[23:08] <cryptoweather> Thanks for making this happen True-Asset. can you describe your business with urea, shipper, supplier , wholesale? I can see on Alibaba for instance that I could order 1ton of urea 46%
[23:08] <cryptoweather> you stated that the minimum was 12500 tonnes.
[23:09] <darkpill> 12500 tonnes.is a ship full
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[23:10] <cryptoweather> 12500 for the most efficient and cost based order?
[23:10] == fiftyseven [[email protected]] has joined #URO
[23:10] <true-asset> Yes, one typical cargo vessel stores 12,500 MT of "bulk" product in the hull
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[23:11] <true-asset> The Uro Protocol establishes a baseline for Uro, it is not the end, but a means to a beginning
[23:12] <darkpill> What are your expectations for attracting new members to the Foundation?
[23:13] <true-asset> With the protocol we now have legal coverage of the import/export international component of the Urea trade. The next stage is at the wholesale level.
[23:13] <darkpill> so new protocol?
[23:13] <true-asset> Our efforts are concentrated on decuring a few wholesalers first - then we will seek to bring more NIERs on board - especially in country yet to be represented.
[23:14] <darkpill> what law can the protocol be enforced under? i.e. international or local trade law?
[23:14] <true-asset> Our efforts are concentrated on *procuring a few wholesalers first - then we will seek to bring more NIERs on board - especially in country yet to be represented.
[23:14] <true-asset> Both
[23:15] <darkpill> what's the incentive for the wholesaler?
[23:15] <cryptoweather> so just to clarify your not trying to make an international standard payment method, but a recognized payment method amongst 'joined' members.
[23:15] <true-asset> Well, all three I should say: law at the port of origin, international law, and the law at the destination port
[23:16] <true-asset> We are making a standard payment method - Uro is a open source, open platform, decentralized network like Bitcoin
[23:17] <true-asset> There is, no restriction on its use - and we can;t even enforce such a restriction even if we wanted to
[23:17] <wasobot> true-asset:  will there be interview with representatives of the board members ?
[23:17] <true-asset> the Uro Protocol has been made very generic - and its is open for signing by all
[23:19] <darkpill> yeah who will do the media interviews?
[23:19] <true-asset> Yes there will be an interview - we want to do the first one with CoinDesk - its got the most votes. We are drafting up an email to them - might fit a petition in - part of the main work today for the Uro team
[23:19] <darkpill> To be honest I don't think you need to worry about media, if you get the trade aspect right everythingelse will follow
[23:20] <wasobot> true-asset:  i propose a youtube channel, where you can upload videos of the board memebers walking through the infrastructure
[23:20] <true-asset> Probably all the board members - but time zone issues may mean that separate interviews will have to be done.
[23:21] <cryptoweather> I agree with wasobot that would help.
[23:21] <darkpill> I  think you need agood front man /face, who would be your choice?
[23:21] <true-asset> THe Youtube channel is a good idea - we have one planned for the education side of things - but of course can fit some interviews too
[23:22] <wasobot> interviews plus show of things, like the whole process
[23:22] <wasobot> and also get people behind this, not just company names and webpages
[23:22] <wasobot> but faces, voices
[23:22] <cryptoweather> hypothetically, july 9th passes and Uro hasn't met expectations in terms of price pairing. what then?
[23:23] <darkpill> good question
[23:23] <true-asset> Yes the interviews will show people of course, and Foundation web page will be updated with personell profiles
[23:23] <cryptoweather> excellent
[23:24] <cryptoweather> a group shot of the team also! you said there were ppl working on this.
[23:24] <true-asset> The first few order may very well be at a loss - but these orders will most likely drive the value up to the right level - since the news of cheap Urea will travel fast
[23:25] <cryptoweather> this is a multimillion dollar risk for your foundation correct?
[23:25] <true-asset> However, it would be preferable to simply have to value close the the cost of Urea by then - hence why we want as many people to get involved as possibile - to spread the word via the media and other means.
[23:26] <cryptoweather> max keiser show would really help
[23:26] <true-asset> Regarding risk - one shipment is worth over $3 million USD - so yes
[23:26] <darkpill> Are you mining?
[23:27] <cryptoweather> wow
[23:27] <true-asset> Yes, I have to mine - for network protection at the least
[23:27] <darkpill> 12500 tonnes = 3m?
[23:28] <true-asset> 12,500 x 300 = $3.75 million USD
[23:28] <cryptoweather> 3.75mil at $300
[23:28] <cryptoweather> ....:)
[23:28] <true-asset> cryptoweather: you got contacts with Keiser?
[23:29] <darkpill> Are the members good at interviews and versed in crypto?
[23:29] <cryptoweather> no:( ask twitter someone may know. as shitty as his coin is Payu harris of mazacoin would have it
[23:30] <bigbubble_> Your initial clients would have to buy URO with BTC for now. That can be a hassle for them. Any fiat exchange in the works? if yes whats the eta?
[23:32] <darkpill> Some other coins are planning fiat exchange built into the wallet, no?
[23:32] <true-asset> Fiat exchange is difficult issue - because of the deep connections the companies have with banks - people that have been involved with commodities will understand what I mean by this
[23:32] <cryptoweather> this is Payu's email. [email protected] he was on the show in DEC
[23:32] <darkpill> Wouldn't bother with Payu
[23:33] <true-asset> The keys is not to alienate us from banks - like the way Chinese BTC exchanges got isolated from the Chinese banks
[23:33] <cryptoweather> he answered me when i emailed him.
[23:33] <true-asset> BTC purchasing is becoming easier
[23:33] <darkpill> Keiser will ask as soon as it is on his radar, and if he doesn't we can push it on twitter
[23:33] <cryptoweather> true, he may have a handler that could fast track it though
[23:34] <true-asset> For example, we are working on an app using API integration with CoinJar and Coinbase - to allow fiat _> BTC -> Uro in a fast tracked way
[23:34] <darkpill> wow
[23:34] <true-asset> this will take care of US and AU - HK has similar infrasctructure via ANX which we are looking into
[23:35] <darkpill> is your tem all GES, is this personal project or part of your work with GES
[23:35] <bigbubble_> good to know!
[23:35] <darkpill> *team
[23:36] <cryptoweather> very cool, graphic updates of things your working on will go help stir interest. don't hold back on anything that gives legitimacy to the project. post it on the forum!
[23:36] <true-asset> But more to the point - direct sales/dales through wholesalers of preloaded paper wallets (will probably be called "Urea certificates" for learning curve reasons) will be the main way Farmers get their hands on Uro
[23:36] <darkpill> but post it in stages to sustain interest
[23:37] <cryptoweather> agreed dark
[23:37] <true-asset> ok
[23:37] <darkpill> what is the incentive from perspective of farmer/wholesaler?
[23:38] <true-asset> Hedging risk and access to a reasonable price for Urea are the main two
[23:38] <darkpill> hedging risk?
[23:39] <true-asset> Hedging/futures - these are outlandish terms for a typical farmer - but if you teach them that they can get their "Urea certificate"/Uro today so that next seaons they are gauranteed their fertilizer - that is something they can understand
[23:40] <darkpill> but don't many of them live a hand to mouth existence?
[23:40] <true-asset> Their will be donations too of course - all the future donations will be done via Uro
[23:41] <cryptoweather> really, that's a lot of $$
[23:41] <cryptoweather> like 10's of millions potentially
[23:41] <darkpill> yeah it would be good to do a large donation to a particularly vulnerable community.
[23:42] <cryptoweather> sorry thought you meant proceeds from "futures" ... my bad!
