post

[BinaryMage]

(that's not really our phone number o_o )

 

I would hope not, as it's the wrong number of digits.

[wirmola]

I am interested of how everything works with these 2 Like costs, which amounts do u insure.
how/what the hack&theft ins. covers..?

* Pirate Account (and PPT/etc.) coverage

* Hack & Theft Insurance

[gewure]

100.000 bitcoin is pretty damn much. (1/200 of all possible bitcoin^^)

what measures do you take in securing this huge amount? are there conctracts with "real" insurances? what happens in case of an accident?!

questions over questions

[Bitcoin Oz]

100.000 bitcoin is pretty damn much. (1/200 of all possible bitcoin^^)

what measures do you take in securing this huge amount? are there conctracts with "real" insurances? what happens in case of an accident?!

questions over questions

Of course we can't answer questions about security on a public forum. This does not mean we follow a policy of security by obscurity; it just means I can't answer those questions here.

Anyways, yes, we are a real insurance company. We've signed over 1,500 BTC worth of coverage already and are staring about 5,000 BTC of coverage in the face which we are scrambling to get capital for. And I don't even advertise! There are a few thousand BTC on the way from various sources, various investors. At least four people have promised to buy in, but they're being excruciatingly slow about it.

We need funding! Ahh, we have much more business than we can take. This is growing much faster than I imagined. We're a success, and I'm happy about that. I just have to take it slow and be patient.

I like the low price for the shares because I can buy them as my dividends come in

[redbeans2012]

I think this question has been asked, not sure if it was answered. 

How do you deal with fraud?

If you insure a mining company against damage, why wouldn't someone just claim their boards got fried when it didn't? How would you tackle such a situation?

[stochastic]

I think this question has been asked, not sure if it was answered. 

How do you deal with fraud?

If you insure a mining company against damage, why wouldn't someone just claim their boards got fried when it didn't? How would you tackle such a situation?

We have procedures in place which will detect fraud and scams of that nature.

What is your current default rate?

[Bitcoin Oz]

I had this thought today...

CPA could insure more than just bitcoin related things.

For instance I have car insurance which I pay AUD to an insurance company for. If I could instead pay bitcoins to CPA that would be interesting....

I imagine if the price of bitcoin went up against the AUD it might mean I could even get a rebate after a few years if CPA kept a record of the current and future price of AUD to BTC. Its a combined savings and insurance  vehicle

This has some amazing possibilities imo.

[Bitcoin Oz]

I had this thought today...

CPA could insure more than just bitcoin related things.

For instance I have car insurance which I pay AUD to an insurance company for. If I could instead pay bitcoins to CPA that would be interesting....

I imagine if the price of bitcoin went up against the AUD it might mean I could even get a rebate after a few years if CPA kept a record of the current and future price of AUD to BTC. Its a combined savings and insurance  vehicle

This has some amazing possibilities imo.

Right now I would need to do some research before I took on such a contract (1-3 days). However I would do it. The contract would be written in bitcoins, and there would be no rebates, however

If you are queazy about that may I suggest insurance extension? Say, a 100 bitcoin extension for 1 bitcoin. In the event of an accident, you provide me with your papers, and I provide you with 100 bitcoins. That might work. You're not a reckless driver are you?

Again though I would need time to research the rates on something like this, but I can guarantee you they would be cheaper than what you pay in AUD. We're a real insurance company, not a bloodsucking conglomerate.

+1 on not being a bloodsucking conglomerate lol.

Its really just a thought experiment on possibilities. Its a pity I didnt have house and contents this way as we just had an earthquake and have to make a claim 
You might want to peg the bitcoin value  to the AUD value because it might be worth a lot more or less in a year.  So the amount to pay out and the premium each week/day would move up and down as the exchange rate varied. If 100btc was worth 80 000 in a year and my car is still only worth 20 000AUD it introduces moral hazard  

[Bitcoin Oz]

+1 on not being a bloodsucking conglomerate lol.

Thanks.

Its really just a thought experiment on possibilities. Its a pity I didnt have house and contents this way as we just had an earthquake and have to make a claim 
You might want to peg the bitcoin value  to the AUD value because it might be worth a lot more or less in a year.  So the amount to pay out and the premium each week/day would move up and down as the exchange rate varied. If 100btc was worth 80 000 in a year and my car is still only worth 20 000AUD it introduces moral hazard  

Well, most insurance policies will just pay you for the damages. If you incur 70 bitcoins of damage, we aren't going to pay out the entire claim ;-)

No moral hazard there.

Yes thats a good point. As a matter of fact i am dealing with insurance companies right now after we had the recent earthquake. Its been relatively painless so far. All the tiles have moved on the roof so it might be worth less to replace the house than to restump,replaster and re-roof the damn thing.

