Topic: [ANN] Ʉ Umbrella | Insured Cryptocurrencies | BITTREX | Litecoin Insurance - page 46. (Read 145901 times)

Still no pools?

I would like to addresses some of the FUD or plain ignorance going on here.  Taken from our other (unofficial thread).

First of all, the FDIC is not an actual government agency.  Even though the name "Federal" is used in the corporations name!  Imagine that!

"An independent agency of the federal government, the FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s. Since the start of FDIC insurance on January 1, 1934, no depositor has lost a single cent of insured funds as a result of a failure.  The FDIC receives no Congressional appropriations - it is funded by premiums that banks and thrift institutions pay for deposit insurance coverage and from earnings on investments in U.S. Treasury securities." Taken from FDIC website.

The CDIC is it's own entity, we did not come up with the name.  Sorry.  The company is pre-launch and working behind the scenes...maybe that's why no one has heard of them yet..?

Secondly, this is far from traditional insurance.  Yes, these cryptos share some similarities to insurance, but the means and how they function are vastly different.  They use POW and Block Rewards as collateral to secure losses.  Which, by the way do not exist yet because the coin is pre-launch!

They claim Insurance Fraud.  We are pre-launch and take no money from investors.  We are anti IPO as well.  Seriously? Fraud?  Who are we defrauding?

They threaten to forward this thread to insurance and government regulators.  Have fun with that one!  If they could even understand what they are reading, I'll get back to you with their response.  Which should be in about 5 years, give or take a year of course.

They say we can't back up what we claim.  Watch us

Also, thank you for the second thread in the Ann section of the forum.  We noticed a slight bump in our metrics in regards to clicks.

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.

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 

interesting to say the least

Thanks for your interest!  Baby steps!

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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.

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?

sounds great, vtc darkcoin and so on.
good idea

Umbrella Corps must be stopped.

Responded.  Thanks!

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

resident evil?

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

And yes, I have officially converted over to BF.

"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.