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

[solid12345]

Looking through the thread the dev has done this before, disappeared for a few days and then came back so I wouldn't worry right now.

Someone on twitter said they are actually in contact about putting in an order for 12,500 tons of Urea to see if this thing is real and hopefully have an update today

https://twitter.com/CryptoConchita/status/483361952744628224

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[wasobot]

someone again bought up the sell walls XD, i wouldn't be putting those if i was looking to get the 12.500 for a shipment way too risky, another party trying could just buy you out.


in any case this week will be very very interesting, and the next potentially life changing for some.

[jasemoney]

it'd be hard to get 12500 currently, theres only enough coins in the wild (mined) to support a max of 21 such 12,500 coin orders.  at the current price to buy 12500 would cost you about 10-14BTC if you could get someone to sell into your buy orders.  Hopefully whomever is going to try this got them cheaply.  My goal is to have around 3000 by the end of this week.  only 500 to go!

target price is .55BTC per URO

[solid12345]

it'd be hard to get 12500 currently, theres only enough coins in the wild (mined) to support a max of 21 such 12,500 coin orders. 

This is one reason this coin will be very lucrative if confirmed true, anyone wanting to make a 12,500 buy order with URO will have to look for sellers on the exchanges to meet the minimum.

[jasemoney]

bittrex sell side shows about 4700 for 7BTC though they cut off the order book to only show 50 orders

[wasobot]

if you put buy order at 0.003 you would get the 12k but gotta be before 9th.

[AcidSplash]

I can't sync the blockchain it stops at 2 to 3 hours behind.

[jasemoney]

I can't sync the blockchain it stops at 2 to 3 hours behind.

the big farm may have shut down, or some reduction in hash.  when the expected number of blocks isnt found in a period of time it shows out of sync.  I show 22637 currently.  as soon as a block hits and the diff changes it'll be fine.

[pineapples]

I can't sync the blockchain it stops at 2 to 3 hours behind.

the big farm may have shut down, or some reduction in hash.  when the expected number of blocks isnt found in a period of time it shows out of sync.  I show 22637 currently.  as soon as a block hits and the diff changes it'll be fine.

Why is the Dev not answering this? 

cos it's what coins do. there's nothing to be worried about.

[bensam123]

Except suprnova hasn't hit a block for 8 hours and now represents 20% of the hash. I'm going to call BS on this coin, it's not worth mining due to there being no way of actually mining it. All of the hash is hidden off somewhere.

I'd highly advise against supporting this coin if you're working the exchanges too. If all that minting power is going somewhere else, they can dump on the market on a whim effectively crashing everything. I contemplated this coin for about a week before I decided to try and help mine, only get to jack diddly in return. The whole concept of this coin is silly, but that doesn't matter to miners or people working the exchange. What a waste of a day worth of hash power.

[wasobot]

it wasent a farm shut down, someone/something added like over 1 Gh and for a few hours and then quit it., before that the hashrate was lower, so it wasent a farm shut down, but a farm added and removed (multipool ?), also coincides with the price getting higher last night, so maybe one of those auto mining the most profitable coin pools.

[bensam123]

This coin isn't on any multipool radar. It's being controlled by someone with a lot of hashing power. The sole reason the price keeps climbing is because they aren't selling. It's really quite ingenious... when they feel the times right, they'll dump all their mined coins which is like 95% of all the coins mined. Pools like suprnova can't even give reasonable estimates for how many coins you'll get in the day because they only find like six blocks in the day.

[Frigga77]

This coin isn't on any multipool radar. It's being controlled by someone with a lot of hashing power. The sole reason the price keeps climbing is because they aren't selling. It's really quite ingenious... when they feel the times right, they'll dump all their mined coins which is like 95% of all the coins mined. Pools like suprnova can't even give reasonable estimates for how many coins you'll get in the day because they only find like six blocks in the day.

Strange...when I look at the blockexplorer I don't see someone holding 95% of all coins mined. And FYI, I think people are not holding because they want to dump this, but because they know their possible future value, and want to wait for that. If they cannot sell them on the market, they will be able to get a real product for it and use it or sell it. And there might be a slight chance the price is climbing because people start to realize that this coin will have a bright future with a big intrinsic value.

[pineapples]

This coin isn't on any multipool radar. It's being controlled by someone with a lot of hashing power. The sole reason the price keeps climbing is because they aren't selling. It's really quite ingenious... when they feel the times right, they'll dump all their mined coins which is like 95% of all the coins mined. Pools like suprnova can't even give reasonable estimates for how many coins you'll get in the day because they only find like six blocks in the day.

coinking is one multipool that does include URO.

https://coinking.io/coinlist.php

[crackfoo]

This coin isn't on any multipool radar. It's being controlled by someone with a lot of hashing power. The sole reason the price keeps climbing is because they aren't selling. It's really quite ingenious... when they feel the times right, they'll dump all their mined coins which is like 95% of all the coins mined. Pools like suprnova can't even give reasonable estimates for how many coins you'll get in the day because they only find like six blocks in the day.

coinking is one multipool that does include URO.

https://coinking.io/coinlist.php

I have it on my multi pool too.

www.xpool.ca

Cheers!

