[Moderated] [ANN][URO] First Urea Commodity Token: 1 Uro = 1 Metric Tonne Urea - page 161.

cryptodevil

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Quote from: Bitcycle on July 16, 2014, 01:41:40 PM

There is no chance whatsoever that the crypto markets can sustain this coin at a price of $300 per coin.

The money simply does not exist in these markets. It just doesn't.

It will have to come from outside the market.

Erm, coimarketcap.com suggests otherwise. There are meant to be 1million URO mined in the first six months and 100,000 per year after that and, given that there are currently <>360,000 URO coins in circulation you are talking about a potential USD108million which, given the commercial nature of the proposed trades, isn't actually that much and certainly well within the crypto market liquidity capabilities.

cryptodevil

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Quote from: trogdorjw73 on July 16, 2014, 01:22:31 PM

The PDF specifically says this is for "DEALERS WITH TOTAL SALES LESS THAN RS. 3.00 CRORE". Okay, so how much is 3.00 CRORE? Apparently, 1 CRORE = 10,000,000, and we're dealing with Indian rupees. So, less than 3 CRORE means less than 30 million rupees. It's roughly 60 rupees to the dollar right now, so all we can say for sure is that according to this PDF (what year is this for?), Green Earth Systems had less than $500,000 of sales.

To be fair, that is declared taxable sales and we don't know what period that is for. India, like Pakistan, has a *real* problem with tax not being declared fully so that *might* not reflect the true state of any of the companies on that list.

solid12345

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Quote from: Bitcycle on July 16, 2014, 01:41:40 PM

There is no chance whatsoever that the crypto markets can sustain this coin at a price of $300 per coin.

The money simply does not exist in these markets. It just doesn't.

It will have to come from outside the market.

Well at 300k +/- coins if you do the math the market cap only needs to reach what Dark and a little above Doge hit near their height to sustain $300 a coin. Market caps are an illusion anyway, like to be a $80 million market cap, $80 million dollars doesn't need to literally flow into it the coin just needs to be valued at that.

The most likely outcome is if it DOES take off and go to $300 a coin it will be day-to-day buying of companies trying to fulfill that 12,500 order so liquidity shouldn't be a problem for early holders.

maninzulu

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Quote from: Bitcycle on July 16, 2014, 01:40:18 PM

Quote from: niothor on July 16, 2014, 01:33:59 PM

Quote from: solid12345 on July 16, 2014, 01:26:10 PM

Quote from: trogdorjw73 on July 16, 2014, 01:22:31 PM

How does a company with less than $500K of sales back trades of urea worth apparently $7.5 million? And they had shipments of leather and girls clothing about a year ago, which proves... um... what does it prove?

Best case I see for URO at this point is that it turns out you can buy 1 ton of urea with 1 URO... only to find that shipping of the urea will cost you $300 per ton and it's not part of the contract. LOL

But is this saying they do less than $500k sales as a company or just less than $500k with this particular bank? Big difference.

I think though someone who was invited at the behest of the Fijian government probably does alot more than half a million in sales.

what bank?
You posted that damn link.
"DEALERS WITH TOTAL SALES LESS THAN RS. 3.00 CRORE, HAVING INTER-STATE SALES, SALES IN THE COURSE OF EXPORT/ IMPORT OR
RECEIPT OF CTP"

It's not a bank, but it might well be total sales which fall under the jurisdiction of West Bengal to tax. In fact, that seems quite likely.

this one

Bitcycle

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Quote from: cryptodevil on July 16, 2014, 01:19:09 PM

Quote from: Bitcycle on July 16, 2014, 12:59:34 PM

They don't have to convince anyone here of anything, because no one here has enough money to matter.

They have to convince people who buy urea in bulk, which is no one on bitcointalk.

No, you are misunderstanding what's at stake. People who buy UREA in bulk will happily pay a few dollars for URO if it'll get them a ton of UREA. It is the crypto markets they have to convince to support the floor value of <>300 USD per coin. It's not the buyers of UREA that want the price of URO to increase, it's the sellers of UREA who are accepting URO as payment.

