Quintric is using the published U.S. Mint retail rates to price the Quint. The current rate for a one-ounce U.S. minted gold buffalo coin is $1,710. That coin has a $50 face value. 50 x 100 = 5,000 gold cents per one-ounce gold coin. A Quint is five U.S. gold cents or 1,000th of an ounce of U.S. gold legal tender. Accordingly, the current U.S. paper dollar price for one Quint would be $1,710 / 1,000 = $1.71.
A U.S. one-ounce silver coin has a $1 face value, thus containing 100 silver cents. A QuintS (US silver quint) is five silver cents, or one 20th of an ounce of U.S. silver legal tender. The current U.S. Mint rate for a one-ounce Silver American Eagle coin is $55.95, which divided by 20 yields a rate of $2.80 per QuintS.
Straight off the US Mint web site.
In terms of the current market value of the coins' precious metal content, the QuintS is actually slightly less than the Quint. Yet you'll note that the QuintS has a higher premium than the Quint. This actually makes sense within the Quintric system because we are offering forever free vaulting/insurance and silver is much more costly to vault than gold.
The Key Concept
As I said in my previous post, the retail price of any coin is a function of the added value placed on it in production. The US mint increases the value of its silver proof coins from ~$19 to ~$55 by striking them a few more times and adding a little more polish - while the amount of silver remains the same.
Similarly, Quintric adds value by forever free vaulting/insurance and digital minting into legal tender to make them transferrable anywhere in the world in 3 seconds.
Now which adds more real value? Making it collectable or making it digital legal tender?
So, Quintric set the price of its QuintS to the same markup on the regular silver dollar as the US mint puts on it for striking it a few more times. But backing both coins is the same $19 ordinary silver dollar - to which the US mint and Quintric are each adding their own form of value.
You have the choice of which of the two methods of adding value is more useful to you.
Perhaps one day Quintric will offer a product that is both collectable and digital - presumably that would justify both mark ups at the same time.
Has anyone ever seen the actual gold and silver coins Quintric.com claims to have in the Utah vaults? How has this been verified and documented?
Do your research. Read the White Paper. UPMA is legendary in Utah.
Now you are just being anarchist.
Do one's own research? Too novel a concept.
Just put it on CNN so we know what to believe and do.
Thankfully TD Bank banned me from buying this stuff on my credit card...protect me from myself.
Those bankers are all heart.
People like this Jrb450 will only understand when he actually goes and picks up some physical gold/silver via his Quint. Only then will he be a believer. Whatever.
Keep tellin em like it is, Stan! <3
Get a ticket to Salt Lake City and go do that to confirm. Film it!
@stan and I did just that ourselves.
FREE COINS February, 26th #AIRDROP #Bounty #bitcoin#USD #ICO
https://steemit.com/free/@riann/free-coins-february-26th-airdrop-bounty-bitcoin-usd-ico
I live in Salt Lake City, it's a real place.
Livestream setup today with random audits.
Thanks for the clarification for this @stan.
This is one of the most exciting developments, in my opinion, that we have seen to date on the Bitshares network.
This idea has something for everyone. It is currency so the IRS cannot hammer people about the capital gains.
There is precious metal backing meaning that there is true value behind the coin.
It can be moved quickly anywhere in the world...meaning the primer of the financial world is greased...instead of being bottle-necked like the banking system does.
It is affordable. We see stocks split all the time because the price gets out of the reach of the average buyer. Having a token that is under $2 is within the reach of all.
Unlike our guesstimates of what is in Fort Knox (nothing according to many), we know how much gold is truly behind the currency that is created.
Plus there is a mandate for the government to produce as many as requested.
Isn't it ironic that the government, for all their fighting of crypto, is now complicit in creating more crypto?
I just have to laugh at that....the US Mint enables more quints to be created.
All excellent points.
I'm sounding like I live under the reign of Stalin or Mao or Sauron!
That's because you/we are.
Please don't withdraw, we need you.
wow wonderful"No man, when he has lighted a lamp, puts it in a secret place, neither under a bushel, but on a lampstand, that they who come in may see the light."thank for resteem.......
Hello @stan - This is offtopic , but still thought to bring it up. I notice most of your post is 100% rewards instead of 50/50 %. From my understanding this brings you less rewards !
For eg: if author rewards is 100 SBD from a post and if ones do 50/50 you will get 50 SBD plus approx 15 steem [50/3.35] per current rates.Further you trade 50 SBD for steem overall you will get around 60 Steem [50SBD =54 steem + 15 Steem ]. But if you do 100%, will get only 30 Steem (100/3.35). Post payout conversion considers 1 SBD = 1 USD not matter market value. If you have an old paid out post with 100% you will be able to validate this or wait for this payout to verify. Hope this helps.
Wow. Who knew?
I know :) its very confusing
Nice video on "why premiums exist on all coins."
https://web.telegram.org/#/im?p=@quintric
Cool post
Thanks for these informations that are new to me...@stan
Excellent explanation, mate! Couldn't have been clearer probably hahaha.
I'm waiting for another post soon. Greetings and a hug :)
Thanks for sharing many information about Quint.I have read it.in this time bitcoin and like other currency is very low point And decreasing .by the way quint is well.
QuintS has a higher premium than the Quint. This is a very useful information about QuintS and Quint. As a QuintS and Quint user shoul know this update market price of it. Thank you for sharing this post with us.
