn't bitpay just get insurance? I'm sure they don't have armed guards etc. I'm sure they have to satisfy their insurers but this seems overkill.