The reason URO is probably better than bitcoin is you can’t hide the location of a fertilizer plant or storage warehouse like you can obfuscate the owner of a bitcoin wallet, so there’s an incentive to play fair, at least until the feedstock for your fertilizer plant runs out. (seehttp://petrodollar.org/ ) The problem here is that in the US, a couple of big fertilizer plants are owned by the Koch brothers, and they are experts at manipulating markets and buying public opinion, and also obfuscate how much oil and natural gas is actually economically recoverable.
Long story short, URO will be better than Bitcoin until the gas runs out. Then it collapses to zero overnight.
Meanwhile, I can always plant more http://blockscan.com/assetInfo.aspx?q=SOYBEANS and sell vegan soybean meal nitrogen fertilizer.
okay Harry Reid
Okay invoking the Koch brothers was a stupid argument. I have to have at least 3 stupid ideas before anything makes sense. But don’t you think that URO/Petrodollars/SOYBEANS would be a very interesting set of trading pairs on a distributed exchange?
Yes it would be very interesting. I just have very serious doubts this URO is legit. Somebody should try cashing in a Uro for a ton of Urea..I don’t think you’re going to get a ton of Urea for 50 cents. I’d love to be wrong, but my money says this is another pump and dump scam and I’m staying away.
I will call this bluff. Who’s willing to sell me 12,500 Uro for SOYBEANS? I will have physical soybeans for delivery in a few months, and for 50 cents a ton, I can find some farmers to charter a ship, or just cut some existing fertilizer company in for half the load.
12,500 Uro isn’t 50 cents a ton Sell me one ton of Soybeans for one Uro, or one ton of Urea for one Uro
I need 12,500 Uro per the contract specifications to trade it for a shipload of Urea. If Uro is $0.50 each, that is in theory 50 cents/ton of Urea. But only if there’s really a backer, so I’m taking a big risk cause it’s going cost at least $50,000 USD in legal fees, insurance and whatever else to charter a ship to call that bluff.
However, if you can deliver 20 tons (20,000kg) of Urea in a dry-bulk-bags to the Manly Terminal in a shipping container, I’ll send the container back with 10 tons of soybeans (10,000kg), based on the roughly 2 to 1 price ratio of Urea to soybeans
Do you have any idea how much press and attention we’d get in the worldwide commodities market if we actually executed this transaction instead of bullshitting about it on cryptocointalk? Go issue ‘UREA’ on counterparty with contract deliverable specifications for 1 ton of Urea in bulk bags (or 20tons in a container), and back it with URO, and then we can start trading fertilizer instead of BS. If you’ve got any ideas how to handle basis I’d love to hear them.
That is exactly the kind of stunt this needs. True-asset will need to pull off some expensive marketing strategies to make this happen. As soon as someone who lives near one of the NIER members calls his bluff it will be a very very expensive ordeal for the URO foundation if the price continues to stagnate.
There is an interesting article on Coindesk today. http://www.coindesk.com/british-mp-bitcoin-may-zx-spectrum-digital-currencies/
“It will be corporations or other providers of utility who are most likely to introduce a currency that would be used by the vast majority of people, he indicated. This would be driven in part by digital currencies like bitcoin, but also because of high inflation rates and a “doomed” post-Bretton Woods system.
“The intriguing question that will determine the shape of the world is ensuring that every country has access to a multiplicity of reserves […] whether it’s bitcoin, O2 credit, Tesco credit. I suspect [the dominant currency of the future] will be backed by a large company that provides something of utility. A mobile phone company, or a supermarket chain,” he said.”