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

[emailtooaj]

Interesting idea here.
But let me get this strait, you are developing the U coin to offer as "security" against any malicious/failed exchanges. If any exchange is certified by the CDIC and bellies up, then the CDIC will process the claims and pay out in U coins, equivalent to holdings at time of loss?

In correlation with coin development, you are also starting up this "CDIC", as a separate business entity and will have equal access and equity along with the U coin itself.

This CDIC is not even operational yet, as quoted by the web site... "We are currently in beta while we look for additional team members and develop processes and policies."

In the OP you say that the CDIC is up, operational and as a matter of fact by stating... "While we cannot fully comment on the CDIC’s approval process or policies, we do know that the exchange must provide proof of liabilities and pass a series of penetration tests before being insured.  This ensures that the exchange is doing its job, and reassures its customers that it’s a safe place to store digital currency.  These policies are provided at $0 premium to the exchange due to the unique Crypto-Asset Backed Insurance or (CABI) system devised by the CDIC."

It also seems very precarious that the use of language style and contexts between the U coin OP and this CDIC website are eerily similar, like it was written by the same individual.

But I was thrown off when you responded to this...

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

So I have to ask myself....
Are you waiting for a response from yourself regarding the legality?

If you have nothing to do with this CDIC, then who is actually behind it? Why is there no news any where of this CDIC agency?

Any answers would be appreciated !!

[MinermanNC]

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.

Hey PM sent. don't  fall asleep reading it lol, and yes COD and especially Battlefield 

[yampi]

Poor Bob. R.I.P

[Umbrella Holdings]

"Interesting idea here.
But let me get this strait, you are developing the U coin to offer as "security" against any malicious/failed exchanges. If any exchange is certified by the CDIC and bellies up, then the CDIC will process the claims and pay out in U coins, equivalent to holdings at time of loss?"

No, only Umbrella losses are reimbursed.  Specifically, the actual amount of Umbrella Holdings at the time of loss.  (Verified through blockchain and/or POL tools at the exchange level).

"In correlation with coin development, you are also starting up this "CDIC", as a separate business entity and will have equal access and equity along with the U coin itself."

No, the CDIC is operated as it's own entity by it's respective owners.  We helped each other with different tasks during development of Umbrella (i.e. concept) and used the same web designer.  I will leave it up to them to properly introduce themselves when they launch.  No shared equity.  As far as I know they are a non-profit.

"This CDIC is not even operational yet, as quoted by the web site... "We are currently in beta while we look for additional team members and develop processes and policies."

In the OP you say that the CDIC is up, operational and as a matter of fact by stating... "While we cannot fully comment on the CDIC’s approval process or policies, we do know that the exchange must provide proof of liabilities and pass a series of penetration tests before being insured.  This ensures that the exchange is doing its job, and reassures its customers that it’s a safe place to store digital currency.  These policies are provided at $0 premium to the exchange due to the unique Crypto-Asset Backed Insurance or (CABI) system devised by the CDIC."

It also seems very precarious that the use of language style and contexts between the U coin OP and this CDIC website are eerily similar, like it was written by the same individual.

But I was thrown off when you responded to this...

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"

I never meant to imply that they are fully operational, this would also imply that exchanges are onboard.  As you stated, their website clearly states "In Beta".  No, we wrote the press release months back and figured they would be further along, some of the verbiage can be fined tuned in that release.  It has taken them a bit longer to get what they are working on in motion.  As you can imagine, they have a large hill to climb.  Most of these exchanges don't even have contact info.   

"So I have to ask myself....
Are you waiting for a response from yourself regarding the legality?

If you have nothing to do with this CDIC, then who is actually behind it? Why is there no news any where of this CDIC agency?

Any answers would be appreciated !!"

You bring up valid concerns.  No, I am not waiting on a reply from myself.  As stated above, I will leave it up to them to properly introduce themselves when they launch.  They are a new company much like ourselves and have been preoccupied.  One of their members is a patent attorney, so I know they have the legality bases covered or at least looked into.

To be perfectly clear for anyone else reading, currently NO exchanges are onboard.  The CDIC has not officially launched.

Thank you for your questions. 

[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.

