had fun reading
http://www.cryptocoinsnews.com/news/urocoin-could-be-a-big-scam/2014/07/21 I dont feel liek creating an account there so ill just post my thoughts here.
So Rick Gillis had a short interview wiih Bohan, with a nice writeup of questions that had no new information then added a sensationalist heading based on his opinion, and wrote about his opinion based on his sleuthing for longer than the article.
"who Uro truly is before we can expose the scam."
-(proof of Ricks Motive)
"I did a little digging on who NIER is [] A company trading that much Urea wouldn’t exactly be trading under the radar, but I was unable to find anything related to that business ever existing."
-(Rick you realize NIER is an acronym for national import export representative, they are not personally linked but they fall under the category of " X company does business as a NIER"
"these four companies constitute a union named NIER who trades more than 2 million metric tons in three years. Two companies are not legal entities"
-(not a union just a title to associate with them, and just because you cant find internet information does not make them illegal entities?)
" in 1955, someone registered Indian Potash Limited. With it being such an old company, we might have a red herring in our midst, but the website we are examining might not be the real Indian Potash Limited’s company website."
-(I think Mike Geister answered this one in the comments below the article, anyone who thinks IPL may not be real is wearing a very large tinfoil hat)
"[] saying that they do not have any urea. Now, somehow they just sold 25,000 metric tons of urea."
-(these companies place an order with the manufacturer when someone orders form them, they do not stockpile urea they just source and then resell it. someone had good information on this in the IRC, something like 2 business models, Dell distributes to end users worldwide, but Intel only sells to distributers. In this case urea manufacturers are akin to Intel as you an end user can not just get urea from the urea plant)
"I couldn’t find any single transactions from July 10th for 25,000 Uro, as 1 Uro supposedly is equal to one metric ton of urea, I have to question the validity of this transaction."
-(We saw 2 transactions of 12500 in the richlist/transaction logs which have been loosely associated with Rivaa. these addresses accumulated before the all time high and still exist untouched. As it can take 30-60 days for shipments to happen my personal opinion is we will see these move to another address at that time)
"According to Bohan, corporations just instantly intend to accept Uro regardless of anything else. So, let’s research the price of one metric ton of this stuff."
-(they intend to accept it at face value whatever the current price is which would also be reflected in the price of 1 urocoin at that time on the market, if the market value of urea goes up, the market value of uro goes up maintain 1:1. of course we can see with the current price that there is low opinion this will all actually work out. Its definitely a risky investment for an altcoin trader though its made enticing by the potential reward. We know if it does work it'll go up to ~.5 at current bitcoin prices ive said before why not just throw in a few dollars and see what happens. see the thread where someone asked how much people have made off of altcoin trading, in the first few responses some people were down 30-50% in the past 6 months, while someone turned $38 into 14 BTC. this is all speculation at least we have a goal in mind here not based on technological gimics)
(these are my opinions based on everything i have read and heard about URO, DYOR when investing)
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