Topic: [ANN] Ʉ Umbrella | Insured Cryptocurrencies | BITTREX | Litecoin Insurance - page 47. (Read 145887 times)

Poor Bob. R.I.P

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

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...



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 !!

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

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

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

Hey got it and will respond very soon.
THX

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.

PM sent.

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.

too complicated ,don't like it 

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

https://bitcointalksearch.org/topic/ann-umbrella-yet-another-waste-of-resources-bullshit-crapsurance-689836

Taken from our FAQ.



 

edgecoin's dev has been killed by someone.

watch this.

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

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

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?

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.