Hey PM sent. don't  fall asleep reading it lol, and yes COD and especially Battlefield 

I didn't get it, you email or PM?

And yes, I have officially converted over to BF.

[smalltimer]

resident evil?

[MinermanNC]

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.

Hey PM sent. don't  fall asleep reading it lol, and yes COD and especially Battlefield 

I didn't get it, you email or PM?

And yes, I have officially converted over to BF.

Oops lol, ok I just re sent through PM sorry its late here..tired   

[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.

Hey PM sent. don't  fall asleep reading it lol, and yes COD and especially Battlefield 

I didn't get it, you email or PM?

And yes, I have officially converted over to BF.

Oops lol, ok I just re sent through PM sorry its late here..tired   

Responded.  Thanks!

[superresistant]

Umbrella Corps must be stopped.

[happeycoinlover356]

sounds great, vtc darkcoin and so on.
good idea

[tylerderden]

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.

Hell yes for Battlefield! This is an interesting concept, should be cool to watch play out. but dude i think your going to want to figure out a way to insure pos coins too? like VRC or Blackcoin?

[lediirina]

Our fees is 0%, forever, only donations
Dedicated hardware
Dedicated optical internet connection
3-way backup
We improved our security for your safe mining

http://x11-x13-pool.org/images/x11-x13.png

[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.

Hell yes for Battlefield! This is an interesting concept, should be cool to watch play out. but dude i think your going to want to figure out a way to insure pos coins too? like VRC or Blackcoin?

Thanks for your interest!  Baby steps!

===========================================================================================================================

Also, I posted this to some confused members in our other (unofficial) thread.  It may help some because I have broken it down into pretty simple steps.

I would be happy to answer any questions you have about Umbrella.  Let me give you a quick rundown, feel free to ask away.

• If you happen to mine Bitcoin, Litecoin, Vertcoin or Darkcoin then you can also mine Umbrella at the same time using merged-mining.  Merge-mining will allow you to mine Umbrella basically for free.  No loss of hash rate on the primary coin.

• Each time a block reward is earned on the network a portion automatically goes into a separate wallet held by a third-party (CDIC).  This is an automatic action that happens on the back-end.

• Once approved exchanges come online (none at time of this writing), you can hold your Umbrella Crypto's on that exchange without fear of loosing them to a hack or insolvency.

• If the exchange is hacked or becomes insolvent.  You simply fill out some information on the CDIC's website, and they will reimburse you any loss of Umbrella Cryptos.

• The block rewards that have been building up in the CDIC's fund are how losses are covered.  Our understanding is that the CDIC will have a Proof of liabilities (POL) function attached to their website.  So anyone will be able to track the fund and make sure nothing fishy is going on.  Similar to https://github.com/olalonde/proof-of-liabilities?

• The coin was designed to mitigate losses so you are not completely wiped out by an exchange collapse.  Is it perfect? No.  Is it better than no protection, we think so.  And the best part is it doesn't cost you anything if you are already mining one of those four coins (one from each major algo).

That is basically it in a nutshell.  Let me know if you have ay further questions!

Thank you

[mmm01]

interesting to say the least

[DougB62]

My post from another thread, Don't let this new concept fall prey to this.....

Hey man, to my point again, tell me this isn't a racket...

http://xan.v2.dedicatedpool.com/index.php?page=statistics&action=pool

Xanon coin released today , virtually only one pool mining it,,, yep Binaryclock and company raping the latest coin again,,, and guess what its already listed on bittrex,,, yep no voting required so long as binaryclock tells them his mega miners are all lined up, get it listed and we will be dumping the coins asap, Binary makes a butt load of money today, bittrex will make a ton, and yes all the rig renters will be cashing in, no one else can even begin to mine this coin until the feast is over and they move on to the next coin. I think you see the racket I am talking about now. Binary's little circle has destroyed any hopes for the average miner once again, its out of hand. And this shit goes on everyday, I hate to think how much these 3 groups are making. ITS ALL PRE PLANNED TRUST ME. They email they plan and execute like clockwork,,, this just doesn't happen. Plus there was no mention of this coin until today and bam its launched and guess what all the 3 players arrived on time for the kill.... If this isn't a racket I don't know what is,,, Noah was a flop for them, but they still made money just not as much...