There is plenty of money in crypto to make that happen, but it is the proof that suppliers are actually trading as they claim, with URO being accepted by them for physical goods that is needed first.

There is no chance whatsoever that the crypto markets can sustain this coin at a price of $300 per coin.

The money simply does not exist in these markets. It just doesn't.

It will have to come from outside the market.

niothor

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in defi we trust

Quote from: Crypto_Enthusiast on July 16, 2014, 01:33:19 PM

The more I research URO the more I am convinced it is genuine.

Quote from: Crypto_Enthusiast on June 15, 2014, 10:43:57 PM

Got a good feeling about this one. Buying.

You and your research

)

Bitcycle

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Quote from: niothor on July 16, 2014, 01:33:59 PM

Quote from: solid12345 on July 16, 2014, 01:26:10 PM

Quote from: trogdorjw73 on July 16, 2014, 01:22:31 PM

How does a company with less than $500K of sales back trades of urea worth apparently $7.5 million? And they had shipments of leather and girls clothing about a year ago, which proves... um... what does it prove?

Best case I see for URO at this point is that it turns out you can buy 1 ton of urea with 1 URO... only to find that shipping of the urea will cost you $300 per ton and it's not part of the contract. LOL

But is this saying they do less than $500k sales as a company or just less than $500k with this particular bank? Big difference.

I think though someone who was invited at the behest of the Fijian government probably does alot more than half a million in sales.

what bank?
You posted that damn link.
"DEALERS WITH TOTAL SALES LESS THAN RS. 3.00 CRORE, HAVING INTER-STATE SALES, SALES IN THE COURSE OF EXPORT/ IMPORT OR
RECEIPT OF CTP"

It's not a bank, but it might well be total sales which fall under the jurisdiction of West Bengal to tax. In fact, that seems quite likely.

niothor

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in defi we trust

Quote from: solid12345 on July 16, 2014, 01:26:10 PM

Quote from: trogdorjw73 on July 16, 2014, 01:22:31 PM

How does a company with less than $500K of sales back trades of urea worth apparently $7.5 million? And they had shipments of leather and girls clothing about a year ago, which proves... um... what does it prove?

Best case I see for URO at this point is that it turns out you can buy 1 ton of urea with 1 URO... only to find that shipping of the urea will cost you $300 per ton and it's not part of the contract. LOL

But is this saying they do less than $500k sales as a company or just less than $500k with this particular bank? Big difference.

I think though someone who was invited at the behest of the Fijian government probably does alot more than half a million in sales.

what bank?
You posted that damn link.
"DEALERS WITH TOTAL SALES LESS THAN RS. 3.00 CRORE, HAVING INTER-STATE SALES, SALES IN THE COURSE OF EXPORT/ IMPORT OR
RECEIPT OF CTP"

Crypto_Enthusiast

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The more I research URO the more I am convinced it is genuine.

solid12345

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Quote from: trogdorjw73 on July 16, 2014, 01:22:31 PM

How does a company with less than $500K of sales back trades of urea worth apparently $7.5 million? And they had shipments of leather and girls clothing about a year ago, which proves... um... what does it prove?

Best case I see for URO at this point is that it turns out you can buy 1 ton of urea with 1 URO... only to find that shipping of the urea will cost you $300 per ton and it's not part of the contract. LOL

But is this saying they do less than $500k sales as a company or just less than $500k with this particular bank? Big difference.

I think though someone who was invited at the behest of the Fijian government probably does alot more than half a million in sales.

trogdorjw73

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Quote from: solid12345 on July 16, 2014, 10:08:29 AM

Here is more

http://www.wbcomtax.nic.in/General_Information/Deemed_Assessment_list2_web.pdf

Green Earth Systems mentioned on the official website of the Directorate of Commercial Taxes for the Govt. of West Bengal

Quote from: studio1one on July 16, 2014, 10:07:44 AM

Not to pick hairs but GES were the receiver of those goods, not the shipper.

