Frequently Asked Questions
What exactly is a Quint?
A Quint is a digital certificate of ownership of 1/1000th of a U.S. Minted Gold Eagle Coin. A QuintS is 1/20th of a U.S Minted Silver Eagle. These “tokens” allow gold and silver dollars to circulate as a form of online money.
What are the advantages of Quintric in a nutshell?
Quintric allows you to move out of debt/hype-based currencies and into a more stable, enduring monetary system. Each and every Quint token;
- Is inherently inflation-proof
- Appreciates with the price of gold over time
- Can legally circulate as cash
- Will never be subject to fractional reserves
- Can have the underlying gold audited by the account holder
- Never generates recurring expenses for the user
- Can be used for near-instant, global transactions
How do I convert to Quint?
Simply create a Quintric account by clicking here. You can fund your account with the following deposits;
- Fiat cash (debit/credit cards, bank wires, checks or ACH transfers)
- Cryptocurrency (Bitcoin, Ethereum, Litecoin, Bitcoin Cash or Bitshares)
- Precious Metals (gold/silver bullion or specie coinage)
How does Quintric establish the value of these tokens?
Token premiums are pegged to the $50 1oz Gold Buffalo. We use this retail rate both to keep the system on strong legal grounds, and to cover the cost of vaulting and insurance on your metals.
Why are Quint and QuintS tokens priced the same?
Our silver and gold tokens are priced the same because they represent roughly the same net worth in USD, once you factor in the value of pre-paid vaulting which is packaged with every coin.
Will the purchasing power of Quint change over time?
Yes, but not frequently or dramatically. Quint and QuintS are stable tokens, with purchasing power based on the value of precious metals, not speculation and hype. The assigned value of Quint will only change along with the gold-to-paper exchange rate for government-issued coinage, which in turn only updates when there is a major swing in the gold market.
Do I have to be an investor to own Quint?
No, anyone can open a Quintric account. Owning Quint is no different (legally speaking) than owning a gold coin in your pocket.
Is there a minimum buy-in amount?
No, you can literally fund your Quintric account with pennies at a time. Quint tokens themselves are divisible by four decimal points (equalling one ten-millionth oz of gold).
How many Quint will be issued?
Because every Quint token must have physical gold coins in reserve to back it up, there is a natural scarcity to the total number of tokens we can issue. Between 1986 and 2019, the US Treasury has minted around 25 million oz of gold and 500 million oz of silver into specie (coins stamped with a dollar value). This means that if every single US Eagle and Buffalo coin were to end up in the Quintric vaults, we could issue around 25 billion Quint (around $40 billion USD in total value) and about 10 billion QuintS ($16 billion USD).
How is Quintric able to guarantee no recurring account fees?
Each and every Quint token represents a fixed quantity of gold, plus the value of indefinite storage and insurance of that gold. Your vaulting is pre-paid whenever you make a deposit, so we never charge recurring fees of any kind. Vaulting premiums are invested in an interest-bearing endowment which finances our operations. Because of this, your Quintric holdings will not erode over time from monthly or annual charges.
Who accepts Quint as payment?
Anyone with a Quintric account can send or receive funds through our online portal. The question you should be asking yourself and those around you is; “Would you rather be paid in paper money, or in real money (gold and silver)?” The best way to revive the American Gold Standard is simple - spread the word!
What technology does Quintric use for its operations?
Quintric is built on the Bitshares Graphene Blockchain. This means that Quint can function both as a means of private, legal payment, or as a circulating, gold-backed cryptocurrency. Bitshares uses the Delegated Proof of Stake (DPOS) algorithm, and is an extremely fast and secure way to process payments.
How does Quint compare to other gold products?
Quint tokens are the only blockchain-based currency that is considered U.S. legal tender (not a commodity, asset or corporate stock). We also have the world's most transparent repository, which will soon have a 24-hour livestream of all gold holdings. Any Quintric user can compare this feed and other archived videos to our public ledger. With proven reserves, no annual fees and a high degree of liquidity, a Quintric account is one of the best ways to build and preserve your wealth, both in the short-term and into the future.
