The other day @stan announced a new addition to the Bitshares network. It is something that most likely flew under the radar of most yet can be the foundation of the evolution of not only cryptocurrency, but money.
Bitshares is going to have a token created called the Quint. Actually this will be 5 tokens all doing different things. There will be a gold and silver versions. Also, two are going to be US based while two others are international.
This truly could be "Perfect Money".
So what is a Quint?
A Quint is a digital currency put out by Quintric (quintric.com) running on the Bitshares network that is backed by metal in a vault in Salt Lake City .
Read that again. It is a cryptocurrency that is backed by gold and silver.
This should really blow the minds of everyone. I know this has the gold bugs happy since most of them have been erroneously calling for a return to gold backing since Nixon removed the USD from the gold standard. However, there is so much more to this.
To start, the metal backing the Quint is not in its native form. In other words, it is not a gold or silver bar but, rather, coins created by the U.S. Mint with the bald eagle emblem on them. This adds significant value to the backing.
When one has a gold in its native format, like a bar, it has a value. If that gold is take and shaped into a coin, it has more value. Make something commemorative such as an Olympic Medal, that adds more value. Take that same coin and imprint the bald eagle, making it legal tender, that adds more value. Add in the ability to send that gold coin anywhere in the world in 3 seconds, that adds more value.
The second major advantage is it gets around the many of the world's insane tax laws. The Quint is legal tender. It is not a security like other cryptocurrency since it is backed by U.S minted gold (and silver) coins. This is a major advantage since present regulation means that each time you trade a cryptocurrency for something else, you owe tax on the gain. This does not apply to legal tender.
Another fascinating point is that the U.S. Mint is bound to produce as many gold and silver coins as requested. Hence the Quint can keep expanding to meet the demand. Yet unlike fiat currency which is expanded by the banks, the expansion of the Quint is backed by the corresponding coins from the U.S. Mint.
**Even though I keep mentioning US Mint, the same thing applies to the International Quint (IQuint) which is backed by the gold and silver coins from Canada, England, and even Ireland).
A challenge the cryptocurrency world has with mainstream adoption is volatility. This has been addressed in a number of ways. The biggest attempt is Tether which has obviously shown itself to have some challenges (and questions). TheBitusd and other currencies created on the Bitshares network are another basket of currencies which are tied to the USD, providing stability. The tokens are isolated in their use not reaching wide scale status.
However, the biggest issue for crypto is everything is tied to Bitcoin which is inherently volatile. Since all others are tied through their trading to Bitcoin, as that one goes, all others follow. This creates a situation where all cryptocurrencies end up experiencing a great deal of volatility.
Could the Quint be the answer to this?
Since it is a cryptocurrency that is backed by gold and silver, assets that are a lot more stable in terms of their pricing, we could see the possibility that all cryptocurrencies are tied with this token. This will remove a great deal of the volatility, at least from the currency pricing. Markets can get volatile for a variety of reasons but the crypto world is further impacted because when people get spooked about Bitcoin, it affects all else. This is something the naysayers have harped upon when talking about cryptocurrency.
We will have to see how all this unfolds. @stan seems very excited about the prospects of what is being created.
If he is right, Bitshares could claim to have found the "Perfect Money".
@stan's article announcing the quint
https://steemit.com/bitshares/@stan/the-mighty-quint-rears-its-head
@stan explaining it with Crypto Connie
If you found this article informative, please give an upvote and rehive.
gif by @doze
logo by @st8z
Pictures from Quintric.com
Following closely along. This does indeed look big, and if @stan is excited, I'm doubly excited!
Best part of this is the plan can definitely work out. The gold ETF (GLD) is a similar idea but in the stock market. Great to see it in the blockchain!
The gold ETF is not backed by physical gold one to one. You own a share of GLD does not mean you own any gold at all. It's being manipulated.
And BitGOLD is fully backed 1:1, and with ZERO counterparty risk!
My bad. Apparently Van Eck's OUNZ allows retail investors to convert to physical gold while only "authorized participants" (not us) are allowed to redeem GLD.
https://www.barrons.com/articles/a-gold-etf-that-lets-you-redeem-shares-for-gold-1468641673
If I get doubly excited does that make you quadrupally excited?
Another thing I noticed, he keeps mentioning the STEEM and BTS blockchains. I know they are both @dan but it is interesting considering that @dan and @ned have had their differences.
It seems that the emergence of EOS will help both blockchains....although @stan keeps mentioning BTS and EOS in some combination.
Someone should post this on Zerohedge for all the crypto-hater gold bugs to loose their minds!
LOL @techwizardry.
That does put them in a box....they hate crypto with a passion yet now it is being created with a gold backing...
What do they do now? How do they attack?
I'm not giving them any ideas...
This is a amazing concept. Metals backed crypto!! How can it get better than that? I’m going to be looking into this further! Thanks for the post! Upvote / Resteem
Thanks for sharing - this is very interesting and something to keep an eye out for. I'm assuming this is good news for BTS and hopefully will draw more attention to BTS. The crypto world has seems to slow down since the euphoric phase at the end of 2017.
Nice to see you post about this one @taskmaster4450. I headed right over to sign up when I read @stan's post the other day. This one sure seems to have potential.
There is so much going on in the cryptosphere and lately, I have to say, my (almost) pessimistic side has been questioning if & when some of the many projects announced are going to actually be implemented. I understand things take time but I feel a lot of these companies are announcing their innovations too soon. On almost a daily basis I read of the new thing that will revolutionize the everything. Then I go to do my research and it's nothing more than a colorful website with a space to join the mailing list! Palm pay comes to mind as one I just checked out.
Again, I do believe we are headed in the right direction, I only fear that with so many projects promising the world and delivering only a, "thanks for signing up" email, most people will give up too quickly.
I believe!
The fact that there are so many things that are "game changers" is a good thing. Not all of them will work out...many might end up as nothing. But some will end up as they are touted.
Right now, everything that gets announced is good news. Nobody remembers the fails (unless they are epic bombs). Nevertheless, the failures are stepping stones to bigger things.
Agreed. I guess part of it is I don't want some of these awesome projects to fail because they sound so good. Well, such is life, onward and upward we go my friend.
The main argument of many against cryptocurrencies is that it has no intrinsic value. With this now i hope we get to shut down the argument of those no coiners. Having backed by gold or silver helps end speculation bringing stability in the price of the coin. This would help during major crashes . Those who buy during bull can switch to this new platform and save their hard earned money and get back up when the crash is over or much better they can buy the dip. This is exactly what some people are doing with the tether.
I think the SBD's were also supposed to act as stable coin pegged to US dollar. If SBD's peg wasn't broken then it would been a lot beneficial during crashes.
Wow this is really interesting. It will also allow people to trade out of crypto into Quint which should be stable, rather than the USD. Interesting to see what audit they propose to give confidence the metal is actually there.
I heard @stan talk about it on several occasions and I do believe in the Larimer family.
My only issue is, that the whole bitshares universe seems still to be too complicated for the average crypto joe. I always wonder, why something as genius as bitshares and the whole smart currency system has not taken off over the past years. Maybe it's just the marketing part and explaining to people how bitshares works that is missing. I really would love to use it more - especially the DEX - but they didn't manage to gain enough volume like most exchanges, to make it a reasonable option.
Pricing action is a funny thing. I think the fact these blockchains havent taken off is simply the fact the MSM is still determining, to a large degree, where the money goes. BTC got out first in the name recognition and kind of pulled LTC along with it. ETH got a lot of publicity last year because of the ICOs. Now Ripple, because of the ties to banking, is the golden child (or at least was before the pullback).
STEEM and BTS will get their due. It might take some time. It is more important to see what is being developed as opposed to get the recognition and see the prices soaring. That is death if the system cannot handle it.
