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?
Topic: [ANN][URO] A Real Long Term Currency: 1 Uro = 1 Metric Tonne Urea Fertilizer - page 172. (Read 247332 times)
June 27, 2014, 06:24:28 PM
June 27, 2014, 07:44:25 AM
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.
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:)
June 26, 2014, 10:24:49 PM
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.
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.
June 26, 2014, 10:22:50 PM
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.
June 26, 2014, 07:59:16 PM
Well I'm still not sure about this and the ATF has ignored me but I'm going to take the risk with a small amount of BTC because the potential rewards are good. Even if it ends up worthless I can stand to lose a 0.2 BTC so I see it as a worthwhile gamble.
Main reason I'm on board. Risk vs reward. Fully admit sounds to good to be true but whats is there to lose? A few days of mining?You're not going to get a lot mining with the mystery hash around, and the mystery hash is what is going to limit adoption and use of Uro by farmers and fertilizer traders/vendors that understand what crypto is. So yes, it *might* go to 300, but for that to happen there is still a hell of a lot of work to be done, and things that have to change and/or get developed.
I can't see how this will ever go to 300 without at least 1, if not 2 major hardforks that dramatically shift the coin fundamentals. Nothing is easy in commodities. Stuff that sounds 'too good to be true' is, but if you do your research, and understand the fundamentals that can lead to 5 to 15 year long price cycling, you can probably do okay. (Just make sure you have some other way to pay your bills)
June 26, 2014, 07:49:44 PM
Is this coin for real? I can understand the commodity markets.. Will this coin to be one of the first cryptos to break the ice when it comes to commodities?
June 26, 2014, 05:48:29 PM
Well I'm still not sure about this and the ATF has ignored me but I'm going to take the risk with a small amount of BTC because the potential rewards are good. Even if it ends up worthless I can stand to lose a 0.2 BTC so I see it as a worthwhile gamble.
Main reason I'm on board. Risk vs reward. Fully admit sounds to good to be true but whats is there to lose? A few days of mining?I'm not mining. Just bought some as relatively cheap but yeah. Worth a gamble as all crypto is. Would be a different matter if I was looking to put in like 20 BTC (I wish). So I'm taking the chance.
June 26, 2014, 05:14:14 PM
Well I'm still not sure about this and the ATF has ignored me but I'm going to take the risk with a small amount of BTC because the potential rewards are good. Even if it ends up worthless I can stand to lose a 0.2 BTC so I see it as a worthwhile gamble.
Main reason I'm on board. Risk vs reward. Fully admit sounds to good to be true but whats is there to lose? A few days of mining? June 26, 2014, 04:58:55 PM
Hozer, I been mining this coin for awhile. Since day 1 actually. The mystery hash has only happened in the past couple of weeks. When it first started, I'm talking day 1 or 2, the difficulty was about 14 and the network hashrate was only 120mh/s. I had maybe 50% of it. This is not the first coin with mystery hash. Plenty of coins now have it and it cannot be explained other then the possibilty of asics out there that have not been revealed to the public yet or just massive farms. Does it keep me away? Nope. Is it hard to mine now? Yes. Part of the game tho. And as for GES running X11 they have already said in the thread they have put hash out there whenever there was a spike in hash to prevent an attack. See post 194 in this thread.
It's most likely FPGA farms or one mega farm. No ASICs currently exist for X11 (if they did the info would have leaked at least for prototypes). Whilst FPGAs are a lot slower than GPUs they are way more energy efficient and after the flood of SHA256 ASICs are available dirt cheap on the market. For someone who knows how to set them up and has the space and skills to look after them - they could make a mega hash farm and mine at very low cost compared to regular GPU miners. I suspect this has happened with most of the X11 coins, in particular Dark, and may have helped to kill the price of HIRO.
June 26, 2014, 04:54:17 PM
Well I'm still not sure about this and the ATF has ignored me but I'm going to take the risk with a small amount of BTC because the potential rewards are good. Even if it ends up worthless I can stand to lose a 0.2 BTC so I see it as a worthwhile gamble.
