Who needs backing? In BACKISTAN we back our $BACK.

PART II

Notes from the BACKISTAN Economic Ministry Assembly, the Moon, 2022

This is the second part of the discussions in the BACKISTAN Economic Ministry Assembly about planning to launch our national currency, the $BACK token. If you missed the first part you can review it here on medium: https://backistan.medium.com/the-glorious-nation-of-backistan-will-rise-through-back-95227023a214

The BACKSITAN Economic Ministry Assembly is working hard on the new currency. We will be on schedule with delivery and we will launch it soon. Projections right now show early or mid February for a possible launch date of $BACK

We will publish more of these discussions at the highest levels of government each week so citizens can stay informed with our progress. The devs are working hard on this and we feel it’s important the citizens of BACKISTAN know about what is being done and most importantly why it’s being done this way. With that said let’s get on the the second part of the notes from the BACKSITAN Economic Ministry Assembly.

Photo of the discussions we’ve had at the UN with the rest of the countries and the NFT projects on Solana. Sometimes it was tense but we managed to secure great deals for our glorious nation.

First of all, in the previous part of the economic discussions we’ve talked about the need for our national currency and about how we developed the idea in the DAO, democratically, as any true republic should. Members contributed with their isight and we acted on their decision and reserved the name for the $BACK token. We then commissioned a 3D artist to build the image and video for our new coin and he did a hell of a job with it. Look how beautiful our coin will be!

Official rendering of the BACKISTAN national currency, the $BACK token, on the MOON.

Now let’s get technical about it because we need to understand why our coin, the $BACK token will be significantly more advanced than any currency in the world both from a technological and economical standpoint. If we’re talking about $BACK, first, we need to talk about backing and why that’s important.

It’s a little known fact right now but the $BACK token has no heads, only tails. It’s the only coin in the world which has one side only and you can’t flip it. If you flip it, it only lands on tails.

Like all currencies, fiat or digital tokens the best performing ones are backed by assets. Until the 1970s the US Dollar had been backed by gold. Until the 1970s the US dollar performed very well and had a constant, stable value. People relied on the USD as a stable value medium of exchange. You can see in the chart below how much all fiat currencies have decreased in value compared to gold since the 1900s.

This is a real economic study comparing the US Dollar, the British Pound and the Japanes Yen, showing the divergence in valuation once these currencies had the bond with their underlying asset removed. Reference study here.

Ok. But what does this mean in real world terms? Why should I care how much a dollar has depreciated in value since it has lost its backing? Just take a look at the chart below. That’s the purchasing power of the US Dollar as measured by Gold. Or another way to put it, how much gold can you buy with 1000 USD. You can see that once the US abandoned the gold standard in 1971 the US Dollar value plummeted. This is one of the most powerful graphs that shows what a non-backed currency can do. For example $20 food and beverages basket of 1971 cost $120.17 in 2017 and household items increased by average of 2000% while oil by 5,373% since 1913.

Real study of the loss of purchasing power for the US Dollar since 1950 relative to Gold. You can see the real drop came in 1971 when the US Government closes the gold standard. Reference study here.

See the common theme to the graphs? These graphs suck. They make no sense for the currency of a thriving republic on the MOON. They are not up and to the right and that’s a bad thing for any crypto project. That means, by logical conclusion, that we want the opposite of an unbacked currency. In fact we want people to wish to move to this better system of crypto currencies backed by real assets. We have a real opportunity here to change economy and innovate finance towards a better future. A future on the MOON!

Yes, this is where we’re going. This might be a meme state with plenty of meme power but we want our currency to be backed by real assets. No more money printing out of thin air. We want our token to be backed.

WE WANT BACKED CURRENCY for BACKISTAN. Well, that is starting to make more sense, right? This is the type of value graph we want to have for the BACKISTAN official currency, one built for the future and most importantly one that does not suck :

Our basic plan for our currency not sucking. This was drawn up by the brightest minds leading our nation and it is the best plan we’ve ever seen for a token. Up and to the right. Source of material here.

We’ve put our best financial minds from BACKISTAN to work and after careful consideration they decided that our currency should be backed by assets. It’s a principle that resulted from centuries of economic experience on earth. We don’t want to repeat the errors of our ancestors. We don’t want to start printing money in BACKSITAN. We saw one citizen doing it and we stopped him at once:

We don’t want to operate the money printer. We want our currency to be backed by valuable assets. We want to deliver more than promises, we want to deliver real value for real people.

We want to create a strong national currency for a strong economy. The first economy on the MOON deserves it and that is what we want to deliver. That’s why we propose that our currency, the $BACK token, will be backed by real NFTs stored on the Solana blockchain with real world value.

Huge thanks to citizen Anatoly for creating the seminal paper describing Solana. We all would not be here today without his important contributions. He is a friend and a pillar of our nation, the glorious republic of BACKISAN

At the end of the article we want to take some time to thank citizen Anatoly for all his contributions to our glorious nation. He’s helped BACKISTAN a lot since the nation’s inception and we would not be here without him creating his seminal paper on the best blockchain there is, Solana. We are using and will be using this blockchain technology to keep track and store all of our nation’s wealth, resources and innovations.

Citizens of BACKISTAN rejoice! The revolution is upon us and we’re getting closer to the launch of $BACK. Token is coming and it’s going to be sooner than you think.

Disclaimer: The content covered in this document is not to be considered as investment advice. The BACKISTAN Economic Ministry is a meme and certainly not a financial adviser. These are our own opinions and ideas. You should always consult with a professional/licensed financial adviser before trading or investing in any cryptocurrency related product or NFT. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice