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usagi
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June 04, 2012, 07:20:13 PM
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June 04, 2012, 07:30:42 PM
 #2

Great news, I wish you success in your business.

For those of us who are not previously familiar with you ... can you give a short list of credentials? Other assets of the people involved in the company? Reputable forum members? Real name / Photo ID?

I wish your business succeeds, and hopefully is eventually bought out / partnered with a big company (e.g. Mt. Gox).

Please do not pm me, use ron@bitcoin.org.il instead
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June 04, 2012, 07:37:16 PM
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Could you give an example what it would cost me to insure a deposit of 102 BTC (= 100 shares) at TYGRR.BOND-P?
Quote
2. Insuring pirate pass-through bonds of any kind (and similar finaicial instruments)
This will be done on a customer-by-customer basis as funds allow. The cost for such a contract at 100% backing will be 1% of asset value for each 5% in expected interest rate. Term is generally upon coupon payout (1 week) and must be purchased in advance.

To me this seems like ~2 BTC/week (2 times 1% of asset value, since it pays over 5%), payable in advance. Is this correct?

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PsychoticBoy
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June 04, 2012, 07:39:31 PM
 #4

Good luck.

Like the idea  Grin


Greetz
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June 04, 2012, 10:38:44 PM
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This is a great idea, and I wish you the best of luck.

One question.

1c. Commitment to 100% backing
All insured securities are 100% backed by segregated asset accounts for their exposure unit group. These segregated accounts will have no other customer claims applied against them. This means we won't leverage our assets to cover two separate types of contracts at once, but we may pool resources to cover similar contracts (see: "1. Large number of similar exposure units" in customer contract preamble).

So assets are not 100% backed, then?

Will you report the % of backing for each exposure unit group?
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June 05, 2012, 03:43:16 AM
 #6

This is epic.

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June 05, 2012, 03:45:47 AM
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And yes it's a little difficult to understand, so if you have a better way to word this let me know. I'll be thinking of a simpler wording as well.

Those examples made it very clear. This is a reason why I think legal documents should be present similar to how Creative Commons licenses are, with a legal "source code" behind the explanatory layer (that could use examples similar to what you've provided).

See http://creativecommons.org/licenses/by-nc/3.0/ for an example.

Will tutor physics or perform DFT calculations for Bitcoin (PM me!): 1jackkHHCLtxryJFAnPhrbvfcomtvXSzg
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June 06, 2012, 03:50:11 AM
 #8

Are you planning to / would you consider insuring direct Pirate deposits?

(I'm not interested ATM, but I might be in the future.)

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June 06, 2012, 04:46:49 AM
 #9

When do you plan to open for business and start negotiating contracts?

Also, personally, I feel that IPOing on the 7th is rushing things.
 
I do still have some questions/concerns about the material you've posted (mainly in the first 3 posts), though I'm not sure if I'll have time to raise them. (Not because of the impending IPO, but just due to being busy.)
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June 06, 2012, 06:24:07 AM
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depending on [...] the rate of return.
I must be missing something. Why is the rate of return relevant? Someone insuring 1999 btc & someone else insuring 2000 btc - difference in risk is 1 btc, not "next-interest-tier". Or not?
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June 06, 2012, 10:45:40 AM
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I feel this is gonna be big.

Also, 100k BTC?  That's over 1 % of the total BTC in existence!
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June 06, 2012, 03:17:51 PM
 #12

There is no obvious way for them to diversify their risk here, so insurance is not a viable business.

However, as a scam, well full speed ahead. Insure against rare events and then disappear when a big payoff appears. That's the plan, right?
Is pirate is running this? Looting from both ends is pretty sick! There are plenty of people here who deserve an investment with you.


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Lupus_Yonderboy
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June 06, 2012, 03:30:15 PM
 #13

So let me get this straight, In order for someone to be an 'insider', you want them to pony up a minimum of 450 btc. You have nothing worked out as far as rates of return, profitability, etc. and you are apparently a one man operation with an idea and nothing backing you as far as real world assets. What jurisdictions do any legal matters fall into? US, EU, Lithuania, Belize, Panama?

This part is nitpicking but the name of your insurance company sounds like something a high school death metal band would call themselves. Take some of the vast sums you raise from your ipo and hire a marketing consultant and work out something that sounds a bit better.

You're asking for a massive amount of btc from the community, might be better if you set your sights slightly lower and started a bit smaller, work out the bugs, and then issue more shares.
stochastic
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June 06, 2012, 04:33:36 PM
 #14

Good luck, but how will you account for fraudulent claims?

