[Moderated] [ANN][URO] First Urea Commodity Token: 1 Uro = 1 Metric Tonne Urea

[herbitcoins]

Well you should give Mr Singh a call, he's been working for GES for a few years and came across as being a reasonable guy to talk to about this. His role has been negotiating these UREA deals and, while he's probably not entirely up to speed on cryptocurrencies, seemed to know enough about the role that URO was playing in the arrangement regarding the URO Foundation members and UREA traders he works with.


[/quote]

You can give me a call , I will confirm too !
I have to admit, URO raised the level ....once again.

[cryptodevil]

You can give me a call , I will confirm too !
I have to admit, URO raised the level ....once again.

I understand what you're saying but when you have a guy in India who has a job working with UREA traders in the region, and who has been shown as having done this job from well before URO ever appeared on the scene, there's little reason to believe he would tolerate calls from abroad from people asking him detailed questions about how this new method of trading works if it wasn't real. As I said, he didn't know anything about cryptocurrency, but was well informed as to how the use of URO as payment for this commodity was going to work for this group of traders who have signed up to it.

It's not like they are claiming all UREA trades in India are being done this way, just initially those between the signing parties to the protocol and, once the market allows the coin price to equal FIAT market price, the first trades will not have lost on the deals already processed because they will still hold the coins they accepted for the tonnage traded at the time.

It does take some getting used to understanding that URO is not meant to be a currency but, rather, a commodity. It is really quite impressive as a concept.

[grosminer]

I really like URO so far,  volume is increasing.. i'm buying more and more

[minairia3]

I'm sure Mr. Singh is a nice guy and maybe valid. When I lived in Hong Kong I was the "Mr. Singh" for innumerable Filipina maids who needed a reference from a Hong Kong employer to get to Canada.  Nothing like an American accent to convince people of things.  I'd have a sheet with all of the details of their "employer" and go down the list to agencies, random Canadians, etc..  Payment was in Adobo, Crispy Pata and genuine gratitude.  Never tang; could have gone that way but it wouldn't have been right and I had enough of that anyway ... Something as big as URO ought to worthy of Time, Newsweek, the Economist or some big international publication to do a column on.  Those guys dig deep and have a reputation to keep so it would be hard (not impossible by any means) to pull one over on them.  

The URO people are going to really have to jump through hoops to prove this beyond a shadow of a doubt.

Well you should give Mr Singh a call, he's been working for GES for a few years and came across as being a reasonable guy to talk to about this. His role has been negotiating these UREA deals and, while he's probably not entirely up to speed on cryptocurrencies, seemed to know enough about the role that URO was playing in the arrangement regarding the URO Foundation members and UREA traders he works with.

[bitcad4u]

can someone please explain to me how the recievers of the uro turn profit?  I mean they are going to have to sell the URO back into the market for BTC obviously to get FIAT.  They can not just hold URO indefinably...

it seems they are in a loop of recieving uro, shipping urea, selling uro, recieving the same uro to ship urea and selling the uro... so at where along this line are they able to make the profit ?  plz eli5

(not fudding I am asking serious questions)

thanks

[cryptodevil]

can someone please explain to me how the recievers of the uro turn profit?  

Well this is the remarkable nature of employing crypto for commodities. As long as you can have a group of traders who are willing to commit to buying and selling physical product at 1URO per metric tonne of UREA, the price of UREA in FIAT only matters when they need to cash out some URO for funds. If they can convince the market that the deals are bone fide, the value of the coin should reach FIAT equivalent fairly quickly, thereby ensuring that their business ends up receiving the right price for the deals done now because they will still hold the coin to that value.

Sure, if this whole project fails then there is a risk that traders will lose out, the sellers anyway. It's commodities trading for future returns, not using the coin as a currency for cashing out today. Deals of this size regularly run into the millions and take months and months for commercial banking processes to complete, so they do have some leeway regarding time.

It will require the, rather infantile, crypto market traders of today to change how they perceive what commodities trading actually means and how it works. Long term its a solid process that would benefit multiple stakeholders.

But there is a short term risk that they obviously want to mitigate by way of getting the market to accept that these deals are being done at the quoted rates today so that the price floor rapidly grows to equal that of the FIAT trading levels.

