Topic: [ANN] Umbrella | Yet Another Waste Of Resources | BULLSHIT | Crapsurance (Read 7753 times)

I agree the Umbrella dev is the real deal. He is as you said, on it" and is now is looking at ways to further develop this coin which is "built on rock not sand" . In any new start up concept or in business, you tweak and regroup when ever the situation warrants it for improvement. I feel this is where we are now. The skeptics and nay Sayers will see this coin is of great potential. The fact it is a merged algo speaks a lot for the coin. It should prove to be a staple in the crypto world over time.  all of the Umbrella coins. The sky's the limit!

Me and some people over at facebook are part of a group where a lot of people discuss cryptocurrencies. He's part of it and has presented himself as the developer. He even has Umbrella listed as his job @face. He and his team are having a hard time trying to make it right, but they clearly are fully on it. Seems weird all of this stuff posted here.

I'm glad I read this thread. Saved me some pain. Thanks edgar.

Well CDIC is the Canadian counterpart of the FDIC called Canada Deposite Insurance Corporation. Funniest part is they dont even know what CDIC is. They replied saying no affiliations to the mentioned company to my post.  LOL. Anyone who falls for this obvious scam should be scammed for all his/her savings.

AGREED    ITS A SCAM    . My posts  pointing out that is illegal to offer Insurance of any kind without being a registered insurance company were also deleted.  When I asked If it was intentional to use the CDIC as name which is confusingly similar to the FDIC an actual Gov't agency  ....deleted    When I asked about whether they had sought the advice of an Attorney before they attempted to commit insurance fraud  ....deleted. When I asked if they were aware of the huge fines and jail times they faced for insurance fraud and acting as an unlicensed insurance company  .....deleted .    It goes on and on   I had legitimate questions about the legality of their claims and their response was  deleted ...deleted..deleted


This Umbrella concept is an attempt to promise insurance with out being a legal insurance company, IT IS INSURANCE FRAUD A quick search of the NY Insurance Commissioners website shows they are not a registered Insurance Company and Cannot Legally Insure any assets.
 An Insurance Company must register and prove that one has the financial means necessary to cover every insured participant. They have not. They must endure criminal back round checks ...They have Not.
This is a flawed attempt to Commit Insurance Fraud that will end up being investigated and prosecuted.
The Fines will be substantial to them. They will not get away with these empty promises.
   
Crypto is unregulated   ....Insurance Is Highly Regulated .   They can not legally Insure you in any way.

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« Sent to: edgar on: Today at 13:04:37 »
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Quote from: emailtooaj on Today at 11:59:38
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...

Quote from: Umbrella Holdings on Today at 03:39:08
Quote from: biohammer on Today at 03:22:37
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 !!


give OP an hour or two - he will work out some vague explanation or just delete your my post.

   
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« Sent to: edgar on: Today at 11:20:47 »
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Quote from: Vitalogy on Today at 11:13:31
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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.

deletion incoming!!!

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« Sent to: edgar on: Today at 10:27:28 »
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If Umbrella Holdings were not trying to scam people why would you delete inoffensive and On Topic posts??

i have not once referred to you as a scammer, and then you began to act like one.

good luck being pointless, defensive & ultimately redundant.

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« Sent to: edgar on: Today at 10:14:05 »
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Really??

u want to delete the fact that pioneers is a word ive heard recently??

way to improve trust in you.

BTW - you made a good effort, but in the end....whats the point??

so much effort

zero trust

i guess you think you can delete your way to profit...

if you delete this one, i will open my own self moderated thread '[ANN] Umbrella | Yet Another Waste Of Resources | BULLSHIT |'


The Choice...... Is Yours


deletefag

exactly!!

@ both the previous posts.

there is no legitimate reason to forcibly remove the communities questions & opinions when you're trying to start something legitimate

I don't understand how this insurance is supposed to even work. It does sound like a coin trying to make up some way to be related to a commodity, but is using another cryptocoin as that commodity? It also has one benefit based on if an exchange goes under? It's a confusing set of coins to me.

removal of moderated threads ... I don't know *shrugs* wouldn't that just fix the whole damn problem if the Dev can't just delete negative comment and it is purely left up to the admins of the site to clear up reported spam etc ....  the whole problem is based around something the crypto community is against and that is suppression of information ... it's ramped here ....

Indeed - deleteing everyone who says anything other than 'shut up - take my money' must be the best part of this forum for scammers.

perhaps that is why theyre so abundant among us...

food for thought (or deletion, depending on your perspective)

heck delete us all lol, guess if this comment stays you're redeemed ? or just in cahoots with me ? :p

Thx kultus, i used google translate too - hence my gibberish comment.

Maybe i should delete you now, just in case your reply makes me look like a scammer..

"many Sarcasm"

well they only said "Forum limit really much I say not ah Chinese Chinese-speaking world's most" WTF ever that is meant to mean ....

Ahh... gibberish from the land of 'trustworthy' gentlemen.

Shall i delete it...?

Naaaaa... why would i need to do that??

Due to nazi style deletions from the Umbrella HOLDINGS Umbrella thread, i have decided to open my own self-moderated thread which will be used to ensure what i decree as facts will be the only opinions available here.

If anyone really feels the need to throw their money away on BS, im always open for 'donations'.

So yea, 'Pioneers'.....WHERE have i heard that recently???

From some wannabe scamfag - THATS where!