The Mighty Quint Rears its Head
Yes! We actually got a product across the finish line! Wahoo!
Quintric Family of Coins to Begin Pre-Launch Promotion
“The World’s First Family of Precious Metal Legal Tender Cryptocurrencies”
You heard that right: Legal Tender!
I stole most of this text off today's Quintric press release. That's ok, I'm not proud...
In one of the latest moves to bring more stability and legitimacy to the cryptocurrency markets, the Quintric family of coins has just announced the opening of their pre-launch promotion. The promotion means those interested in the new currency will have the ability to purchase a number of coins from the Quintric monetary system before the official release coming at a later date. The pre-launch promotion will be live from President’s Day until the 4th of July and those interested in purchasing can sign up on the official Quintric website.
In a market saturated with different cryptocurrencies falling under all kinds of regulatory concerns, the Quintric family of coins is designed to function as another option with not only considerably more stability, but more legitimacy as well. The new concept forwards cryptocurrencies acting as sound money, like that of the dollar when it was previously backed by the gold standard.
The family of coins is the cryptocurrency version of that exact same gold standard. Tokens in the Quintric system—as opposed to nearly all cryptocurrencies—are neither taxable property nor regulated securities but, are instead like an old school US Treasury gold and silver certificate, and because of the nature of the tokens, tax and regulatory compliance is far easier than most in the crypto community are used to.
Unlike other cryptocurrencies lacking in tangible value, the Quintric family of coins is set to be 100% backed by gold and silver and held in reserve. The Quintric system will offer coins which are redeemable for tangible precious metals that are to be stored on site combining fully auditable blockchain technology and state of the art vaulting, meaning token holders will be able to confirm they’re really holding gold and silver. The Quintric system is built on the BitShares platform, allowing some of the fastest transactions in the cryptocurrency economy.
Lightspeed Gold... just sayin'
On top of the peace of mind token holders get from holding tangible assets, the Quintric Monetary Token will create a byproduct as well, the QuintX. TheQuintX will benefit Quint creators, particularly those who are active in the pre-launch promotion running until July 4th, when more about the byproduct will be announced.
The family consists of four distinct coins (and one bonus!):
Quint: The Quint token is fully backed by gold and constitutes five US gold cents (one 1/1,000th of a one-ounce, US legal tender, gold coin). The token can be redeemed on demand, in 1,000 token increments, for an American Eagle/Buffalo gold coin.
QuintS: The QuintS token is similar to the original Quint, but as the S denotes, the token constitutes five US silver cents (one 20th of a one- ounce, US legal tender, silver coin), rather than gold. Similarly, the token can be redeemed on demand, in twenty token increments, for an American Eagle/Walking Liberty silver coin.
iQuint: This token is similar to the original Quint, but will be redeemable for one of any five, one-ounce, legal tender gold coins from around the world: Canadian Maple Leaf, Australian Kangaroo, Austrian Philharmonic, or the Chinese Panda.
iQuintS: Sticking with the nature of the iQuint, the iQuintS is just like the QuintS but is redeemable for any one of five, one ounce, legal tender silver coins from across the globe: Canadian Maple Leaf, Australian Kangaroo, Austrian Philharmonic, or the Chinese Panda.
QuintX: A bonus coin that’s going to be a byproduct of the monetary system, stay tuned to find out more on July 4th!
Ok, so here's where I add my analytical value.
The Quint family is much more than just another coin out there. It's like the catalyst that BitShares has been waiting for. Everybody that comes to us looking to make a new coin, says "Wait, THAT's what we're looking for!"
And it will be a whole new on-off ramp for the BitShares platform. Wire money to get Quints. Trade them for anything. Use them on your debit card to buy Pizza.
And you can take delivery in gold if you really want to.
A word about Added Value.
When you take a blank gold token what you've really got is the bare metal value, with some added value due to its careful shaping into a convenient, identifiable amount (e.g. .999 percent pure, one ounce).
When you stamp it into an official government mint coin, you get identifiable added value because people trust that it will be accepted by other people a lot more than an unknown blank.
When you stamp it into a special Olympic Commemorative Gold Medallion, it takes on even more value because it is probably a limited edition collectors item.
All of these are added value to the base gold price.
Now. When you make an American Gold Eagle teleportable around the world in 3 seconds AND tradable against all sorts of other digital assets, AND you've done all the regulatory work necessary to have the asset recognized as non-taxable legal tender AND redeemable for the Gold Eagle on demand... well, you've got just about the most added value you can get short of minting it with my smiling face!
That's the Quint. We think it will catch on.
Oh, and imagine what happens to BitShares when it is priced in Quints instead of Bitcoin. Freedom at last! Who cares when Bitcoin takes a dump? BitShares and all other assets may become priced with respect to to super transportable legal gold, not wildly gyrating BTC!
Can you say, "Game Changer"?
Check it out at Quintric.com! https://quintric.com/
Here's some info about the guys behind Quintric: https://quintric.com/about/
Here is the table at the Little America Hotel in Salt Lake City where the Quintric was conceived:
What's the prospect of other exchanges adopting the Quint as a trading pair? Or, actually and potentially way better....
