Have you visited our website?

Robert, you're going to have to post actual links. I perform professional investment due diligence for a major hedge fund and simply saying something exists without actual links or proof isn't going to cut it.

I'm still not finding any results for 'umbrella' on coinssource. I would suggest posting a link if you can find it there.

http://www.coinssource.com/trust-index/  Look for the little search bar.  Type in "Umbrella" no quotes and it will find us.

Also, that link to the 'reimbursement' had nothing to do with him having owned ULTC it seemed. Correct me if I'm wrong but he had BTC stolen, not ULTC, and therefore he wasn't paying any 'premium' per se, you basically donated 1.2 BTC to him to use as a marketing example more than anything, yes? So basically no ULTC holders have been reimbursed for ULTC loses as a result of theft. Hence, this is still a concept that hasn't been put into action.

We have had Atomic https://www.atomic-trade.com as one of our insured exchanges.  No claims have been opened thus far.  We just brought on Poloniex https://poloniex.com/ a couple days ago.  No claims have been opened thus far.  With no claims in 2 months of operation, I was a bit anxious to show how Umbrella worked and used the recent loss which I happen to come across one night as an example of what we can provide.  This is all proof of concept, just like Bitcoin.

Also, State of Delaware sites aren't pulling up any results for Router Research or the file number you included. I tried searching just before their 'business hours' ended just now and I'll try again tomorrow though.

https://delecorp.delaware.gov/tin/GINameSearch.jsp  Yes, you are unable to search corporate entities past business hours.

Still love the concept and definitely see exchanges starting to use your services as a marketing tool to get traders to go to their exchange.

This is the idea, shake out the weak exchanges. 

Very curious to see what 'limited amount' of insurable amounts and accounts will be possible. I mean obviously there's no way you could have survived a MintPal-type event if you insured every DRK-holder or BTC-holder for example, however I can definitely see traders clamoring for your services if you only had a select few trading accounts which were reimbursed.

Initial Litecoin insurance is capped at 200LTC which is a couple of BTC.  Not much, but we do plan on scaling, this will happen as marketcap climbs.

Thanks

Hello Jesse Livermore,

Let me give these a stab...

Issues:
-Can't find the coin on coin source site and on OP it says physical letter from them to you is pending (that was 3 months ago)

The listing is about 3 pages back, only because we were the first ones to register and get verified.  Coinssource was very speedy with the address verification and we got moved from 6/7 to 7/7 stars the same week.



-no ULTC holders have actually been made whole yet (ie proof of concept is still concept)

Not sure what you mean by made whole? Do you mean reimbursed? If so, here is one example: http://umbr.la/inSured

-no clarity on who exactly this Dev is

-no clarity on how exactly this concept will NOT get taken advantage of by fraudsters (ie if my Bittrex is hacked and all my ULTC stolen how exactly do I prove that someone stole it versus me just transferring it to another address and claiming I was victim of theft)

How do regular insurance companies stop fraud?  They don't, they mitigate risk to the fullest extent.

Risk management is a top priority and so is fraud prevention.  This is where the investigation takes place and there is good log management in place to help paint the picture.  When a breach occurs, the exchange knows and will work with us to supply us the information we need.  This is why we only work with exchanges who we can trust.  We will eventually have a SIEM in place that sends us logs in real time.  In the case of a complete disaster, like the exchange disappearing from the face of the earth this type of system would be invaluable.  The individual opening the claim should have all the supporting documentation like emails, or possible password resets available for us to see. 

We do everything in baby steps.  We are only going to insure a limited amount of customers to start and we are capping the total amount insurable.  Will there be some growing pains along the way?  I imagine so...

-reading back through thread this Dev has somewhat of a history of getting hopes up without follow through (UBTC and other coins launching).

I take full responsibility for Umbrella-BTC not being launched on time.  I jumped the gun on announcing it only because the coding has been completed.  I am a firm believer in extended beta times, especially after what hapend during the ULTC launch.  I want a smooth, bug free launch and I want it to be a success.  If it needs to be delayed a few months so I can relesase it bug free with more features I am going to do that.  I can say that we have a firm commitment from Poloniex for a launch day listing which is a plus.  So again, I apologize but it will be worth the wait.

-'Router Research, Inc' from Umbrella's home page doesn't seem to exist according to State of California Secretary of State company search site, perhaps it's under a different name?

ROUTER RESEARCH INC. - Incorporated in the State of Delaware - File# 5327054

All-in-all, ULTC is getting more and more attention by leading the BTC volume on Bittrex each day and so far Dev hasn't abandoned ship yet with the rise in price so it's worth a small gamble for traders.
JL

We are just getting started and have a long road ahead of us.  There will be ups and downs, price corrections, swings, product delays etc...but we will stay committed.  Also, we are looking for good people to join the team.  Anyone who is interested PM me please.