[solid12345]

I think people are freaking out needlessly over this mining thing.

Here are my multiple theories on who the big hash is

1.) Green Earth Systems themselves. It's quite possible they want to maintain control of the majority supply of URO not just to profit from the creation but also provide some stability to what is essentially a new concept in crypto. I have no problem with this. It is not like a dev instamining or premining and "creating wealth" out of nowhere, they already own the Urea to back it up, for all we know they may distribute the coins to some of their partners in the protocol. I don't think you have to worry about these companies which make millions already dumping their coins. If anything these coins may be "removed" from the market in essence to PREVENT dumping from quick profiteers once July 9th hits to maintain a solid price point.

2.) A crypto speculator. Now i've only been in crypto for 6 months, but I know from experience when a big miner goes to town with the intention of dumping a coin, he mines and dumps immediately. People who mine to dump are not forward thinking and just want to make a quick buck. We haven't seen this kind of daily dumping on URO like we have other coins. When XC was still mining POS towards POS status but still shooting to the moon price wise, the big miners and multipools were still dumping when it was a dollar or 2 dollars even though they could have waited until it hit $3 or $4.

Also this coin is so off most people's radars that anyone who has even discovered this or bothered to read is probably a bit more intelligent than most day traders and miners and intends to hold their coin.

3) Someone who is mining and DOES intend to dump. Well here is the problem, once this thing is proven legit, any attempts to dump will quickly slingshot the price back up to normal levels because everyone KNOWS what the price SHOULD be. This isn't like speculative alts where people panic and think a big whale dumping is a sign the market has lost confidence in the coin. This is so beyond that. Plus once someone starts dumping and seeing what kind of prices people are asking for, he will stop unless he likes throwing away 300 dollar coins for 10 or 20 dollars. No one dumps their Bitcoins for 1/10th of the price its worth.

I don't think people grasp how big this coin could be. If there was a coin for a big exchange like btc-e to panic add, this would be it. Imagine using URO and BTC as a trading pair, URO would be the perfect hedge to park your wealth in whenever Bitcoin is going down, and when the international price of Urea is going up you could switch out for BTC.

[Changeispermanent]

^^ Solid... join IRC channel....Dev is online on IRC now...

[bensam123]

Because if you're planning on dumping a massive amount of coins you would keep it in one wallet?

Coinking has a whopping 32Mh on it, xpool I have no idea whats even going on on that site.

Urea is never going to be traded for this coin. There is no reason to use it besides because this coin 'thinks so'. There is no massive conglomerate trying to trade for it. The infrastructure and logistics needed for a distribution of this fertilizer would be enormous, is there even a brand that this coin will buy up? Is it planning on making it's own version of Urea fertilizer? Is there a distribution partner they're working with? If I want to trade in my Uro for fertilizer, where do I go?

None of this is done, the developer never was actually going to do this in the first place, that's why there aren't updates. Starting a global distribution network or even your own brand of fertilizer in nine months with no idea of what your doing (or financial backing) isn't going to happen. It's just another coin with a labeled purpose.

Using this as a form of currency for Urea, but why? Why would manufacturers, chemical companies, distributors use this coin? Furthermore why would it be the equivalent of one metric ton of urea? That would be determined by the going rate for the coin.

If a massive conglomerate was going to use a coin for something like this, they would make their own coin... on their own terms on their own rules. Big companies do it all the time with point systems and rewards.


If you mine out a lot of coins and control all the income of coins, you DONT dump right away. The only people that sell their coins immediately or normal miners, because they have absolutely no influence over the market. If they have influence they can pump it up by simply limiting the supply of new coins (which they control) and either gradually release them with increased pricing or all at once after the price is artificially high.

The thing that stands out the most is the ghost hash for this coin. I'm certain a well financed group or individual picked it up for its play thing and we're seeing the results of that right now. It really doesn't matter what coin they did this with, just one that isn't dead and one without a lot of hash.

[solid12345]

If a massive conglomerate was going to use a coin for something like this, they would make their own coin... on their own terms on their own rules. Big companies do it all the time with point systems and rewards.

I think they just did, Green Earth created it and it is by their own terms because they wrote the protocol and got 3 other companies to accept it, i'm sure ideally they intend for more to sign on if they can show it will work. Is there an element of risk to it? Of course, this is an uncharted world but someone has to start somewhere.  I could ask the very same question though about Bitcoin, why would big companies or Wallstreet adopt it when they could make their own coin and not have to buy out all the neckbeard millionaires who own the majority of the BTC?

[danonthehill]

There is no "brand" of urea, it's an organic compound.