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Bitcoin Oz

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Wat

Quote from: ?? on ??

Quote from: Bitcoin Oz on June 20, 2012, 08:44:21 PM

I had this thought today...

CPA could insure more than just bitcoin related things.

For instance I have car insurance which I pay AUD to an insurance company for. If I could instead pay bitcoins to CPA that would be interesting....

I imagine if the price of bitcoin went up against the AUD it might mean I could even get a rebate after a few years if CPA kept a record of the current and future price of AUD to BTC. Its a combined savings and insurance vehicle

This has some amazing possibilities imo.

Right now I would need to do some research before I took on such a contract (1-3 days). However I would do it. The contract would be written in bitcoins, and there would be no rebates, however

If you are queazy about that may I suggest insurance extension? Say, a 100 bitcoin extension for 1 bitcoin. In the event of an accident, you provide me with your papers, and I provide you with 100 bitcoins. That might work. You're not a reckless driver are you?

Again though I would need time to research the rates on something like this, but I can guarantee you they would be cheaper than what you pay in AUD. We're a real insurance company, not a bloodsucking conglomerate.

+1 on not being a bloodsucking conglomerate lol.

Its really just a thought experiment on possibilities. Its a pity I didnt have house and contents this way as we just had an earthquake and have to make a claim Shocked

You might want to peg the bitcoin value to the AUD value because it might be worth a lot more or less in a year. So the amount to pay out and the premium each week/day would move up and down as the exchange rate varied. If 100btc was worth 80 000 in a year and my car is still only worth 20 000AUD it introduces moral hazard

Bitcoin Oz

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Activity: 686

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Wat

I had this thought today...

CPA could insure more than just bitcoin related things.

For instance I have car insurance which I pay AUD to an insurance company for. If I could instead pay bitcoins to CPA that would be interesting....

I imagine if the price of bitcoin went up against the AUD it might mean I could even get a rebate after a few years if CPA kept a record of the current and future price of AUD to BTC. Its a combined savings and insurance vehicle

This has some amazing possibilities imo.

stochastic

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Quote from: ?? on ??

Quote from: redbeans2012 on June 19, 2012, 09:57:40 PM

I think this question has been asked, not sure if it was answered.

How do you deal with fraud?

If you insure a mining company against damage, why wouldn't someone just claim their boards got fried when it didn't? How would you tackle such a situation?

We have procedures in place which will detect fraud and scams of that nature.

What is your current default rate?

redbeans2012

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I think this question has been asked, not sure if it was answered.

How do you deal with fraud?

If you insure a mining company against damage, why wouldn't someone just claim their boards got fried when it didn't? How would you tackle such a situation?

Bitcoin Oz

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Wat

Quote from: ?? on ??

Quote from: gewure on June 19, 2012, 10:38:06 AM

100.000 bitcoin is pretty damn much. (1/200 of all possible bitcoin^^)

what measures do you take in securing this huge amount? are there conctracts with "real" insurances? what happens in case of an accident?!

questions over questions

Of course we can't answer questions about security on a public forum. This does not mean we follow a policy of security by obscurity; it just means I can't answer those questions here.

Anyways, yes, we are a real insurance company. We've signed over 1,500 BTC worth of coverage already and are staring about 5,000 BTC of coverage in the face which we are scrambling to get capital for. And I don't even advertise! There are a few thousand BTC on the way from various sources, various investors. At least four people have promised to buy in, but they're being excruciatingly slow about it.

We need funding! Ahh, we have much more business than we can take. This is growing much faster than I imagined. We're a success, and I'm happy about that. I just have to take it slow and be patient.

I like the low price for the shares because I can buy them as my dividends come in

gewure

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[#][#][#]

100.000 bitcoin is pretty damn much. (1/200 of all possible bitcoin^^)

what measures do you take in securing this huge amount? are there conctracts with "real" insurances? what happens in case of an accident?!

questions over questions

wirmola

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I am interested of how everything works with these 2 Like costs, which amounts do u insure.
how/what the hack&theft ins. covers..?

* Pirate Account (and PPT/etc.) coverage

* Hack & Theft Insurance

BinaryMage

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Ad astra.

Quote from: Bitcoin Oz on June 19, 2012, 12:41:00 AM

Quote

(that's not really our phone number o_o )

I would hope not, as it's the wrong number of digits.

Bitcoin Oz

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Wat

Quote

(that's not really our phone number o_o )

Bitcoin Oz

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Wat

Thanks for the update. I have a tiny amount of shares

redbeans2012

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Any updates?

