The largest unknown Bitcoin wallet moved nearly $1B for $0.48 in fees

Re:The largest unknown Bitcoin wallet moved nearly $1B for $... by alexpotato on Tuesday June 30, 2020 @10:53AM (#23690643)

Libertarians would argue that this is where insurance comes in.

Insurance in this example has two functions:

1. Protecting you from losses

2. Applying standards to Bitcoin exchanges etc to help prevent losses. A good example of this is fire insurance. An insurance company will require a potential customer to have fire alarms, use specific materials etc before they decide to cover that company's building.

[ Parent | on HN ]

Re:The largest unknown Bitcoin wallet moved nearly $1B for $... by erfgh on Tuesday June 30, 2020 @10:55AM (#23690667)

Insurance on BTC... I wonder how much would that cost... It would dwarf any transfer fees for sure.

[ Parent | on HN ]

Re:The largest unknown Bitcoin wallet moved nearly $1B for $... by londons_explore on Tuesday June 30, 2020 @12:19PM (#23691663)

"You must keep at least one part of a multi-signature key with us for the insurance to be valid".

Then the insurance is really cheap... Either the insurance companies systems stay secure and there are no losses, or the insurance company is breached, and they claim bankruptcy...

[ Parent | on HN ]