The purpose of Urocoin was never to overtake Bitcoin or argue its better, just to bring some stability to an unstable market in the commodities world.
How is it supposed to do that, since it functions exactly like every other altcoin? Anyone who wants to buy urea would be able to do it better with Bitcoin rather than trying to use Uro.
This is an important concept to understand for Bitcoin and all altcoins - what gives them value? By saying that a coin needs to be "backed" by a commodity, you are saying that Bitcoin and other altcoins have no intrinsic value. Ironically enough, Uro isn't backed by a commodity itself.
The reason for "tokenizing" Urea is a farmer could in theory buy Urea at today's price, hold onto it for a year, and if Urea prices spike he could exchange it for Urea at last year's prices.
In theory, as opposed to actuality. What you mean is that it doesn't work like that, at all, and in fact Urocoin has nothing to do with urea, or the price of urea, and you can't even buy urea with it.
In a world where fertilizer prices can go rapidly up and down or vary by region by as much as 20-30% or more
The price of URO has gone up and down more than that, and more rapidly.
this would help 3rd world farmers out tremendously to be able to invest in what is essentially a futures contract on a digital token.
But it's not a futures contract, in any way. It's an altcoin, which means it is exactly like Bitcoin except not as good.
People are selling Urocoins, but these people don't own any urea. They're selling an altcoin, nothing more, which means it has no value other than the proof of work and electricity it takes to generate coins and maintain the network.
If Uro was "tied" or "pegged" to the value of urea, then how could new coins be generated with X11 POW at the rate of 100,000 coins per year? Is the Urocoin network generating 100,000 metric tons of urea every year? No, because Urocoins have nothing to do with urea.
It's NOT a currency in the traditional sense like Bitcoin.
How is it different? Just because you're telling people they're only allowed to spend it on 1 thing? That doesn't actually make it any different - Bitcoin can do everything Uro can do. Anywhere you can trade Uro, you can also trade Bitcoin.
200 pages of FUD popped up in 48 hours to dispel the coin's price
Was there a huge crash in the price of urea? No? So, again, Urocoin has nothing to do with urea.
This is why I think there as so much distrust about Uro, it's made by "brown" people
You're the only one talking about the color of people's skin, racist.
