Crypto Insurance - page 2. | Bitcointalksearch.org

bitgolden

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Quote from: Muzika on June 27, 2019, 09:09:17 AM

What are your thoughts about having a compulsory insurance when someone wants to do some ICO so that investors are safe and the participants are also safe? So if ever they want to scam people, people are secured.

A great idea but to be conducted by whom, by insurance company? Which insurance company would agree that you sure a product that is not fully recognized or regulated by government. The risk of cryptocurrency is far too much for any legalized government insurance company to ever accept to sure any cryptocurrency holder.

Anyway, it would not be a bad idea of you start it first, since crypto users has been left to their fate to regulate the industry, I think someone with so much money who is a cryptocurrency believer can volunteer to run the services, look at SEC, many cried several time for regulation of ICOs, but when they failed to do so, what happened? Binance came up with the self-regulatory idea of IEO which has been fully been of help in gradually eliminating the issue of scam, maybe Binance could also try to conduct this, but they would prefer to so that on their IEO products and still not ICO.

boyptc

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Quote from: joshy23 on June 30, 2019, 09:18:37 AM

Quote from: boyptc on June 29, 2019, 07:06:09 PM

But who will implement and force this kind of regulation? anyway the market for ICO is already doing bad and it's going down.

Big question, who will implement and what are the capabilities of assuring the investors that they can do this work without any problem, investment will be much better if you have this some assurance that will work with your money, then still it will continue be a question whether this will succeed.

The idea looks good but for the implementation is a big question if these ICO makers will follow the regulating agency.

Locally, they can be followed if that ICO is on a country that's forcing such but how about those offshore ICO?

Reid

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Pfft. Insurance business are making profits out of the impossible.
Let us say life insurance.
Out of 100 that will register with them and will pay a lot of money every year. How much are the chances one of those is going to die in a year or 5.
That is why they are booming. They know the math.

Now with crypto??? There is too much risk of money being scammed or a project to fail.
So the answer will always be a no to them.

You are your own insurance. Insure the quality and the management of the ICO. To keep yourself safe.

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Quote from: Muzika on June 27, 2019, 09:09:17 AM

What are your thoughts about having a compulsory insurance when someone wants to do some ICO so that investors are safe and the participants are also safe? So if ever they want to scam people, people are secured.

If something exists like insurance for investments on the initial coin offering then everyone will go for because 90 percentage of the time people who are investing on the initial coin offerings are getting nothing, but it that even possible?

bering

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It might be good idea and can be minimize scam ICO's but insurance on ICO have to regulated and as far i know ICO's similar such as investments tools which is the regulation will depend on the act of particular government and unfortunately if all of about crypto or related it until now rare to see the governments really serious to concern about consumers protection although many investors has been losing their money

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Quote from: Muzika on June 27, 2019, 09:09:17 AM

What are your thoughts about having a compulsory insurance when someone wants to do some ICO so that investors are safe and the participants are also safe? So if ever they want to scam people, people are secured.

Actually, there are crypto insurance ICO already that I have seen. But they failed to reach the soft cap and others turn into scam ICOs. Until now, there is no legitimate cryptocurrency that talks about insurance. The only popular kind of ICOs most of are joining, no other than exchanges platform. That is why until now, there is no crypto insurance project.

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Quote from: boyptc on June 29, 2019, 07:06:09 PM

But who will implement and force this kind of regulation? anyway the market for ICO is already doing bad and it's going down.

Big question, who will implement and what are the capabilities of assuring the investors that they can do this work without any problem, investment will be much better if you have this some assurance that will work with your money, then still it will continue be a question whether this will succeed.

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Quote from: goaldigger on June 28, 2019, 09:02:48 AM

Quote from: Muzika on June 27, 2019, 09:09:17 AM

What are your thoughts about having a compulsory insurance when someone wants to do some ICO so that investors are safe and the participants are also safe? So if ever they want to scam people, people are secured.

This is definitely a good idea since ICOs have a very bad image as of now. If this would happen, we would need a third party to hold the insurance fund either its a company, or an escrow. With this, the chances of an ICO to be a scam would be limitted.

It would be difficult to determine the price of the coins or maintain the price of the coins, so the purpose of insurance for an ico just not fall in the scope.

Quote from: dothebeats on June 28, 2019, 06:42:04 AM

Due to the heightened risk of ICOs ending up as scams and just money grabs, I don't think insurance companies would even dare enter this market full of shitholes and scammers knowing that they're always betting against the wrong side of the coin. Also, even with the amount of regulations imposed for ICOs, I don't think people will view it differently ever again, knowing that only a few percent of those ICOs actually turned out to be legitimate. We know how insurance companies operate, and of course they wouldn't enter a market wherein they wouldn't gain shit.

No one will give any insurance for ICO because most of them are scam from the beginning. No insurance company will take such risk. Even i think IEO are also not reliable. They are however better then ICO because they list on exchanges at least.

fiulpro

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But the problem with ICO's is that to start they already want people to invest since you know , they are collecting enough money as to kick start their project , insurance will not only demotivate some of them but might be problematic.
And when we talk about scamming people , it cannot protect from every scam because unfortunately insurance amount cannot cover everyone being added daily , if it would the company itself won't be able to function .

I think complete documentation and compulsory submitting the ID is something that should be made mandatory, not even submission but checking too , when we know who is holding this up we can actually sue them if they try and do something.