MMNC

The players: The Pack of Wolves
Binaryclock: (dedicatedpools)
Bittrex: (jumps when binary tells them to list a coin $$$)
Rig Renters: (The email List of loyalist rig renters and mass farms loyal to binary)
Coin dev: Usually but not always

Losers: all other miners of the world and smaller pool operators and smaller exchanges that are are quite capable of doing a better job than bittrex etc.. Can we stop this? Open for any and all ideas! any good hackers out there want to help? Maybe even Anonymous hackers group?  we may need to fight fire with fire

I gotta admit - that looks very suspicious. This waddles, swims, and quacks... yep - it's a duck!

[MinermanNC]

Umbrella Corps must be stopped.

Man I luv that pic,, I watch that movie all the time! lol.... Lets give umbrella a chance to see what they come up with, The crypto world needs something new and hopefully straight up 

[Umbrella Holdings]

My post from another thread, Don't let this new concept fall prey to this.....

Hey man, to my point again, tell me this isn't a racket...

http://xan.v2.dedicatedpool.com/index.php?page=statistics&action=pool

Xanon coin released today , virtually only one pool mining it,,, yep Binaryclock and company raping the latest coin again,,, and guess what its already listed on bittrex,,, yep no voting required so long as binaryclock tells them his mega miners are all lined up, get it listed and we will be dumping the coins asap, Binary makes a butt load of money today, bittrex will make a ton, and yes all the rig renters will be cashing in, no one else can even begin to mine this coin until the feast is over and they move on to the next coin. I think you see the racket I am talking about now. Binary's little circle has destroyed any hopes for the average miner once again, its out of hand. And this shit goes on everyday, I hate to think how much these 3 groups are making. ITS ALL PRE PLANNED TRUST ME. They email they plan and execute like clockwork,,, this just doesn't happen. Plus there was no mention of this coin until today and bam its launched and guess what all the 3 players arrived on time for the kill.... If this isn't a racket I don't know what is,,, Noah was a flop for them, but they still made money just not as much...

MMNC

The players: The Pack of Wolves
Binaryclock: (dedicatedpools)
Bittrex: (jumps when binary tells them to list a coin $$$)
Rig Renters: (The email List of loyalist rig renters and mass farms loyal to binary)
Coin dev: Usually but not always

Losers: all other miners of the world and smaller pool operators and smaller exchanges that are are quite capable of doing a better job than bittrex etc.. Can we stop this? Open for any and all ideas! any good hackers out there want to help? Maybe even Anonymous hackers group?  we may need to fight fire with fire

Agreed, looks like a cartel.   Luckily we have not officially launched. Wallets are ready, hmm.  What to do...

[DougB62]

My post from another thread, Don't let this new concept fall prey to this.....

Hey man, to my point again, tell me this isn't a racket...

http://xan.v2.dedicatedpool.com/index.php?page=statistics&action=pool

Xanon coin released today , virtually only one pool mining it,,, yep Binaryclock and company raping the latest coin again,,, and guess what its already listed on bittrex,,, yep no voting required so long as binaryclock tells them his mega miners are all lined up, get it listed and we will be dumping the coins asap, Binary makes a butt load of money today, bittrex will make a ton, and yes all the rig renters will be cashing in, no one else can even begin to mine this coin until the feast is over and they move on to the next coin. I think you see the racket I am talking about now. Binary's little circle has destroyed any hopes for the average miner once again, its out of hand. And this shit goes on everyday, I hate to think how much these 3 groups are making. ITS ALL PRE PLANNED TRUST ME. They email they plan and execute like clockwork,,, this just doesn't happen. Plus there was no mention of this coin until today and bam its launched and guess what all the 3 players arrived on time for the kill.... If this isn't a racket I don't know what is,,, Noah was a flop for them, but they still made money just not as much...

MMNC

The players: The Pack of Wolves
Binaryclock: (dedicatedpools)
Bittrex: (jumps when binary tells them to list a coin $$$)
Rig Renters: (The email List of loyalist rig renters and mass farms loyal to binary)
Coin dev: Usually but not always

Losers: all other miners of the world and smaller pool operators and smaller exchanges that are are quite capable of doing a better job than bittrex etc.. Can we stop this? Open for any and all ideas! any good hackers out there want to help? Maybe even Anonymous hackers group?  we may need to fight fire with fire

Agreed, looks like a cartel.   Luckily we have not officially launched. Wallets are ready, hmm.  What to do...

