Crypto Insurance - page 4. | Bitcointalksearch.org

jack8989

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StartFi

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.

that is pretty good. I really support this. We need an organization to sell insurance for this to avoid the fraud of bad guys.
Our crypto market really needs insurance, a decentralized market has a lot of scammers and we are very easy to make a mistake.
I used to invest in the Bitnautic project of Scams and Ingot coins. I'm really angry and still waiting for a solution.

shinharu10282016

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Actually, that's a good thing but the problem is, no one in the crypto space would want to go and do that. They can just give back the payments if ever the IEO/ICO fails. That's their job. However, what if the project is not legit? Would they be willing to pay that large amounts just to scam people? Insurance is a big thing. And it also means different perspective for the investors and the managers.

Kakmakr

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Why should we help the already greedy insurance industry to get more profits, if we can simply regulate the ICO industry ourselves? We already see an increase in IEOs and those projects are mostly fully regulated, because exchanges enforce KYC/AML regulations.

So if the people behind these ICOs are properly identified by these regulations, then scams are less likely to occur. We will also see more scammers going to jail and this will discourage scammers to launch scam ICOs/IEOs. Tongue

Slow death

legendary

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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 would be very difficult to do, look at the amount of money the ICOs are raising and look at the amount of scam that exists. The insurer would have to repay the money the investors lost and for this to work the ICO creators should pay the insurer, but the creators of the ICOs raise funds from the investors. I do not see how the idea of an insurer for ICOs would work

avikz

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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 business is purely based on Statistics and it shows that interest on ICOs are decreasing pretty fast! Rather people are preferring IEOs.

There is no way they are going to insure a totally unregulated market like ICO. Even if they do, the premium will be so high, it won't allow you to make profit from your investment! Insurance for ICOs is a bad business for the insurance companies unless an already established company with profit making business wants to step into this market.

DdmrDdmr

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There are lies, damned lies and statistics. MTwain

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

<...>

Just as a general context, ICOs have turned out to be a scam or a failure for the most:

Quote from: DdmrDdmr on November 09, 2018, 05:13:57 AM

<...> According to a New Study: 80% of ICOs are Scams, Only 8% Reach an Exchange:

80% of the ICOs were scams from the get-go.
6% failed.
5% died in the process.
8% manages to reach the exchanges, but only half were successful.
<…>

The above data is not recent, but covers many of the post-hype ICO results.

Insurances play a game of odds. When you insure your house, they stipulate the price based on the chances of each potential element covered by the insurance going wrong, and basically bet against them from happening. The insurance company bets on the fact that a known small percentage of all those insured will incur in some sort of casualty, and therefore, sets the premium price based on those low percentages. Propensity models are created in addition that take into account similar to you type people’s index of incidents, and conform the structure behind the premium price to establish.

Now, even if we omit the fact that ICO tokens are not really tangible assets, whose market values could sway like a madman on a roller-coaster if it ever becomes a market asset with any real value, an insurance company has no way to play the odds game on an ICO with numbers like those shown above. The premium would need to be ridiculous, in the range of your investment at least.

Mahanton

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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.

Its possible but wont really be that easy because your primary concern to be considered first is on legality or regulation.No insurance company would take on
for such very risky investment.

Muzika

sr. member

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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.

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