[Bitcoin Oz]

The dividends will help with raising more funds. What sort of yield do you think it will come out too ?

[Bitcoin Oz]

Ive been building up shares in companies that pay dividends so I can reinvest the recurring income. Now it starts paying divs I will adjust my portfolio

[farfiman]

Recieved 1st Div's and very happy

[Bitcoin Oz]

Recieved 1st Div's and very happy

+1

[unclescrooge]

Very good dividend, I'm glad I invested here.

[Bitcoin Oz]

Bought all the shares that were priced under 0.1 

[cytokine]

watching

[Bitcoin Oz]

<<<MOVED FROM THE YARR THREAD>>>

Please disclose the claims paying ability of CPA such as a basic three line balance sheet (assets, liability, spare liquid assets).  Without this information, the 100% insurance is only as good as the backer, and I'm not interested in taking "someone's word" on this.  An investor now has to rely on YARR, CPA and BS&T all doing their best to meet obligations.

As a counter example, Starfish BCB backs deposits (approx 9000BTC worth) with assets of approx 29,000 coins.

This financial information is available and quite a number of people have access to it, but it must remain confidential and NOT public due to our customer's requests. Some of them have requested anonymity. As it is possible to discern the identity of our clients with access to the info, and as some of that info is simply private, we will not be releasing that information any time soon to people who have not invested money with us (as they would have an incentive to protect the customer's information).  That being said I am working on a series of spreadsheets that will be released soon, to the public, which should help.

Until then you will have better luck getting Pirate to expose his books. Unfortunately that is simply the nature of this game, and I sincerely apologize if you do not trust me and prefer to invest directly with Pirate.

Anyway, if you're interested in becoming an insider, that could be arranged. You would have full access to company info then, and a round table-style discussion list where we discuss company policy. There are 4 or 5 members besides myself. I have to admit we would love someone with your experience to come on board.

CPA's e-mail is cpa@tsukino.ca -- that is probably your best bet for information on CPA. I guess you are under the impression this is me alone doing this. That is true, in the sense that we haven't hammered out a corporate structure yet. Maybe this is something you could assist us with if you were to join us.

I trust Patrick to verify you are legit and hope he takes the offer.

One way you can prove you actually have the assets backing your claims is to regularly move coins around after pre announcing the addresses you move it to.

[stochastic]

<<<MOVED FROM THE YARR THREAD>>>

Please disclose the claims paying ability of CPA such as a basic three line balance sheet (assets, liability, spare liquid assets).  Without this information, the 100% insurance is only as good as the backer, and I'm not interested in taking "someone's word" on this.  An investor now has to rely on YARR, CPA and BS&T all doing their best to meet obligations.

As a counter example, Starfish BCB backs deposits (approx 9000BTC worth) with assets of approx 29,000 coins.

This financial information is available and quite a number of people have access to it, but it must remain confidential and NOT public due to our customer's requests. Some of them have requested anonymity. As it is possible to discern the identity of our clients with access to the info, and as some of that info is simply private, we will not be releasing that information any time soon to people who have not invested money with us (as they would have an incentive to protect the customer's information).  That being said I am working on a series of spreadsheets that will be released soon, to the public, which should help.

Until then you will have better luck getting Pirate to expose his books. Unfortunately that is simply the nature of this game, and I sincerely apologize if you do not trust me and prefer to invest directly with Pirate.

Anyway, if you're interested in becoming an insider, that could be arranged. You would have full access to company info then, and a round table-style discussion list where we discuss company policy. There are 4 or 5 members besides myself. I have to admit we would love someone with your experience to come on board.

CPA's e-mail is cpa@tsukino.ca -- that is probably your best bet for information on CPA. I guess you are under the impression this is me alone doing this. That is true, in the sense that we haven't hammered out a corporate structure yet. Maybe this is something you could assist us with if you were to join us.

I trust Patrick to verify you are legit and hope he takes the offer.

One way you can prove you actually have the assets backing your claims is to regularly move coins around after pre announcing the addresses you move it to.

Is CPA not going to use the float to generate more revenue?

[sadpandatech]

As a potential investor in CPA I am not comfortable with insuring individual 'hacking' cases as they would be near impossible to prove. Maybe require that there was some known breach of security that lead to multiple, verifiable instances. very unlikely, which is fine. ;p

or Make the premiums for unverifiable hacking insurance such that;
A.The premium is 10% of insured value per period and insured is only qualified for n% of payout per x amount of premium periods up until incident.

[PatrickHarnett]

I trust Patrick to verify you are legit and hope he takes the offer.

One way you can prove you actually have the assets backing your claims is to regularly move coins around after pre announcing the addresses you move it to.

Only just stumbled on this while looking for something else - will pm usagi.