[ANN][URO] A Real Long Term Currency: 1 Uro = 1 Metric Tonne Urea Fertilizer

[Soul_eater_123]

I'd be interested in knowing how the US or any world government would allow the manipulation and control of a commodity which can easily be made into explosives?

From wikipedia which the OP links to:

"Urea can be used to make urea nitrate, a high explosive that is used industrially and as part of some improvised explosive devices. It is a stabilizer in nitrocellulose explosives."

Any more than a small quantity of urea requires special licenses to buy.  This is either a deliberate scam or a house of cards built on total ignorance and stupidity.

Hmm- good point you picked up

So how does Buying Urea with URO instead of dollars change that!!!! Everything stays the same and millions of tons of urea is produced and required for its numerous uses. There wont be any anonymous transactions with URO trust me. According to the Uro Protocol, its FOB - so you would have to arrange shipping from port of origin. Am sure you cant arrange shipping anonymously

The "URO protocol" - where is that from?  The thing is it may be legit but with something like this I would need a lot of proof.  Not just a website and a forum thread.  Just think how paranoid governments are these days.  If anything like this was really happening they would be all over it.  Not just that but there are huge chemical multinationals that have very big military and government contracts.  Would they just let this sort of thing happen.  That aside from a strictly business sense no large player would allow this to happen in their market, in essence the creation of a cartel, trading a commodity in a closed system like this.  Anyway I'm not here to argue.  Just thought I would voice my concern because I thought it might be a problem.  It's up to people to decide for themselves but one of the issues in cryptocurrency is that people don't ask enough questions before investing.

I just googled "urea" ...totally interesting all the articles posted about it recently. but as far as potentially deadly chemicals go, at least it is law that ammonia and bleach be separated by so many feet while still sitting in the same aisle at the grocery store.

Yes I've changed my opinion on this. I'm in the UK where they are very strict about such things. Anyway still a big risk as with any crypto but high reward investments always have a high risk.  The market value or UREA could crash you never know what the future holds but for say a 0.2 BTC investment which isn't a disaster for me to lose it's worth a gamble:)

[jackfruit]

Hello true-asset,

  Presumably most, if not all, cryptocurrency speculators or traders won't be purchasing urea (we most likely dont have 12.5K URO). So I am wondering if you know of any buyers who are ready to buy urea using URO. Presumably any commodities trader or urea importer who buys urea would leap at the opportunity to buy 12.5K URO at these prices and exchange them for urea. Have you made contact with any buyers to get them interested? 

[kyle589]

Yea I did have a question about that to True. You mentioned an URO exchange. How far away is that being that I doubt many farmers are going to be in the market with purchasing with BTC.

[jackfruit]

Yea I did have a question about that to True. You mentioned an URO exchange. How far away is that being that I doubt many farmers are going to be in the market with purchasing with BTC.

Not farmers. I may be wrong about this but I would imagine that farmers by from importers. Why wouldnt another importer (aside from the NIERs) just buy URO cheap, then exchange for urea from the URO foundation members?

[kyle589]

They could. I still dont see that as a flaw tho because as long as sales are being made the price would go up once people who have URO know sales are truely being made. I am just saying in general for the farmers they are trying to help.

[jackfruit]

They could. I still dont see that as a flaw tho because as long as sales are being made the price would go up once people who have URO know sales are truely being made. I am just saying in general for the farmers they are trying to help.

Its not a flaw. Im saying if any importer were to do this. Instant price jump.

[kyle589]

Ok I see your point. Even so if they figure the price to level at the going rate of Urea eventually do you see importers coming up with the BTC needed to buy an entire shipment after the initial buys they make? I know they can hoard up the cheap URO now but that only gets so much if this all does actually happen.

[jackfruit]

Ok I see your point. Even so if they figure the price to level at the going rate of Urea eventually do you see importers coming up with the BTC needed to buy an entire shipment after the initial buys they make? I know they can hoard up the cheap URO now but that only gets so much if this all does actually happen.

Well the btc price should stabilise relative to the price of urea anyway right? It'll probably be less I think, otherwise why would any trader/importer go to the trouble of buying btc to get urea? Is there a richlist for URO? I would imagine that if URO is all that it promises to be then GES would be holding quite a lot of URO.

