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/biz/ - Business & Finance

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4527643 No.4527643 [Reply] [Original]

>normies and boomers are mostly retarded
>even most of /biz/ is retarded
>start a crypto bank to hold people's bitcoin and ethereum in a secure cold storage that is insured
>insurance gives people peace of mind that in the event something happens they will be indemnified for their investments
>insurance is what differentiates my crypto bank versus online wallets, trezors, ledger nanos, exchange wallets, etc
>take monthly fees
>???

what would go wrong?

>> No.4527672

>>4527643
Where would you get the insurance though? So if you actually were hacked or something abducted you and siphoned your cold storage. How would the users get their coins back?

>> No.4527685

>>4527643
Banks don't take fees, they instead use the money to invest somewhere. And if you use their money to "invest" into a BitMEX x100 position, you will get in big trouble.

>> No.4527777

>>4527672
there are insurance companies that take on unique risks such as this. for example, david beckham has his legs insured.

>>4527685
>charge 2% fee paid annually upfront
>some boomer wanker gives you 5 BTC
>take 2% off that
>0.25BTC
>bitmex 100x
>?????

>> No.4527794

Coinbase and Kraken are already insured and don't charge a monthly fee.

>> No.4527805
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4527805

>>4527794

>> No.4527819

>>4527794
ACTUALLY

>This insurance policy does not cover any losses resulting from the compromise of your individual Coinbase account. It is your responsibility to use a strong password and maintain control of all login credentials you use to access Coinbase and GDAX.

That's a HUGE difference.

>> No.4527835

>>4527777
I meant, no one will use your service because of the fees...

>> No.4527879

>>4527819
>offering insurance to protect them from their account being hacked
Nice way to get fucked and good luck getting anything to cover it? The reason they'really willing to offer insurance on the exchange being hacked is because they get to audit the security practices of those companies. They obviously couldn't audit how secure every user keeps their own personal account info.