Could you give an example what it would cost me to insure a deposit of 102 BTC (= 100 shares) at TYGRR.BOND-P?

To me this seems like ~2 BTC/week (2 times 1% of asset value, since it pays over 5%), payable in advance. Is this correct?

This is a great idea, and I wish you the best of luck.

One question.


So assets are not 100% backed, then?

Will you report the % of backing for each exposure unit group?

Those examples made it very clear. This is a reason why I think legal documents should be present similar to how Creative Commons licenses are, with a legal "source code" behind the explanatory layer (that could use examples similar to what you've provided).

See http://creativecommons.org/licenses/by-nc/3.0/ for an example.

When do you plan to open for business and start negotiating contracts?

Also, personally, I feel that IPOing on the 7th is rushing things.
 
I do still have some questions/concerns about the material you've posted (mainly in the first 3 posts), though I'm not sure if I'll have time to raise them. (Not because of the impending IPO, but just due to being busy.)

I feel this is gonna be big.

Also, 100k BTC?  That's over 1 % of the total BTC in existence!

So let me get this straight, In order for someone to be an 'insider', you want them to pony up a minimum of 450 btc. You have nothing worked out as far as rates of return, profitability, etc. and you are apparently a one man operation with an idea and nothing backing you as far as real world assets. What jurisdictions do any legal matters fall into? US, EU, Lithuania, Belize, Panama?

This part is nitpicking but the name of your insurance company sounds like something a high school death metal band would call themselves. Take some of the vast sums you raise from your ipo and hire a marketing consultant and work out something that sounds a bit better.

You're asking for a massive amount of btc from the community, might be better if you set your sights slightly lower and started a bit smaller, work out the bugs, and then issue more shares.

This concerns me as well.
Assume that I have insured my GLBSE account against hack/theft.
What will prevent me from selling everything and withdrawing bitcoins, then asking for compensation?

10% off of 5000 shares would be 450 btc. Sorry I thought that was the minimum buy in.


If you cannot take even the name of your business seriously, why should anyone else take you seriously? And for the part that you cut, I am a miner turned investor with ~2000 btc spread on and off GLBSE. You have an interesting idea, but not a working business.  You're right though, its not me you need to prove yourself to. It is everyone.

Do you or anyone you plan to employ have *any* experience in the insurance underwriting business? You never answered my question about jursidictions. If you are dealing with assets worth 5 or 6 figures sooner or later a court is going to enter into it. The first time you deny a claim that high you are going to be sued (rightfully or wrongfully). You attempting to be the final arbiter of any dispute does not bode well. Anybody with more than pocket change invested should care about such things, as it will have an effect on your bottom line. Anybody with more than pocket change insured with you should also care, as it may compromise your ability to pay claims. If your answer is that nobody should have any legal recourse with you at all, then why should anybody trust you to insure their money? If Pirate defaults and then you in turn default on the claims then what good was the insurance in the 1st place, especially if clients cannot try to get anything from you in court?

Do you plan on underwriting against a Gox or Bitcoinica type of hack where the entire site is compromised? If so you offer potential thieves a double payout. Once someone finds a security hole they simply insure themselves for the maximum btc they can and then they get paid both for stealing as much as they can from the site and for the claim afterward.  I am curious how you would be handling Bitcoinica right now, if you had a number of clients with insured accounts there.

Oh, and in the above examples with GLBSE and Authenticator, what if somebody is using the desktop authenticator (GAuth) and their desktop gets compromised? And how do you prove someone uses a unique password on a site? Ask them for their passwords on every other site? If you don't have criminal mind and can't think of all the ways you can get defrauded, you are going to get taken for a lot of money.

Good to see you have such grace under fire with potential clients and investors. In the event of massive event happening you are going to have a *lot* of angry and pissed off people trying to get ahold of you. Good to know that customer service is at the very top of your list.

So what is it? Can you be sued for not paying on a claim and will you sue for fraudulent claims?