OK HERE IS MY BOMBSHELL TO SHUT THIS SCAM UP INDEFINATELY:

Here are the terms from India Potash Limited for dealing with them on buying UREA:

  Shipment Terms :    As per Annexure III.

9)   Payment:

a)   Without  prejudice to Buyer's right to recover  the  damages  under terms of the Contract, payment less agency commission, if any, shall be made through an irrevocable, non  transfer¬able  divisible commercial letter of credit. The  letter  of credit shall be established for the full value of the shipment  in favour of the Sellers on nomination and  acceptance of vessel on receipt of P.G. Bond and shall be payable for 100% of the invoice value against presentation of the following documents:


1)   Two of  the three original negotiable copies of  the  clean   ‘Bill of Lading’ in long form and three non-negotiable  copies thereof showing “ TO ORDER/ MINISTRY OF CHEMICALS & FERTILIZERS” as consignee. Charter  party  Bills  of  Lading   acceptable provided  it  bears an endorsement that all  the  terms  and      conditions of the relevant Charter Party are deemed to  have been incorporated therein.  

2)    Three original and three copies of beneficiary's signed ‘COMMERCIAL INVOICE’ for 100% Shipment Value.  The Commercial Invoice must also specify  Contract No. & date, Origin of goods, Port of Loading, Bill of Lading No(s), Date of Sailing of Vessel.

3)   One original and two copies of ‘Certificate of Origin’ duly issued either by the Local Chamber of Commerce or by Ministry of Trade/Industry/Commerce of the country of Origin of goods. Certificate of Origin issued by Manufacturer/ Supplier/Shipper/ Inspection Agency /Chamber of Commerce of third Country or any one else are not acceptable.

4)   One Original + Two copies of ‘Certificate of Inspection’ issued by the Buyer’s inspecting  
      agency showing results of analysis, method of analysis adopted and weight of the cargo  
     shipped. The Certificate must certify that the goods conform to the contractual quality
     specifications.

5)  One Original + Two copies of ‘Certificate of Quality’ issued by the Buyer’s inspecting    
      agency showing results of analysis and method of analysis adopted. The Certificate must  
     certify that the goods conform to the contractual quality specifications.

6)  One Original + Two copies of ‘Certificate of Weight’ issued by the Buyer’s inspecting
     agency showing weight of the cargo shipped.

7)  One Original + Two copies of  Certificate from the seller, showing results of analysis, method  
    of analysis, weight of the cargo shipped and certifying that the cargo conforms to the    
     contractual quality specifications.   This certificate should be countersigned by the Buyer’s
    inspecting agency.

One Original + Two copies of  Certificate  from the seller confirming  that the material
    supplied  are correct as to quantity, rate,  total  value and  the payment is due in accordance
   with the terms of  the contract at the time of presentation.

9) Copy of the ‘Shipping Advice’  sent by the  Sellers to Buyers, through Fax / E-mail within 48
    hours of the sailing of the vessel giving details of shipment. the name of  vessel,  Bill of
    Lading  No’s & date, Date  of  sailing, quantity  shipped, Contract No & date, L/c No & date.

10)Certificate  from the seller to  the  effect  that the following documents have been dispatched
     by the seller to the buyer through an reputed courier or registered airmail within seven days
    of sailing of the vessel, along with Original Postal/Courier Receipt of such dispatch :

-   Two of  the three original negotiable copies of  the  clean  ‘Bill of Lading (s)’ in long form for full shipment quantity.
-   Two copies of beneficiary's signed ‘COMMERCIAL INVOICE’ for 100% Shipment Value.
-   Two copies of Certificate of Origin.

11) One Original + Two copies of ‘Stowage Plan’.  Stowage Plan must be signed in ink by the
      Master of the vessel and must bear his seal. In case Stowage Plan is issued by Vessels
      Load Port Agents, original Letter of Authority issued by the Master of the vessel authorizing
      the issuance/signing of   Stowage Plan by the Vessels Load Port Agents  must be attached
     to such Stowage Plan.

12)One Original + two copies of Load Port ‘Draft Survey Report’, jointly signed by shippers agent, Vessel master/Agent and Buyer’s inspecting agency.


13) Original NOR (Notice of readiness) tendered at discharge port  and received  by IPL
or  its  nominated  agency (applicable in case of CNF Contracts with non-traditional suppliers only).

The L/C shall be established only after receipt  of  PG Bond  in  the approved proforma, proof  of  stock, nomination  and acceptance  of  vessel.  The charges  for establishing letter  of  credit and bank charges in the  country of Buyers  shall  be  to the Buyer's  account.   All  bank charges in the sellers country shall be to the  account of sellers.  The letter of credit extension and  amend¬ment  charges will be to the account of the  party responsible for occasioning the extension/amendment.
 10.   Proof of stock:

Non-traditional Suppliers will be required to submit proof of stock attested by  the Chamber of Commerce or Prime bank  of  the  Country concerned  through State Bank of India, New Delhi  alongwith PG Bond at prescribed rates.