[bitcad4u]

can someone please explain to me how the recievers of the uro turn profit?  

Well this is the remarkable nature of employing crypto for commodities. As long as you can have a group of traders who are willing to commit to buying and selling physical product at 1URO per metric tonne of UREA, the price of UREA in FIAT only matters when they need to cash out some URO for funds. If they can convince the market that the deals are bone fide, the value of the coin should reach FIAT equivalent fairly quickly, thereby ensuring that their business ends up receiving the right price for the deals done now because they will still hold the coin to that value.

Sure, if this whole project fails then there is a risk that traders will lose out, the sellers anyway. It's commodities trading for future returns, not using the coin as a currency for cashing out today. Deals of this size regularly run into the millions and take months and months for commercial banking processes to complete, so they do have some leeway regarding time.

It will require the, rather infantile, crypto market traders of today to change how they perceive what commodities trading actually means and how it works. Long term its a solid process that would benefit multiple stakeholders.

But there is a short term risk that they obviously want to mitigate by way of getting the market to accept that these deals are being done at the quoted rates today so that the price floor rapidly grows to equal that of the FIAT trading levels.

Yes but even lets say the price of URO does grow rapidly to meet the market price of urea, i could see that the price of URO would always be sligtly lower than the equivalne tmarket price of urea.  and so when they ship the urea, they would always get slightly below market price...

this is what confuses me.

[herbitcoins]

""I've researched this pretty thoroughly read through this little lot carefully to get you started and I'd also google map the Gex cctv shop which shows it's changed hands.""




I really had to debate whether to point out how easily ‘proof’ can be engineered online. On one hand I may be able to educate some people who don’t know it works. On the other hand I’ll probably be giving new ideas to mediocre scammers. In any event, based on my many years of experience as an ‘internet professsional‘ much of it spent working specifically on security issues, creating a credible web presence is child’s play.
First you purchase a dropped domain from a company that was once involved in your targeted industry. (Each day up to a hundred thousand expired or dropped domains are made available for repurchase on virtually every subject imaginable.)
Using caches like Google’s and Archive.org you could recover much of the information from the old website using Archive.org and re-assemble a ‘legit looking‘ website based on the same subject. (You can even save the HTML and style sheets to create an exact replica.)
Once you’ve done that you could conserve pictures and any names used and then redesign the website so it appears to be the same organization.
Since you control the domain, you also have access to the email. Once you do, you could go to social media websites and use a catchall address to recover the password.
At that point you have control of a the internet presence of a ‘legit company.‘ It’s then easy to fool the average moron who ‘invests‘ in altcoins. In cahoots with pumper groups this would be dead simple.
If you check Archive.org and the Twitter account history, you see that this scenario could have easily happened in this case. The Twitter account went one year in between updates so that should give anyone pause for thought. There’s also a possibility that the ‘Dev‘ sold this company on the concept behind URO or that the ‘company‘ is in on the whole ruse right from the beginning. Either way, the so-called ‘proof‘ that has been offered is completely meaningless in the grand scheme of the trillion dollar global trade in commodities.

altcoinherald.com

[Cryptourologist]

The Twitter account went one year in between updates so that should give anyone pause for thought.

This actually DOES raise an alarm...

[cryptodevil]

""I've researched this pretty thoroughly read through this little lot carefully to get you started and I'd also google map the Gex cctv shop which shows it's changed hands.""

I certainly had lots of concerns about the various business setups behind the scenes but there is still the fact that people change and adapt their businesses, move on to new ones, invest in different sectors and leave behind a web presence that doesn't match our first-world expectations. But this isn't evidence of scam in itself, just a changing business environment that took place over many years.

Instead of focusing on the past business activities of those involves, we should be looking to establish a way to find evidence of the trading environment that is being created now.

I asked earlier, has anyone been in touch with Nilesh Nair himself, as he's likely to be more able to provide reasonable explanations as to how this new trading environment has been setup.

[Bitcycle]

""I've researched this pretty thoroughly read through this little lot carefully to get you started and I'd also google map the Gex cctv shop which shows it's changed hands.""