Is Quintric registered with the S.E.C.?
No, because the U.S. Gold Dollar is not a security. It is literally cash, represented in our system by a convenient unit of account (the Quint). When you pay for goods and services using Quint, you cannot be held liable for capital gains tax, just as you cannot be taxed on the increase in value of a paper dollar you spend at a brick-and-mortar retailer.
What is QuintX?
The QuintX token is a fractional share of the company’s revenue stream. Accredited investors can learn more about the QuintX Stock Option by contacting firstname.lastname@example.org.
How does Quintric perform K.Y.C.?
Because we use legal tender in our program and operate a fully legal escrow service (and are in the process of acquiring money transmitter licenses), we must collect some basic information regarding the identities of our users. This is usually restricted to name, address, phone number etc. but if you wish to move larger volumes of money through our system, we may require additional forms of ID and/or a background check.
Who actually owns the gold in the vault?
You (the account holder) own your gold. Quintric must keep it under our stewardship to guarantee 100% reserves, payable on-demand, and to keep all holdings available to view on our public livestream.
Can I withdraw physical gold from my account?
Redemptions will soon be offered through the United Precious Metals Association. Once the accounting details have been finalized, we will create a portal on the website where users can request a coin withdrawal by submitting the desired quantity of Quint for burning (destruction), after which we will mail your coins to the address on file. Note: removing Quint form our vault negates the value of pre-paid storage, meaning that you will lose that portion of your Quint’s net worth if you wish to take physical possession of the metals.
I made a deposit - why hasn't my balance updated yet?
Quintric never issues tokens unless there is gold in the vault to back them up. This means that, when you make a deposit, there will almost always be a processing period, during which we are converting your incoming funds (Dollars, Euros, Bitcoin, etc.) into specie coinage. This process typically takes approximately 7-10 business days, depending on when and how you make the deposit.
I’m having difficulties using my account - what can I do?
We are currently wrapping up the development phase of our main website, and users may experience some bugs and/or delays in processing. Please submit any problems you’re having to email@example.com, and we will do our best to resolve the errors as we become aware of them.
How do I name a beneficiary for my Quintric holdings?
You should identify your beneficiary in your Last Will and Testament (or equivalent documents). In the future, we may include a resource on the website for designating beneficiaries.
Can Quint tokens be circulated outside the US?
Yes, anyone in the world can use Quint (as long as ownership of gold is legal in your area). We are currently testing an international version of the program (iQuint) which may be available in the future.
Does Quintric have a debit card option?
Not yet - but this is a possiblity we are exploring. At present, Quintric is focused on building a streamlined payment platform and conducting capital raises. More features will be rolled out periodically over the next few years.
What if Quintric goes under? Will I be refunded?
You can move your gold out of Quintric Escrow at any time: we keep all metals on 100% reserve at all times, and never dip into our members’ holdings for profit. Even if the company is struggling, or does not become popular overnight, you've still made an investment in sound money. Your gold and silver will remain vaulted with us as long as you wish, and your personal supply will never dwindle.
What should I not do with my Quint?
You may notice that a $50 Gold Eagle is much more valuable than a $50 bill. While there are technically several legal dollar standards in the US, it is important to not use this discrepancy for tax or welfare fraud. For example, if you were paid 2,000 Quint by an employer each month, you should declare the value in terms of Federal Reserve Notes, not $100 per month as the face value of the coins would indicate.
How do I know Quintric isn't a scam?
All Quintric gold is insured by Lloyds of London, and the facility is subject to the typical third-party audits and accountability one would expect of a precious metals vault. The livestream will offer an additional level of transparency never before seen in the financial world. Additionally, many of Quintric’s founders and partners have long histories of professional success and commendable accomplishments. Quintric’s leadership is not a group of young, wide-eyed programmers; rather, they are seasoned professionals with much to lose if Quintric isn't exactly what it claims to be.