Sorry you're right but either way it showed they have the capital to order 20 tons of leather.

It's a couple pages back, I know, but let me quickly look at this one.

The PDF specifically says this is for "DEALERS WITH TOTAL SALES LESS THAN RS. 3.00 CRORE". Okay, so how much is 3.00 CRORE? Apparently, 1 CRORE = 10,000,000, and we're dealing with Indian rupees. So, less than 3 CRORE means less than 30 million rupees. It's roughly 60 rupees to the dollar right now, so all we can say for sure is that according to this PDF (what year is this for?), Green Earth Systems had less than $500,000 of sales.

How does a company with less than $500K of sales back trades of urea worth apparently $7.5 million? And they had shipments of leather and girls clothing about a year ago, which proves... um... what does it prove?

Best case I see for URO at this point is that it turns out you can buy 1 ton of urea with 1 URO... only to find that shipping of the urea will cost you $300 per ton and it's not part of the contract. LOL

solid12345

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Quote from: stormia on July 16, 2014, 01:10:55 PM

Dev explained why he came to bitcointalk on the google hangout- it's because miners are needed. no better place to find them.

Bingo. Miners are agnostic. A miner doesn't care whether he is a mining a scam coin or the next btc, either way they exist just to make a profit. You don't need much to convince them to mine something, and URO going on bittrex early was something of an unplanned occurrence.

We are just FORTUNATE as lowly traders we have a chance to buy in this cheap, because at the end of the day we will eventually be ecliped by the big dogs. I just find it bizarre people beg and do tricks and rah rah a coin when an anonymous dev throws together a 9th grade level white paper that makes no sense yet people disregard the briefcase full of documentation for GES.

loges

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Quote from: stormia on July 16, 2014, 01:10:55 PM

Quote from: loges on July 16, 2014, 01:06:52 PM

Quote from: Bitcycle on July 16, 2014, 12:59:34 PM

Quote from: cryptodevil on July 16, 2014, 12:52:00 PM

Quote from: solid12345 on July 16, 2014, 12:29:54 PM

I think the issue is what is in it for Rivaa to tell the world?

Nothing, but GES and The URO Foundation *need* URO to reach <>$300 value in order for the concept to work and they could do that by, not posting web 'news' announcements which are meaningless, but by posting copies of actual contractual evidence and the paperwork they would have to have for the shipment transit.

As I said, people who scoff at the idea of URO=1tonne of UREA, on the basis that they can't wrap their heads around commodities trading, are just ignorant about the components of how transactions would work for the businesses involved who are actually shipping physical goods and who would not at all be 'giving away' UREA at sub-market prices, as long as the coin value floor can rise to meet the required price.

That is why GES need to come up with the proof of their side of the deal actually having substance.

Their 'press' announcements given on the website and twitter are simply not acceptable proof for the market.

They don't have to convince anyone here of anything, because no one here has enough money to matter.

They have to convince people who buy urea in bulk, which is no one on bitcointalk.

True. So why is that this coin is marketed through these channels like everything else instead of the companies working with someone on a fiat-uro exchange right away. That would save a lot of trouble no? Except that way nobody could by in at $1 and make a huge gain off of this. Everything just does not smell right.

Dev explained why he came to bitcointalk on the google hangout- it's because miners are needed. no better place to find them.

That is untrue. Many coins have started without open mining. It's just mainly a distribution method, hence pos. If this is primarily for the urea industry there would be no need for us.

niothor

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in defi we trust

Quote from: stormia on July 16, 2014, 01:10:55 PM

Quote from: loges on July 16, 2014, 01:06:52 PM

Quote from: Bitcycle on July 16, 2014, 12:59:34 PM

Quote from: cryptodevil on July 16, 2014, 12:52:00 PM

Quote from: solid12345 on July 16, 2014, 12:29:54 PM

I think the issue is what is in it for Rivaa to tell the world?

