Re: [ANN][URO] A Real Long Term Currency: 1 Uro = 1 Metric Tonne Urea Fertilizer
by
ShiteCoin
on 10/07/2014, 19:20:23 UTC
URO is a nice idea in general, but this coin is a scam ShiteCoin unfortunately. Due dilligence is about collecting a range of fact and the aggregate story should form the view.
Think about the business model. It makes no sense. Commit 50,000 tonnes of Urea at $300 value per tonne. Give it all away to randoms for the love of all things CC. Mint 1,000,000 coins in 6 mths - ie 5% backed at best with 100k minted/yr after. Backing the first 6 mo coins requires 1MM tonnes of Urea and must be given as a donation since presumably all the coins are mined by the non producers.
To fully back 1MM Coins requires $300MM in free Urea that producers will be donating, with 30MM in continued free donations until 2024, for a total commitment of $600MM at todays prices. I am so sorry if you have bought URO.
You are a very silly person if you believe this can be true.
They did spend a few hundred dollar on some nice booth banners though.