I certainly had lots of concerns about the various business setups behind the scenes but there is still the fact that people change and adapt their businesses, move on to new ones, invest in different sectors and leave behind a web presence that doesn't match our first-world expectations. But this isn't evidence of scam in itself, just a changing business environment that took place over many years.

Instead of focusing on the past business activities of those involves, we should be looking to establish a way to find evidence of the trading environment that is being created now.

I asked earlier, has anyone been in touch with Nilesh Nair himself, as he's likely to be more able to provide reasonable explanations as to how this new trading environment has been setup.

I think several of the parties involved will make more profit than they are letting on, in ways that probably will never be fully disclosed. I don't really expect it to ever be fully laid out in detail. But in my experience, that's also just how a lot of business works.

Doesn't mean the whole plan isn't real and won't work.  In fact, it kind of makes it more likely to work since it has those opportunities for people.

[cryptodevil]

Right well I'm going to reserve judgement either way at this point. I don't think that evidence of crappy websites and business changes is evidence of scam, but there is not quite enough proof of the big UREA trades actually occurring through URO payments either.

The URO foundation might be on to something staggeringly innovative, but most people here have been burnt plenty of times by outlandish business propositions, so while I am more open to the idea that things are done differently for Indian UREA trades, it'll probably take some sort of confirmation from an independent industry source outside of GES.

I'm sure they could get an Indian journalist or industry association rep from the region to verify with the companies who are actually moving the physical goods around whether it is legit or not.

Still, if it turns out to be a poorly executed, but genuine trade concept, I think there is plenty more room for others to consider attempting same but with a better approach that could establish market confidence a lot earlier.

[stormia]

Source document they copy pasted from



COME AT ME BROS

So they copied/forged this source document, and in the process put an "incorrect and suspicious" date on it  
Seems like a rather foolish mistake, and something a scammer would have noticed.
Also the signatures, while clearly the same name, are not exactly the same. In other-words, the documents were signed at different times by the same person.

[niothor]

Source document they copy pasted from



COME AT ME BROS

What kind of English is this?

Also I have never seen an official document with so many typos.

[stormia]

Source document they copy pasted from



COME AT ME BROS

What kind of English is this?

Also I have never seen an official document with so many typos.

That is an undoubtedly official document, brought here by somebody calling this a scam. The fact that it has poor English and spelling errors only excuses any poor english/spelling errors that occur in the documents that are being scrutinized.


I actually don't see many typos, though.

[Bitcycle]

What kind of English is this?

Also I have never seen an official document with so many typos.

The official IPL website is full of misspellings and links that don't work.

Go figure.

[stormia]

What kind of English is this?

Also I have never seen an official document with so many typos.

The official IPL website is full of misspellings and links that don't work.

Go figure.

I really think part of the issue is that a lot of the people here are from the US, and we have unrealistically high standards... we are a bunch of spoiled brats.

[solid12345]

What kind of English is this?

Also I have never seen an official document with so many typos.

The official IPL website is full of misspellings and links that don't work.

Go figure.

Clearly India Potash or the government of India is not real.

[stormia]

Never a dull moment on this forum, that's for sure. Somebody should make a documentary about bitcointalk.org.

[AlfaONE]

YES this is confirmed by Indian Government IPL for UREA

http://greenearthsystems.com.au/uro-transaction-completed-25000urocoin/

URO Transaction Completed 25,000Urocoin

July 15, 2014News & Press
MR. HARIKISHAN S. VIRMANI, MANAGING DIRECTOR, RIVAA EXPORTS LTD, INDIA Confirms completion of IPL (India Potash Limited) Urea sale, 6 months after receiving the signed contract from India’s largest government fertiliser body for Urea importation. RIVAA, who purchased the Urea from GES in order to supply IPL, was delayed for months by banking compliance issues between RIVAA’s local banks and GES’s international banks. The use of Urocoin completed the transaction between GES and RIVAA within days.

“With no setup or banking fees and interest charges, RIVAA and GES are saving close to $300,000 USD on this transaction alone” said Mr Nair.

Currently, URO can be purchased at International Market Rates from most established exchanges, including:

URO is 100% real!!!

This proof should be enough: