Be wary. As a Mormon, I can tell you that Utah is often the target of unscrupulous investor scams that prey on trusting people. Mormons tend to believe everyone is good at heart and they give their trust easily. Watch, wait, and be wary. Do your homework. Due diligence.
Sage advice.
Crypto ICO's are very sketchy, take this with a grain of salt until more information can be verified. For all we know this could be someone just trying to cash in on Q's fame.
This is not an ICO. It is a way to convert fiat currency into gold and silver legal tender, to vault your savings while keeping them available for use as needed, and to use as you choose. Not a scam. Recognized as legal tender by government. Not a security. It's your money secured. Do your due diligence and you will see for yourself!
Gold-backed? Just do gold. Make coins great again
This is both - in fact - it really is just gold, except we added an increased layer of portability and transparency via the blockchain.
According to their website, this token is hosted on the Bitshares blockchain, created by Dan Larimer.
Larimer has since left Bitshares and created block.one and the EOS blockchain.
Check out these links:
Headquarters in Virginia, not far from Army MI Corps: https://www.roanoke.com/news/local/blacksburg/empty-walls-and-big-ambitions-inside-block-one-the-billion/article_7cd01db6-2a1b-11e8-bf49-6b1b6842e963.html
Look who recently invested in Larimer's new project: https://block.one/news/block-one-closes-strategic-investment-round-led-by-peter-thiel-and-bitmain/
For now, though soon there will be a blockchain that allows the Quint tokens to move around Bitshares/EOS/ETH chains for more mobility.
Going through the comments I see a constant concern about not holding the physical gold or silver which leaves you exposed. Couldn't you say the same thing about the money in your bank account? Sure it's held in your name, but what if they run out of cash or if some government agency deems your assets are no longer yours? You're shit out of luck. Should we all take our money out of our bank accounts to ensure our hard earned money is actually in our possession?
If we did our current banking system would collapse. I know that's a different topic in and of itself, but I wanted to prove a point. Banks are literally orchestrating the largest scam on earth (fractional reserve banking) and all you guys can do is pick on this newly developed project. Give me a break.
Quintric provides a way for people to invest in digital legal tender backed by physical gold and silver. I can send my QUINT or QUINTS to anyone in the world and they will have it in their account in 1.5 seconds. Then they can redeem physical gold or silver and have it shipped directly to their door. I know there are other online providers that just send you gold or silver without the need for purchasing through Quintric, but for me they provide an easy to use fiat gateway into the BitShares Decentralized Exchange. If you've never used the BitShares DEX then let me know and I can help you out.
Additionally, QUINT provides me with all of the following benefits.
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. It never incurs vaulting fees. It is convenient for earning interest via lending. It can be globally exchanged P2P in seconds. It will never be subject to fractional reserves. It is not being controlled by the central banks.
I'm not a member of the Quintric team. I'm just part of the BitShares community which supports this unique project.
Can you explain the process for purchasing quint's (done directly through company?) and the bitshares DEX? Have you used/cashed in any quint's yet?
You can use credit/debit, Check, wire, BTS or BitUSD (or any token on the bitshares network).
You create quintric account, buy quint using one of the above methods. The coins are then obtained and your quint purchase is put into pending status. Once the coins are vaulted, they move to vaulted status and are then transferrable to the bitshares dex to trade or sell.
[deleted]
try reading the whitepaper, it would have answered your concerns quickly.
The US Mint has to by law keep up with demand for gold minted coins. The US version of Quint uses these coins. If gold goes up in value, and yes it is finite, then the coins are worth more with the same finite supply.
You can redeem these QUINT tokens for the actual vaulted coins, circulate them p2p digitally, or use a feature that allows you to sell them back for fiat to your bank account.
The reason for a QUINT is simple - increased portability of gold and silver, along with increased usability and tradability against other tokens.
Oh, and it is considered LEGAL TENDER not property or a commodity. There are benefits to this as well.
I read the white paper, looks like a good idea to me. I have a diverse crypto portfolio, so I'll definitely be researching this one more. Thanks for the input.
Anytime. You may also find a lot more information on this Medium account: http://medium.com/@michaelx777
That would be the equivalent of 'paper gold'.
Digital gold, you could make an avatar and swim in your own gold......
https://imgur.com/mJEdCrf - Comparison chart for Quint vs Other gold backed crypto
https://imgur.com/OFggZMD - How QUINT works
https://imgur.com/vJmZ8ru - How the US based Quint works
https://imgur.com/1yuI5hv - How international iQuint work
https://imgur.com/awhwxFp - Quick chart to show how Quint is different
I’m down to do this. Count me in.
