So this guy had 1.5 million and instead of keeping it in a wallet, kept it on an exchange and even then didn't use Google Authenticator as 2FA???
Official BGOL Crypto Currency Thread ★★★★★
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So this guy had 1.5 million and instead of keeping it in a wallet, kept it on an exchange and even then didn't use Google Authenticator as 2FA???
the problem is they’re not using google authenticator but instead choosing to receive the codes thru SMS texts...so if they’re phone # gets jacked and ported to another phone...that person will receive their texts
Even if they do 2FA, if you have your mobile number in your Gmail as a recovery option you'd be screwed.
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I only keep about 10k-20k on 2 or 3 exchanges at a time
Do you have another Nano S as a backup?
No, Each Nano has 5 addresses I believe (I haven't hooked mine up for a while to remember)
Take a pic of your recovery phrases and you good.
Even if it's lost, stolen or destroyed you can recover your wallets.
I'm pretty sure there will a good amountt of residual spending on ALTS, but not as random and dumb as 2017. There are decent ALT projects still but "Bean Baby Coin" won't be mooning just because it's "another crypto project". When money flows back into BTC from the ETF investing inevitably your going to see people investing in ALTs with good potential because BTC will see a decent rise from the ETF approval and there is nothing that's going to compare for returns like ALT at $.00 going to $0.00 or higher.
Credible CBOE VanEck SolidX Bitcoin ETF Source Says ‘Near Certainty Approval’, Winklevoss Denial Was Expected
All eyes are set on August 10, 2018 as the fate of the most promising Bitcoin Exchange-Traded Fund is set to find out its destiny as the SEC comes together and will determine what its stance is regarding what would be the first ever crypto-related ETF approval.
Winklevoss Bitcoin ETF Appeal Was Denied, But What Does It Mean for Other Upcoming ETF Submissions?
The SEC has been filtering through ETF applications for cryptocurrency, but some of their initial considerations have been disappointing, to say the least. The application submitted by Winklevoss made a major impact on the rest of the industry, with Bitcoin dipping below $8,000. This rejection stimulated major conversations in the cryptocurrency world, especially concerning how it will impact the other submissions setup.
One group that is especially concerned is the Chicago Board Options Exchange (CBOE), since they have a fairly solid case to have their request approved. There have been some sources that have been discussing what this means for the future of institutional space.
According to one source who is supposedly close to the heart of the matter, they had thisto say:
“The Winklevoss denial is irrelevant here. Those that realized that quickly are the voices you should listen to here. Our submission (based on the VanEck SolidX product) is equally backed by the principles needed to expect an approval, but also carries the heft of a regulatory agency that is part private sector and part pseudo-governmental agency. While we are a public company via capitalization, we are still closely tied to regulatory bodies given the need for public trust, etc., etc. That is where the SEC will focus its approval or disapproval chops. We still believe that approval of our Bitcoin ETF product is a near certainty. Just a question of timing and potential administrative delays.”
One of the sources at the SEC have expressed the high likelihood of the CBOE product being approved, saying,
“The hybrid exchange/regulatory elements there make a world of difference. The SEC will have an internal interest in dealing equitably with the CBOE. Believe me when I say that. The Gemini decision was expected from those in the know and could have easily been predicted. Again, this stuff is more about timing than anything else. Approvals will come, it is more a matter of Q4 2018 or Q1 2019. And as I said before, that will open up the door to more crypto-based product submissions.”
Both of these sources basically indicate that the decision on Winklevoss will not be an indication of how the SEC will treat any of the other submissions right now. Most of the conversation in the industry right now is about the positive chance that CBOE has for approval. We encourage anyone who is looking for further analysis and a quality brain dump as to how the SEC viewed the latest appeal denial from the WinklevossBitcoin ETF to click here and listen/watch/read SEC Commissioner Hester Peirce's viewpoint.
Here is what VanEck had to say directly about their hopeful outcome pending til August 10.
According to a source that spoke with an ICO media out in a brief interview, they said that the approval was almost undeniable. They even added, “It remains the clear expectation here and that hasn’t changed one bit. It would be a major upset were an approval be denied. Again, this is about when, not if.”
