The Definitive Quintric FAQ: The Legal Tender Blockchain Based Monetary System

in quintric •  6 months ago

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How do I get Quint?

Simply create an account and make deposits through the Escrow service on www.quintric.com. We accept cash, checks, bank wires, BitUSD and physical deliveries of gold and silver through our partners at the United Precious Metals Association.


What are the advantages of Quint in a nutshell?

We believe that consumers and investors alike have the right and privilege of transacting and saving with sound money. Quint is the best form of currency for several reasons:

  • it is inherently inflation-proof
  • it appreciates with the price of gold over time
  • it can circulate as legal tender
  • it is not considered a security (unlike all other cryptos)
  • it will have a 24/7 livestream of the gold vault (July 4th)
  • it never incurs vaulting fees
  • it is convenient for earning interest via lending
  • it can be globally exchanged in seconds
  • it will never be subject to fractional reserves

What exactly is a Quint?

A Quint is a digital token which represents a 1/1000th of a U.S. Minted Gold Eagle Coin, payable on demand. A QuintS is a 1/20th of a U.S Minted Silver Eagle, also payable on demand. These tokens can be described as deeds to legal tender, or “crypto-certificates” which signify your ownership of those specific weights in precious metals. The name "Quint" is derived from the fact that one token = 5 gold cents (A Gold Eagle Coin's $50 face value, divided by 1000). Likewise for Silver.


How does Quintric price the tokens?

Token premiums are established based on the US Mint’s current published rate for Proof Gold Coinage, divided by 1,000.


Why are Quint and QuintS tokens priced the same?

QuintS tokens are currently priced the same as Quint in order to keep our silver premiums affordable and attractive for the average user. If we based QuintS on the value of Silver Proof Coinage then users would be paying nearly double for QuintS.


Will the price of Quint rise and fall exponentially, like Bitcoin or many other cryptocurrencies?

No. Because Quint and QuintS tokens are valued at a specific weight in precious metals, the price is much more stable in the long term than traditional cryptos, and will only fluctuate along with the prices of gold and silver coinage.


Are there any minimum purchases or other requirements for obtaining Quint?

No, anyone can open a Quintric account. At present, the Escrow service is functional at a minimum deposit of $0.01 USD. However, when fully operational, Quint tokens will be divisible down to five decimal points.


What are the caps on Quint and QuintS? How many tokens can exist?

Quint is exclusively backed by U.S. minted American Gold Eagles. Since only about 25,000,000 of these coins have ever been minted the cap on Quint would probably be about twenty-five billion with another potential billion or so being added each year through additional minting of the coins. If central banks and private holders with non-legal tender gold were to have the U.S. Mint turn their gold into Eagles or some other phenomenal event then Quint becomes naturally capped by the world's gold supply. QuintS have a cap of about 10 billion with probably another potential billion being added each year. Only about half a billion Silver Eagles have been minted since 1986.

No hard caps have been added since there is a natural gold and silver limit in the world. The global supply of gold only grows by about 1% per year.


How is Quintric able to offer free vaulting forever?

Quintric essentially owns the vault, which keeps our overhead exceptionally low. Additionally, most of our net profit is set aside in an endowment fund which finances the vaulting operation.


Will I be able to use my Quint or QuintS to conduct business in the real world?

Yes. You can make payments in Quint and QuintS tokens to any individual or merchant who accepts them. Recipients of Quint will be subject to a 1% transaction fee, capped at 5 Quint.


What technology does Quintric use for its tokens?

Quintric is built on the Bitshares platform. We, therefore, have among the fastest, most cost-efficient transactions in the industry, as well as longer blockchains and custom wallets. Quintric may also use EOS (a next generation technology) in the near future.


How does Quintric compare to other gold and silver cryptocurrencies?

Quintric is ahead of our competition by many standards: no other service offers a combination of legal tender status, 100% reserve ratios, domestic headquarters, livestreamed vaulting, etc. More information can be found here:

Comparison_Chart_Crypto_Quint_2.png


There is a lot of news reporting other ICO’s being shut down by the government: What makes Quintric a safe start-up to invest with?

Quintric is not an ICO. This term refers to the launching of traditional cryptocurrencies, all of which are legally considered securities. Quint and QuintS tokens are not securities, and therefore cannot be regulated by the SEC. Our service can be considered an LTO (Legal Tender Offering).


How can I redeem my tokens for real gold and silver?

Redemptions may be conducted through the United Precious Metals Association in Alpine, Utah. Once Quintric is more widely adopted, users may expect to redeem Quint and QuintS tokens at many other precious metals dealers.


I obtained some tokens through the Escrow service, but haven’t yet received them. Is this normal?

Yes. Any tokens acquired during the Pre-Sale will be held in Processing until we are fully prepared for our public launch. This includes clearing payments, vaulting metals, completion of our various web pages, etc.


I’m having difficulties signing in or making a deposit. What can I do?

Our website is still in development, and users may, therefore, experience delays, errors, or other technical difficulties when attempting to log in, process transactions or view account balances. We prescribe patience to our users during this early stage, while we continue to refine and perfect our systems.


How do I name a beneficiary on my Quintric holdings?