TwelveGuage

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Very Interested

Sukrim

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Something I thought of, for "automatic" insurance of pirate pass through bonds:

Offer a CPA.PIRATE asset that cannot be bought from you. The only way to get one share there would be to send you 1 bond of a pirate pass through bond (not PPT, as these get bought back). You then pay out of the incomes there ~6.5 bitcents a week and keep up a bidwall at 1 BTC per share, even in the case of pirate defaulting.

This way you won't have to deal with tiny contracts and ever shifting amounts each week and it's also a nice service to provide liquidity.

I also invested a little bit into CPA, as it seems to me to be a much needed thing to have. Even though 1 million shares at 0.1 BTC each is quite a sum, I'm happy to own my little share in this.

mollison

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Note that the following quote is from a different thread.

Quote from: DeaDTerra on June 11, 2012, 04:15:09 PM

CPA, launched this week. Usagi also known as Tsukino released a public announcement of the insurance company called CPA https://bitcointalksearch.org/topic/post-85444
As I have talked to Usagi and worked closely with him the most recent couple of days with BMF and ensuring that it's run properly, I was also told about CPA. I think it's a really good idea and a great thing that the community is currently missing, so I have decided to help out. I have talked to Usagi at length about different aspects of the company and the venture, and I have to say I am impressed, he was on top of everything and could give me detailed and ensuring answers. He seems to have the knowledge and skills to make it and create the first every Bitcoin insurance company. Hence I have decided to join him and help him out, I am going to act as Investor relationship managers
//DeaDTerra

Seems like an update on this relationship from the CPA side may be a good idea.

wirmola

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i bought a few

Maybe more later when we have a better idea about you and your business.. Huh

redbeans2012

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So how many shares did you put up for sale? I see around 10k do you plan to release more?

Serge

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this will an interesting development to watch, something that hasn't been done in Bitcoin world yet

Bitcoin Oz

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Wat

I can see CPA hiring its own detectives and offering rewards for information leading to the recovery of clients monies

I think they would also need the services of hackers to test their clients sites for vulnerabilities.

There could be some interesting job opportunities coming out of this.

DeaDTerra

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Quote from: GeoRW on June 08, 2012, 08:25:47 AM

Quote from: DeaDTerra on June 08, 2012, 08:22:58 AM

Quote from: mollison on June 08, 2012, 07:09:03 AM

Quote from: ?? on ??

We've been in talks with people who are going to be, potentially, investing 1000's of bitcoins into our IPO.

If you have large investors who can vouch for CPA in any way, especially if they are "known members of the community," that would undoubtedly help reassure your potential customers that the company is sound.

A customer's perception of how much CPA reduces their risk will be what drives the number of customers you receive and the premiums you can charge them.

I have been talking with usagi about investing in CPA, he seems to know what he's talking about and I am going to personally make sure things are run correctly. I have been helping and supporting CPA as I think it's something the community needs and it could potentially be very successful. Gamma Bitcoin Fund will potentially invest a big amount of Bitcoins into CPA, the exact details has not yet been decided but I can vouch for CPA and Usagi, so far Usagi seems to know what he's doing his planning and idea is sound and I hope that his execution will be so as well.
//DeaDTerra

Isn't Usagi she? Just make sure you know who are you dealing with Cool

I have no idea to be honest Tongue

, I have only talked to he/she over IRC and I have been talking business and not personal matters. So I have to admit that I don't know if Usagi is a women or man, but what i do know is that he/she knows what he/she is doing Tongue

GeoRW

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Trust No One

Quote from: DeaDTerra on June 08, 2012, 08:22:58 AM

Quote from: mollison on June 08, 2012, 07:09:03 AM

Quote from: ?? on ??

We've been in talks with people who are going to be, potentially, investing 1000's of bitcoins into our IPO.

If you have large investors who can vouch for CPA in any way, especially if they are "known members of the community," that would undoubtedly help reassure your potential customers that the company is sound.

A customer's perception of how much CPA reduces their risk will be what drives the number of customers you receive and the premiums you can charge them.

I have been talking with usagi about investing in CPA, he seems to know what he's talking about and I am going to personally make sure things are run correctly. I have been helping and supporting CPA as I think it's something the community needs and it could potentially be very successful. Gamma Bitcoin Fund will potentially invest a big amount of Bitcoins into CPA, the exact details has not yet been decided but I can vouch for CPA and Usagi, so far Usagi seems to know what he's doing his planning and idea is sound and I hope that his execution will be so as well.
//DeaDTerra

Isn't Usagi she? Just make sure you know who are you dealing with Cool

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