June 26, 2014, 04:02:59 PM
Hozer, I been mining this coin for awhile. Since day 1 actually. The mystery hash has only happened in the past couple of weeks. When it first started, I'm talking day 1 or 2, the difficulty was about 14 and the network hashrate was only 120mh/s. I had maybe 50% of it. This is not the first coin with mystery hash. Plenty of coins now have it and it cannot be explained other then the possibilty of asics out there that have not been revealed to the public yet or just massive farms. Does it keep me away? Nope. Is it hard to mine now? Yes. Part of the game tho. And as for GES running X11 they have already said in the thread they have put hash out there whenever there was a spike in hash to prevent an attack. See post 194 in this thread.
June 26, 2014, 03:45:44 PM
June 26, 2014, 03:38:46 PM
So if my 10 Mhash on 750 watts is representative, the current hashrate of 15 Gigahash is using 1.1 Megawatts of electricity, and about 3000 7970's worth roughly 1 million dollars, getting around $270 an hour at $0.75 cents per Uro.
Until the block reward drops to 0.6 Uro per block at block 83334, I would expect a $0.50 to $2.00 a Uro trading range, so there's plenty of time to buy.
If the price goes up much over $1, hoards of miners will flood in from every other blockchain, who will start mining and selling to pay their electricity. If we run out of existing miners, then we'll have another run on video cards, or someone will buy up all the old FPGA's and run X11 on them. Given that Green Earth has some IT connections, it wouldn't surprise me if this was actually a X11 asic miner play, given the timelines.
If the code stays as it is, and there are no other major problems, then after around block 80,000 or so I would expect the price will start climbing as investors start outnumbering the miners on the exchanges.
But because the entire value of this coin is because it's backed by a commodity, there is far less potential to 'get rich' than in other pure-digital currencies. If you want to get rich, invest in auto-trading algorithms and get Uro listed on as many of the Blockchain 2.0 distributed exchange platforms as you can, and make money on the market swings, between when miners dump and when investors panic-buy because they are afraid they'll get left out.
Until the block reward drops to 0.6 Uro per block at block 83334, I would expect a $0.50 to $2.00 a Uro trading range, so there's plenty of time to buy.
If the price goes up much over $1, hoards of miners will flood in from every other blockchain, who will start mining and selling to pay their electricity. If we run out of existing miners, then we'll have another run on video cards, or someone will buy up all the old FPGA's and run X11 on them. Given that Green Earth has some IT connections, it wouldn't surprise me if this was actually a X11 asic miner play, given the timelines.
If the code stays as it is, and there are no other major problems, then after around block 80,000 or so I would expect the price will start climbing as investors start outnumbering the miners on the exchanges.
But because the entire value of this coin is because it's backed by a commodity, there is far less potential to 'get rich' than in other pure-digital currencies. If you want to get rich, invest in auto-trading algorithms and get Uro listed on as many of the Blockchain 2.0 distributed exchange platforms as you can, and make money on the market swings, between when miners dump and when investors panic-buy because they are afraid they'll get left out.
June 26, 2014, 03:22:19 PM
There are so many multipool that mines profitable coins and sells them in an exchange for BTC and buyback their own community supported coins. Examples are wafflepool.com, clevermining.com, Blackcoinpool.com and many others too many to count.
June 26, 2014, 02:36:00 PM
Which multipool?
would also like to know wich pool
June 26, 2014, 02:07:06 PM
Which multipool?
June 26, 2014, 01:55:00 PM
The dumping you see happening is a multipool that mines URO and exchanges it for BTC to buy their own coin.
Have to agree i also dont like it but it has one advantage, cheap coins (for now)
Have to agree i also dont like it but it has one advantage, cheap coins (for now)
June 26, 2014, 01:34:45 PM
And Scambust, please check me out and report an independent evaluation of the BS I am spewing here.
You really have a to big EGO.
Everything in crypto is speculation.. if you still dont know after all those years you are pretty dumb imo.
Accusation 1: probably true. I'm speculating that Ego might sell product.
