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Will Bitcoin's Libertarians Pay for Private Deposit Insurance?

As a journalist, Ryan Selkis had his big moment last week when he got his hands on a document purporting to show that Mt. Gox, once the world’s largest Bitcoin exchange, had lost about $400 million worth of the digital currency, leaving its customers with little chance of recovering their lost funds. Because he is an entrepreneur, Selkis’s focus has been on a product that would presumably have been very helpful in just this situation: insurance for Bitcoin accounts.

He is the founder of Inscrypto, which is still in a private testing period, and he declined an interview request because he didn’t want his reporting on Mt. Gox’s troubles to seem self-interested. Inscrypto’s website describes the company as “Bitcoin’s privately funded, decentralized version of the FDIC. We help you reduce or completely eliminate the risks of owning Bitcoin.”