Crypto Asset Insurance | Bitcointalksearch.org

ethereumhunter

hero member

Activity: 2912

Merit: 541

Leading Crypto Sports Betting & Casino Platform

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

Quote from: ?? on ??

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

full member

Activity: 364

Merit: 130

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

full member

Activity: 1498

Merit: 146

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

legendary

Activity: 3094

Merit: 1069

DGbet.fun - Crypto Sportsbook

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

sr. member

Activity: 924

Merit: 256

Quote from: ?? on ??

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

sr. member

Activity: 1274

Merit: 259

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

hero member

Activity: 3052

Merit: 606

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

full member

Activity: 1820

Merit: 107

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

full member

Activity: 891

Merit: 100

Oikos.cash | Decentralized Finance on Tron

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

sr. member

Activity: 2030

Merit: 323

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

full member

Activity: 532

Merit: 114

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

full member

Activity: 262

Merit: 100

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

member

Activity: 795

Merit: 10

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

full member

Activity: 664

Merit: 100

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

hero member

Activity: 2856

Merit: 667

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

full member

Activity: 1204

Merit: 104

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

member

Activity: 579

Merit: 13

Are you kind to your neighbor? Think it through

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

full member

Activity: 812

Merit: 100

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

full member

Activity: 616

Merit: 102

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

copper member

Activity: 966

Merit: 5

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.

Strongkored

legendary

Activity: 2814

Merit: 1112

Leading Crypto Sports Betting & Casino Platform

Until now, many things have been tried to be implemented in crypto, unfortunately, there are many developers who are great at the idea but fail to implement it, including insurance, just see how they will be implemented this project idea.

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

-snip- have you seen incent -snip-

I even left my token on the exchange, it has no value anymore, it might have delisted from that exchange.

leea-1334

hero member

Activity: 2338

Merit: 953

Temporary forum vacation

Quote from: Akiko on August 21, 2020, 05:39:01 AM

Other than that how you can also claim the benefit of insurance if for example you need it ,is there office available for every country?

I heard many scam business in insurance the fact is many company use the insurance thing to benefit from persons that want to have it. It is good if you have it especially the time like this. The bad things about insurance is many company is only looking for money not to help people.

Insurance works only if it has the license from the government or jurisdiction of the exchange,,, this is how it works in Japanese crypto exchanges where actually the law forces an exchange to sign up and pay for insurance that is recognized by the government.

Same as bank insurance (but that is normally insured by government).

Febo

legendary

Activity: 2730

Merit: 1288

Quote from: Pecunia non olet on August 21, 2020, 03:06:40 AM

I can´t imagine how can insurance works in a decentralized crazy market.

It cant. Anything that consist real life cant work totally decentralised. Someone will have to decide when insurance have to be paid. You insure your hand and you break your and then some doctor will have to decide if it is broken. That makes it not fully decentralised. Blockchain was made to secure digital asset.

Johnyz

full member

Activity: 2086

Merit: 193

Quote from: GreatArkansas on August 21, 2020, 07:17:44 AM

This is very useful for all the exchanges.
But the problem here is the transparency, especially it can be used for some corruption.
But we already saw some example like this before, especially in Binance before when there are some hacked happens or breach on Binance exchange, and Binance got Safe Asset Fund for Users (SAFU).

That will works to those good exchanges and its good Binance made a reserve and anticipate the future incidents like this. Taking insurance requires a lot of works but if those exchanges or any projects really wants to be secured and wants to secure the assets of the users, having an insurance or a reserve funds can be a big help for future problems. Though individual insurance for every users can't help that much because of regularity.

GreatArkansas

legendary

Activity: 2338

Merit: 1354

This is very useful for all the exchanges.
But the problem here is the transparency, especially it can be used for some corruption.
But we already saw some example like this before, especially in Binance before when there are some hacked happens or breach on Binance exchange, and Binance got Safe Asset Fund for Users (SAFU).

