Topic: [ANN] [ICO CLOSED] Inchain - insurance for the crypto economy - page 89. (Read 109154 times)

Inchain will not insure user's account on the services that have no enough risk rating. And firstly, Inchain will be very conservative when will decide to include exchanges in the insurance portfolio.

Sure, the project is massive but must we stop work on it if it so big?

1) The best way to demonstrate how it can be is the catbonds concept: https://en.wikipedia.org/wiki/Catastrophe_bond. Inchain issues insurance bonds like catbonds.

2) So, I think it is very hard task to create an exchange, attract many customers, support an exchange's work, and that scam it. Also, I don't think that Inchain DAO will not possible to find some tracks of the case you described. Anyway, Inchain will balance their insurance portfolio between all insured exchanges.

So if insurance case (or not detected scam) happened and all funds on hacked exchange were stolen Inchain will pay only [Inchain fund]/[Amount of insured exchanges].

Also, some prevention steps described here

It will still only be a small parts of Inchains capital at risk. And considering that many of the policies will be owned by other users already, the scammer can only insure a bit of BTC for a small part of the capital assigned to the specific exchange.

So the money gained from Inchain would be peanuts compared to the amount of BTC stored on the exchange.

Many of the larger exchange owners are also registered with their local authorities so runnig away with them will be a lot harder than running with ICO money.

We are in progress of discussion KYC with our legal advisor. It is a good tool to prevent some types of fraud. But, it also may scare a lot of crypto economy members who care about their anonymity.
So KYC discussion in progress, welcome)

Registration of BTC/ETH addresses and balances not so easy task. Imagine you hold some BTC in Coinbase. Do you know what address they have exactly? And if you a trader, your balance can change very often so it can be very different at the end of the insurance policy from when you insure it. Anyway, we hope our legal advisor and all of you will help us to find the optimal decision of how must Inchain prevent possible fraud.

For now we plan do not check the address and balance of insured before insure him. We think if someone ready to pay an insurance premium for 100 BTC he really may insure it.


Yes, we think that not more that only one insurance payment possible during an insurance policy lifecycle.


We intend to continue a promotion of Inchain concept to real insurance sector. But it needs a lot of time. When we will have the PoC of Inchain it may speed up a process legitimisation of Inchain. Of course, if Inchain will act as a fully regulated company there will be available all legitimate tools for protecting of Inchain customers.

Then what if POLO or shittrex owners decide to scam?

My main point was that if it happens it shouldnt break the balance as the amount insured would only be a small part of Ínchains funds.

And considering it might be a years work (or more) to gain a few hundred BTC its still a pretty bad scam compaired to an "easy" ICO scam.

The question isn't "is it a common scam or not?".

A single scam, well planed, well done, can break the balance of the project.

Just see the scams on this forum, there are some largely obvious, and some others where we can see the scammer did the job greatly. I am BTW sure there are a few serial scammers who live from scamming others, it's their job.
Those people won't hesitate to work on a complex rubbish to have large benefits.


To scammers: Fuck you bitches.

You are right, IMO some sites may pretended to be hacked and ask compensation, OP how do u think?

There will be a limit to how much Inchain will insure each exchange for.
Not sure if it can be prevented but it will limit the damage that can be done.

Considering the amount of work that will need to be put in to such a scam vs. the payout, I doubt it will be a very common scam. Also with KYC it will be much easier to open and exchange and steal peoples money that way without trying to do insurance fraud aswell.

Real insurance is rife with similar fraud...up to murder and or false death.

I'm hoping a lot of any funds earned will go to investigation team, operations and ROI.

Exactly i think like you. The idea of a blockchain insurance system is great but very difficult to make it work. Even in real life insurance companies have many problems with fraud , just think about what they will do in in the crypto scene with all these scammers İnchain is a very difficult project...

Just a thought.

1) Inchain insurance service is destined to people keeping their coins on the different exchanges.
Also, how will Inchain success? It makes sense that only those people will have an interest by being insured, and that people who don't do this won't need this insurance. Moreover, considering the few amount of "legit" exchanges, when a sinister will happen,we can imagine that a large part of the people Inchain insured will ask for their part, for what they paid.
We all know that insurance companies are in hard troubles when too many people ask at the same time for their compensation.
How will Inchain handle this?

2) What would prevent somebody to create an exchange, keep it running for some time to make it "legit" in Inchain point of view, and then put all his coins on the its own exchange with many different accounts, take Inchain insurance, scam/close his exchanges ( he also necessarly still have his coins) and then ask Inchain for his compensation with each account?

Thank you)

I hope it will finished next week

You are already on the list. Your campaign status is updated every week. Last update was yesterday, so you have to wait till next saturday.

Im done join this sigcamp sir, add me on the list please..

Finally! Great work.

https://bitcointalksearch.org/topic/ann-ico-inchain-1633718

I have done the Chinese OP, guys enjoy my professional service.   

Tuesday, 22:00 (Moscow time).