Crypto Asset Insurance | Bitcointalksearch.org

ethereumhunter

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Quote from: pikkie on August 28, 2020, 09:43:05 AM

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But many of them can not survive, and many of them delay the project, so we don't know when the project can run again. I think the insurance will depend on how we can treat the asset, and if we can be careful, I think we don't need insurance because cryptocurrency is not the same thing as what we see in real life. I don't think there is a company that can guarantee to give return to us if, somehow, we lose our asset while we store the asset with them.

This is what ultimately makes the name cryptocurrency not good anymore because many projects fail in the middle of the road and do not continue what was developed, cryptocurrency should not have a group like this, it will be good and can apply digital currency smoothly.

I believe people will know by themselves which project can survive for the long term and which project will be a scam in the middle of their project. It is normal to see the scam project because that happens too in real-life, so we can just be careful and don't get their trap. In the future, cryptocurrency will grow more than now, and even the scam project still beside us, people will not select them to make money.

JamalAmal99

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I think the idea of creating Cryptocurrency insurance was very unfortunate. even Bitcoin which we all know is the most trusted crypto in the world, but Bitcoin can drop by 75% what else is another crypto.

semobo

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Insuring crypto is a never possible idea because asset value is not constant so no legitimate insurance company will offer such services,maybe there are some exceptions in this but never possible in main stream.Why not safu like system on other exchanges?

tsaroz

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Now there's been some update on USA for crypto related insurance regulations and Bitgo one of the prominent insurance company going for a license to facilitate more traditional investment firm that want's to buy and hold some crypto. With implementation of blockchain, many of these traditional financial solution would be more efficient and more effective which would soon replace the traditional services.

pikkie

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Quote from: Metall303 on August 28, 2020, 05:50:51 AM

Quote from: sourish on August 27, 2020, 12:42:49 PM

In crypto space where there is so much volatility, scams and a steady cascade of nascent projects coming up, varying government laws, crypto asset insurance sounds like a pipe dream, until better clarity in cryptosphere.

there are already many projects that doing insurance of cryptocurrency assets, but I don’t understand how it really works in reality and is we really have any cases when such companies return losses

But many of them can not survive, and many of them delay the project, so we don't know when the project can run again. I think the insurance will depend on how we can treat the asset, and if we can be careful, I think we don't need insurance because cryptocurrency is not the same thing as what we see in real life. I don't think there is a company that can guarantee to give return to us if, somehow, we lose our asset while we store the asset with them.

This is what ultimately makes the name cryptocurrency not good anymore because many projects fail in the middle of the road and do not continue what was developed, cryptocurrency should not have a group like this, it will be good and can apply digital currency smoothly.

budi691

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Activity: 1274

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it would be difficult if crypto insurance was carried out,
is there any reliable insurance for cryopto insurance?
requires regulation that can be trusted with the rules in the country where the insurance is located.

Finestream

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Quote from: sourish on August 27, 2020, 12:42:49 PM

In crypto space where there is so much volatility, scams and a steady cascade of nascent projects coming up, varying government laws, crypto asset insurance sounds like a pipe dream, until better clarity in cryptosphere.

Regulation has to be strengthen first to protect everyone's interest.

For a crypto asset insurance to operate, they need a clarity of regulation so they can smoothly run their business, and they would be more interested to operate a business if regulation is good as this would lessen the risk. With higher risk, it's not good for their business as they would require a high amount of premium from members and that is not viable IMO.

We are taking risk and we embrace it fully, I think we don't need an insurance for that anymore.

masterrex

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My doubting question is how the insurer will respond to the volatile cryptocurrency asset valuation? and what mechanism they should apply in a volatile asset like cryptocurrency and what about the cryptocurrency amount that should be covered with insurance? things like that. And the more intriguing question is how the insurance policy works for the crypto asset, is it sustainable or even possible those question was still hanging around.

Metall303

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Quote from: sourish on August 27, 2020, 12:42:49 PM

In crypto space where there is so much volatility, scams and a steady cascade of nascent projects coming up, varying government laws, crypto asset insurance sounds like a pipe dream, until better clarity in cryptosphere.

there are already many projects that doing insurance of cryptocurrency assets, but I don’t understand how it really works in reality and is we really have any cases when such companies return losses

tbterryboy

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Maybe you and me may not need something like this because we are not getting into crypto so much that we would need insurance over something so tiny, even a 50 thousand or even 100 thousand dollars worth of crypto doesn't really require an insurance all that easily, if you want to you can but it really is not needed and would cost more than what you can make in profit when you get in, and would be just a loss before even you start investing.

