• CaineCaine Posts: 24 Tin ✭
    Is Goldmoney insured with this? What happens to customers if the BTC get stolen, deleted or hacked?
  • SecretsSecrets Posts: 59 Bronze ✭✭✭
    Its insured. That's the main point of Coldblocks.

    Its basically a bank for Bitcoin, same as storing Cash with BOA instead of in your pillow.
  • CaineCaine Posts: 24 Tin ✭
    edited November 2017
    @Secrets what is the name of the company insuring the funds and is there a maximum liability? If they lose $1bn (which has happened before and will likely happen again), are customer bitcoin funds insured 100%?
  • SpontaneousOrderSpontaneousOrder Posts: 297 Bronze ✭✭✭
    This article explains how the ColdBlocks used to store crypto currency will work (there's many articles from different sources using similar language, I don't know which one was first):
    They’re engraving parts of the cryptographic signature, which is used to bind the buyer with the value, on three different pieces of gold [some articles say "steel"] stored in three separate vaults. "It’s like having three physical golden keys," he explains.

    One key will be stored with an insurance provider, the second with an auditor, and the third with the vault provider. That way, Goldmoney’s financial statements can be audited and clients can be insured against theft. Investors will be able to trade ownership of the metal key.

    So the storage is physical, not electronic. It should be as safe, reliable, and fully audited and insured as the stored precious metals are, and will even be immune to an EMP attack. The insurance company will presumably be the same one now used to insure the PM's, namely, LLoyds of London.

    Impressive. I've never bought any crypto, but if I do, it will be through my Goldmoney holding.
  • CluckingBell007CluckingBell007 Posts: 1 Tin ✭
    Anyone know which Bitcoin Exchange Goldmoney uses pls ? I can't find that info from the search functions or google

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