2000 sats \ 1 reply \ @DeltaClimbs 29 Aug 2023 \ on: I'm Rob Hamilton Co-Founder & CEO of AnchorWatch AMA bitcoin
Since the Trident wallet is open source, what prevents other companies from offering insurance in the same way and undercutting on price, and if it's regulatory barriers, would that apply to incumbents as well?
You mention institutions, but will you market your services to individuals with high net worths, and will you disclose to them that using their services ensures they are doxxed and increasing the odds that they end up getting shot in the head by an organized criminal organization? -- any plans to offer insurance to also protect against that, and then of course, how do you resolve the conflicts of interest that emerge in wanting demand to stay high?
What if Trident Wallet is ridiculously good that no one ever loses Bitcoin again and demand for insurance vanishes?
Do you anticipate your company will survive hyperbitcoinization?
We will be launching an open source coordinator to be help recover funds if we cease to exist, but the entire wallet stack as launched won't be open source. As for competitors, we'll have a first mover advantage on loss data, so we will better be able to underwrite the risk.
Just like any other insurance product, we need to know the counterparty in the transaction. If someone wishes to keep their bitcoin holdings entirely private, I'd recommend not telling a single person about you holding the bitcoin. We are laser focused on our initial product of cold storage insurance, but open to adding other lines as we see traction.
I don't see conflicts of interest around keeping demand high, custodians continue to exist with high demand, this is providing a better financial wrapper to provide those assurances with insurance.
If trident, or the use of miniscript in general makes it such that bitcoin loses trend to 0, over time the risk will be appropriately priced and people will have more affordable premiums as that is validated by the actuarial models.
I sure hope it can survive! There will be insurance of some form, as pooling risk is something that predates fiat by hundreds of years, it'll take on some form of existance even in a post hyperbitcoinzied world.
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