You should identify your beneficiary in whatever documents you possess which equivocate as a Last Will and Testament. In the future, we will have educational resources for beneficiaries who may not be familiar with our program.


I’ve heard about QuintX, which is separate from the other four specie-based tokens. Where can I find more information on this topic?

The QuintX program is still in development, but you can contact the Quintric Hotline for up-to-date information on this and other works in progress. Note that this program is being exclusively offered to accredited investors.


When will the international tokens be launched, and who can use them?

iQuint and iQuintS are slated for Pre-Sale within the next year. However, while the American Quint and Quint are suitable for global circulation, the international tokens will be unavailable to US residents.


Where can I expect to hear more about Quintric in the future?

Members of our marketing and development team will be attending many crypto-conferences and road shows over the next year in order to promote Quintric. We will also be sending representatives to foreign jurisdictions when we are ready to market the iQuint and iQuintS.


What if Quintric doesn’t reach its market projections? Will I be refunded?

Even if Quintric does not immediately become popular as a cryptocurrency, you have still made an investment in sound money. Your gold and silver will remain vaulted with us as long as you wish, and will never incur storage fees after you’ve paid the initial token premium.


Virtually all previous gold standards have failed due to some sort of fraud. How can we be sure Quintric's gold is real?

When the first gold standards were beginning thousands of years ago they didn't have the livestreaming technology. Quintric is working towards establishing a system with a higher degree of integrity than has even been seen. Quintric will publish the amount of Quint on the blockchain which can be checked live against the holdings in the vault. More details here:


Is owning or circulating Quint illegal in any way whatsoever?

No. Quint was designed specifically to be 100% legally bulletproof. You can transact or save with Quint to your heart's content. Quint is not a security, it is literally gold-based money minted by the American Government.


What should I not do with my Quint or QuintS tokens?

You may notice that a $50 Gold Eagle is much more valuable than a $50 bill. While there are technically several legal dollar standards it is important to not use this discrepancy for tax or welfare fraud. For example, if you were paid 10,000 Quint by an employer each month you should declare the value in Federal Reserve Notes, not $500 per month as the face value would indicate. There is a case about someone trying this and failing that is worth studying.

More details on tax implications can be found here.


What if the Government decides to confiscate the gold like they did in 1943?

Utah's Attorney General Sean Reyes has vowed to block such hypothetical Federal action, nearly every Law School in the country has also condemned the 1934 executive order as unconstitutional so it is unlikely to ever be tried again. If there were a repeat of the 1934 incident then holders of Quint would have several months to redeem their Quint for the Gold Eagles they are payable for and turn them into the U.S Government for a fixed price set by them. The Government paid for all of the gold turned in by Americans at the value it carried at the time.


How can we be certain that Quintric is not a scam?

A fair question. Take a look at the people involved at the top level under the 'About' section on the Quintric homepage. Each director has a long history of success and excellence. Lawrence Hilton, for example, wrote the Utah Legal Tender Act which passed in 2011 and served as General Counsel for the United Precious Metals Associaion. The men behind Quintric aren't a bunch of young wide-eyed programmers, rather, they are seasoned professionals with much to lose if Quintric isn't exactly what it claims to be.


I want to let others know about the Quintric service: does Quintric have a Referral Program?

Yes, the Quintric Affiliate Program provides compensation, paid in gold, to those who help us promote the business. Contact the Quintric Hotline for more details.


Qwint_et_all_inrow_chain.png

Additional question can be addressed to info@quintric.com or phoned in at 385-498-4653.## How do I get Quint?

Simply create an account and make deposits through the Escrow service on www.quintric.com. We accept cash, checks, bank wires, BitUSD and physical deliveries of gold and silver through our partners at the United Precious Metals Association.

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Nice Post ! Love to see it soon on DEX. Change the game...

Thank a whole bunch for this fantastic presentation of information. A revolutionary crypto has seen the light of day, again!

Upvoted, resteemed and shared!

Namaste :)

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Brought to you by @tts. If you find it useful please consider upvote this reply.

Great Blog .., @michaelx cryptocurrency that is legal tender, the impact could be huge,and the legal and regulatory framework that covers sovereign currencies.

Your posts are very interesting especially for me who is
still a beginner and I have to learn more do you want to be a
teacher for me.

Grcaias for the information, the truth is I'm starting in this but I would like to learn more and I see that you are a bun guide

So they are priced in proof form but deliverable in bullion form???...I don't like it

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Watch the Utah State Attorney General discuss this matter. This is at a meeting with our partner on the Quintric project - UPMA.

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Priced, stored and spendable in proof form with proof value. You only lose that proof value back to bullion value if you take physical ownership of it again.

Excellent post @michaelx.

What do you think the effects will be on Quint in a deflationary environment?

It is my belief, due to technology, that the next 5-10 years are not going to see an increase in inflationary forces but a decrease in them. As more of our lives operate under the laws of informational technology, we see the effects of this.

Do you think this will enhance the quint or not have any effect at all?

When can we expect a Quint/BTS trading pair on the BitShares DEX?

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July 4th launch date, unless I can get it approved before, which I am pushing for.