STEEM, as an example, is a great blockchain but not without its challenges. There is more work to be done.
Makes sense... I know, that I need to practice patience... in some cases it's hard for me, because I can already see such a huge potential, and sometimes it seems, as if I'm the only one. Well, here I'm in good company 😀
Patience sucks...I agree with that...
Well at least a lack of it which is the area I often fall into.
Nevertheless, that is my outlook. Lots of good things happening and sooner or later, the price action will catch up.
The addition of PalmPay interfacing with Bitshares is a game changer.
I will have to check out your writings on PalmPay @sequentialvibe.
I wrote a quick announcement article, I will have to read your research more thoroughly.
I first had an issue setting up the account
https://steemit.com/palmpay/@sequentialvibe/palmpay-update-game-changer
Yet another thing that I didnt hear about. Bitshares is my biggest bag (and the one more in the red right now!) This makes me feel very optimistic about the future of BTS! I will happily hold forever!
Red means sales. 🤑
Ignore pricing action....it means nothing. Markets are herds of people who usually follow the loudest, not the smartest, one.
By two biggest are BTS and STEEM....and I am not worried in the slightest. There is a ton going on with BTS...
Both those blockchains have twice the number of transactions done on them each day as all other blockchains COMBINED. Value of networks is tied, in part, to what is taking place on them. Bitshares has a lot going on.
We are going to see the pricing action catch up at some point. I am all out of fiat or I would add more BTS at these levels.
I also use Bitshares @taskmaster4450
can you transfer money straight from you bank to bitshares or do you still need to go through coinbase to get cash into crypto?
You can use OpenLedger too.
I ask because coinbase is supposed to start reporting to the IRS , does openledger report your transactions?
Coinbase was targeted by the IRS....do not believe it is the last.
All centralized exchanges within the US and any countries that have reciprocating agreements will end up being hit by the IRS. They simply are not going to allow all the crypto people to go without paying their taxes.
Ya it really seems great i checked stans post....he also uploaded the video about it...it will really revolutionalize everything....@stan is real genius..
Quint is the perfect money
great job.
nice post with beautiful works.
carry on your activity.
I love BTS and I think this is a good idea....BUT what stops 100 other gold backed coins from coming to the market? I don't know if this will be enough to make bitshares big.... I don't know a lot about this, but want to learn...and i really want BTS to be a success
I'll have to look more into this, but I love the idea as a silver stacker. I have seen a few of these metal backed crypto's emerging recently and I'm quite excited to see how things play out with these new ideas.
You're exactly right @phelimint, I'll be right in line with you.
wow...its good idia
Yep. What idea do you feel is best @rock8366?
okkkk.... that is some new thing, and I have a lil bit of a problem to understand it. What about volatility? Would it have a fixed value or it will change but it will not change that dramatically?
The whole stash will be locked in one place? But Quint will make rounds online, on the internet?
I will read the recommended articles to absorb as much info I possibly can....
The problem with the digital coins is that it has a value as a result of speculation in markets and the amount of transactions that make its price unfixed.
This idea can be very useful at this time.. because it will give credence to crypto and have a physical value like gold.
Thank you friend @taskmaster4450
Interesting! So can Quint be purchased on the BTS exchange?
I do not know if it is on there yet or not. I didnt read the website in enough detail...they are doing a trial run by offering the token to only a few people...they arent mass advertising it....they want to be sure they can handle the volume before getting it.
But at some point, BTS can be exchanged for the different Quints.
As far as I know bitshares have the same proprieties as steem , meaning 3 second confirmation time, zero cost transactions etc. So this coin could really be a game changers when it comes to usability and stability
I believe there are transaction fees on the BTS blockchain. They do not use the bandwidth concept like STEEM does.
That said, they are minimal compared to BTC and even LTC from what I can garner.