There was one crypto-twitter personality who thought the CBOE VanEck Bitcoin ETF would be pushed back all the way til February 19, 2019 and a known eToro analyst also predicted Q1 of 2019 to be the timeframe for the first ever approval. Many wonder what would happen if the infamous words were uttered, “SEC Approves First-Ever Bitcoin ETF” and how the markets would react.
What do you guys think about August 10th outcome? As it stands, the CBOE based VanEck SolidX Bitcoin Trust ETF has the highest chances of getting accepted and could send the cryptocurrency markets into a frenzy if this massive roadblock is triumphed. Of course, whether it is denied or even delayed, there are more than 20 crypto-ETFs in the works. We encourage all readers and enthuasists to take a look at this post for further reading as well:
We also saw the likes of BitWise submit a crypto-index style ETF as well as the other critical date to have on the calendar in September 21, 2018 for NYSE Arca Bitcoin ETF as yet another seeks approval.
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SEC just filed for an extension...they won’t file for another one...they stated they’ll approve/deny the application on sept. 30
those who know why are slowly accumulating BTC
BTC will be left standing OG style. Anyone up off alts from 2017 should move into BTC if they staying in the game and maybe ride one or two top alts as lotto tickets. Notice once again another pump fake drained alts? Old money is making a killing selling bags. There won't be another MT. GOX or Bitfinex manipulation pump in time to save alts.
Eventually, folks going to realize they holding shitcoin bags and shit will get really ugly. Folks still ain't put 2+2 and realize how far the old money is up on some of these alts. We ain't nowhere near the bottom for alts. They moving to fiat and BTC. BTC dominance will return to it's pre-Bitfinex(tether) pump dominance. When the marketcap like 120 billion or lower after a few more months of pump fakes, people better not be surprised. Old money ain't leaving those billions on the table.
High Times, the venerable marijuana magazine turned media company, has been undergoing a radical transformation since an investor group led by Adam Levin acquired it about a year ago.
High Times has announced a string of acquisitions (mostly of competing marijuana publications) and expansions in the booming "canna-business" sector. It has added high-profile board members such as former Mexico President Vicente Fox Quesada. And now the company is checking off even more boxes in the game of Media-Tech Buzzword Bingo.
For the past six weeks, the parent company High Times Holding Co. (HTHC for short; get it?) has been selling shares to investors through Reg. A+, the SEC's equity crowd-funding rules. HTHC is conducting what the SEC calls a "mini IPO," raising required capital before a public offering expected later this year on NASDAQ.
The company said that more than 1,000 people have already bought several million dollars worth of its shares through the Reg. A+ process. Today, HTHC announced it would make those purchases even easier, allowing buyers to use the popular cryptocurrenciesBitcoinand Ethereum to pay for shares.
"As a company, we looked at all avenues for raising money," Levin said. "From an entrepreneur's perspective, one has to have looked at the growth in (cryptocurrency Initial) Coin Offerings and be aware of it. But we weren’t sure it was the right path for us necessarily. We believe that we are using some of the best elements of both (approaches) in now accepting cryptocurrencies."
Yes, the company is still taking good old fiat currencies from willing buyers. And even the cryptocurrency transactions will be handled by a third-party clearinghouse, FundAmerica, in much the way traditional credit-card purchases are handled for millions of merchants every day.
But opening the share sales to the two most prominent cryptocurrencies offers several possible advantages, Levin said. It makes the process simpler for some international buyers. And given the many banking headaches facing most cannabis-related companies because of conflicting state and federal regulations, cryptocurrencies can sidestep other problems facing some in the sector.
And besides, Levin said, this approach might also build bridges with a like-minded and even more buzzy community of technology investors:
"We thought this was a hybrid approach of sorts where we can allow the coin investor to invest in High Times, and allow us to embrace a community that we think shares some of the same values that High Times has had for the last 40 years."
High Times has announced a string of acquisitions (mostly of competing marijuana publications) and expansions in the booming "canna-business" sector. It has added high-profile board members such as former Mexico President Vicente Fox Quesada. And now the company is checking off even more boxes in the game of Media-Tech Buzzword Bingo.
For the past six weeks, the parent company High Times Holding Co. (HTHC for short; get it?) has been selling shares to investors through Reg. A+, the SEC's equity crowd-funding rules. HTHC is conducting what the SEC calls a "mini IPO," raising required capital before a public offering expected later this year on NASDAQ.
The company said that more than 1,000 people have already bought several million dollars worth of its shares through the Reg. A+ process. Today, HTHC announced it would make those purchases even easier, allowing buyers to use the popular cryptocurrenciesBitcoinand Ethereum to pay for shares.
"As a company, we looked at all avenues for raising money," Levin said. "From an entrepreneur's perspective, one has to have looked at the growth in (cryptocurrency Initial) Coin Offerings and be aware of it. But we weren’t sure it was the right path for us necessarily. We believe that we are using some of the best elements of both (approaches) in now accepting cryptocurrencies."
Yes, the company is still taking good old fiat currencies from willing buyers. And even the cryptocurrency transactions will be handled by a third-party clearinghouse, FundAmerica, in much the way traditional credit-card purchases are handled for millions of merchants every day.
But opening the share sales to the two most prominent cryptocurrencies offers several possible advantages, Levin said. It makes the process simpler for some international buyers. And given the many banking headaches facing most cannabis-related companies because of conflicting state and federal regulations, cryptocurrencies can sidestep other problems facing some in the sector.
And besides, Levin said, this approach might also build bridges with a like-minded and even more buzzy community of technology investors:
"We thought this was a hybrid approach of sorts where we can allow the coin investor to invest in High Times, and allow us to embrace a community that we think shares some of the same values that High Times has had for the last 40 years."
BTC will be left standing OG style. Anyone up off alts from 2017 should move into BTC if they staying in the game and maybe ride one or two top alts as lotto tickets. Notice once again another pump fake drained alts? Old money is making a killing selling bags. There won't be another MT. GOX or Bitfinex manipulation pump in time to save alts.
Eventually, folks going to realize they holding shitcoin bags and shit will get really ugly. Folks still ain't put 2+2 and realize how far the old money is up on some of these alts. We ain't nowhere near the bottom for alts. They moving to fiat and BTC. BTC dominance will return to it's pre-Bitfinex(tether) pump dominance. When the marketcap like 120 billion or lower after a few more months of pump fakes, people better not be surprised. Old money ain't leaving those billions on the table.
At what point should we buy into alts?
I want some NEO & ETH but not sure when to grab some.
Keep an eye on BTC and cost average in on #GoodAlts once BTC hits below $6000 and again once it hits $5000.
Understand that I'm operating off the research I read months back showing 1)old money dumped for $30 billion on new and 2)the two runs in 2013 and 2017 were exchange manipulation. Also, institutional money isn't coming to the rescue and buying alts retail. lol
Alts are risky business right now. Seen someone on reddit who said it perfectly. They ain't even thinking about BTC price. They looked at how much fiat their alts were worth when they dumped and only gave a fuck about Tether and BTC to pull fiat out. Folks also got all that ICO money dumping for fiat. For all the shit talked about fiat, it's still what most people seem to be after with their ALT profits.
If you going to buy alts, I recommend checking ICO prices and/or what the value was before the big runs of 2017. It will give you a better idea of what you getting into. You mention NEO. Remember, NEO was just under $1 last June. Was even cheaper in April. Also, check the ETH price from back before the run.
Mind you, if the research that I'm going on is right, ETF is great for bitcoin but won't mean shit for alts.
Pump fake from 190 million to over 220 million. Damn. This cycle so damn predictable. 
Still a lot of money to be made.
Still a lot of money to be made.
Anything new?
The highly anticipated and much awaited Wagerr Betting release is finally here. Following successful public and private testing sessions, and the integration of zWGR 2.0 updates, we are ready to fork the blockchain and enable betting functionality.
New Wagerr wallets will be available for download on September 11th, this will prepare the network for a fork at block 298386 which is approximately 6:00 PM UTC Thursday, September 13th, 2018. The latest Wagerr wallet will be available Tuesday on GitHub https://github.com/wagerr/wagerr/releases/tag/v2.0.0 (note: the link will be live starting sometime Tuesday).
