All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident

morten_s

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Today at 01:13:10 PM
Reply with quote  #340

Uro is the first cryptocurrency to utilize the blockchain as future contracts (EDIT: for legal reasons we will not use this term, but you can hold Uro as a way of claiming Urea some arbitrary time into the future – its more flexible than a traditional futures contract – as there are no set time limits) for a commodity. Innovative indeed. This will bring on the next era in the cryptoworld. Just the kind of potential utilization of cryptography (now the blockchain) Nick Szabo was talking about back in 1995 in this letter (http://cypherpunks.venona.com/date/1995/09/msg01303.html), and Andreas Antonopoulous continually speaks about in interviews. As the blockchain is not a currency per se, but a network of consensus and trust that effectually replaces a previously required law enforcing and contract binding entity (the court). As one form of blockchain utilization, future contracts can potentially fit perfectly. Decentralized and well away from any manipulative/corruptive influences. Cleverly simple. A truly brilliant and innovative initiative, especially when applying it to a market with prevailing volatilities in the extremes.

Like any new groundbreaking idea, it will be heavily antagonized in its infancy. That is the inescapable causatum. But, to quote Arthur Schopenhauer, German philosopher (1788 – 1860):

“All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.”

The world (John Q. Public, not just the cryptoworld) will take notice of these developments. Uro will not be the last initiative to utilize the blockchain in this manner, but it is the first.

I am bullish on agriculture, I am bullish on the value of the blockchain, and I am bullish on Uro, a marvelous coupling.

Morten

PS: Please read this insightful paper, if you haven’t already. Obligatory.

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2425270

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One thought on “All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident

  1. When I first learned about Uro I was immediately fascinated by its vision. Being a commodity futures trader, the parallels between Uro and futures contracts was obvious to me. I have since always seen it in this light. You may not be able to use the term “futures contract” for legal reasons, but you might be able to use “forward contract”. A forward contract is similar to a futures contract, except it isn’t as rigidly standardized as far as dates, amounts, times of delivery, etc. In any case, futures has always been confusing to most people. I think that is why Uro is so confusing to most people also. Uro intends to perform the same essential functions as the futures markets – efficient reporting of market prices, ease of exchange, liquidity of exchange, among many others. Futures markets have been doing this very efficiently for a very long time and there is no reason to believe that Uro can’t do this for Urea as well. Best of luck in this endeavor, my eyes are peeled.

    P.S. I would love to help with the Uro team if there is a need to assist with public education about Uro.

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