[pineapples]

the price of urea will still fluctuate. there will always be trading advantages in URO to BTC

[jasemoney]

They could. I still dont see that as a flaw tho because as long as sales are being made the price would go up once people who have URO know sales are truely being made. I am just saying in general for the farmers they are trying to help.

Its not a flaw. Im saying if any importer were to do this. Instant price jump.

if one company accepted it and took the 12,500 uro coin the price would jump instant to parity with urea.  that company can sell or do what they want with what will be the normal priced uro at that time.  as long as it happens theres no disadvantage for the first movers.

[Changeispermanent]

Hi True-asset,

We know you must be quite busy with such a large project. Can you take some time for the URO community and let us know where the interviews will be held and some updates on the NURO mobile wallet.

[Changeispermanent]

Did anyone notice the 5 BTC buy order on bittrex at 72k sats??

Something is brewing  


Edit: Order Removed in few minutes.

[hozer]

Yea I did have a question about that to True. You mentioned an URO exchange. How far away is that being that I doubt many farmers are going to be in the market with purchasing with BTC.

Been there done that, and I spent $6500 on Urea this spring. Now who's going quote me a price in BTC, URO, or Soybeans on shipping a container of 20 tons of urea to Iowa? Please include all costs for insurance.

If the damn thing actually shows up, and most importantly, passes a bunch of quality/purity/standards checks, I bet you everyone at the coffee shop will have coinbase and/or cryptsy accounts a few days later. The last thing you want on a field is 99% urea with 1% of something that kills plants.

[hozer]

the price of urea will still fluctuate. there will always be trading advantages in URO to BTC

'will still fluctuate' is the understatement of the week.

[hozer]

The biggest problem with URO is that it's basically handing all the block rewards over to a couple of anonymous miners with between 500 and 1000 graphics cards each. I was running about 10 Mhash (4 7970's) overnight on p2pool, which has a pool rate of 80 Mhash, and not a single block has been found. This seems like exactly the same thing as what I'd seen going on with Catcoin (and probably most other smaller altcoins).

These anonymous miners are completely destroying the market value of URO because us farmers who **actually buy Urea** do not have a clue who they are. I have absolutely zero confidence in a blockchain that costs something like 5 or 10% of the value of Urea being traded when that cost goes to undisclosed mining farms that 95% attack the network whenever the price starts going towards $1.

But it is, however a very interesting toy that right now I might speculate on with a reasonable price of say $0.50 each. If the Uro foundation wants to pay miners too much, that's fine with me, but before this is going to be a serious asset-backed currency, the centralized fertilizer production backers of this coin have some explaining to do on why they think centralized mining is a good idea, and how they are going to insure farmers if a big miner halts trading or double-spends. I have not seen evidence the backers of this coin actually understand how much the mining overhead is going to cost them right now.

If the foundation and the fertilizer manufacturers actually want a distributed mining capacity, I have some software changes we can try, but if I'm going to fix someone's software and they are going to profit from it, I expect to get paid a retainer, by physical delivery of Urea first.

any market value for URO will not depend on miners, it will depend on the urea distribution for URO.

it's obvious that for a mined coin that will be tied to urea, the miners are not the end users of the coin. they will sell their mined coins to people who will trade that coin for urea. (unless there is a farmer co-op owned mining factory lol)..
AND should this all happen as suggested by the protocol, the whole economy of URO will see a dramatic shift. no doubt influencing all the other coins available now as well.

As I said before, nothing in commodities is easy. You have to get the right balance of mining security overhead to trade.
If there are not enough miners, there's no security, and one double-spend and all the farmers switch to counterparty assets issued by their farmers co-op.
If there are too many miners, it will cost 5 or 10% of the value of the urea to pay the miners to buy electricity, and farmers will just pay the 3-5% overhead the existing system charges.

(And I do have a share in the wasp collective. Owning and operating mining rigs seems a lot like farming.. you spend huge capital and input costs on something that loses money 3/4 of the time.)

[solid12345]

Someone came in sneakily and bought a bunch of URO, I had to panic buy with them lol.

[kyle589]

Lol. Are you the one I'm twittering about that with?

[solid12345]

Maybe :p

[Changeispermanent]

7 days no posts. Dev, whats going on?

[Frigga77]

7 days no posts. Dev, whats going on?

Must be a Scam the Dev have run off .............

Most certainly he is working very hard to make the nuro wallet working before July 9th, as well as doing some other very important things that need to be done before then.