The question “Why has the NIERs not bought up all the Uro on the market?” has been asked many times. We are pleased to be able to publish an answer now.
There are so many reasons why the members of the Foundation has not chosen to go down this path, and here are just a few:
- Sustainability: The need for the Uro community to prove itself as a long term, sustainable crowd business model: The Foundation wants to see Uro grow organically on its own, with its own proud tradition. Uro needs to be convincing to the general public as represented by the community here. Uro needs to stand alone on its own principles and economic foundations. A few companies buying up all the currency supply does nothing to achieve this.
- Ethics: it is just plain wrong for the Foundation members to manipulate the market by hoarding all the Uro supply. In the share market – this would be considered some form of insider trading and definitely breaks a number of laws. Just because the cryptocurrency space is unregulated by the government doesn’t mean that we should not hold ourselves to high moral and ethical standards. Having a few parties with a majority stake in the currency supply simply breeds opportunities for market manipulation that benefits almost no one.
- Market creation and growth via “Earned Distribution”: to have a market – you need mass participation. What is the point of Uro if – when it reaches its proper value – that only a few hold it? There will be no point to such a currency – currency is something that is useful for exchange between people – especially strangers. The bigger the market the better – and we believe that the best way to create a large market is through what we call “Earned Distribution”: everyone that is holding Uro have earned them – by mining to keep the network operating, by contributing to the community via posting new information to strengthen its value, by buying some Uro. This is the free market at its best – mass participation with no freeloaders.
- Policies in Philanthropy: For the NIERs – Uro is not a sale, Uro is not something that fits the metrics of what that the Urea trading firms will pay for as an expense or an investment. for the NIERs – the best category for Uro to fit in is as part of the philanthropic and R&D activities these companies get involved in. Over the years – the NIERs have learned that handing out cash usually ends up with corrupt officials and middlemen absorbing the majority of the donations or funding – so the NIERs now have a policy: No cash handouts. This policy is the result of tens if not hundreds of millions of dollars in hard lessons learned from past charitable and R&D activities. The NIERs are fine with providing millions of tonnes of Urea knowing that it will go towards planting something that will help feed people in need, but not okay with providing funds so that Uro can be temporarily and artificially inflated in value on a currency exchange just so that a few early adopters can cash out.