So there appears to be a lot of controversy going on about URO these past few days. Even though this digital currency has always been scrutinized very closely, no actual harm came from it. Something must have changed, so let’s look at it together, shall we?
I do understand the concept of URO is extremely difficult to grasp for nearly everyone out there. The part we all understand is how 1 URO equals 1 metric tonne of Urea (fertilizer used for 50% of the world’s food production). But who really understands the concept besides what URO represents, and how much the coin is actually worth?
The short answer would be : most likely no one. I’m not saying no one understands URO at all, but I do strongly believe there are some misconceptions. Let’s see what the developers have posted over the past few days, and what it actually means (to the best of our abilities that is).
First of all, the URO Foundation team has gone public by providing a picture of the team , as well as their real names and functions (click here for details). In the background of this picture, you will see the Green Earth Systems logo, which is one of the main points of concern/misinformation.
When you do a Google search for Green Earth Systems, you are presented with a website talking about the Australian part of the company. But the picture and URO team’s functions mention Green Earth Systems Hong Kong. You can see why this would be confusing to a lot people.
When the URO team showed us two important documents, things seemed to be clearing up. These documents had both an address in Hong Kong and an address in Australia listed. Sounds about right to me, as we have Green Earth Systems in AU and Green Earth Systems in Hong Kong.
If you missed these two documents, make sure to check out our previous article on URO.
Still, some people were having severe doubts, as a piece of paper can be easily photoshopped to include different addresses and what not. To put it simple : the people wanted more proof of URO being legit, and not just another coin with empty promises. And I totally understand that, as did the URO Foundation.
As a result, the URO team conducted an interview on CoinsSource a week ago , which you can find here. In this interview, it was stated how the companies who signed the URO Protocol (click here) committed to selling 12,500 metric tonnes of Urea for 12,500 URO.
While this is excellent news to see these facts confirmed by a person of the URO development team, it raised more alarms among the Crypto community. One metric tonne of Urea is worth roughly $300. However, one URO is worth $4.13 as of this writing (according to CoinMarketCap)
You can see why this would create a whole new load of panic, as the numbers quite simply don’t seem to add up. While this is true, there are some things we have to take into consideration before going off our rockers about the numbers.
For starters, even though one URO isn’t anywhere close to $300 when comparing it at Bitcoin exchange rates, that doesn’t mean the actual value of the coin isn’t $300. A digital currency’s true value doesn’t get reflected immediately when compared to Bitcoin’s exchange rate. Keeping in mind that the people who signed the URO Protocol value the coin at $300 , or potentially even more, they seem to know a whole lot better than we do.
I would like to present the following quote to you, posted by a member of URO a little while ago :
“ A commodity trading company takes at least 5 years to establish and usually does not profit until years after that. the commodities industry is composed or rational, calm and determined leaders who plan projects 5, 10 and even 15 years ahead and have the funding to fuel this determination, as demonstrated by the single transaction $25 Million USD BCL posted some days ago.”
In today’s deal for example: GES now hold 12,500 Uro that are unlikely to be worth any less than 120% or the 2014 value of 12,500 metric tonnes of Urea in 5 years time (adjusting only for ~4% effective inflation – real inflation is higher – as can be measured by aggregated real estate and gold price increase per annum).”
“Therefore, Uro represents a pioneering investment for GES into the firm’s future prosperity, and elevates GES’s reputation to a new level of unprecedented technological and ideological leadership in both the finance and commodities sectors worldwide, likely multiplying yearly revenue significantly due to increased in sales from both new and existing clients.”
That makes for an interesting thought , doesn’t it? Especially when you consider how we are telling people that “the fiat currency you own isn’t worth as much as you think it is, the banks just tell you the value”.
Except, in this case, we can determine URO’s value , so why are we deliberately trying to push it down, when we could very well be on the brink of giving digital currency that mainstream push it so badly needs? Most interesting indeed….
If that still isn’t enough to convince you, which would be totally understandable, there was a Google Hangouts interview with the URO developer. As much as this validates the whole deal once more (even more since they don’t HAVE to do these things, but they wanted to), people are still crapping all over it.
I honestly believe we can’t ask more from the URO developer team. They have even opened up a 88 Bitcoin bounty to anyone who can legitimately proof the evidence of their Urea purchase is fake. They wouldn’t do these things unless there is no way to discredit the evidence.
The first URO transaction with a Urea supplier for IPL (Indian Potash Limited) is currently in progress. You can find out more details about this announcement by clicking here. ‘On the day of IPL’s announcement for the new tender prices for UREA imports, Green Earth Systems Limited (Hong Kong), confirms to supply Urea based on an “Alternative Payment System” URO.’
However, as the Crypto community is very fickle (once again, understandably so, don’t get me wrong!), they managed to spin the whole bounty thing around. “Oh, so we need to prove it is fake, how about you
just prove it’s real?” I am personally very upset about this attitude, but I can somewhat understand why people would express their doubts in such a manner.
In case you haven’t been keeping an eye on the URO Foundation blog, you really should take a look at it. They post daily updates on questions being answered about URO and Urea. You can find the URO Foundation blog by clicking here. (Yes, it’s a wordpress subdomain, stop whining about it, seriously).
The Green Earth Systems website (the Australian one) is also posting regular updates about new deals being made and other URO news. Some very good and detailed information can be found there as well. To visit their news page, click here.
Last but not least, did you know there is a URO crowdfunding project taking place on StartJoin? The idea is to collect 12,500 URO, which equals to 12,500 Urea. People who support the project (for 125 URO each) will receive 1% of the proceeds of the sale. Depending on the importing buyer’s method of payment, these funds will be paid out in BTC, EUR or USD.
The only thing that needs to happen is for StartJoin to accept URO for this project, instead of GBP. As more and more people will contact both StartJoin and Max Keiser about this, we will see it happen a lot faster.
How about all the people who say URO is a scam, buy 125 URO from an exchange , and all support the campaign once the crowdfunding part opens up on StartJoin? You’re looking at a potential 7000% return of your investment. You all want the big money anyway, right?
You can find the URO StartJoin campaign here : https://www.startjoin.com/urea12500
I sincerely hope this article has clarified some things, but I’m sure there will be naysayers regardless of any facts. We will see what the future holds for URO, but from what I can read and see, I’m very happy with holding my 50 URO donations from last month.
Uro donations : UeHPK3cEQi89Z53htn3S5mBqRmCFguBGZv