However there are now wall street companies getting into crypto, those guys are buying tens of millions of dollars worth of crypto and I honestly have to say that they are actually getting these insurances because if they lose they lose a lot so they really need to pay up those small amounts to make sure they are guaranteed.

sourish

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In crypto space where there is so much volatility, scams and a steady cascade of nascent projects coming up, varying government laws, crypto asset insurance sounds like a pipe dream, until better clarity in cryptosphere.

Estehmanis

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Insurance by the market decentralization i thought i would be alert for spending is too risky, crypto how this service failed? have been a lot of seasonal service come and go, and i think trade is what until now it still persists

Iyanu14

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Quote from: Lagduf on June 15, 2020, 07:58:43 PM

The problem is how we can trust such a party who have been creating the insurance service? have you seen incent and various failed platforms that already offered this idea to the traders or even investors. I think the only reliable party to offer this service could be the exchange site

I am of the same opinion that, it would be easier for the crypto exchanges to offer the insurance opportunity than any third party or the exchanges can liaise with the third party to get it done. Then the insurance should probably be with levels. That is a level for those that just want to trade within 24 hours and another level for those whose asset will be on a particular exchange for a long time.

dainoran

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Crypto asset insurance services in my opinion are not appropriate because I am not sure about these services, except that crypto has a central bank that regulates all incoming investment, and provides crypto asset insurance services.

Botnake

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Quote from: atjiat on August 22, 2020, 05:40:18 AM

It seems to me that insurance of cryptocurrency assets at the current stage of development of the cryptocurrency market is almost impossible, especially given the volatility, and all the statements of teams about new projects that will provide such services simply look like manipulations in order to attract as many investors and the attention of other cryptocurrency users as possible.

Not a good business for insurance company, the risk is too high, no one would gamble for that risk, and besides, investing would not be fun anymore if there is no risk at all due to insurance. I can't fully get what OP meant, was it an insurance company under DeFi projects, or insurance that insures DeFi projects?

The thing is, insurance are centralized by nature, so it can't fall to DeFi projects.

atjiat

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It seems to me that insurance of cryptocurrency assets at the current stage of development of the cryptocurrency market is almost impossible, especially given the volatility, and all the statements of teams about new projects that will provide such services simply look like manipulations in order to attract as many investors and the attention of other cryptocurrency users as possible.

ife2020

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Quote from: tetuto on June 15, 2020, 06:18:08 PM

Crypto asset insurance is gaining momentum as a standard among a variety of businesses in the crypto asset space as of late 2019/2020. We definitely need more insurance policy implementations among the DeFi products/dApp. Feel free to add your options to the article, and all comments/edits are welcome!
https://defiwiki.org/wiki/Crypto_Asset_Insurance

I want to believe that there is no crypto asset insurance anywhere in the crypto currency world. What we have are exchange platforms ensuring that Funds on the exchange are safu, exchanges such as binance and okex for example. Defi products or dapp is not a form a insurance to crypto asset. Do not mix itnuo

H1N1

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I have seen some crypto insurance project, for example insure project and maybe you want to take a look here : https://coinmarketcap.com/currencies/insure/
The crypto insurance projects are not many, maybe if you are a developer, you can build the DeFi platform with insurance system and attract many people.

rajakulam

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I myself am a little doubtful about insurance services in cryptocurrency, because currently many of the various platforms themselves promise interesting things before the project is launched, and after launching the promise is not as promised, for now I think only exchange sites can trusted.

Chuky92

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Quote from: tetuto on June 15, 2020, 06:18:08 PM

Crypto asset insurance is gaining momentum as a standard among a variety of businesses in the crypto asset space as of late 2019/2020. We definitely need more insurance policy implementations among the DeFi products/dApp. Feel free to add your options to the article, and all comments/edits are welcome!
https://defiwiki.org/wiki/Crypto_Asset_Insurance

Insurance of crypto assets? That sounds impossible to me because there are several reasons why it won't work. The first and biggest reason is that crypto is volatile or better still unpredictable, therefore with this high volatility, how then can an insurance company insure crypto assets? that means they will run at high losses. Another is, one of the good things about crypto is decentralization, having control over your assets, thus insuring your assets under a platform might end up exposing users to different types of manipulation, thefts etc. Hacking is also another reason to think of.

Topic: Crypto Asset Insurance (Read 640 times)