PROVIDE THOSE DOCUMENTS AND I WILL SHUT UP

it depends upon economy of scale...as long as they have sufficient cash flow form other customers to pay the fiat bills, they can effectively create a closed economy wherein they control all of the uro available, by keeping it in circulation amongst themselves. The only coins available on the market would be the new coins mined at the rate of 1 per block.. competition among miners would be fierce, keeping the hashrate high to maintain the network. Once they control the entire supply, it will be worth exactly what they are willing to pay for it on the market, as it is specific to their industry and their contracts. if they offer, say, 10-15% below the current market price of urea, that is a tremendous boost in margins for them. (and right now the miners are selling it for a buck and a half a coin). Like Bitcoin, those who buy cheap and hold for a year or more will see huge profits. I think with all the controversy, the big investors will wait and see until it's too late for them to grab millions worth of this coin. IF these companies are big enough to pull it off. Anyone got insight into financial statements from Rivaa? I don't know reporting requirements for India, but if they have gross revenues in the 100m USD range, we can be fairly sure the others would also be big enough to pull it off. They wouldn't need scab companies to do this. In essence, they're buying hashrate. Once they control the majority of the coins, they become the de facto "centralized exchange". It's a little complicated, and would fill a book to explain all of the factors involved, but in a year,or two, they will control the entire coin supply. it's worth many millions per year to them after that, unless many other businesses begin accepting uro in payment, at which point it becomes .....a Privately held "fiat currency". which is still worth big money to them on transaction fee savings. These guys aren't meeting in alleys with suitcases full of rupees. This will create business opportunities for people to order tonnes of urea at a fraction of the cost, and retail it a t a huge profit- but only for a short while. That's the area where there might be scams, but the coin itself is legit, I think.

This shows GES indeed is a shell corporation (no "real" office) at least in Hong Kong.

I believe in this coin for it will change how the next generation of crypto currency will emerge..

Gold Companies are now getting into Bitcoin industry thus for sure there will be another type of coin that will be having partnership with this billionaires.

For example just like 1ton of Urea = 1 URO

then maybe there will be a

1gram of gold = 1 GOLD coin



Everything will revolve around this type of currency and the main money exchange will be bitcoin.. That's the dream..

You have made insults in your first reply to me before you had managed to bring in the reason. College or not - you suck


P.S.: Don't feed the trolls - optional. Don't troll a troll - required.

My train of logic is that even though the 4 companies are backing and supporting URO. They cannot be seen as directly funding it. It is in everyone's interest that URO remains an independent community that is not directly funded by any third party but by the community and it's supporters. This would be very important to get other suppliers to sign on in the future.

+1 we need to here more from guys like you and foerester, people who actually have EXPERIENCE in this industry and can reflect on how URO can revolutionize b2b business, not to teenage kids who dump crypto for steam games or beer money.

Oh, so you have learned all of this in COLLEGE?... That figures. You have just plagiarized my post right next to it. That's right about all that a COLLEGE can teach.

I'm not a bird so I don't tweet. That's why I post here. I'll give 2 BTCs for a reasonable proof that Urea had been sold for URO 1 tonne to 1 URO and had been delivered.

+1 where have u been during the whole 4 days of fud attacks?  this just sounds reasonable and almost obvious that this is what it is.

This is the most logical thing I have heard so far:
And here is WHY THIS IS NOT A SCAM. IT IS A GIMMICK. This is why you cannot verify a large corporate footprint, and why they have small offices in shabby neighborhoods. The people involved in this are DEALMAKERS. They don't own anything. They don't own the ships, or the factory, or the product, or the warehouse, yet they can deliver. The MINIMUM ORDER QUANTITY is a dead giveaway. They write contracts, net 90 days, and ARRANGE transportation, shipping, warehousing, and end to end delivery on commission. They move all sorts of goods, and Urea was probably chosen because it's far more eco- friendly sounding than iron, or diesel fuel, or oil, or plastics. It also gives the advantage in speech of sounding like "euro" the fiat currency. It's all about creating a self-sustaining market based on CONSUMER CONFIDENCE. Thus, it initially has the feel of a scam, simply because they are trying so hard to inspire confidence. As long as they are executing contracts on a regular basis, they can wait a very long time to cash in without disrupting the market. It's BRILLIANT, and in my opinion, anyway, deserves to succeed. If you need the comfort of the "commodity backing", you have it. I'm staying in and buying more, even with all the FUD. There are some great features upcoming here, and this is suited as well as any to be the first major heir to the bitcoin empire. Part 3 coming up.

props for thinking of this.. sounds very much like what it is.

I do believe I have figured out what is going on here, from researching the industry and making comparisons of similar companies (and there are hundreds of them!) As I know that there is an accepted standardized model for almost every business, it was not difficult to determine the manner in which these firms do business. I can guarantee this is NOT a scam aimed at pump and dump. I would refer to it rather as an attempt by some very smart people to engineer the same success that Bitcoin achieved, through public relations. The whole urea-backed deal is a clever attempt to place upward pressure on the emerging market, by creating a "cover" for the book which is easily understood by the common man. I can assure you that they can and will deliver the product as they claim to, and can wait easily six months to a year, or possibly even longer, to make good on the financial end, just by the very nature of their business. The contract figure of 12500 tonnes is a clear indicator. Each of the four companies can execute 1 contract with no difficulty whatsoever, leading thereby to the total of 50,000 tonnes. In that sense, the coin is, indeed, truly backed by Urea at 1 Uro=1 metric tonne. The real question here, is do we want another Bitcoin? When Bitcoin is mined out in 2015, those who are holding asic equipment purchased for BIG money will want a compatible coin to be the next big thing, so they can continue to profit from their investment. If this coin reaches the value of 200-300 usd the market cap alone will sustain it, and as a high value coin it will find much wider acceptance.  Like Bitcoin, the early adopters will profit the most. It is no more of a Ponzi scheme than is Bitcoin itself. This is definitely NOT a SCAM aimed at creating a few "bagholders". It is market manipulation at it's finest, appealing to the full scale of emotions. It is YOU, the traders, who will make or break this coin. And here is why.............(digest this and I will post the reason with a reply shortly- unless someone figures it out from my hints first..)