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

[jztxeno]

such well designed things always reminds me of the big edgecoin scam, meh.

[Umbrella Holdings]

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.

I will pass on this message and ask them for a statement.

Thank you

[Umbrella Holdings]

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.

I will pass on this message and ask them for a statement.

Thank you

Same kinda response EDG gave - I'll have to get back with you


Can't wait for the PSW locked "wallets" that do nothing....

Edgecoin was an IPO scam.  If you read our FAQ before posting, it was stated that we do not support or believe in IPO's.

[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.

I will pass on this message and ask them for a statement.

Thank you

Well I will await Your response regarding "Insurance"   Because you have to prove and get approved by insurance commissions   and part of that is proving you have the financial means necessary to cover all insured parties.  So don't claim you are offering insured assets if you are not an insurance company  and I believe YOU ARE NOT.   If you think there is some way around this requirement  please post your Legal Representatives contact info so that your claims can be verified .... Other wise this is not only a scam  but an illegal one which means your privacy on the domains you set up can be breached by the Attorney general and you may be prosecuted for fraud.    You should really get some legal advice from an Attorney before making this kind of public offering and claim.    Crypto is one thing and Insurance fraud is another.   

[worldtreasurefinders]

While Umbrella cannot reimburse your loss of the overlying currency, through the CDIC, we can reimburse any loss of Umbrella currencies as incurred by the exchange.

So you're not actually providing insurance for BTC/LTC/etc, just for your "umbrella" version of the coin. So the only link to actual BTC/LTC/etc is in the name of your coins. Why not just call it insurancecoin and drop the pretense of any actual link to other coins?

[qiwoman2]

Interesting Coins will like to see how it pans out..

[Umbrella Holdings]

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.

I will pass on this message and ask them for a statement.

Thank you

Same kinda response EDG gave - I'll have to get back with you


Can't wait for the PSW locked "wallets" that do nothing....

Edgecoin was an IPO scam.  If you read our FAQ before posting, it was stated that we do not support or believe in IPO's.

Oh I read it.....

But posing as an Insurance Company is gonna get you Federal Prison Time, after you lose everything you have.

This scheme will never work.

As the point was made before - I lose my coins - you give me UDRK that will be worth nothing because 1000's of other people will be dumping UDRK UBTC ULTC and UV.......... because they all lost coins also

This is a lost cause from the get go......

We have coined the term Cryptsurance to describe the market we are creating.  We have used the term "insurance" to help the community better understand what we are offering since there are some similarities.  We are pioneers in this new market with no other players.

This is where we differ from traditional insurance, POW will create the assets which will back claims. 

While we wait for regulation to come, we will be pushing forward with our work.  Thank you for your concern, the feds know where to find us.

I have forwarded on the original message to the CDIC.  We should hear something back in a couple days.

The wonderful thing about this industry is the abundance of cryptocurrency offerings. 

Thank you

[provenceday]

watch this.

[Kooness]

such well designed things always reminds me of the big edgecoin scam, meh.

edgecoin's dev has been killed by someone.

[Umbrella Holdings]

While Umbrella cannot reimburse your loss of the overlying currency, through the CDIC, we can reimburse any loss of Umbrella currencies as incurred by the exchange.

So you're not actually providing insurance for BTC/LTC/etc, just for your "umbrella" version of the coin. So the only link to actual BTC/LTC/etc is in the name of your coins. Why not just call it insurancecoin and drop the pretense of any actual link to other coins?

Taken from our FAQ.

Why release multiple cryptocurrencies, huh?
We took notice of the gargantuan amount of hash pointed at Bitcoin, Litecoin, and other popular cryptocurrencies.  We were not looking to compete with these giants.  We didn’t believe our currency would displace dominant industry leaders with large followings, large cash influx, and entire ecosystems built around them.  We had to be honest with ourselves and figure out a way to coexist with them.  Coming from a use-case perspective, we knew we had something unique that would bring value to the ecosystem.  By taking the secondary, or auxiliary blockchain role, we would allow ourselves to break into a large market with the path of least resistance.  By not forcing the miner to sacrifice his hash for Umbrella, we feel we have put ourselves in the best position to succeed.  Choosing one leader from each algorithm allows almost anyone access to Umbrella, no matter what they mine.

 

[edgar]

https://bitcointalk.org/index.php?topic=689836.0

[Umbrella Holdings]

There have been a number of posts claiming scams.  I have deleted them because they are baseless.  The coin has not even launched yet!

If there is some hard evidence to prove this is a scam, then post it.  If not, it's just FUD.

There have also been a number of threats on many levels, which I find amusing.  We will not let this deter us.  We will continue our work because we know trust is earned. 

So continue wasting your time, start your own threads and help promote us!

Thank you

[liu405]

too complicated ,don't like it 

[MinermanNC]

If you have anything to do with "dedicatedpools" when it comes to the mining part, myself and thousands of others will surely consider your coin just another mine and dump shit coin and will not be associated with it. Please don't ruin your coin and reputation and watch who you associate with if you really are genuine about this coin concept and want steady long term growth and participation. Matter of fact you should make this coin a Fair Distribution Currency (coin) FDC and make sure you bring in the whole mining community and not just a very small percentage at launch,,, beware. Remember you only have one chance to make a first good impression.  