The impending Mainnet fork will enable our first iteration of “Direct-Chain” betting. With “Direct-Chain” betting, users can place bets against the chain itself, and the chain will burn and mint coins as required. The “Direct-Chain” betting fee is 6% of the profit from winning bets. The Oracle portion of the betting fees will be distributed to all active Masternodes.
The 6% “Direct-Chain” fee means that Wagerr will offer some of the most competitive odds in the world for major events. Not only will Wagerr offer some of the most competitive odds in the world, it will also be accessible and usable by bettors all over the world without restriction. On September 13th Wagerr will be introduced to the world as the only application of its type, an unrestricted, globally available, provably fair betting network.
As a result of the introduction of distributed ledger technology and the Wagerr team’s incredible work building a decentralized blockchain with a functioning Oracle layer and strong economic backbone, the disruption of one of the world’s largest industries is about to begin.
Wagerr’s first Mainnet betting event will be the Canelo vs. GGG 2 boxing match taking place on Saturday, September 15th.
What better way to introduce a universally accessible, decentralized betting platform, than with a highly anticipated global sporting event! People from all over the world will tune in to one of the biggest boxing rematches of all time, and now they can wager on it securely. No matter your location, you will be able to bet on it using Wagerr.
As mentioned above, we are including more than betting functionality in this update. Anonymity is extremely important to the Wagerr team, bettors worldwide, and cryptocurrency users. This update will include zWGR 2.0, which will bring new features and security updates to zWGR. Most notably, this update will allow anonymous zWGR staking within the QT wallet. You will be able to earn staking rewards by minting and supporting the zWGR pool. Only version 2 zWGR minted after the maintenance period will be eligible for these rewards. zWGR 2.0 will also allow deterministic seed keys to be generated for your zWGR, enabling you to easily backup your zWGR outside of the wallet.dat.
The Wagerr Development Team will first proceed to implement zWGR version 2 on the Mainnet. To allow this transition to occur we have outlined a specific plan as follows:
10th September 10:00 UTC – The Wagerr Development Team will place the Wagerr Mainnet network in maintenance mode. This will disable all zWGR minting and spending temporarily. If you need to spend any zWGR, please do so before this time. Your zWGR balance will be 100% safe. Maintenance mode is planned to last two weeks but may need to be extended. Communication will come from the team when new wallets are available and maintenance mode is disabled.
Ensure you have a recent backup of your wallet.dat, as zWGR is stored in your wallet.dat and not your WGR private keys. If you are unfamiliar with the process, please refer to our guide at https://wagerr.zendesk.com/hc/en-us...ckup-and-restore-Wagerr-dat-and-private-keys#.
Time to stock up!
Not as familiar with this space as most but from what i'm noting it seems like only a few of these Alts will be left standing after the dust settles. Those alts with real pragmatic solutions to everyday transactions will remain through the next pump which will result ultimately in further shedding.
Question is which 5-10 coins offer the most practical solutions and to whatever problems they're addressing?
Money will flow back but not this cycle, imo, just not sure when. I wish I took more gains out when I had the chance bc I'm thinking what I didn't take is stuck for a good little while.
Question is which 5-10 coins offer the most practical solutions and to whatever problems they're addressing?
Money will flow back but not this cycle, imo, just not sure when. I wish I took more gains out when I had the chance bc I'm thinking what I didn't take is stuck for a good little while.
That's a hard question to answer at this stage because just about every coin out there has a solution or some sort to a problem they are trying to solve but the issue is there is no platform, just about everything is still in development. In my opinion, Wagerr has the best use case in all of crypto. In a few more days, you will be able to use the coin and take advantage of the deflationary economy that the platform offers from the volume of activity.
The highly anticipated and much awaited Wagerr Betting release is finally here. Following successful public and private testing sessions, and the integration of zWGR 2.0 updates, we are ready to fork the blockchain and enable betting functionality.
New Wagerr wallets will be available for download on September 11th, this will prepare the network for a fork at block 298386 which is approximately 6:00 PM UTC Thursday, September 13th, 2018. The latest Wagerr wallet will be available Tuesday on GitHub https://github.com/wagerr/wagerr/releases/tag/v2.0.0 (note: the link will be live starting sometime Tuesday).