@stan I'm in now way complaining about the Quint's pricing, but those prices are for proof coins.
Thanks for everything
Of course the uncirculated regular coins still have a big premium and it's what will be redeemable.
https://catalog.usmint.gov/american-eagle-2017-one-ounce-silver-uncirculated-coin-17EG.html?cgid=silver-coins#pmax=50.0&pmin=25.0&start=1
Actually, read the added last section of the post. The premium the mint gets for triple-striking the coin is the premium Quintric gets for providing all the added value of a light-speed digital legal tender coin. It doesn't mean that they are paying the mint to triple-strike the silver and giving the digital tender added value away for free. No, they are justifying their mark up to ordinary coins by pointing at the markup the mint gets for adding a different kind of value.
Perfect, thanks Stan.
Best of two worlds with this coin ✌
Sounds like fair prices. Do you know if there's a shipping charge for redemption?
Yes, shipping is extra. But storage and insurance is free forever.
Okay. The first is sensible, the second's a treat. Thanks for the answer.
what about hryvna?)
wonderful & awesome!
fascinating & pleasing!
Does anyone know why quint is overpriced or the factors that drive its overpricing?
I think those are important clues to what the future holds.
It's not overpriced at all. Read the final section I just added to this post.
Thats for a "proof" version of the coin......
Not for an every day run of the mill Silver Eagle, i have spent $20-$22 usd on these at my local coin shop......
So do they have only Proof quality coins? Or the better way? BU non circulated coins in their vaults?
Read the new last section of the post
.
I was discussing Quint with my father today. Really, who is not going to talk about bring back precious metal money, and as 3 second cash no less.
Anyway, as we chatted, I mentioned the builtin function for transactions that makes this look nothing like an ICO. Couple of points I want to throw out there.
imagesource
I think so. Your actual mileage may vary.
@stan wow great post.. Show me a Bitcoin. Whose likeness and inscription is on it?thank.##Upvote/Resteem###
This is a great development for Bitshares! I was concerned about the taxation of cryptocurrencies in the U.S. , and this is very positive news. Could someone recommend a book or two regarding precious metals and the economy? I've read the Quintric whitepaper, which is very clear, but I need a better background to understand the laws regarding the designation of precious metals as a currency. I'm very interested in this topic, and was hoping someone could help me filter through the thousands of available references (I'd prefer a non-technical book, please, as I begin to learn). Bottom line: thank you for bringing this outstanding project to Bitshares!
Excellent friend extraordinary information. I have learned more things that I did not know about this market and cryptocurrencies, thanks for sharing, you give me a vote to support me, regards, success.
this post is very nice..post
Mengalun bening dan mengetarkan
So, @stan,
Are you saying the price will continue to track the mint price of the Eagle Silver Proof Coin?
Songminer
Yes. A nice neutral, hard-to-argue-with metric, no?
The pricing strategy is one of the marketing strategies that have a great impact on achieving marketing and organizational objectives. The concerned department should formulate policies and plans and make price decisions that are consistent with environmental variables, in particular: the nature of the markets that deal with them in terms of income levels / As well as the economic objectives reflected by economic policies and economic conditions.
Therefore, the pricing strategy is of particular importance to the Organization because of its close association with its objectives, resources and revenues. Therefore, the selection and definition of a pricing strategy is a complex matter because of the complexity of the decisions and options to be taken in defining this strategy. The most important pricing strategies are the new product pricing strategy, including: Skimming pricing strategy, which means pricing at the highest possible price with a large budget to promote and reduce the price thereafter. There are four reasons for the success of the strategy:
Demand is less flexible for price h change in the first stages of product delivery to the market, unlike the situation in maturity and the emergence of competitors.
The introduction of a new product to the market at a high price is an effective way of dividing the market into parts that are different from one another in terms of the elasticity of price demand.
This strategy is safer for the organization at the beginning of a product's life.
Where high prices initially include a large abundance compared to starting at discounted prices.
Thank you for sharing this @stan, I had read about this a few days ago and I feel very positive about Circle buying Poloniex - they have a pretty solid track record and have overcome some issues in the past, so I am confident that they will do well.
I know some people who work at Circle, and honestly I was worried about them jumping on the bandwagon and launching an ICO out of thin air; not a good long term strategy. Seeing that they are buying an exchange first (maybe they won't ICO, but I presume they will do something similar to Binance if they do) is a huge positive in my opinion.
The thing is with Circle is that they will have a huge use case regarding the tokenomic properties of their tokens, and as well as that they should have relatively large volumes trading immediately due to the popularity of Poloniex.
I agree that there are positives and negatives regarding the current price of STEEM because of the acquisition, but at the same time if Circle introduced a FIAT gateway this could drive the price up.
Useful information. As I've commented on the Quintric Telegraph, it would be useful to see information broken down like this in the white paper, or somewhere on the Quintric site. If it is, then my mistake. Meanwhile, as Quintric investors, we are being charged for Both the value/collectability of the proof coins and the utility of the final digital product, Yes? Also wondering, if we redeemed some of our QuintS back into the metal, would we receive these proof coins?
Stan, as I have stated in the Quintric Telegraph conversation, I much believe this very information in your (very helpful) article should be in the Quintric white paper. Is it? If not, please consider it. A page or a subsection of a page with the rubric: "Purchasing Quint - what are we buying and what do we get?"