Why is Quintric More Tempting than Bitcoin As A Store Of Value - Legal Tender Laws Explained

in bitshares •  7 months ago
This is going to be a challenging article to write because I want to tell you everything. The problem is, I probably won't be able to keep your attention long enough unless I cut to the chase.

It seems like every day now the cryptocurrency world is being attacked from all angles. This has caused the price of Bitcoin, which is supposed to be a store of one's value like Gold, to plummet over 60% since November 2017.

For those of you who don't own any Bitcoin yet, that must feel nice sitting there reading this and thinking; "ha, look i knew it was just a FAD." However, for those of you who bought Bitcoin in 2017 you're now realizing that this is a long-term hodl after all.

Ever since Clif High's predictions in 2017 when he said the world of crypto would change rapidly after March 2018 many investors have decided to sell out of crypto and buy Gold and / or Silver instead of wishing their Alt-coin bags would moon in price.

The Conundrum

I'm writing this to tell you I've found a fantastic vehicle to store your value and NOT PAY Capital Gains Taxes on your profits. It's called "Quintric."

Simply, you send fiat dollars from your Bank account (in many currencies, and even crypto) to purchase Quint which is Gold, or QuintS which is Silver. When you buy it the actual Gold and Silver is what you're purchasing. See comments for articles about how Quint(S) is priced.

Maybe first some background information that you will need to know to see the significance of what Quintric has done with the Gold and Silver legal tender laws.

Second, I'm going to expose how Quintric is completely transparent and accountable for all the reserves of precious metals they store in their vaults.

Last, we will touch on how buying cryptos carry the risk of incurring a capital gains tax on every transaction, so a better solution is to save your profits in U.S. minted Gold and Silver coins instead, or in digital Quint(S) form.

Legal Tender

Gold and Silver coins were recognized as legal tender in 2011 after The Utah Legal Tender Act passed. This means we can transact in Gold and Silver coins without paying Capital Gains Taxes, in the state of Utah.

There are two types of "legal tender" available to US citizens produced by the Treasury of the United States;
     1) The Paper Dollar (Federal Reserve note)
     2) The 1oz $50 Gold Eagle or Buffalo Coins & the 1oz $50 Silver or Platinum Eagle Coins

Gold and Silver are "legal tender" just like normal paper dollars, except the major difference is paper dollars are much more likely to lose their value in the long term while Gold and Silver may spike and rise in value, as they have throughout history during previous currency crashes.

Accountability

How can Quintric store your precious metals and remove all costs associated with their storage? The first portion to the answer; let's call it the "accountability problem."

All too often there could be an accountability problem in having another company store your precious metals. This requires you to trust they actually have the Gold or Silver in reserve and be able to fully cover any costs associated with storing it securely on your behalf.

In comes the Bitshares Decentralized Exchange! The accountability on a blockchain like Bitshares and the rapid transactions makes it the perfect compliment to supporting a legal tender currency such as Quintric.

Quintric Corp provides FOREVER vaulting and insurance at NO COST for people who have Quint (GOLD) or QuintS (Silver) tokens. The tokens are in the form of a precious-metal backed cryptocurrency payable to the bearer on demand in one-ounce U.S. American Eagle or Buffalo Gold and Silver coins.

It all goes back to this Utah-based lawyer named Lawrence D. Hilton, Esq., who drafted and was involved in pushing the Utah Legislature Specie Legal Tender Act into law in 2011. Not to mention he was the co-founder of the United Precious Metals Association ("UPMA"), a 501c6 nonprofit.

And today Lawrence Hilton is one of Quintric's Board of Directors. He points out that earning interest on Gold and Silver requires us to identify ways to eliminate storage security costs. In other words, a major obstacle to the wide circulation of Gold and Silver legal tender is being able to keep yours in a safe place.

Quintric allows you to completely remove ALL vaulting and insurance costs while keeping your Gold and Silver safely stored in Utah. So maybe it's a good idea to keep a large percentage of our portfolio in Gold and Silver legal tender, not depreciating paper dollars, or funds managed by banks.

So which person are you? Are you going to watch your Bitcoin wallet for years and hope this digital form of money will help you retire early? Or are you going to find a solution that is completely legal and saves your wealth in Gold and Silver avoiding tax gains as it rises in value?

More On Partnerships

One of Quintric's partners is Monetary Metals who works with businesses who use Gold and Silver productively, e.g. finding and financing businesses which need Gold or Silver in their products, plus this provides a yield to investors who would typically invest their fiat into these products that utilize Gold or Silver.

Quintric also invested in Monetary Metals Gold Fixed Income program, which provides a yield on vaulted Gold and Silver, so people can live on the interest of their investments.

Now that I've shared how Monetary Metals obtains Gold and Silver from investors, who earn a return on their metal rather than paying to store it, let's move on to describing how Quintric began earning a yield on Gold, paid in Gold through its recent participation in Monetary Metals financing of another company called Valaurum.

Through a fascinating R&D breakthrough Gold typically used in the manufacturing process of coins can also be leased to companies like Valaurum who are using the Gold by injecting it into a polymer surface atom-by-atom and creating a new Bill of currency COATED WITH GOLD.

The 1/4-Gram Aurum Gold bill from Valaurum is very similar to the money you carry in your wallet except this allows you to exchange "fractional" values of Gold with other merchants and people.

Monetary Metals is offering a better way to help large businesses to obtain Gold, which usually comes from a bullion bank most often the Gold from central banks.

One Troy Ounce of Fine Gold or QUINT

Section 7 or United States 31 U.S. Code § 5112 states about the denominations, specifications, and design of coins, "...a fifty dollar gold coin that is 32.7 millimeters in diameter, weighs 33.931 grams, and contains one troy ounce of fine gold."

In the case of a "QUINT" token on the Bitshares decentralized exchange 1 / 1000 of a TROY OUNCE of "legal tender" Gold is equal to 1.

As a U.S. one-ounce Gold coin is typically stamped with a $50 face value that's 100 cents x 50 = 5,000 cents, which is equivalent to owning 1,000 Quint tokens on the Bitshares exchange.

1 ounce GOLD = 1,000 Quint
1 ounce SILVER = 20 QuintS
...vaulted and insured at a 100% reserve ratio, payable to the token bearer on demand

Holders of at least 250,000 Quintric monetary tokens may apply to observe an audit conducted at any one of these current or future locations. It is anticipated that such audits with participation by third-party observers will be livestreamed and viewable on the Quintric YouTube channel.
***Certificates of insurance are available upon request for Quintric

Crypto Capital Gains Tax, Everyone's Favorite Topic ٩(͡๏_๏)۶

Remember, there is no capital gains tax liability generated by using the COIN forms of the dollar as your currency of choice as opposed to the paper dollar.

And actually, as I got to this point in the article I realized that since the US Government is still undecided between the SEC and the CFTC as to the specifics regarding cryptocurrency taxation I'd let you share your viewpoints and knowledge on this below. What's your favorite source of tax information regarding cryptocurrency? Post it below please.


What questions do you have about Quintric and the Legal Tender laws?

written by: Zack Covell

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order: