Re:BitFinex down due to Bitcoin security breach - 120k BTC s...
by ryanlol on Tuesday August 02, 2016 @09:45PM
(#12214968)
>How does one determine a qualified third party?
Surely you wouldn't store your cash in a bitcoin exchange? It's not a bank.
With bitcoin you don't even necessarily need a third party, a hardware wallet could do just fine. That can be stored in a safety deposit box if you feel like it.
>Is there yet any "You can trust them, if we are wrong about that we will cover your losses" insurance. (even then how can you be certain they will follow through)
While you can certainly insure anything if you pay enough, I don't think there's anyone publicly offering that in the crypto space. But then there doesn't seem to exist a similar mechanism for USD accounts of any significant size either.
Surely you wouldn't store your cash in a bitcoin exchange? It's not a bank.
With bitcoin you don't even necessarily need a third party, a hardware wallet could do just fine. That can be stored in a safety deposit box if you feel like it.
>Is there yet any "You can trust them, if we are wrong about that we will cover your losses" insurance. (even then how can you be certain they will follow through)
While you can certainly insure anything if you pay enough, I don't think there's anyone publicly offering that in the crypto space. But then there doesn't seem to exist a similar mechanism for USD accounts of any significant size either.