Uro: Backed by Millions of Tons of Urea Fertilizer
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.
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.
Uro: Long Term Currency Backed by Millions of Tonnes of Urea Fertilizer