Quote from: mandelbert on December 06, 2013, 04:23:05 AM

To the naysayers, I'll say this. Do you have life insurance? A typical life insurance will pay 250K, and for that you pay ~100$ per year. Who wants to risk 250K for 100$ per year? Is this a joke? No, it's called insurance and it's based on probabilities.

If you pay $100 per year for life insurance, from birth to age 100, thats $10k over your lifetime, and your beneficiary gets $250k. Sounds like a good deal to me.

Back on topic, this deal looks more like a setup than anything else. It either says to me, you think you can have BTC-E ddosed for less than $250k for a week (which I'm sure you could) Or you find that the risk to reward ratio is good enough to try to win on a technicallity.

Quote from: mandelbert on December 05, 2013, 05:16:05 AM

I have some money in btc-e.
I want to move my money out, but due to withdrawal limits it will probably take me some time.
I rather avoid losing money due to btc-e.com being hacked, disappearing, defaulting etc.

Here is the deal i'm offering:

1. I will pay 0.3 BTC to escrow
2. You will pay 250 BTC to escrow (or less - see below)
3. The insurance period will start immediately after both payments are confirmed by the escrow
4. The insurance period will last one week (7 calendar days = 168 hours)
5. During the insurance period, in the case btc-e.com is hacked, defaults, disappears, or I am otherwise unable to withdraw my money from it for any reason, AND this situation is still occurring 192 hours (8 calendar days) after the beginning of insurance period, I will receive 250 BTC from the escrow. You will keep the insurance premium.
6. If #5 above does not happen (btc-e.com is not hacked, defaults, etc.), the 250 BTC will be returned to you after 7 calendar days, together with the premium.
7. Note that I am not interested in the case where btc-e.com is down for an hour or so and then recovers - only if I am unable to get my money out after 8 calendar days from the beginning of the insurance period, will the insurance be activated.

The event of btc-e.com being hacked, defaulting, disappearing and so on should be catastrophic enough to be easily determined. Also, I will not have to prove that I actually had 250 BTC in btc-e (I might have more or less at any given time). And no - I don't plan on hacking btc-e myself

I will pay escrow fees.

If you have 250 BTC and you think the chances of such event happening _during one week_ are lower than 0.12% (0.3/250), then this should be a good deal for you.
Also, if you have less than 250 BTC, I might consider paying proportionally to what you are able to put (e.g. for coverage of 125 BTC I'll pay 0.15 BTC). 50 BTC minimum please.

I will post the results of the agreement in this thread. This is also an opportunity for you to increase your trust.

I don't think this has been tried before, it will be interesting to see how it will turn out.

Of the things I highlighted, this seems like a trick to try and weasel a technicallity. If you are unable to withdraw your money from BTC-E after 8 days because you forgot your password, you would techincally win. Or if you request a wire transfer to your bank, chances are it will take more than 8 days, in which case, you also win. While you said you would not hack BTC-E, you didn't say that you wouldn't hire someone to try.

And if that isn't enough, assuming you are being completely legit, and feel like gambling with the big stakes, how are you going to get someone to escrow $250,000 in BTC. There are some trusted people about, but I wouldn't trust anyone with that kind of money.