so who is going to back URO price for 1 MT Urea price ? i don't think anyone is capable of doing that in crypto. Look at the buy order at exchange. Its no where near the value of 1 MT Urea.
The NIERs will by signing an ratifying the Uro Protocol which binds members to a clear set of procedures for exchanging Uro for Urea. Currently, we have the following companies on board. More are joining in the coming months.
- Green Earth Systems Limited: Global NIER
- Urea Trading India Limited: India NIER
- Crown Team Corporation Limited: China NIER
- CCL Pillay Group: South Africa NIER
U didnt answer the question. Who is going to back the price ? Who is going to set 1000 BTC buy order at exchange to back the price ? The person or group need to set at least 1000 BTC buy order to back URO price for 1 MT Urea and they have to top up the amount frequently to feed miner. And i dont see anything close happen to any crypto currency because it's not feasible to back a crypto currency with anything.
Uro is being backed against Urea, not BTC. Please read the announcement carefully without an empty cup and you will understand.
u don't understand how crypto works and u dont understand my question.
URO is back by Urea. The price of 1 MT Urea is currently between $300 and $600. BUT i can buy 1 URO at exchange for 0.50 USD right now and possibly in the future. Who is going to back the price of URO at the exchange ?
We are not concerned with the BTC exchange. We are building a Urea exchange. Market forces will naturally affect the value of Uro on the open market exchanges - because naturally, if some one wants to but Urea and the cheapest way is to buy Uro with BTC then by Urea with Uro - then thats is waht they will do - until the price of Uro appreciates to equilibrium value.
Ok. There u go. That is the answer to my question. U finally understand what i am asking.
Therefore, based on your answer, URO is not back by anything but market buy and sell which is exactly the same as any other crypto currencies like Ratcoin , dogecoin , or darkcoin ect. All of them are back by market buy and sell.
Actually you cannot be more wrong. Next Tuesday I will be able to buy 1 MT of Urea with my each of my Uro - try doing that with Dogecoin next Tuesday and see how far you get.
Let see how it goes. I don't think it's going to happen. 1 URO value is 0.50 USD and 1 MT Urea is at least $300. The company selling you real MT Urea will be bankrupt in a day.
You completely underestimate the size of the Urea industry. Understand that just one Urea factory can cost over 1 Billion USD. Now think of how many factories that are in the whole world - then think of how much Urea is being produced daily by these factories - I hope that can help you form a clearer picture of things.
yeah. If this works. I will be a millionaire just by sitting at home mining and farmer working their ass off on the field. Thanks for that.
i won't because i'm not fooled by it all.
