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Warning: Moderators do not remove likely scams. You must use your own brain: caveat emptor. Watch out for Ponzi schemes. Do not invest more than you can afford to lose.

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usagi
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July 27, 2012, 03:16:12 PM
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July 27, 2012, 03:43:39 PM
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I want everyone to stop and realize that CPA can stop the next great hack.

Insurance can't stop events.   Fire insurance doesn't prevent fires.  Auto insurance doesn't prevent accidents.
CPA can't stop the next great hack so not sure what you are trying to say.

Insurance is a great idea though.  Still I am not sure what the value in your insurance is.  Who insures you?  What happens if/when you don't pay out? Generally purchasers of insurance have some protection under the law to compensation.  Now I am not calling you a scammer but there is a reason why insurance is regulated.  It is the PERFECT scam mechanism.  Fake insurance is far better than a fake bank, or fake products, or even fake gold.  Even real insurance rarely needs to pay out.  Thus a scammer can collect premiums until the event occurs and then simply not pay.  

Even if the policies being written are honest, insurance generally requires a large number of unrelated policies to be viable.  A half dozen related policies is simply at risk of overwhelming your ability to pay.  Say GLBSE has a flaw in their login code which allows a thief to hack not one policy holder but all of them.  Can you pay all insured policies simulataneously?

Consumers aren't very good at underwriting risk.   Surety bond issuers are.  Have you considered purchasing a surety bond?  This would permanently bind your assets to the bond.  If you don't pay then policy holders could collect from the surety bond issuer.  Oh and the surety bond issuer is going to get their money even if it means taking everything you own (stocks, bonds, house, car, garnishment of future wages, leins against company assets, etc).  A surety bond provides assurance you will pay because the financial consequences of not paying will be worse.    
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July 27, 2012, 04:43:38 PM
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You seemed to have sidestepped the first point and it makes you look silly.

Insurance doesn't prevent an event.  I never said insurance won't protect the insured.   Buying auto insurance doesn't reduce the chance of me being in a car accident.  If anything it increases it (less direct cost for the person being risky).  Remove all airbags/ seatbelts from cars, put a big metal spike on the steering wheel, make insurance illegal and allow indentured servitude for debt repayment (including passing debt to heirs) and I guarantee you there will be less car accidents.  I am not saying that is a good idea but it would couple the cost to the risk and that makes people act in a less risky manner. Wink

Insurance can't prevent an event.   Your insurance can't prevent a hack.   2 factor authentication can but nobody needs insurance to get 2 factor authentication.  Of course users of Bitcoinica who used 2 factor authentication still lost.  Insurance would help but insurance couldn't have prevented the hack.

Good concept BTW but the FAQ doesn't really address any of the points I made.  hot/cold wallet or having funds invested doesn't preventing you from cashing out and disapearing.  No identity, no registration, nothing linking you to the real world.  Now I don't think you are going to do that but making that claim makes me MORE skeptical not less skeptical because you have no know the protections you outlined in your FAQ aren't worth anything.

Imagine if MyBitcoin offered insured deposits.  Would that have reduced the risk of using MyBitcoin? Smiley
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July 27, 2012, 06:29:33 PM
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I can see fraud being a huge problem with hacking insurance. For example, all I have to do is access my GLBSE account through a VPN, then send the coins to a new address I control. Pop it through a mixer, maybe buy a few things then resell them, and I am good to go.

As an investor, I'm interested in your plan to protect against this Huh

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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July 27, 2012, 08:59:54 PM
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Well... uh... if you say so. BBL, I don't have any sock-puppets yet.

Oh, I almost forgot. One of my co-workers wants to know if you can insure him against a fall in BTC price. I told him to sell, but he didn't like that idea Roll Eyes

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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