[23:42] <true-asset> I do not have first hand experience as a farmer but have been told by others in the team that things are geeting worse for smaller farmers - Uro can help even the playing field
[23:42] <true-asset> Think of its like the effect of e-commerce of brick and mortar mega stores
[23:43] <true-asset> before e-commerce - large stores get all the best deals, smaller stores getting weeded out
[23:43] <true-asset> then e-commerce arrives - big sotres laugh it off
[23:44] <true-asset> then e-commerce thrives - some smaller players embrace it - achieve much closer level of compeition to major stores
[23:45] <true-asset> fast forward 20 years - now the old incombent brick and mortar super stores are either embracing e-commerce of restructuring
[23:45] <darkpill> so what do you consider ar the main obstacles to adoption?
[23:45] <true-asset> Education is always the key difficult - thats my experience
[23:46] <true-asset> its is very difficult to get anyone to understand that is happening
[23:46] <cryptoweather> so within the urea trade there is a need amongst smaller players to revolutionize the system and attract control back to a distributed network?
[23:46] <true-asset> but we are getting better at it
[23:46] <darkpill> technological?, but what about government inteference, regulations etc. any problems there?
[23:47] <cryptoweather> haha how about just thugs in rural india let alone gov...
[23:47] <true-asset> Actually, the current regulator framework is okay, as far as legal informs me
[23:47] <darkpill> i.e. BTC exchanges etc?
[23:47] <true-asset> its because Urea is a standardised commodity - so tarrifs are applyed on quantity of goods and specs - not on invoice value
[23:48] <true-asset> In fact I have been told shipments have been processed with missing invoices in the past - just based on the SGS chemical analysis and weight
[23:48] <true-asset> We do not want to go through the same headaches as the BTC exchanges
[23:49] <true-asset> Our approach is to leverage the API of existing exchanges
[23:49] <cryptoweather> can you describe how the wallet will handle the transactions and invoking etc?
[23:49] <cryptoweather> *invoicing
[23:49] <darkpill> probably best to focus on other countries equally in case BTC regulation destabilizes URO, assuming South Africa, but where else?
[23:51] <true-asset> So we talked about a customised SPV wallet, the first feature is an easy one step check verification of paper wallets - because that is the lowest learning curve method for farmer adoption via wholesalers
[23:51] <true-asset> then there is messaging and the decentralized green address book
[23:52] <true-asset> so that the complete process of ordering and payment can be sone via 1 piece of software
[23:52] <cryptoweather> how are you going to deal with the liquidity issue of ppl wanting to trade Uro-btc-USD, if the size of orders are as big as I think you will need a substantial amount of USD to keep ppl paid. As far as I know bitstamp, btc-e and bitfinnex together would need to be on board.
[23:53] <true-asset> Current trade volumes for BTC are in the $40 million range
[23:53] <true-asset> and we see this increasing fast with expedia, dish, etc...
[23:54] <cryptoweather> i guess ppl would be buying btc, creating a cycle.
[23:54] <true-asset> so if its one order per day - then thats under 10% volume which may work out okay - if not then the transaction can be split up
[23:55] <darkpill> What's the policy going to be for the foundation regarding exchanging to fiat, will it have the liquidity not to destabilize price?
[23:55] <true-asset> One simple solution - use two-factor escrow (BIP-38 for example) to lock out the Uro
[23:55] <true-asset> Then transfer portions a day
[23:56] <true-asset> to reduce sell pressure
[23:56] <darkpill> good
[23:56] <cryptoweather> +1
[23:57] <true-asset> The blockchain has many solutions already - just need to try and see what people will adopt - leanring curve is key - must start with the simplest solutions - then work to more sophistication once people are in the ecosystem
[23:58] <true-asset> so: purchase with web app, trade with paper wallets is the first step
[23:59] <cryptoweather> so the idea is to have the farmer come straight to the wholesale supplier.
[00:00] <true-asset> darkpill: we defninately would like to have a fiat exchange - but friendly relations with banks is key for all involved at the moment - when the time comes - we will get one
[00:00] <darkpill> understand that
[00:00] <true-asset> Tha time could be: a) when the Uro economy is large enouigh, or b) when more banks embrace crptocurrencies like Fidor
[00:01] <cryptoweather> that begs the question... there not going to be too happy about losing that 100k transaction fee... how can you work together?