The impending Mainnet fork will enable our first iteration of “Direct-Chain” betting. With “Direct-Chain” betting, users can place bets against the chain itself, and the chain will burn and mint coins as required. The “Direct-Chain” betting fee is 6% of the profit from winning bets. The Oracle portion of the betting fees will be distributed to all active Masternodes.
The 6% “Direct-Chain” fee means that Wagerr will offer some of the most competitive odds in the world for major events. Not only will Wagerr offer some of the most competitive odds in the world, it will also be accessible and usable by bettors all over the world without restriction. On September 13th Wagerr will be introduced to the world as the only application of its type, an unrestricted, globally available, provably fair betting network.
As a result of the introduction of distributed ledger technology and the Wagerr team’s incredible work building a decentralized blockchain with a functioning Oracle layer and strong economic backbone, the disruption of one of the world’s largest industries is about to begin.
Wagerr’s first Mainnet betting event will be the Canelo vs. GGG 2 boxing match taking place on Saturday, September 15th.
What better way to introduce a universally accessible, decentralized betting platform, than with a highly anticipated global sporting event! People from all over the world will tune in to one of the biggest boxing rematches of all time, and now they can wager on it securely. No matter your location, you will be able to bet on it using Wagerr.
As mentioned above, we are including more than betting functionality in this update. Anonymity is extremely important to the Wagerr team, bettors worldwide, and cryptocurrency users. This update will include zWGR 2.0, which will bring new features and security updates to zWGR. Most notably, this update will allow anonymous zWGR staking within the QT wallet. You will be able to earn staking rewards by minting and supporting the zWGR pool. Only version 2 zWGR minted after the maintenance period will be eligible for these rewards. zWGR 2.0 will also allow deterministic seed keys to be generated for your zWGR, enabling you to easily backup your zWGR outside of the wallet.dat.
The Wagerr Development Team will first proceed to implement zWGR version 2 on the Mainnet. To allow this transition to occur we have outlined a specific plan as follows:
10th September 10:00 UTC – The Wagerr Development Team will place the Wagerr Mainnet network in maintenance mode. This will disable all zWGR minting and spending temporarily. If you need to spend any zWGR, please do so before this time. Your zWGR balance will be 100% safe. Maintenance mode is planned to last two weeks but may need to be extended. Communication will come from the team when new wallets are available and maintenance mode is disabled.
Ensure you have a recent backup of your wallet.dat, as zWGR is stored in your wallet.dat and not your WGR private keys. If you are unfamiliar with the process, please refer to our guide at https://wagerr.zendesk.com/hc/en-us...ckup-and-restore-Wagerr-dat-and-private-keys#.
Time to stock up!
This sounds promising....
Oh, it is. On chain betting is a game changer when it comes to sports gambling. This is not a proposed token to use in on-line casinos. You can bet directly from the wallet. This shit is MAJOR!!!
What folks don't realize, there is like five ways to make money from WGR (bet it, stake it, Masternode, Oracle, or deflationary economy). I'm most excited about the deflationary economy. All you gotta do is sit back and watch the price go up as the betting activity goes up. If there is an instantaneous massive dump, the burn rate goes up too in order to offset the price decline.
Gary V. out here spitting that real on the current crypto climate. Can't disagree with shit he's saying. What 2017 taught me is any project in crypto worth waiting on, just ti say fuck the roadmap. It's going to be delayed on principal. Devs are delaying shit because of the newness of the tech and general inexperience. I thought Wagerr team was just some outlier shit with the delays, but it really isn't. "When moon?" "When launch?" When lambo?" is all over Discord and Telegram with these projects. I'm truly surprised Wagerr is launching so soon. They have been pretty solid with the monthly updates and testnet this year, so props to them. I was thinking early 2019, but this is like early Christmas in 2018. 2017 just set all the wrong expectations for people
GOOD WATCH!
Wagerr finally did it. 
I know use-case doesn't mean shit for price in crypto(see the price of steemit), but it's nice to have them deliver.
