The value of digital gold backed by deliverable, legal tender physical gold is worth a lot more than the same weight in gold nuggets.
Last night in a live broadcast with Connie Willis on Blue Rock Talk I found myself giving a little tutorial on how we layer value onto a digital gold product that can sell for more than the "spot price" of Gold. It all takes place in 5 minutes between the time tags of 32:00 min and 37:29 min in the video.
In the video clip I explain how value increases as you layer on refinements to a gold product from:
- raw gold in the ground
- nuggets of unstructured gold of unknown weight and purity
- plain blanks of gold of known weight and purity
- blanks stamped with an official government brand - like the US Gold Eagle
- custom artistic medallions with additional branding value
- all of the above made digitally transportable to anyone in the world in three seconds with all the legal work done to make it have favorable tax treatment associated with legal tender.
Check it out at quintric.com
Now this is exciting :)
Hey Tony, hope you're doing awesome! Maybe there's a way to get ZEPH and BTS as legal tender somehow someday.
You have trough Gatehub token called BPG who have backup in gold and follow gold price. Basically if you are owner of BPG you can go to their offices and take physical gold if you want in exchange for BPG token.
We already have digital gold, its called bitcoin!
I can't redeem my bitcoin for gold, this is better, puts a floor in.
Not to mention, I can't transfer my bitcoin around in 3 seconds with fees less than a penny.
Quint is the updated version of the GLD index fund and the Central Fund of Canada (ticker CEF) which hold actual and audited gold/silver and sold as an ETF.
Would be nice if it is tradable across multiple exchanges in addition to Bitshares in the future.
Quint is not an index like the GLD. For every 1000 Quint that are bought, Quintrex buys 1 Gold Eagle proof coin from the US Mint and places that coin in a UPMA vault. I have a Steemit post that shows how the Quint will be both Lawful Money in the 50 states of America as well as Legal Tender in the UNITED STATES (corporate DC and Territories - Guam, Puerto Rico, US Virgin Islands, Mariannas): https://steemit.com/cryptocurrency/@ochbiak/crypto-as-lawful-money-the-quint
I hope this is not just another flash in the pan. I am going to look into it as something I have been waiting for. Fingers and toes, it's the real deal. Thank you very much for bringing it to us.
Then you'll be interested in a new 1oz silver backed asset we are preparing for launch 😘
It is really great to transfer the whole thing digitally to accounts within no time ...this thing makes it more attractive ....
The quantity of thing doesn't determine it's value, I shared your thought and I appreciate your information on gold . Thanks @stan
dear @ stan your good post...
i like your all post...
I look forward to every one of your #post..thank you so very much for #sharing..
Wow, I totally share your thoughts on the subject view. Thanks for the opinion
Great post.it's a valuable post.thanks a lot for sharing.keep it up.hope everyone will be benefits on this.go ahead
Great post.
I think many of your posts have been accepted and I will continue to think
Another excellent piece of news for my greatest crypto holding, Bitshares.
Thanks for the breakdown on value and how it increases depending upon what is done to it. I never thought of it in that way.
Suddenly Bitshares/Quint is answering the question of what is behind cryptocurrency, suddenly the answer is gold. Wow. That is mindblowing.
You just eliminated the biggest drawback to gold..how to move it around? That is why diamonds were always used instead of gold for those looking to physically move large sums of money around. Now we have gold that can be moved instantly. An incredible breakthrough.
I havent listened to all of the video yet but I will be doing a post on the entire video and what was covered...
In spite of the FUD, the Bitshares group certainly has it going on....
Thanks for your sharing of the wonderful news as it comes out.
It is also a perfect way to break the peg practically all coins have to bitcoin, and gain immunity from its evil price fluctuations, the first step in actually overthrowing it.
Digital gold products continue to grow,
This is new information for me ..
Trying to keep optimizing it
Is @stan related to @dan? I asked cos I see the shared last name, and resemblance.
Yes. Father and son.
Once I was the master...
This is definitely something I will be looking to read more about. The tax benefits of the quint may be quite unique in the crypto space.
I just looked for the Quint on Bitshares but can't find it. Is it live yet?
Will the QUINTX be backed by BITSHARES ?- just a guess here
QuintX will run on the BitShares platform - backed by the success of the Quint family.