Nothing, but GES and The URO Foundation *need* URO to reach <>$300 value in order for the concept to work and they could do that by, not posting web 'news' announcements which are meaningless, but by posting copies of actual contractual evidence and the paperwork they would have to have for the shipment transit.

As I said, people who scoff at the idea of URO=1tonne of UREA, on the basis that they can't wrap their heads around commodities trading, are just ignorant about the components of how transactions would work for the businesses involved who are actually shipping physical goods and who would not at all be 'giving away' UREA at sub-market prices, as long as the coin value floor can rise to meet the required price.

That is why GES need to come up with the proof of their side of the deal actually having substance.

Their 'press' announcements given on the website and twitter are simply not acceptable proof for the market.

They don't have to convince anyone here of anything, because no one here has enough money to matter.

They have to convince people who buy urea in bulk, which is no one on bitcointalk.

True. So why is that this coin is marketed through these channels like everything else instead of the companies working with someone on a fiat-uro exchange right away. That would save a lot of trouble no? Except that way nobody could by in at $1 and make a huge gain off of this. Everything just does not smell right.

Dev explained why he came to bitcointalk on the google hangout- it's because miners are needed. no better place to find them.

Lols, if you want heavy mining gear you don't open a thread here in the newbie hangout
There are lots of farms that deal behind the scene.

cryptodevil

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Quote from: Bitcycle on July 16, 2014, 12:59:34 PM

They don't have to convince anyone here of anything, because no one here has enough money to matter.

They have to convince people who buy urea in bulk, which is no one on bitcointalk.

No, you are misunderstanding what's at stake. People who buy UREA in bulk will happily pay a few dollars for URO if it'll get them a ton of UREA. It is the crypto markets they have to convince to support the floor value of <>300 USD per coin. It's not the buyers of UREA that want the price of URO to increase, it's the sellers of UREA who are accepting URO as payment.

There is plenty of money in crypto to make that happen, but it is the proof that suppliers are actually trading as they claim, with URO being accepted by them for physical goods that is needed first.

stormia

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Activity: 868

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Quote from: loges on July 16, 2014, 01:06:52 PM

Quote from: Bitcycle on July 16, 2014, 12:59:34 PM

Quote from: cryptodevil on July 16, 2014, 12:52:00 PM

Quote from: solid12345 on July 16, 2014, 12:29:54 PM

I think the issue is what is in it for Rivaa to tell the world?

Nothing, but GES and The URO Foundation *need* URO to reach <>$300 value in order for the concept to work and they could do that by, not posting web 'news' announcements which are meaningless, but by posting copies of actual contractual evidence and the paperwork they would have to have for the shipment transit.

As I said, people who scoff at the idea of URO=1tonne of UREA, on the basis that they can't wrap their heads around commodities trading, are just ignorant about the components of how transactions would work for the businesses involved who are actually shipping physical goods and who would not at all be 'giving away' UREA at sub-market prices, as long as the coin value floor can rise to meet the required price.

That is why GES need to come up with the proof of their side of the deal actually having substance.

Their 'press' announcements given on the website and twitter are simply not acceptable proof for the market.

They don't have to convince anyone here of anything, because no one here has enough money to matter.

They have to convince people who buy urea in bulk, which is no one on bitcointalk.

True. So why is that this coin is marketed through these channels like everything else instead of the companies working with someone on a fiat-uro exchange right away. That would save a lot of trouble no? Except that way nobody could by in at $1 and make a huge gain off of this. Everything just does not smell right.

Dev explained why he came to bitcointalk on the google hangout- it's because miners are needed. no better place to find them.

loges

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Activity: 308

Merit: 250

Super Smash Bros. Ultimate Available Now!

Quote from: Bitcycle on July 16, 2014, 12:59:34 PM

Quote from: cryptodevil on July 16, 2014, 12:52:00 PM

Quote from: solid12345 on July 16, 2014, 12:29:54 PM

I think the issue is what is in it for Rivaa to tell the world?