Thomas-s

hero member

Activity: 1274

Merit: 500

Proof-of-Stake Blockchain Network

Insurance companies cannot be decentralized. if the company insures your assets, then in case of some loss you need to get back your funds. if the company is decentralized, then you cannot officially solve your problems

minairia3

sr. member

Activity: 1498

Merit: 326

Vave.com - Crypto Casino

Quote from: ?? on ??

I can totally agree, that insurance sphere of business it's not something easy, but we need such services for sure. I just wonder how much money should I spend for that.

We need? How can blockchain is a must for insurancr processes? I dont think we should always take blockchain including on different sector. The works done on insurance can barely be done by database. I know there are lots of blockchain who launches for the purpose of insurance however Im not sure if they are still up and running.

Quote from: Pecunia non olet on August 21, 2020, 03:06:40 AM

The volatility is normal because there is no centralized bank that will ensure stability. When crypto falls down, you have to pay a debt or you will lose all your money.

It means it hard to implement a payment premium using blockchain of course not all clients are knowledgable on cryptocurrency. How can you explain to them why the premium charges changes? We csnt say due to market condition. We are not talking investment here but an important aspect such as insurance.

bittick

hero member

Activity: 2296

Merit: 506

Cryptocasino.com

Quote from: Lantind on August 21, 2020, 03:56:35 AM

Quote from: ?? on ??

I can totally agree, that insurance sphere of business it's not something easy, but we need such services for sure. I just wonder how much money should I spend for that.

Don't feel confused when you want to know how much money you have to spend on it, because spending money on crypto is very risky so it would be best if you just spend what you can, and don't push yourself to it.

This is a speculation market and everyone know there was no safe place in the cryptocurrency. If they didn't wanna make their investment will be involved into the risk and then they must try to keep their money into their wallet.

Akiko

full member

Activity: 896

Merit: 198

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

Other than that how you can also claim the benefit of insurance if for example you need it ,is there office available for every country?

I heard many scam business in insurance the fact is many company use the insurance thing to benefit from persons that want to have it. It is good if you have it especially the time like this. The bad things about insurance is many company is only looking for money not to help people.

hongchao123

jr. member

Activity: 107

Merit: 1

Usualy insurance rate in crypto are too hight to be reasonable

Lantind

sr. member

Activity: 2324

Merit: 263

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: ?? on ??

I can totally agree, that insurance sphere of business it's not something easy, but we need such services for sure. I just wonder how much money should I spend for that.

Don't feel confused when you want to know how much money you have to spend on it, because spending money on crypto is very risky so it would be best if you just spend what you can, and don't push yourself to it.

elisabetheva

full member

Activity: 1708

Merit: 105

Quote from: asder250 on August 21, 2020, 03:12:14 AM

There is already a cryptocurrency that focuses on crypto-insurance = inSure. From the website, I got information that it should protect you against scams and massive devaluation. But I do not know how exactly the process work, someone has experience with it?

wow it is quite interesting if there is, but obviously there will be certain obstacles that will occur, but because you have not seen the form of the policy, you just think about it. what is clear that might be difficult is whether the policy is measured by token or fiat? because if the token is clearly always changing and no one wants to lose if the token drops and disappears from the market.
we will wait for this good news, hopefully there is clearer information.

asder250

full member

Activity: 708

Merit: 103

Empowering crypto w/ sustainable energy

There is already a cryptocurrency that focuses on crypto-insurance = inSure. From the website, I got information that it should protect you against scams and massive devaluation. But I do not know how exactly the process work, someone has experience with it?

Pecunia non olet

full member

Activity: 882

Merit: 102

PayAccept - Worldwide payments accepted in seconds

I can´t imagine how can insurance works in a decentralized crazy market. Huh

The volatility is normal because there is no centralized bank that will ensure stability. When crypto falls down, you have to pay a debt or you will lose all your money.

Lagduf

sr. member

Activity: 1162

Merit: 260

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

tetuto

newbie

Activity: 16

Merit: 3

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

Topic: Crypto Asset Insurance (Read 643 times)