Introducing constraints to the economy only serves to limit what can be economical.
Sturmvogel
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June 06, 2012, 04:41:29 PM
 #15

Good luck, but how will you account for fraudulent claims?

This concerns me as well.
Assume that I have insured my GLBSE account against hack/theft.
What will prevent me from selling everything and withdrawing bitcoins, then asking for compensation?
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June 06, 2012, 05:59:47 PM
 #16

Good luck, but how will you account for fraudulent claims?

That is a very open question. Could you give me an example or two?

Sorry, I don't have a criminal mind, but this is bitcoin and I feel there will be a lot of fraudulent claims.

Introducing constraints to the economy only serves to limit what can be economical.
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June 06, 2012, 07:36:53 PM
 #17

So let me get this straight, In order for someone to be an 'insider', you want them to pony up a minimum of 450 btc.

Huh? Where'd you get that number? I'm confused -- it sounds like you just made that up.

10% off of 5000 shares would be 450 btc. Sorry I thought that was the minimum buy in.

Quote
See response to cunicula. I'm not interested in responding to baseless accusations and nitpicking. I'll say this -- you clearly don't get the in-joke about the name I chose for the company. Not meaning to be rude, but that is probably because you are a lot younger than me. Anyways, if you have a question about the business, go ahead and ask and I'll do my best to answer it.

If you cannot take even the name of your business seriously, why should anyone else take you seriously? And for the part that you cut, I am a miner turned investor with ~2000 btc spread on and off GLBSE. You have an interesting idea, but not a working business.  You're right though, its not me you need to prove yourself to. It is everyone.

Do you or anyone you plan to employ have *any* experience in the insurance underwriting business? You never answered my question about jursidictions. If you are dealing with assets worth 5 or 6 figures sooner or later a court is going to enter into it. The first time you deny a claim that high you are going to be sued (rightfully or wrongfully). You attempting to be the final arbiter of any dispute does not bode well. Anybody with more than pocket change invested should care about such things, as it will have an effect on your bottom line. Anybody with more than pocket change insured with you should also care, as it may compromise your ability to pay claims. If your answer is that nobody should have any legal recourse with you at all, then why should anybody trust you to insure their money? If Pirate defaults and then you in turn default on the claims then what good was the insurance in the 1st place, especially if clients cannot try to get anything from you in court?

Do you plan on underwriting against a Gox or Bitcoinica type of hack where the entire site is compromised? If so you offer potential thieves a double payout. Once someone finds a security hole they simply insure themselves for the maximum btc they can and then they get paid both for stealing as much as they can from the site and for the claim afterward.  I am curious how you would be handling Bitcoinica right now, if you had a number of clients with insured accounts there.

Oh, and in the above examples with GLBSE and Authenticator, what if somebody is using the desktop authenticator (GAuth) and their desktop gets compromised? And how do you prove someone uses a unique password on a site? Ask them for their passwords on every other site? If you don't have criminal mind and can't think of all the ways you can get defrauded, you are going to get taken for a lot of money.

Good to see you have such grace under fire with potential clients and investors. In the event of massive event happening you are going to have a *lot* of angry and pissed off people trying to get ahold of you. Good to know that customer service is at the very top of your list.
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June 06, 2012, 09:21:01 PM
 #18

And one more thing, here is the IMDB description of the short film from which you draw the name, "A group of down-and-out accountants mutiny against their bosses and sail their office building onto the high seas in search of a pirates life."

And this company is going to insure against a default by...Pirate. There is definitely an in-joke here. Some people might even get it in time.

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June 07, 2012, 05:43:14 AM
 #19


... This is bitcoin -- the contracts are in bitcoin, the contracts don't insure the dollar value of /anything/. What would someone do, sue for bitcoins? It doesn't make sense. And where? I have no intention of going to the USA ever, and I am not an American. Even if I was in the USA, Everyone knows is a game of trust. That's just how it is. That's how it is with everything. Not just CPA, but any mining company, any investment, anything...


...With subrogation clauses and mitigation clauses written into the contract, there would be virtually no contest of such a suit even being considered. It would be cut and dry; you broke your contract, you get no coverage. If someone was dumb enough to try to sue us over such a cut an dried case we'd be forced to counter-sue...

You have no legal recourse against anything, ever, at any time, in this bitcoin world.

But that is why I am making this company.  Grin


So what is it? Can you be sued for not paying on a claim and will you sue for fraudulent claims?

Introducing constraints to the economy only serves to limit what can be economical.
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June 07, 2012, 06:01:53 AM
 #20

In most cases Insurance companies have harsher regulations on their clients than governments. While no government could make bitcoinica move their service to dedicated servers if they failed to do so under an insurance contract which stipulates it then they will lose their cover....


 

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