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Quote from: Muzika on June 27, 2019, 09:09:17 AM

What are your thoughts about having a compulsory insurance when someone wants to do some ICO so that investors are safe and the participants are also safe? So if ever they want to scam people, people are secured.

What are the criteria of this insurance?

If this would give good protection to investors then I will always agree with it, the scam rate is very high in ICO, investors and bounty participants are both scam, so it's nice to see some initiative to have an insurance on a certain crowd sale.

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Quote from: bozo333 on June 29, 2019, 03:25:26 PM

Quote from: Muzika on June 27, 2019, 09:09:17 AM

What are your thoughts about having a compulsory insurance when someone wants to do some ICO so that investors are safe and the participants are also safe? So if ever they want to scam people, people are secured.

It is good but the investors and exchanges needs to take action for it.

I see many people panicking on invest over the ICO and henceforth all people turns to invest on the IEO market on any exchanges. I ma not sure policypal kind of team can be helpful for this idea as my belief.

IEO now is the best choice for them who wanna invest their money for some project. But at the same time we just can expect it will gain profit. Even some IEO is just gain under 100% ROI. Depends on what kind of project, whitepaper, partnership and their real goal.

electronicash

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no wonder I don't see projects related to insurance that is getting into the market. i have seen one just last year but its now gone already. it sticks in my mind because it was intended for Asians like me. the project's name is SURETY. an ERC token i believe made by the team from singapore. i was watching their video on youtube for awhile i didn't really quite understood what they were telling on it but they claim to be doing great. IDEX i think listed them.

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Quote from: Muzika on June 27, 2019, 09:09:17 AM

What are your thoughts about having a compulsory insurance when someone wants to do some ICO so that investors are safe and the participants are also safe? So if ever they want to scam people, people are secured.

I think that is not remotely possible because if a person who is creating the ICO no longer wants to work on it than they have the right to do so. Coins are almost always decentralized and if even the creator of that coin doesn't want something yet the people and miners do then people will pick the new fork and the miners will too which means owner will have nothing to say. Did we asked satoshi nakamoto when we moved to segwit and now lightning network? No.

It means when a coin is out its everyone not just the creators thing, if a creator doesn't want to continue working on it then they can decide not to, it belongs to people now and not the owner. The owner offers you a coin and you pay for it but the rest is just up to gods to decide what will happen or won't happen.

Shenzou

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Quote from: Muzika on June 27, 2019, 09:09:17 AM

What are your thoughts about having a compulsory insurance when someone wants to do some ICO so that investors are safe and the participants are also safe? So if ever they want to scam people, people are secured.

Insurance and Crypto don't really go together, insurance companies insure that you are compensated for an accident or something that is out of your league, and with crypto and ICo you are investing in your own will even though you know the risk, and what happens when the ICo fails or the ones responsible for the project decide to take the money and leave, what are they gonna do they can't purse them because crypto is not regulated, in this market there are only the rules of the wild goes.

boyptc

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But who will implement and force this kind of regulation? anyway the market for ICO is already doing bad and it's going down.

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Quote from: Muzika on June 27, 2019, 09:09:17 AM

What are your thoughts about having a compulsory insurance when someone wants to do some ICO so that investors are safe and the participants are also safe? So if ever they want to scam people, people are secured.

Insurance on investing with cryptocurrency is very low to happen for now because of volatile price and of course because of so many scam projects. If there’s a regulations that requires new projects to get an insurance so investors have the assurance then I think it will work, but for now no one wants to do that kind of project maybe because of the risk.

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Quote from: Muzika on June 27, 2019, 09:09:17 AM

What are your thoughts about having a compulsory insurance when someone wants to do some ICO so that investors are safe and the participants are also safe? So if ever they want to scam people, people are secured.

It is good but the investors and exchanges needs to take action for it.

I see many people panicking on invest over the ICO and henceforth all people turns to invest on the IEO market on any exchanges. I ma not sure policypal kind of team can be helpful for this idea as my belief.

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Quote from: goaldigger on June 28, 2019, 09:02:48 AM

Quote from: Muzika on June 27, 2019, 09:09:17 AM

What are your thoughts about having a compulsory insurance when someone wants to do some ICO so that investors are safe and the participants are also safe? So if ever they want to scam people, people are secured.

This is definitely a good idea since ICOs have a very bad image as of now. If this would happen, we would need a third party to hold the insurance fund either its a company, or an escrow. With this, the chances of an ICO to be a scam would be limitted.

The purpose will be very useful if being implemented and be hold by a third party with good reputation and skills to handle this kind of offering but if this will not be handle properly then nothing will happen and it will not be noticed and be attracting end users to support the teams.

gentlemand

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Plenty of financial markets self insure with pooled funds or governments back it such as bank deposits.

No conventional insurance company would touch it with a barge pole unless they had full control of the process.

They should be using an escrow that releases or returns the funds on evidence of results. NEM has a venture fund that works just like this. Of course no ICO operation will do that as they 'need' $10 million in ETH to maintain their one page website.

Febo

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Quote from: Muzika on June 27, 2019, 09:09:17 AM

What are your thoughts about having a compulsory insurance when someone wants to do some ICO so that investors are safe and the participants are also safe? So if ever they want to scam people, people are secured.

Most ICOs are securities and security regulations should apply when starting an ICO. No hot water needs to be invented, since all is already set. Of course that as it was in past few years, the one that gave money to the ICO organizers were totally without any rights and security.

Topic: Crypto Insurance - page 2. (Read 713 times)