Topic: [Insurance service] [New] tm2013's Bitcoin Lenders' Insurance Pool (Read 641 times)

I will not accept payment now, and I will remove the address if you wish. I can assure you I am not trying to scam anyone. Calm down, and I will lock the thread.

You are not an insurance agent, but you are willing to collect consideration for promised protection while being anonymous.  That sir, is against the law (aka fraud, aka scam).

It's not just an actual idea - you have provided a bitcoin address.  You are looking to scam right now.

1) No
2) Yes, but with having answered number 1, I am not an insurance agent. I am a simple bitcoin entrepreneur looking to bring a service that is needed.
3) No
4) No
5) No

Your hint: The majority of the bitcoin world would be illegal if brought before the face of the law.

6) Those rates have yet to be calculated.

At least the idea is out there. If Ognasty or quickseller or someone like you wanted to run the service, then by all means do it. But this is a needed service, regardless of being an actual insurance in the eyes of the law. It's more a pooling of risk among lenders.

Quoting for reference.

I'm considering leaving you negative trust for this, but I want to confirm with probability that it is a scam.  To that end, I'm going to ask you some questions.

1) Are you an insurance agent?
2) Are you prepared to do your fiduciary duty to your clients, based on your advanced knowledge of insurance?
3) Are you prepared to fully identify yourself and your insurance agency, and to provide sufficient collateral?
4) Are you prepared to challenge the owners of this forum to provide better law enforcement methods?
5) Are you prepared to take out fiat insurance to cover the bitcoins you will be holding?

I'll give you a hint about #5 - you won't be able to take out actual insurance because bitcoin and this forum is the wild west with absolutely no law enforcement.  No actual insurance agency will look at you.  In fact, a good portion of people have shown they are OK with fraud as long as it benefits bitcoin commerce (Vod vs. Microsoft scammers)

6) Did you just pull the 0.1btc per month premium/consideration out of thin air or do you have actuary tables that show the rate of fraud here?
7) No varying rate tables?  A simple 0.1 btc/month no matter the amount or risk or factors?
8 ) You are nobody.  You have ZERO trust here.  What is to stop you from taking the coins and disappearing?

Good initiative! I don't think your reputation is large enough to handle this kind of service. I suggest you ask others high reputation and active member to help!

It's a needed service. I have lent money here and became well known and trusted, I was defaulted on many times and would have used this service. I have done work with many people across the forum and have built up a large and trustworthy reputation. If I just wanted coins, there would be easier ways than this.

Will never work.  Too much fraud.

This is just a way for you to get some coins.

Hello all on the lending thread, I am back in the action, but this time with a service.

The concept is simple: Create an insurance fund for lenders in case of potential default.

Starting plan:
--0.1 BTC per month.
Coverage:
--Up to 75% of the loan being defaulted on.
Range of Coverage:
--If there is not enough funds in the pool, you will be paid out once there are.
Qualifying defaulted loans:
--The loan must be negotiated in public and bitcoin/pgp signed.
Fees:
--5% of the insurance pool per fiscal quarter. May be lowered at any time if this is deemed too high.
To be qualified for this insurance, you must meet the following requirements:
--Be a well-known or well-trusted lender
--Meet the above requirements
--Pay to the pool address your monthly fee while stating your TXID of the payment in a PM.

Insurance Pool Address: 1KbWAJ68AWNALveSWCsgDRb1wxSem7YuQz
DO NOT PAY TO ANY ONE ELSE BUT HERE.

If there is anything I should add or modify, or if you would like to apply/discuss rates, please do so below.

Thank you and best regards.

Well according to Vod, me suggesting this idea implies I am a scammer.  The thread is now locked and please do not send any coins to the address. Thank you for voicing your comments.