I know use-case doesn't mean shit for price in crypto(see the price of steemit), but it's nice to have them deliver.
I hear you, but comparing Wagerr vs Steemit, I'd give Wagerr the win because it's more practical and that gambling addiction factor is real as fuck. Plus I'll be honest, I don't get how steem is generated because of people creating content. Wagerr I at least know people are putting in fiat to buy Wagerr to bet for the most part so there's actual skin in the game when you see the value go up. I'm probably over-simplifying it though.Wagerr finally did it.
People have incentive to create content to get steem. Shit is a nice concept. It's like Brave is gaining steam. Both have nice use-cases that are active.
If folks can easily buy wagerr with fiat, it should take off.
Hurricane Victims Edge Closer to Automated Insurance Payouts With Ethereum
Michael del Castillo
Forbes Staff
Crypto & Blockchain
I cover enterprise adoption of blockchain and cryptocurrency.
A graphical representation of wind data for Hurricane Florence that could one day be used to trigger certain types of insurance pay-outs.COLORADO STATE UNIVERSITY
As Hurricane Florence barrels down on the Eastern coast of the United States a new kind of disaster relief is on the horizon.
Currently, when hurricanes and other natural disasters strike, a whole fleet of insurance professionals goes into action. From insurance adjusters and agents working for insurance companies to minimize fraud, to reinsurance companies that protect insurance companies, and retrocessionaires that look after the reinsurance companies, the entire industry starts to look a lot like a Russian doll of loss prevention.
The end result of the complicated web of professionals that stands between a disaster and a payout can sometimes be weeks or months of delays while otherwise avoidable suffering continues unchecked.
To bring some sense to that chaos, and perhaps remove a couple layers of redundancies and inefficiencies in the process, Switzerland-based Etherisc is part of a growing global effort to automate parts of the process using self-executing code, or smart contracts on the ethereum blockchain.
If successful, the work to move the insurance workflow to a shared, distributed ledger of transactions could eventually lead to the automatic pay-out of certain kinds of support. But for now, victims of Hurricane Florence now heading at a speed of 140 miles per hour towards several Eastern states will have to wait.
“We’d love to offer policies in Virginia,” said Etherisc co-founder Renat Khasanshyn, referring to one of the likely places the category four hurricane could touch down. “Yet launching a product in multiple locations is no easy task.”
Etherisc was founded in 2017, as an open source platform to help create insurance products using the ethereum blockchain. After raising $3.6 million in an initial coin offering (ICO) the early-stage startup is already helping other companies write insurance policies using the smart contract code. By plugging in data from trusted third parties for everything ranging from cancelled flights to wind speed a wide range of pay-out events could be automated.
For exmaple, in response to last year’s Hurricane Maria, an insurance policy powered by Etherisc technology is now being developed by HurricaneGuard, an insurtech startup based In Puerto Rico. At stake is more than the approximately 225,000 insurance claims that remained unresolved four months after the hurricane touched down, but an estimated 3,700 deaths that resulted from lack of access to medicine and other provisions following the disaster.
“Our plan is to begin writing policies for the next hurricane season in Puerto Rico,” said Khasanshyn.
After that, Etherisc hopes to use wind data from Colorado State University to trigger certain insurance pay-outs elsewhere around the world. “Our interpretation of the underlying numerical weather model shows that hurricane Florence will slow down its progress over the land which may cause significant losses,” said Khasanshyn.
If Hurricane Florence touches down as expected later this week it will be only the fourth category four hurricane on record to do so in the region, and is estimated to destroy as many as 759,000 homes with a reconstruction cost value of $170.2 billion.
The application of a distributed ledger used by insurance counterparites may seem far-fetched, but French insurance giant AXA has already launched an ethereum-powered flight insurance tool that automatically pays out for cancelled flights, and a consortium of the largest insurance companies in the world has formed B3i, a for-profit entity aimed at implementing a wide-range of insurance tools using the R3 distributed ledger.
As for HurricaneGuard the founders last month met with the office of the commissioner of insurance of Puerto Rico and are currently seeking a license to sell insurance in the region. In the meantime, HurricaneGuard co-founder and team lead Jonathan Gonzalez says the project is onboarding its first distribution partners and finalizing its incorporation in the state of Delaware.