Its very interesting post for me...great dear go ahead
information thank for resteem,,,,,,,
That could be. The former economics student in me says that the value per five thousand Quints should, in equilibrium, be equal to the same price that I'd get five 1-ounce U.S. Eagle anywhere else.
Eg: As I write, Apmex sells a random-year Eagle for US$1,393.79 plus shipping. In the U.S. shipping is free, So, 5000 Quints should sell at the same price x 5, = $6968.95, minus the shipping cost (in the U.S.) for the Quint redemption. One Quint should be a wee bit less than $1.40 aon.
Of course, Apmex ain't the only venue and the U.S. is not the only country. :) The price of a Quint should be a rough average of the costs to buy and receive 5 Eagles over the gold-buying part of the world.
[I'd better stop before I draw an indifference curve...]
The Quint price is set by the US Treasury daily price of the US Gold Eagle proof coin. This carries a premium over the gold spot price on the COMEX. Quintrex is using the premium built into the proof coin to pay for perpetual vaulting of the coins. I give further details here: https://steemit.com/cryptocurrency/@ochbiak/crypto-as-lawful-money-the-quint
Quint: Wow [insert Qubert emoticon #!@$$$$$#$] precious metals as legal tender. What can I say other than a way to silence all those rants remembering silver certificates. I always agreed with this opinion, but without a solution in sight would rarely comment.
Please note that I am unsure where to best post this comment to receive a reply so a similar comment is on (RE Quint) @stan and @bluerocktalk.
I was hoping that you could expand upon the tax exemption of trading precious metals. Specifically what can and cannot happen within reason? Or what historical precedents are there beyond war time gold confiscation?
Patent, hmm? Makes me wonder, what percentage of cryptos have patents?
Do you expect Quint transactions to move as fast as some of the quicker coins (i.e. Litecoin, Bitcoin Cash)?
Will the Bitcoin Latina cube satellite skyway be useful in the way a Bitcoinian set up an Internet alternative satellite network?
WELL THE FOLLOWING QUESTION DOES RELATE TO THE SPOT PRICE YOU MENTION. Maybe you won't be inspired to comment on this similar post on @bluerocktalk 's post. My focus gravitates to how the world might come together from an easy to use digital--gold. Add as a result add value
Thanks again for helping me get up to speed. Love how open you all are about the working details.
Lots of great questions:
I was hoping that you could expand upon the tax exemption of trading precious metals. Specifically what can and cannot happen within reason? Or what historical precedents are there beyond war time gold confiscation?
See the white paper at quintric.com
Patent, hmm? Makes me wonder, what percentage of cryptos have patents?
Just a few
Do you expect Quint transactions to move as fast as some of the quicker coins (i.e. Litecoin, Bitcoin Cash)?
Quint transactions will be as fast as BitShares transactions - the industry leader in speed and bandwidth with an average of 1.5 seconds per transaction.
Will the Bitcoin Latina cube satellite skyway be useful in the way a Bitcoinian set up an Internet alternative satellite network?** .
Yes - that satellite network will become the new global beltway for financial transactions - the "Silk Skyway"**
WELL THE FOLLOWING QUESTION DOES RELATE TO THE SPOT PRICE YOU MENTION. Maybe you won't be inspired to comment on this similar post on @bluerocktalk 's post. My focus gravitates to how the world might come together from an easy to use digital--gold. Add as a result add value
You are watching it happen right here
Thanks. Had not heard another currency boast of a patent. And regarding the Internet free satellite network, just wanted confirmation.
So an old idea is new again? Basing a 'new' currency on gold/US mint seems like the opposite of decentralized
Oh yes. It has a small amount of counterparty risk - but serves a valuable place in the BitShares product family. The whole bitAsset family (bitUSD, bitCNY, etc.) is fully decentralized but not infinitely scalable to allow big investors to move hundreds of millions into play. We want to build a mix of assets with complementary features and let people swim around in the stew.
Ok..makes sense. Thanks @Stan!
@stan wow great article
##Upvote/Resteem###
I love this. Thank you for brining this to the table.
My question is : 1oz Silver Eagle is about $25, but 1oz Qunits seems to be $50. Is my math wrong? Seems a high markup.
the US Minted value of the silver eagle is $55