Edit: Should you decide to do FDC let me know as I may be able to refer someone to you that could help in the pool environment to manage hash and make it evenly distributed to the masses and not just a select few.

Suggestion: Put it up for a vote for FDC, let the community decide while its early in he game. Could be the best move you will make in the long run.

If you are simply out to make a fast buck at launch, and that's it.... then disregard all I have said and go the other route.

[Umbrella Holdings]

If you have anything to do with "dedicatedpools" when it comes to the mining part, myself and thousands of others will surely consider your coin just another mine and dump shit coin and will not be associated with it. Please don't ruin your coin and reputation and watch who you associate with if you really are genuine about this coin concept and want steady long term growth and participation. Matter of fact you should make this coin a Fair Distribution Currency (coin) FDC and make sure you bring in the whole mining community and not just a very small percentage at launch,,, beware. Remember you only have one chance to make a first good impression.  

Edit: Should you decide to do FDC let me know as I may be able to refer someone to you that could help in the pool environment to manage hash and make it evenly distributed to the masses and not just a select few.

Suggestion: Put it up for a vote for FDC, let the community decide while its early in he game. Could be the best move you will make in the long run.

If you are simply out to make a fast buck at launch, and that's it.... then disregard all I have said and go the other route.

PM sent.

[Vitalogy]

Example: John owns 1 BTC and an equal amount (in value) of Umbrella-BTC.  Bob owns 1 BTC.  Both are held on Exchange XYZ.  Exchange XYZ fails and declares bankruptcy protection.  John opens up a claim to the CDIC and gets his Umbrella-BTC returned to him.  John is still out 1 BTC, but not completely wiped out by the exchange collapse.  On the other hand, Bob has lost all his money and has no where to turn for help.  He posts a sympathy thread on reddit hoping for donations :-(

You forget Jack. Jack hold 2 BTC. He keep 1 BTC on Exchange XYZ. Unlike John he never heard about Umbrella-BTC. So he keep another 1 BTC in his own wallet (outside the Exchange XYZ). The Exchange close. Jack lost exactly 1 BTC. He is mad but at least he now he still hold 1 BTC. Meanwhile, John is worried. John is not sure if his claim for the lost Umbrella-BTC will be accepted. Also he has no idea of it's value. He wonder if he lost more than 1 BTC.

[MinermanNC]

If you have anything to do with "dedicatedpools" when it comes to the mining part, myself and thousands of others will surely consider your coin just another mine and dump shit coin and will not be associated with it. Please don't ruin your coin and reputation and watch who you associate with if you really are genuine about this coin concept and want steady long term growth and participation. Matter of fact you should make this coin a Fair Distribution Currency (coin) FDC and make sure you bring in the whole mining community and not just a very small percentage at launch,,, beware. Remember you only have one chance to make a first good impression.  

Edit: Should you decide to do FDC let me know as I may be able to refer someone to you that could help in the pool environment to manage hash and make it evenly distributed to the masses and not just a select few.

Suggestion: Put it up for a vote for FDC, let the community decide while its early in he game. Could be the best move you will make in the long run.

If you are simply out to make a fast buck at launch, and that's it.... then disregard all I have said and go the other route.

PM sent.

Hey got it and will respond very soon.
THX

[Umbrella Holdings]

Example: John owns 1 BTC and an equal amount (in value) of Umbrella-BTC.  Bob owns 1 BTC.  Both are held on Exchange XYZ.  Exchange XYZ fails and declares bankruptcy protection.  John opens up a claim to the CDIC and gets his Umbrella-BTC returned to him.  John is still out 1 BTC, but not completely wiped out by the exchange collapse.  On the other hand, Bob has lost all his money and has no where to turn for help.  He posts a sympathy thread on reddit hoping for donations :-(

You forget Jack. Jack hold 2 BTC. He keep 1 BTC on Exchange XYZ. Unlike John he never heard about Umbrella-BTC. So he keep another 1 BTC in his own wallet (outside the Exchange XYZ). The Exchange close. Jack lost exactly 1 BTC. He is mad but at least he now he still hold 1 BTC. Meanwhile, John is worried. John is not sure if his claim for the lost Umbrella-BTC will be accepted. Also he has no idea of it's value. He wonder if he lost more than 1 BTC.

Yes, this is a very good example of risk mitigation.  We would encourage everyone to be like Jack!  For those who aren't, they can use Umbrella to help mitigate some of the risk.  We never said this system was perfect, but if I am already mining Bitcoin, Litecoin, Vertcoin or Darkcoin then it costs me nothing to merge-mine Umbrella.  There is no reduction of hash-rate on the primary coin you are mining.

Any way you slice it there is no Cryptocurrency offering what Umbrella can.  What if Jacks laptop crashes, gets hacked, stolen, his private keys get lost..?  Oh, and the exchange happen to skip town.  You hear about these types of events on a daily basis.  We are not here to convince anyone to use our Cryptos.  Like we stated, we are here for the long haul and look forward to bringing some value to the community.
 
Thank you

[johnd7]

It looks cool to me. It also reminds Resident evil. Or am i the only one who thinking on this.

[Umbrella Holdings]

It looks cool to me. It also reminds Resident evil. Or am i the only one who thinking on this.

LOL, I honestly never played resident evil.  I am more a COD/Battlefield guy.