Nothing, but GES and The URO Foundation *need* URO to reach <>$300 value in order for the concept to work and they could do that by, not posting web 'news' announcements which are meaningless, but by posting copies of actual contractual evidence and the paperwork they would have to have for the shipment transit.

As I said, people who scoff at the idea of URO=1tonne of UREA, on the basis that they can't wrap their heads around commodities trading, are just ignorant about the components of how transactions would work for the businesses involved who are actually shipping physical goods and who would not at all be 'giving away' UREA at sub-market prices, as long as the coin value floor can rise to meet the required price.

That is why GES need to come up with the proof of their side of the deal actually having substance.

Their 'press' announcements given on the website and twitter are simply not acceptable proof for the market.

They don't have to convince anyone here of anything, because no one here has enough money to matter.

They have to convince people who buy urea in bulk, which is no one on bitcointalk.

True. So why is that this coin is marketed through these channels like everything else instead of the companies working with someone on a fiat-uro exchange right away. That would save a lot of trouble no? Except that way nobody could by in at $1 and make a huge gain off of this. Everything just does not smell right.

timpeff

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Activity: 89

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If URO was truly backed by UREA then why is the price .009? has anyone heard from the devs? If it is not yet backed by actual urea at this very moment in time they are saying "trust us, it will eventually be backed by urea." is this correct?
If they are saying this, what real proof do they have that this is really going to happen?

loges

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Activity: 308

Merit: 250

Super Smash Bros. Ultimate Available Now!

Quote from: cryptodevil on July 16, 2014, 12:52:00 PM

Quote from: solid12345 on July 16, 2014, 12:29:54 PM

I think the issue is what is in it for Rivaa to tell the world?

Nothing, but GES and The URO Foundation *need* URO to reach <>$300 value in order for the concept to work and they could do that by, not posting web 'news' announcements which are meaningless, but by posting copies of actual contractual evidence and the paperwork they would have to have for the shipment transit.

As I said, people who scoff at the idea of URO=1tonne of UREA, on the basis that they can't wrap their heads around commodities trading, are just ignorant about the components of how transactions would work for the businesses involved who are actually shipping physical goods and who would not at all be 'giving away' UREA at sub-market prices, as long as the coin value floor can rise to meet the required price.

That is why GES need to come up with the proof of their side of the deal actually having substance.

Their 'press' announcements given on the website and twitter are simply not acceptable proof for the market.

Absolutely. I have been a harsh critic and would gladly not only stop bashing the coin but would also buy at a much more elevated price than this is there were such evidence. Until more solid proof there will just be believers and non believers. Or those who bought and those who don't plan on it.

Bitcycle

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Merit: 250

Quote from: cryptodevil on July 16, 2014, 12:52:00 PM

Quote from: solid12345 on July 16, 2014, 12:29:54 PM

I think the issue is what is in it for Rivaa to tell the world?

Nothing, but GES and The URO Foundation *need* URO to reach <>$300 value in order for the concept to work and they could do that by, not posting web 'news' announcements which are meaningless, but by posting copies of actual contractual evidence and the paperwork they would have to have for the shipment transit.

As I said, people who scoff at the idea of URO=1tonne of UREA, on the basis that they can't wrap their heads around commodities trading, are just ignorant about the components of how transactions would work for the businesses involved who are actually shipping physical goods and who would not at all be 'giving away' UREA at sub-market prices, as long as the coin value floor can rise to meet the required price.

That is why GES need to come up with the proof of their side of the deal actually having substance.

Their 'press' announcements given on the website and twitter are simply not acceptable proof for the market.

They don't have to convince anyone here of anything, because no one here has enough money to matter.

They have to convince people who buy urea in bulk, which is no one on bitcointalk.

Topic: [Moderated] [ANN][URO] First Urea Commodity Token: 1 Uro = 1 Metric Tonne Urea - page 161. (Read 227157 times)