Quote from: Karartma1 on Today at 09:43:23 AM

Quote from: friends1980 on January 16, 2021, 10:54:13 AM

Quote from: Karartma1 on January 16, 2021, 09:54:57 AM

(...)
But insurance will never cover the value of all the assets. Custody with insurance is a scam

Not saying you're wrong or right. Just wondering why you state this as a fact.

Quote

Amount of coverage
100 million USD
For digital assets with option to purchase additional excess insurance up to $500 million to supplement BitGo’s $100 million policy.

At the time of writing, $ 100M is roughly 2879BTC and considering this covers ALL the assets held by BitGo for its clients I don't even want to know what % of the total that covers.
I don't think it can be paralleled to the money covered up to a certain point in bank accounts (i.e. €100k in Europe, $ 250k in the US etc.)

To me, it's a scam because it bring clients into believing all their funds are secured. That's not the case.

I have the same doubt and made a similar point. Besides, does the insurance cover the fiat value or the btc value? It definitely makes a difference if victims get repaid only 10 years later (assuming they get paid at all).

Quote from: d_eddie on January 16, 2021, 03:52:33 PM

Quote from: ssmc2 on January 16, 2021, 03:25:16 PM

Quote from: philipma1957 on January 16, 2021, 01:23:07 PM

Quote from: friends1980 on January 16, 2021, 10:54:13 AM

Quote from: Karartma1 on January 16, 2021, 09:54:57 AM

(...)
But insurance will never cover the value of all the assets. Custody with insurance is a scam

Not saying you're wrong or right. Just wondering why you state this as a fact.

Well if done like bank accounts it would have a limit of 250,000 usd value.

But you would get that. I would argue it is better than btc in a wallet. If they set it up like a bank setups up a cash account.

And the key here is they'll be paying interest to hodl our precious coins. It's a win-win.

Likely interest is in fiat though. And I'd want to make sure such deposits are guaranteed by the bank security fund as if it were fiat... but at nominal crypto value. Otherwise, there could be several Gox like episodes.