Well launching into that pool of sharks will not look good no matter what - that's for sure. You'll get a lot of grief.

[Umbrella Holdings]

My post from another thread, Don't let this new concept fall prey to this.....

Hey man, to my point again, tell me this isn't a racket...

http://xan.v2.dedicatedpool.com/index.php?page=statistics&action=pool

Xanon coin released today , virtually only one pool mining it,,, yep Binaryclock and company raping the latest coin again,,, and guess what its already listed on bittrex,,, yep no voting required so long as binaryclock tells them his mega miners are all lined up, get it listed and we will be dumping the coins asap, Binary makes a butt load of money today, bittrex will make a ton, and yes all the rig renters will be cashing in, no one else can even begin to mine this coin until the feast is over and they move on to the next coin. I think you see the racket I am talking about now. Binary's little circle has destroyed any hopes for the average miner once again, its out of hand. And this shit goes on everyday, I hate to think how much these 3 groups are making. ITS ALL PRE PLANNED TRUST ME. They email they plan and execute like clockwork,,, this just doesn't happen. Plus there was no mention of this coin until today and bam its launched and guess what all the 3 players arrived on time for the kill.... If this isn't a racket I don't know what is,,, Noah was a flop for them, but they still made money just not as much...

MMNC

The players: The Pack of Wolves
Binaryclock: (dedicatedpools)
Bittrex: (jumps when binary tells them to list a coin $$$)
Rig Renters: (The email List of loyalist rig renters and mass farms loyal to binary)
Coin dev: Usually but not always

Losers: all other miners of the world and smaller pool operators and smaller exchanges that are are quite capable of doing a better job than bittrex etc.. Can we stop this? Open for any and all ideas! any good hackers out there want to help? Maybe even Anonymous hackers group?  we may need to fight fire with fire

Agreed, looks like a cartel.   Luckily we have not officially launched. Wallets are ready, hmm.  What to do...

Well launching into that pool of sharks will not look good no matter what - that's for sure. You'll get a lot of grief.

Thank you everyone for your contributions so far. I started working on Umbrella in February. Developing the concept, brand etc.  My initial thoughts were for Umbrella to be a crypto that would protect the miners. There was far too many scams and other suspect activities going on.  I will rethink how these coins are launched and get back to everyone soon.

Thank you

[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.

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

Thank you for the reply. I understand better how Umbrella work. But few things make me avoid this coin...

(Take the following as constructive critic. To keep it simple I will talk about BTC and UBTC only.)

In the way you promote your coin, many people believe that this is an insurance for their bitcoins. They think that if they buy some UBTC, you will give them back all their BTC lost. I know that through the replies in this thread you say that only UBTC will be refunded, but obviously many people are still confused. You will have a big Public Relation crisis to manage when the first protected exchange will get hacked. People will expect a refund of their full portefolio. They will riot when they will realize that only UBTC are protected!

You claim that it is a free protection. You can say it's free for me only if I mine bitcoin. However I never mined bitcoins. I only mined altcoins that I sold for BTC. I also gain BTC via investment like in BTCJam, etc. I don't know the stats but I guess that the majority of bitcoins' owner never mined them. So for someone like me, the only way to get UBTC will be to buy them.

Now, what's the point to buy UBTC? I can't buy anything, I can't gamble them (you say you have no plan for that). It's seem to me that the only purpose of UBTC is to store them in exchange and wait to get hacked (LOL). IF UBTC would be a real insurance for my bitcoins, that would be different. That would be a great motive to purchase them. That's why I gave the example of Jack. Better to keep part of your fortune in different basket, rather then buy UBTC.

In short, your target consumer is probably the big bitcoin mining farm but you promote the coin to every bitcoins' owners. To me, this is a wrong move.

And finally, the CDIC thing is really not clear. Like others, I can't help to think that you are more closely affiliated than you claim. The CDCI's website do not look serious. It do not inspire confidence. No name, no adresse, no proof that they comply with the laws.