Topic: [ANN] Ʉ Umbrella | Insured Cryptocurrencies | BITTREX | Litecoin Insurance - page 49. (Read 145887 times)
July 12, 2014, 09:01:58 AM
Interesting..
July 12, 2014, 08:07:08 AM
lol. This isn't insurance. This is holding a percentage of your investment in an altcoin
July 12, 2014, 05:55:05 AM
insured against what ?
at least thescammer 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)
at least the
Ok this is just a multi-algo coin with too many words and pictures on the OP (dev should save that for his website)
July 12, 2014, 05:50:49 AM
It looks good. But how we can be sure than the preallocation will be not dumped and everything is a scam again?
July 12, 2014, 05:23:39 AM
How much it´s the bounty for promotional video?
July 12, 2014, 05:09:06 AM
The tshirt are very very nice, i like buy 
July 12, 2014, 04:55:33 AM
I will read it closer! 
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July 12, 2014, 12:42:25 AM
wow,interesting,keep an eye on this umbrella.
July 12, 2014, 12:31:47 AM
Let's put all the speculations and questions aside for a sec and let's focus on the fact they are launching 4 fucking coins!
So 4 flavor, all merged-mined... it's not 4 ways to mine a coin, it's 4 different coins! What gives??
So 4 flavor, all merged-mined... it's not 4 ways to mine a coin, it's 4 different coins! What gives??
+1
Initial work started on these coins months ago (Pre-Myriad). We had a decision to make, do we jump on the bandwagon and simply clone Myriad? We decided against this and kept to our original plan. We didn't wan't to jump into the untested flavor of the month in regards to algos or methods. Call us paranoid network guys? We like the true and tested. We went with whats been working for years, we liked the separation and redundancy separate wallets and networks provide. At the rate of which new algos come and go, its hard to plan one or even two months out. Budget constraints also played a part in how things progressed.
If pre-allocation is a concern on multiple coins and the community feels strongly about this we can remove pre-allocation for our upcoming August launch.
Thank you
July 12, 2014, 12:05:48 AM
Let's put all the speculations and questions aside for a sec and let's focus on the fact they are launching 4 fucking coins!
So 4 flavor, all merged-mined... it's not 4 ways to mine a coin, it's 4 different coins! What gives??
So 4 flavor, all merged-mined... it's not 4 ways to mine a coin, it's 4 different coins! What gives??
+1
July 11, 2014, 11:30:41 PM
Let's put all the speculations and questions aside for a sec and let's focus on the fact they are launching 4 fucking coins!
So 4 flavor, all merged-mined... it's not 4 ways to mine a coin, it's 4 different coins! What gives??
So 4 flavor, all merged-mined... it's not 4 ways to mine a coin, it's 4 different coins! What gives??
July 11, 2014, 11:28:38 PM
If a member exchange collapsed the price of Umbrella coins would collapse along with it. I would expect the market to devalue Umbrella coins on just a rumor of trouble at a member exchange, and when the victims get their insurance claim Umbrella coins they are going to dump them to recoup losses. Unless there is somebody setting an exchange rate or a set value for Umbrella coins I don't see how a free market price discovery method will work as a hedge against losses from an exchange being hacked.
An interesting perspective and you are entitled to it. Bitcoin exchanges close up shop to the tune of a couple times a month. We don't see it's price collapsing further beyond the 600 Million Mt. Gox fiasco, which has it settled right around $600. Just as you would expect the rumor of an exchange collapse to devalue Umbrella, we think it would drive the price up as people would want the security Umbrella can provide and guarantee. The same way you would buy put options when a company puts out a bad quarterly report, or the rumor of one? People want security, many don't have the means or know-how to acquire it. We hope to make this a seamless process by being merge-mineable, and the coins scarcity should help maintain a healthy price once it hits the exchanges.
We are trying to bring a needed service to the community, far too many exchanges are closing up shop and taking people's money. If nothing else, hopefully our work will help bring some transparency to these exchanges that we all trust.
As this concept is new and untested, time is the only measure of it's success or failure. We went into this knowing this crypto wouldn't be for everyone. We are okay with that.
July 11, 2014, 11:05:26 PM
what relation between Umbrella-BTC and BTC?! its have the same algo! that's all?!
July 11, 2014, 11:00:59 PM
An interesting and far-fetched concept. You say a portion of Umbrella's block reward goes towards an insurance fund? Well in essence this makes Umbrella a centralized currency. Secondly what's stopping you from using the insurance funds for your personal gain rather than it's intended purpose to insure assets?
The insurance fund is controlled by a third party, (CDIC). They control the wallet and provide proof of liabilities.
www.cdic.us
Umm one small problem here. CDIC doesn't exist.
Well, this is the first I'm hearing of CDIC. No information is provided on their website as to who they are or what they've done so they've established zero credibility so far.
July 11, 2014, 10:58:35 PM
I'm eagerly awaiting the whitepaper for this one and will be reading closely. But I love the idea.
July 11, 2014, 10:57:56 PM
If a member exchange collapsed the price of Umbrella coins would collapse along with it. I would expect the market to devalue Umbrella coins on just a rumor of trouble at a member exchange, and when the victims get their insurance claim Umbrella coins they are going to dump them to recoup losses. Unless there is somebody setting an exchange rate or a set value for Umbrella coins I don't see how a free market price discovery method will work as a hedge against losses from an exchange being hacked.
July 11, 2014, 10:54:46 PM
An interesting and far-fetched concept. You say a portion of Umbrella's block reward goes towards an insurance fund? Well in essence this makes Umbrella a centralized currency. Secondly what's stopping you from using the insurance funds for your personal gain rather than it's intended purpose to insure assets?
The insurance fund is controlled by a third party, (CDIC). They control the wallet and provide proof of liabilities.
www.cdic.us
July 11, 2014, 10:53:06 PM
Reserved
WHAT? 1.5% pre-allocation July 11, 2014, 10:48:27 PM
An interesting and far-fetched concept. You say a portion of Umbrella's block reward goes towards an insurance fund? Well in essence this makes Umbrella a centralized currency. Secondly what's stopping you from using the insurance funds for your personal gain rather than it's intended purpose to insure assets?
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