...could you somehow create a smartcoin like "USDQ" on Bitshares, derived from the Quint, where it always stayed equal to $1 but it's value in relation to Quint would fluctuate based on the value of Gold at any given time (1 USDQ = $1 regardless of the price of gold, which would be equal to about 0.76 Quint if my math is correct, based on 1000 Quints per ounce and a $1300 price per ounce of Gold)
Same could be done for any major currency, as needed. That would be insane.
It would allow cryptos to be able to trade in a unit of measurement that was as stable as it's associated government backed fiat, while being full backed and redeemable in Gold, sent digitally across the world in 3 seconds, and should theoretically have strong liquidity because it is as liquid as gold (probably more b/c of the fractional ownership).
Thoughts @Stan?
Stop reading our playbook.
Rats. I thought that was a secret...
I have a hard time reading between the lines with you, Mr. Stan Larimer, but if that's true, thenMY BAD! I was just trying to add some value and food-for-thought as this project is very exciting on its own, and even more so since its leveraging Bitshares. I hope I didn't actually reveal anything that was under wraps.
Not bad! GREAT! Keep up the thinking. The Quint is a very versatile tool in the BitShares Arsenal!
Okay then, another thought :)
So, I've been thinking about the "spending your crypto" topic. Me, personally, I don't want to spend my BTS, BTC, ETH, EOS, etc in my day-to-day life. Why in the world would I want to dish out $10 worth of BTS (~40 BTS!) at Chik-fil-a for two kids meals, when you believe that same 40 BTS could easily be worth 10x that value? It seems like crazy thinking to spend [hopefully] appreciating assets on daily living.
But, the interesting thing about Quint is there isn't a max supply of the token. The token itself is only limited by the demand for it and the supply side (physical precious metals backing it) to fulfill that demand. So while it will likely appreciate in value b/c many believe gold & silver are way undervalued, it's not going to be nearly as volatile as cryptos.
It would be WAY easier for people to get their heads around spending the stable "USDQ" (idea from original post) unit of measurement, because it is 100% equivalent to the way we currently spend money. The USDQ doesn't change in dollar value in this hypothetical scenario.
So, I could imagine a situation where people onboard from fiat to Quint as a store of value and "bank on the blockchain", then trade from Quint to/from other crytpo assets (bts, eos, etc...) as outlined in your plans, and go in & out of the hypothetical USDQ for daily spending.
Exchanges and other crypto payment cards could leverage this as a true apples-to-apples cost basis and create a real, stable value crypto currency that is ultimately backed by actual physical precious metal assets.
Retailers would be crazy not to understand and feel better about accepting that, rather than a wildly +/- fluctuating crypto value.
Ok - I didn't read your playbook, but hopefully this can add to it :)
I think your idea was what they thought of as the quint card they talk about in the whitepaper, for the card to work, that coin, USDQ, EURQ, etc..., needs to exist
1 USDQ = $1 regardless of the price of gold is not possible as they are two different values with Gold is more of a store/use of value unlike the USD which is a note (FRN) that "is legal tender for all debts public and private" which is debt based and lost more of its value. Having possibly lost 99.2% of its value more or less in over 200 years.
The Quint's main pair should also not be to BTS but that of (bit)GOLD to be of a more stable relationship and not a main market of potential loss of value. There should also not be a transaction fee. For such a percentage opens to long term failure as any market with such percentage fees may eventually break after thirty cycles whatever those cycles may be.
I think you may need to reread the original post, and my original comment. You are missing the point or haven't fully understood what's being suggested.
Wow, now it seems crypto have a proper competition. Looking at the whole lots of boxes the quints ticks, it is now left to see maybe people are ready to leave the devil they know to follow the angel they don't know. The race begins now
Sir this post is just outstanding sir. Cuz this blog gives us lot of information And Thanks for sharing with us
@Upvote // @Resteem Done @Stan Sir :):)
No chance that in near future BTC doesn't drive price of all crypto market...
So will this basically solve or simplify the problem of how to pay taxes on crypto profits ? E.g You trade in crypto as normal and make some profits, then rather than cashing out to USD and paying capital gains tax, you convert whatever crypto you own into Quint and either store your wealth in Quint or trade it in for physical gold, without paying any capital gains tax ? Have I got the right ?
That's basically what I was thinking too! Nice thought.
wow, fantastic news !!! So if I have a choice of Tether or Quint, I think you all know the answer. This is billions of dollars that will gradually move over to the Quint....Game changer .
We need good marketing of that very thing you said - from tether to quint. Also, to average mom/pop when this economy takes a dive
For me the "on ramp/off ramp to the bitshares platform" aspect deserves more attention. This would be huge for the millions who are actually using cryptocurrency. We have seen the recent obstacles which have been placed there by the banks. Once again, the Bitshares platform solves a problem thatt many future crypto investors don't even realize they have yet. Great idea!
This really is wonderful. So we can now really have a physical gold bank account with a debit card on the bitshares blockchain. BOOM! You deserve much credit and appreciation for pulling this together. Thank you Stan/Michael
@stan that is tremendous news, sooner or late people are going to wake up and realise that Bitshares is no small fry token, we should be number 1, not Bitcoin.
The clearest explanation of the Quint I have seen! Now I see how it can also be a game changer for BitShares - will be very happy to see this catching on :)
Thanks Stan and Michael for all the work on getting this one going.