The mother thread for general discussions and one for the cryptocurrency Umbrella-LTC (ULTC).  This was decided by the community to cut down on confusion.  Sorry

New Article!

http://umbr.la/Bitcoinist

New Article!

http://umbr.la/Bitcoinist

Dev aside, speaking from a technical perspective the chart indicated a correction was coming.  It was very obvious, are you trying to indicate that you were able to see something the rest of us missed?

All cryptos rise and fall, even Bitcoin.

Trade smart, set your stops. 

Press Release.

http://umbr.la/PressR2

Press Release.

http://umbr.la/PressR2

Thank you, I will reach out to them again!

As mentioned some time ago, we will be bringing the insurance portion back in house.  The CDIC will be out of the picture very soon.  We feel with a board and a dedicated team, we can accomplish the same thing minus the trust/identity issues.  Board members will be vested individuals, so basically anyone will be able to have a voice in the community.  I am also considering making voting board members Coinssource verified.  I went through this process and received 7/7 stars, I think it adds a lot of value.

As discussed earlier in the thread, the premine was 2% minus .5% for the CDIC.  With 1.5% remaining I paid out over 60K in various bounties to help with distribution.  There was also a bug in the split reward where I had to use a large portion of the premine to reimburse the insurance fund.  I have a few thousand coins left, nothing major.  I paid bounties that were very generous which is fine in my book. People who hustle and work hard deserve to be rewarded.  If this coin launched without a premine it would have died months ago.

In the case of a loss, protection of our assets would be a top priority.  If the loss is genuine and you were on Poloniex, you followed the procedure to tag your claim and all the numbers and dates match then you would be reimbursed.  We make a best effort to gather as much information as we possibly can by requesting logs and/or aiding in the investigation, that's just good business.  

We have reduced our risk to an acceptable level and we are capping the amount of insurance you can buy during the beta run, full insurance details will be released soon.  


Keeping your coins under the mattress may work well for you, I believe this was the preferred method of storing money before insured banks came along...

Might I add they are an insured exchange.  We welcome them.

Also, just donated .25 BTC.  Great job with the site.  Been using it for months.

Hello,

Any way to get this fixed? 

• The coin is scrypt mined

• Total Money Supply is incorrect. Actual supply taken from wallet as of 10-22-14 (389,450).

https://www.youtube.com/watch?v=S5PvBzDlZGs

 

New Milestone.  It's actually a bit higher but there is an issue with coinmarketcap, our total coin supply is nearing 400,000.

Bi-Weekly Update:

A couple things going on right now that I want to share.

• We are in talks with 2 large pools to get added very soon.  This should put us on target for our 400GH/s goal by end of year.  This will put us in the top 3 for the most mined scrypt coin.

• We are also starting to accept applications for voting and non-voting board members.  These are the people who will make the decisions and help to shape the future and brand of Umbrella and it’s products.  Members and non-voting members will get monthly invites to our meetings.  Umbrella believes in community involvement to better extend our services and make them accessible to more people.  We can only reach this goal as a team.

• Prerequisites: Members need to be holding 750ULTC, while voting members need to be holding 1500+ULTC.

• Apply for admission on our website http://umbrella.holdings

• As some of you may have heard, we will be opening up Umbrella-LTC to cover Litecoin losses starting in November.  This is a huge undertaking and an industry first.  We are committed to making crypto safer and more accessible.  Board members get early access to this beta run.  More on the beta program and Litecoin insurance later this week.

• We still have the bounty program going on for those that can get us on large pools.  Up to 1 BTC is being offered depending on the amount of hash the pool manages.  Payable in Umbrella-LTC or Bitcoin.

• Also, we did some good last week and really showed what Umbrella can do.  If you missed the reimbursement, read it here: http://umbr.la/inSured

More to come later this week!

Bi-Weekly Update:

A couple things going on right now that I want to share.

• We are in talks with 2 large pools to get added very soon.  This should put us on target for our 400GH/s goal by end of year.  This will put us in the top 3 for the most mined scrypt coin.

• We are also starting to accept applications for voting and non-voting board members.  These are the people who will make the decisions and help to shape the future and brand of Umbrella and it’s products.  Members and non-voting members will get monthly invites to our meetings.  Umbrella believes in community involvement to better extend our services and make them accessible to more people.  We can only reach this goal as a team.

• Prerequisites: Members need to be holding 750ULTC, while voting members need to be holding 1500+ULTC.

• Apply for admission on our website http://umbrella.holdings

• As some of you may have heard, we will be opening up Umbrella-LTC to cover Litecoin losses starting in November.  This is a huge undertaking and an industry first.  We are committed to making crypto safer and more accessible.  Board members get early access to this beta run.  More on the beta program and Litecoin insurance later this week.

• We still have the bounty program going on for those that can get us on large pools.  Up to 1 BTC is being offered depending on the amount of hash the pool manages.  Payable in Umbrella-LTC or Bitcoin.

• Also, we did some good last week and really showed what Umbrella can do.  If you missed the reimbursement, read it here: http://umbr.la/inSured

More to come later this week!

New Article!

http://fuk.io/october-2014-report-best-altcoins-and-cryptos-to-mine-and-invest-in-for-high-profits/