[ANN] Ʉ Umbrella | Insured Cryptocurrencies | BITTREX | Litecoin Insurance

[djm34]

insured against what ?
at least the scammer dev put a lot of effort into the OP...
Ok this is just a multi-algo coin with too many words and pictures on the OP (dev should save that for his website)

[AtlasONo]

lol. This isn't insurance. This is holding a percentage of your investment in an altcoin

[aleandromagno]

Interesting..

[enjoi]

Looks interesting, but DAMN, thats a lot to read! I'll have to come back to this when I've got some more time to soak it all in!

[Umbrella Holdings]

Bounties should be up by late tonight PST.  Getting a lot of inquiries, thank you for the interest.  Looking forward to working with you all.

[xibeijan]

So your solution is entirely centralized?

[Umbrella Holdings]

So your solution is entirely centralized?

Entirely?  Please read the post before posting.  A portion is centralized by a governing third party (insurance portion).  Someone needs to investigate and make a determination on reimbursement of lost or stolen funds (claims).  I think many miss the point of decentralization.  The POW portion just like Bitcoin or Litecoin is decentralized.  You may choose to skip the insured portion of Umbrella entirely,  that is up to you to determine.  I find it odd that the majority of people hold or trade their money on exchanges and not one is decentralized.

[holepunch]

interesting idea, look forward to more info

[StephenJH]

"pre-allocation"... oh lordy, creative Semanticists.
There is already a term it's called "pre-mine".

[mishax1]

"pre-allocation"... oh lordy, creative Semanticists.
There is already a term it's called "pre-mine".

+1

2% pre-mine and everyone else gets their coins at a VERY slow rate..

[sang]

Cold storage is provided free of charge by the CDIC.  Paper wallets are stored in a class TRTL-30 - 4,875lb safe.  Safe is located in a secured undisclosed data center.

Haha who puts a safe in a data center. What the f---. Is your safe rack mountable? :-P

[Umbrella Holdings]

Cold storage is provided free of charge by the CDIC.  Paper wallets are stored in a class TRTL-30 - 4,875lb safe.  Safe is located in a secured undisclosed data center.

Haha who puts a safe in a data center. What the f---. Is your safe rack mountable? :-P

I can ask them for more information if you have a specific question.  My initial thoughts would be to store sensitive backups for clients or other data that would go along with operating a data center? To be honest I am unsure, just speculating.

[Rotten]

"pre-allocation"... oh lordy, creative Semanticists.
There is already a term it's called "pre-mine".

+1

2% pre-mine and everyone else gets their coins at a VERY slow rate..

I'm also concerned and curious as to why the pre-mine was deemed necessary.

[Rotten]

Cold storage is provided free of charge by the CDIC.  Paper wallets are stored in a class TRTL-30 - 4,875lb safe.  Safe is located in a secured undisclosed data center.

Haha who puts a safe in a data center. What the f---. Is your safe rack mountable? :-P

I can ask them for more information if you have a specific question.  My initial thoughts would be to store sensitive backups for clients or other data that would go along with operating a data center? To be honest I am unsure, just speculating.

I saw a very specific question.  Is the safe rack-mountable?

In my opinion, a completely off-line, highly-secured vault seems more appropriate, and safer from the casual prying eyes of unwarranted government.

[Umbrella Holdings]

"pre-allocation"... oh lordy, creative Semanticists.
There is already a term it's called "pre-mine".

+1

2% pre-mine and everyone else gets their coins at a VERY slow rate..

I'm also concerned and curious as to why the pre-mine was deemed necessary.

2% Pre-mine / Pre-allocation / Reserved funds / Designated funds / whatever, it all means the same.

. 5% Donation to the CDIC for their work. .5% going towards bounties and newly found team members. Founder gets 1% to continue developing the products and brand.  We have a very ambitious roadmap which was briefly outlined in our announcement.  These types of endeavors require capital.  We are in this for the long haul and running it like a business under (Router Research Inc.).  Pump and dump, latest algo or meme seeking individuals look elsewhere.

[anderl]

So an exchange closes and I lose 10BTC trading there.  I file a claim and get back the equivalent value of UBTC but no BTC.

So I guess I would sell the UBTC for BTC to get back my BTC and move on.

Oh but wait.  Not only I but 300 other people lose a total of 5000BTC on that exchange.  We all get UBTC

We go to an exchange and trade our UBTC for BTC and UBTC price collapses and makes UBTC near worthless.

So who would really buy UBTC then.  If everyone would be selling it after claims why would I ever invest in it as a long term holding it would be a huge risk.

Dunno this whole secondary asset coin thing is already proving to be a failure before it even launches. 

[Umbrella Holdings]

The tshirt are very very nice, i like buy 

You can get one for free. Tweet your favorite exchange about us and use #umbrellacryptos

Thanks!

[Umbrella Holdings]

So an exchange closes and I lose 10BTC trading there.  I file a claim and get back the equivalent value of UBTC but no BTC.

So I guess I would sell the UBTC for BTC to get back my BTC and move on.

Oh but wait.  Not only I but 300 other people lose a total of 5000BTC on that exchange.  We all get UBTC

We go to an exchange and trade our UBTC for BTC and UBTC price collapses and makes UBTC near worthless.

So who would really buy UBTC then.  If everyone would be selling it after claims why would I ever invest in it as a long term holding it would be a huge risk.

Dunno this whole secondary asset coin thing is already proving to be a failure before it even launches. 

Again, this remains to be seen as something like this has never been done before. Multipools dump mass amounts of currency daily. Some argue this destroys the coin, others say it creates liquidity and is needed.  Umbrella is a risk management strategy, if the asset fluctuates in price, this needs to be taken into consideration if you are holding it.  Obviously we would all love if it maintained a secured ratio, but given its architecture is not possible.

In my opinion it boils down to mitigating my losses.  If I get  wiped out by an exchange collapse, at least I didn't loose everything. Oh, and by the way it didn't cost me anything because I was already mining Litecoin. 

We took into account large claims, this is why we made the coin scarce and it's supply slow and steady.  Hopefully the work the CDIC plans on doing with the exchanges helps weed out the shady ones and claims remain far and few.

Edit: Just read your post again. You can only file a claim for what you had or lost (UBTC).  So if 300 people were all holding Umbrella and lost it, that would be the claim.   

[deftonikus]

Umbrella reminds me of Resident evil.
I dont really get how concept would work, but I will be watching.

[biohammer]

Who is the CDIC?   Is it a legal entity?  Is it an unlicensed insurance company?   You know you cant offer insurance unless your a licensed insurance company registered in every State in the US you intend to offer it in Right?     I dont get it   you cant just  "Be an Insurance Company"    There are a multitude of laws you would be breaking in the US.    Explain this.     Insurance is a highly regulated field  and that applies to all insurance offerings ....   Crypto may not be regulated  But I assure you insurance is.    And since it seems the "CDIC" may be NEW York based your in for a world of trouble.