If I ever lost my mind and decided to use a custody solution, it would only be under following conditions:
- 110% guarantee I’d be reimbursed in BTC for loss of any kind
- Instant access/withdrawal
- Flat fee in and out, irrespective of balance/transaction size
- Non KYC
You’ll never get 100% guarantee (insurance) and no KYC.
If you had instant access, you don’t have cold storage keys, so pick between delays and security.
Just offering up the terms for my business.
Not possible? Too hard? Or less lucrative?
By instant, I mean next block.
What capital provider (insurer) is going to underwrite risk to an unknown entity?
As for next block access - if you can sign with your keys a bitcoin transaction to be broadcasted before the next block, your keys are not in cold storage AND/OR they are way too accessible which will impact security.
You would be the one signing the transaction on the way out. You have custody at that point, right?
Or we just talking about another collaborative service?
No, I'm asking you who with a pool of capital, who has unlimited opportunities to put that capita to work, would chose to underwrite risk of an unknkown person. Don't think about it from your shoes for a moment, think about it from the person who'd be paying the guarantee.
Wouldn’t you hold your own insurance against the coins in your custody?
If you fuck up, you make a claim against your policy and make your customer whole.
In terms of KYC, what about knowing my name, email, phone, address etc. makes me risk assessable?
I’m going to assume it means they can hold you accountable via the legal system in the event of fraud
One that backs their own storage/security procedures?
