Michael, please comment or write an article about the utility of quint transfers. Obviously, early on, people won’t be using quint to buy a cup of coffee; so in early phases what type of transactions WILL be more advantageous with quint versus conventional systems?
Later as quint becomes widely popular, how do you see this stable currency integrated into less stable conventional systems? How do you foresee conventional accounting systems incorporating quint transactions?
For example, if my business uses quint to purchase something from another business how will we account for this? If I pay 1,000 quint will the value of my newly acquired inventory be immediately and perpetually set at the reserve note value of a $50 gold liberty dollar at the time of the transaction? If I later sell that inventory for 1,000 quint will I have to book gross revenue if the value of reserve notes has decreased relative to quint? What about loss if they haven’t? If I sell it for 1,500 quint do I only book gross revenue of the reserve note value of the 500 quint gain at the time of sale OR do I also have to account for any change in reserve note value of the inventory I originally bought for 1000 quint?
Of course, since quint is legal tender, I could just avoid all these issues by setting up my books only in quint and require all my customers to pay in quint and all my suppliers to accept quint, but as mentioned before, that won’t be practical until quint is very widely adopted. (By the way, when I completed the schedule C profit and loss IRS tax form wouldn’t I then have to convert my profit or loss to it’s reserve note value as of the end date of the tax year in order to pay the taxes since the IRS has no actual process for accepting $50 gold eagle coins as payment?)
So, again Michael, please comment or write an article about the best practical transactional uses of quint now and how accounting would most likely be handled in the future during a “transitional” phase back to solid money.