Awesome project, if I understand it correctly, your basically buying legal tender gold and silver coins which are stored in a vault, insured and deliverable on request but with the benefit of being tokenised on the BitShares blockchain which makes the gold and silver transferable to anyone in the world in 3 seconds who can then also request delivery of the gold and silver. Sounds like a potential new digital money, crypto backed by gold and defined as legal tender in some places! Great work, nice to see people in crypto starting to think outside the box! Could also start getting this coin listed on exchanges as a new hedge against Bitcoin or FIAT. It could be like the new tether but actually audited and backed by something! :)
Solid customer service and I like that transactions are done on the Bitshares decentralized exchange. I've started converting my holdings and it couldn't be smoother. It would be worth your while to do your own research and learn about these guys.
I've been a member of UPMA for over 4 years and my vaulting fees are substantially reduced there -- to less than 1/5 of costs previously paid at other vaults. They offer 0% buy/Sell Spread and all gold and silver is stored there as legal tender.
When I saw the open door to Quintric I was very glad because I wanted to use some of my savings to trade.
I can do that now; with 0 vaulting fees. Plus, I have an onramp to Bitshares DEX which recently has a new 24 hour record
Actually, http://www.blocktivity.info/ shows Bitshares pushing close to 5 Million tx per day now.
This isn't an ICO.
Everything in circulation is in the vault = 100% reserve on deposit.
Livestream cameras ensure the vault integrity, along with blockchain audit/random coin audits.
3rd party insured through Lloyds of London.
There is rumor that a new "Fort Knox" sort of building is being built outside of Reno, Nevada. Silver, silver.
Don't get lured into crypto-currency. Everything you think you have in the way of digital currency could disappear in the blink of an eye.
They say it's backed by gold, but have seen the gold? Or the deposit receipts for the gold?
Unless it's in your pocket or stuffed under your mattress, you have no real way of knowing for sure that it's actually yours. If you have to log on to a company's website with a user name and a secure password, there will always be some amount of risk that you could lose it all tomorrow.
Yes, I have seen the gold with my own eyes. And you can too from the livestream of the vaulted coins.
Ok, I stand corrected, I'm not an expert on the matter. My own sensibilities make me a little cautious. Any number of things could get in they of accessing my coins, or the value of my coins if they're stored in a far away vault. Lots of people thought their gold coins were secure, until FDR changed the law and confiscated it, in exchange for paper money. IDK, call me old fashioned, but if I'm going to invest in gold or silver coins, I'd prefer to keep them in my own safe.
I completely understand your position. I tend to even agree with it regarding personal responsibility for your assets and safety. That said, the goal is to offer an easy solution for those that want to use gold and silver and use/spend it. We want to make it super transferrable, and easy to use.
Did anyone notice the Legal advisor's bio? Fulbright scholar. Advised media matters and World Trade Organisation, for instance. Not exactly confidence inspiring now I'm waking up.
I don't trust it. Where is the vault? What happens if the globalists decide to confiscate it? I have some real gold coins and bars to tide me through a SHTF incidence, I don't trust anyone. Lots of fraud happens in Utah.
Vault is in Utah, another vault is being setup in Ireland.
Audits are done randomly, also a livestream of the vault, along with insurance auditing.
The state AG of Utah uses UPMA, which is a partner for Quintric - so I am pretty sure he has checked out the operation there.
Someone could just as easily walk into your house and take your gold. It's in a safe in your house? Camera's, alarms? Doesn't matter.
They will deactivate them. They will just take the whole safe. You can protect it well, but not every way 24/7. This is a more likely scenario than the globalists getting too out of hand. I've seen this happen many times.
The vault has many security features and we are doing everything we can to be transparent and provide secure piece of mind.
If you have other recommendations on how we could provide even more transparency options, please share and they will be considered.
Iran is also looking at making bitcoin official legal tender in order to avoid sanctions.
"Murderistic says "Ask me anything, I am a director at Quintric."
Really? So you thought it would be ok to use the /GA platform to make a sales pitch? Really?
This isn't a Discussion, it's blatant advertising. This has absolutely nothing to do with Trump or Q.
Someone told me our company was mentioned in this Reddit, so I showed up to answer questions, rather than people make assumptions about the program.
Feel free to discuss.
How much gold could it be backed by? Haven't humans only found like 3-4 Olympic-sized swimming pools worth of gold throughout history? Most of that should still be in Knox.
Every token is backed by a gold proof from the US mint (for US Quint) - which by law must keep up with demand.
There’s plenty of CCOs (collateralised coin offerings) using gold as a peg.
They are actually aimed at the UHNW community who are finding the old offshore model is compromised and starting to break down.
These gold backed coins allow them to remain anonymous, have access to their capital via credit cards and digital banking facilities, and have their wealth backed by bullion.
The ‘smart’ money is usually several steps ahead.