“While we are definitely tracking Florence closely and running test policies,”said Gonzalez, “we can’t officially offer policies in a location without getting the required regulatory approval.”
https://www.google.com/amp/s/www.fo...utomated-insurance-payouts-with-ethereum/amp/
Michael del Castillo
Forbes Staff
Crypto & Blockchain
I cover enterprise adoption of blockchain and cryptocurrency.
A graphical representation of wind data for Hurricane Florence that could one day be used to trigger certain types of insurance pay-outs.COLORADO STATE UNIVERSITY
As Hurricane Florence barrels down on the Eastern coast of the United States a new kind of disaster relief is on the horizon.
Currently, when hurricanes and other natural disasters strike, a whole fleet of insurance professionals goes into action. From insurance adjusters and agents working for insurance companies to minimize fraud, to reinsurance companies that protect insurance companies, and retrocessionaires that look after the reinsurance companies, the entire industry starts to look a lot like a Russian doll of loss prevention.
The end result of the complicated web of professionals that stands between a disaster and a payout can sometimes be weeks or months of delays while otherwise avoidable suffering continues unchecked.
To bring some sense to that chaos, and perhaps remove a couple layers of redundancies and inefficiencies in the process, Switzerland-based Etherisc is part of a growing global effort to automate parts of the process using self-executing code, or smart contracts on the ethereum blockchain.
If successful, the work to move the insurance workflow to a shared, distributed ledger of transactions could eventually lead to the automatic pay-out of certain kinds of support. But for now, victims of Hurricane Florence now heading at a speed of 140 miles per hour towards several Eastern states will have to wait.
“We’d love to offer policies in Virginia,” said Etherisc co-founder Renat Khasanshyn, referring to one of the likely places the category four hurricane could touch down. “Yet launching a product in multiple locations is no easy task.”
Etherisc was founded in 2017, as an open source platform to help create insurance products using the ethereum blockchain. After raising $3.6 million in an initial coin offering (ICO) the early-stage startup is already helping other companies write insurance policies using the smart contract code. By plugging in data from trusted third parties for everything ranging from cancelled flights to wind speed a wide range of pay-out events could be automated.
For exmaple, in response to last year’s Hurricane Maria, an insurance policy powered by Etherisc technology is now being developed by HurricaneGuard, an insurtech startup based In Puerto Rico. At stake is more than the approximately 225,000 insurance claims that remained unresolved four months after the hurricane touched down, but an estimated 3,700 deaths that resulted from lack of access to medicine and other provisions following the disaster.
“Our plan is to begin writing policies for the next hurricane season in Puerto Rico,” said Khasanshyn.
After that, Etherisc hopes to use wind data from Colorado State University to trigger certain insurance pay-outs elsewhere around the world. “Our interpretation of the underlying numerical weather model shows that hurricane Florence will slow down its progress over the land which may cause significant losses,” said Khasanshyn.
If Hurricane Florence touches down as expected later this week it will be only the fourth category four hurricane on record to do so in the region, and is estimated to destroy as many as 759,000 homes with a reconstruction cost value of $170.2 billion.
The application of a distributed ledger used by insurance counterparites may seem far-fetched, but French insurance giant AXA has already launched an ethereum-powered flight insurance tool that automatically pays out for cancelled flights, and a consortium of the largest insurance companies in the world has formed B3i, a for-profit entity aimed at implementing a wide-range of insurance tools using the R3 distributed ledger.
As for HurricaneGuard the founders last month met with the office of the commissioner of insurance of Puerto Rico and are currently seeking a license to sell insurance in the region. In the meantime, HurricaneGuard co-founder and team lead Jonathan Gonzalez says the project is onboarding its first distribution partners and finalizing its incorporation in the state of Delaware.
“While we are definitely tracking Florence closely and running test policies,”said Gonzalez, “we can’t officially offer policies in a location without getting the required regulatory approval.”
https://www.google.com/amp/s/www.fo...utomated-insurance-payouts-with-ethereum/amp/
WGR Betting LIVE !!!
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