Quote from: usagi on June 06, 2012, 04:23:04 PM

Quote from: Lupus_Yonderboy on June 06, 2012, 03:30:15 PM

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.

Huh? Where'd you get that number? I'm confused -- it sounds like you just made that up.

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

Quote

See response to cunicula. I'm not interested in responding to baseless accusations and nitpicking. I'll say this -- you clearly don't get the in-joke about the name I chose for the company. Not meaning to be rude, but that is probably because you are a lot younger than me. Anyways, if you have a question about the business, go ahead and ask and I'll do my best to answer it.

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.