As for extortion, well, I'm feeling extorted by mining farms and high-frequency traders that are raking in all the profits,.so I suppose my response is a little, well, irritable.
I just want to cash in my Uro for Urea next year, so there's plenty of time for all the milestones to work out.
June 26, 2014, 01:10:13 PM
Thank you.
If Green Earth Systems can't deliver a couple of shipping containers for the 70 or so Uro I picked up for cheap, then the following has about a 50% probability of happening:
1) I will release a new fork of Urocoin that does hashpower timeshare (see http://www.reddit.com/r/catcoins/comments/28w088/rfc_timeshare_mining_and_multialgorithms_like/ for a half-assed attempt at description )
2) the NouUro, or maybe just 'Nitrogen' will be a cryptographic commodity backed by an **elastic coin supply** as documented in http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2425270
3) the coin supply will be increased (by mining) and decreased (by demurrage) in relation to the blockchain-recorded trades based on the 'N' fertilizer analysis values (for Urea, the value is 28% nitrogen per ton) of the commodity being traded, so that 1 kilogram of nitrogen is 1 unit of the coin.
4) I will back this shit up with the nitrogen fertilizer value in up to 5% of my soybean crop, traded at http://blockscan.com/assetInfo.aspx?q=SOYBEANS
Whether I do this or not really depends on what pays me cash, or gets me fertilizer.
So if someone from Green Earth is paying attention, I suggest you come up with a plan to get this farmer his Urea, or your blockchain is likely to see a hostile takeover.
Until either one of those occur, I'd advise $0.50 to $2.00 is a reasonable trading range. Any panic buying is going to kill the long-term value for trading for Urea, so if this is really going to work, then the coin developers and Uro foundation need to **manage** the hash rate and price inflation, or because this is a free market, this farmer will take it over.
And Scambust, please check me out and report an independent evaluation of the BS I am spewing here.
If Green Earth Systems can't deliver a couple of shipping containers for the 70 or so Uro I picked up for cheap, then the following has about a 50% probability of happening:
1) I will release a new fork of Urocoin that does hashpower timeshare (see http://www.reddit.com/r/catcoins/comments/28w088/rfc_timeshare_mining_and_multialgorithms_like/ for a half-assed attempt at description )
2) the NouUro, or maybe just 'Nitrogen' will be a cryptographic commodity backed by an **elastic coin supply** as documented in http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2425270
3) the coin supply will be increased (by mining) and decreased (by demurrage) in relation to the blockchain-recorded trades based on the 'N' fertilizer analysis values (for Urea, the value is 28% nitrogen per ton) of the commodity being traded, so that 1 kilogram of nitrogen is 1 unit of the coin.
4) I will back this shit up with the nitrogen fertilizer value in up to 5% of my soybean crop, traded at http://blockscan.com/assetInfo.aspx?q=SOYBEANS
Whether I do this or not really depends on what pays me cash, or gets me fertilizer.
So if someone from Green Earth is paying attention, I suggest you come up with a plan to get this farmer his Urea, or your blockchain is likely to see a hostile takeover.
Until either one of those occur, I'd advise $0.50 to $2.00 is a reasonable trading range. Any panic buying is going to kill the long-term value for trading for Urea, so if this is really going to work, then the coin developers and Uro foundation need to **manage** the hash rate and price inflation, or because this is a free market, this farmer will take it over.
And Scambust, please check me out and report an independent evaluation of the BS I am spewing here.
You really have a to big EGO.
If you dont like this coin or think its a scam go play with your SOYBEANS.
Nobody will support your fork if you come here for EXTORTION.
Also by proposing something like this you show that your life is absolutly misserable.
Go try your tactics on another coin or just wait till we all know more.
If you read the OP you can see in the next months Milestone 2/3 comes available that enables trading.
If not then you have the right for a HOSTILE takeover.
Untill then you have absolutly no right to come here to DEMAND what you just said.
Everything in crypto is speculation.. if you still dont know after all those years you are pretty dumb imo.
June 26, 2014, 12:25:48 PM
I really wish the dev would respond to all this, i.e. the mining issues, and the ambiguous foundation members.
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