Actually BitShares and Steem together process more than twice as many blockchain transactions per day than the entire rest of the industry ... including BTC and ETH. --blocktivity.info
I meant the BTS fees are minimal compared to the BTC and LTC fees...not the transactions....
Yes in that area, STEEM and BTS are lapping the field.
Keep up the excellent work @stan....you are an excellent spokesperson for BTS.....and I keep learning a lot from you.
This sounds even better than bitGOLD and bit SILVER due to them being backed by actual metals. Is there going to be a limited supply? I wonder how much precious metal they have to back these
This is a really exciting development. Crypto backed by silver/gold has been discussed for several years but I have not seen implimetations of it.
If the Quint tracks the physical metal prices closely, rather than becoming just another speculative play, I would want to start looking into acquiring some as supplements to physical holdings.
BTW, you’ve got a small typo:
Very interesting to see a crypto coin that could be adopted more readily into the world we live in. Will the price be easily manipulated by those in possession of the gold and silver? Just a curiosity.
Great name, which always helps out when watching something become mass adopted.
Great post about something amazing that Bitshares is going to be part of! The Quint, the perfect money!
Did you have the chance to check this recent post I made about
Isn't it Amazing that the Steem Blockchain is an All in One Blockchain will all the Services that Facebook Twitter Youtube Instagram provide and More - With the Advantange of Having no Censorship
Looking forward to your feedback on it!
Regards, @gold84
This seems like a step in the right direction. If this token is not volatile, then it would be very good to switch it over in exchanges. This is defiantly easier said than done, and I think Quint will have to do a lot of work before it's coin is the new standard.
The sky is the limit ✌
Bitshares is looking more and more
promising every day,
it's gonna be a great year!
I really need to create time to know a little about bitshares, perhaps I might understand it when you guys speak about it.
I really need to create time to know a little about bitshares, perhaps I might understand it when you guys speak about it.
So an old idea is new again? Basing a 'new' currency on gold/US mint seems like the opposite of decentralized
I've always thought that a coin backed by gold would be hugely successful.. I actually expected China and Russia to co- found one
I think BTS is absolutely amazing.... I was slightly worried wondering if BTS was an experiment so that something like EOS could be created...this makes me think otherwise BUT... but, wouldn't it be easy for 100 other gold backed ICOs to start? Would this idea be too easy to copy?
Interesting... Upvoted and resteemed
Quint sounds like a great edition to the currency market. I would definitely add it to my portfolio. Gold, Silver, Guns, and Steem. Buy as much as you can afford and upvote, create, and resteem for the last selection. Thanks for the heads up Task. 😎
When this happens, can bitshares be purchased through options?
I know this vault(s) in the Fed Reserve building of few blocks away from my home in downtown #saltlakecity
That aside, I am so excited about the coming of the Quint(s)! Especially when I was yelling at the Bitshares platform on my comp yesterday for reasons of this nature.
My best arguments are always with intangible objects I.E. myself. #cryptosolo
I am so expectant. I believe this is an amazing staff.
Thanks for the sharing @taskmaster4450
This will help, but I believe that Manna is going to be "the true game changer", with or without any backing. "And from the ashes of lordaeron, a new order shall arise, order that will shake the very foundations of this world"- Arthas Merethill, Warcraft 3 Reign of Chaos.
Please upvote, comment resteem and follow @taufik93..
Thanks to back in touch for upvote
I did not know of this Quint cryptocurrency backed by gold and silver thanks for sharing I am not very good at this topic
The problem I have is that if gold and silver in the depository are being seized by the government. That storage set up is centralized.
Would be interesting except for the fact this entire concept has been done literally a zillion times BEFORE bitcoin. bitcoin was born out of ideas like this. Read Nick Szabo's pre-bitcoin missives for details on "gold money" "e gold" etc... and then you can go look up currently running programs like the Perth Mint and many others offer.
There is always the risk of governments steal all the gold from that place. I prefer a coin that its scarcity and functionality is backed by math. Volatily is a short term effect which we could live with it to make some money trading.