[00:01] <true-asset> cryptoweather: yes farmers will deal with wholesalers
[00:01] <true-asset> There is obviously too many farmers will a few companies to deal with
[00:01] <cryptoweather> * they are,,,
[00:01] <darkpill> what's the 100k transaction fee?
[00:02] <cryptoweather> describe the outrageous method in place to order 12500 tonnes...
[00:03] <true-asset> Well, at the moment Uro is set up with initiate 1 million tons of max volume per day (in reality its less, more like 30% of that since not all the Uro will be on the market) this limits the impact and will allow Uro to flourish under the radar
[00:03] <true-asset> the 10% increase per year is a sustainable growth of the ecosystem
[00:04] <true-asset> Eventually we will have to face the banks - there is no question - but we defininately do not eant to confront banks now
[00:04] <true-asset> Most banks do not understand even Bitcoin and our time would be much better spent education wholesalers and farmers then bankers
[00:06] <cryptoweather> BRB
[00:06] <true-asset> Look how long its taken for even you guys to understand what we are doing - read the first few pages of the thread - its full of comments like "you don;t understand crypto" and things to do with urine
[00:06] <bigbubble_> lol
[00:07] <true-asset> Our take is that cryptocurrency is a technology that can be leverage for ehatever project that it can contrubute to
[00:07] <true-asset> look at maidsafe for example
[00:08] <true-asset> we also believe in the have many blockchains - it adds resilience and isolation
[00:08] <true-asset> attack on one does nto affect another
[00:09] <true-asset> finally the Uro 1:1 with Urea is crucial for lowering the learning curve for farmers (i.e. Urea certificates) and cannot be done via Bitcoin
[00:11] <true-asset> Someone mentioned Mazacoin and the Keiser report - any ideas how their team achieved that?
[00:11] <true-asset> I do understand they were the first "state cryptocurrency" - but did Auroracoin get on Keiser?
[00:12] <darkpill> It's not difficult to get on keiser, he is asking people to come on his show all the time on twitter,
[00:12] <cryptoweather> I understand the ramifications, I think most crypto traders have no clue. But i'm surrounded by, Cargil, ADM, Monsanto, The Canadian Wheat Board (what's left) I understand Cargil's vertically integrated network for controlling wheat supply etc. This is a big deal.
[00:12] <darkpill> if he thinks he can spin what you are doing ideologically he'll ask or if he doesn't we can draw it to his attention
[00:12] <cryptoweather> Payu Harris was on Keiser even before Maza, Not sure about Aurora coin. too bad those failed so far...
[00:14] <true-asset> For our team its the priniciple of started something from nothing - the power of ideas and the ability of the crowd/community to propell thes ideas
[00:14] <cryptoweather> it's the future no doubt about it.
[00:15] <true-asset> Majeis suggested we should have gone with an IPO, which in my view implies the need for PoS
[00:15] <true-asset> But that is the easy path
[00:15] <darkpill> IPO would be more suspect
[00:15] <cryptoweather> ppl would have dumped before the 9th. would have been bad press
[00:16] <cryptoweather> this is more decentralized
[00:16] <darkpill> current model is much fairer/slower but better
[00:16] <true-asset> eaxctly - and like the early days of NXT - everything will be held by like 100 people
[00:17] <darkpill> Well, I am reassured by everything you have said.  You won't get anymore trouble from me, unless you do something really silly. ;) Thanks for taking the time to answer questions.  I gotta get some sleep. See y'all.
[00:17] <true-asset> the other thing is PoS is as yet wtill not very well understood
[00:17] <cryptoweather> good thing you chose x11, x13 is suspect due the block reward % going to the devs
[00:17] <true-asset> nice to have you darkpill. See you on the forums
[00:17] <cryptoweather> see ya dark
[00:18] <darkpill> Lets make it happen!