According to him, we are going to learn about MONEY, its features and characteristics, and how our native currency: PINKOIN qualifies, in all ramifications, to be seen and begin to be made use of as money.
But before I proceed, I wish to sincerely thank our Universal Daddy Ink (UDI) Inkrest Amos Sewanu Omotade-Sparks for the rear privilege of being called upon to address this great One United Global Family. I sincerely appreciate this gesture and pray that Almighty Jehovah/Allah will grant him more wisdom, long life, and good health to enjoy the fruits of his labor on earth for his calling to emancipate universal children from Economic and Financial Slavery which the Debt-bases Financial System has put us into since 1944.
The Debt-based Financial System which the world has been running since 1944 (and in which we were born into) has made humans continue to drop deeper and deeper into economic and financial poverty. The three major errors in this debt-based financial system are
1. The Federal Reserve System or Central Banking System,
2. The Fractional Reserve System, and
3. The Fiat System.
This is evident in the level of poverty and unpleasant situations happening globally.
Unemployment is getting to its peak. This has even been made worse with the creation and introduction of Artificial Intelligence (AI). And it is estimated globally that by 2030, 80% of jobs will be automated by machines and artificial intelligence. This will leave a lot of people jobless affecting African Nations the most.
The effects of the debt-based financial system coupled with that of the Covid-19 pandemic are now evident: Businesses are dying; resulting in the loss of jobs. Students are dropping out of school due to a lack of finance. People with technical skills have abandoned their trades for Okada or Tricycle transport business. Farmlands in the rural areas have been abandoned by youths and there is a mass movement of people from rural areas to urban centers. Start-ups cannot access funds to commence entrepreneurship activities. Fuel prices, food prices, and transportation fares have soared. Direct and indirect prostitution (resulting in the production of motherless and fatherless children) is on the increase. Drug abuse, youths’ agitations, and protests are on the increase. Insecurity has become a major threat and life is becoming harder and harder for the common man. Government alone cannot solve these numerous problems because Governments themselves are also victims of the defective financial system that was passed on to us: a financial system of survival of the fittest.
Now, there is a cry from within and that cry is the need for a new system that values humanity and which makes humanity number one over everything. There is a yearning for a system that is built and stands on human sustainability and not profit-making or business as usual if humans must survive the next 20 years. There is a yearning for a system that will be built on the concept of abundance and which will promote love and ensure unity, oneness, and peace through equal distribution of wealth.
The fiat financial system we were born into is the worst system ever which gives a few sets of people the grace to print money out of thin air. Our joy is that Blockchain gives us the chance to correct all financial errors of all our past generations put together.
The solution to all economic and financial errors of the past is inherent in the InksLedger Financial System that is built on InksLedger Blockchain of InksNation DAO Foundation.
As we all know, Inksnation DAO Foundation is a non-profit making, non-religious organization. Inksnation is a Global Movement and Digital Community established by Inkrest Amos Sewanu Omotade-Sparks who is a Nigerian citizen to bring back the original value given to the human race by The Creator and to correct the economic and financial errors of the debt-based system through:
Human Asset and Non-Human Asset Tokenization
Establishment of InksLedger Financial System
The creation of digital money (known as Pinkoin).
Equitable distribution of wealth through the payment of Universal Basic Income in Pinkoin.
Promotion of love and enthronement of Unity, Oneness, and Peace in the whole world.
PINKOIN AS REAL MONEY
Since the inception of Inksnation, UDI has been saying that Pinkoin is money and that humanity does not need to change it to other forms of money before it can be used to purchase goods or pay for service rendered but humanity, especially most of our End-Users, are yet to fully accept and adopt Pinkoin as money due to lack of general knowledge of what money really should be.
Pinkoin, a native currency of InksNation, is a cryptocurrency built on InksLedger Blockchain. Pinkoin is the Democracy of Money: Money of the People, backed by the People and Money for the People.
Pinkoin is the World’s First Distributed Reserve Cryptocurrency and is created to serve as a base currency to replace all fiat money with their Blockchain Version built on the InksLedger Blockchain as a Distributed Reserve Central Bank Digital Currencies. e.g. Digital Naira, Digital Dollar, etc as a better way of going cashless and for use as STORE OF VALUE, UNIT OF ACCOUNT and EXCHANGE OF GOODS AND SERVICES and for settlement of debts globally.
For us to appreciate this, we need to open the eyes of humanity as to the following:
1. What money is;
2. What are its features, and
3. What are the characteristics of money to enable us to conclude that, indeed, Pinkoin is money.
What is Money?
Money is any object or verifiable record that people use every day for payment for goods bought or services rendered to them. We earn it and spend it but don’t often think much about it.
Economists define money as any object or record that is widely accepted as final payment for goods and services and the settlement of debts in a given county or social-economic context.
Money has taken different forms through the ages; examples include gold, silver, cowry shells in Africa, large stone wheels on the Pacific Island of Yap, and strings of beads called wampum used by Native Americans and early American settlers.
What do these forms of money have in common?
They share the three functions of money:
First: Money is a store of value.
Money should be something we can hold on to for as long as we want before we decide to spend it. So whatever we cannot hold on to for a long time because it will depreciate can not be regarded as perfect money.
Before the creation of fiat currency, every paper bill in circulation was perfect money. This was because If you worked then and earn 25 dollars, you could hold on to the money for years before you spend it. After all, it would hold its value (without depreciation) for years. Holding money is a more effective way of storing value than holding other items of value such as corn and beans, which might rot.
Although money is supposed to be an efficient store of value, paper money (fiat currency in circulation worldwide) is not a perfect store of value. Inflation slowly erodes the purchasing power of paper money over time. This is why the world is changing to a digital form of money that must be backed by something of value that will always appreciate instead of depreciating. An example of this is Pinkoin.
Secondly: Money is a unit of account.
You can think of money as a yardstick: the device we use to measure value in economic transactions. If you are shopping for a new computer, the price could be quoted in terms of t-shirts, bicycles, or corn. So, for instance, your new computer might cost you 100 to 150 bushels of corn at today’s prices, but you would find it most helpful if the price were set in terms of money because it is a common measure of value across the economy.
Again, Pinkoin is a perfect example of digital money that is designed to be used as a unit of account.
Thirdly: Money is a medium of exchange.
This means that money is something that should be widely accepted as a method of payment.
When I go to the grocery store, I am confident that the cashier will accept my payment of money. The United States of America’s paper money carries this statement: “This note is legal tender for all debts, public and private.” This means that every Nation’s government protects the right of its people to pay with fiat currency.
Since Pinkoin has satisfied the first two features of money, it is now left for our government or our citizens themselves to approve it for day to day usage as a unit of account, store of value, and a mean of exchange of goods and services and for settlement of debts in Nigeria.
Now, let us consider How money was developed.
Early forms of money were often commodity money: money that had value because it was made of a substance that had value. Examples of commodity money are gold and silver coins. Gold coins were valuable because they could be used in exchange for other goods or services, but also because the gold itself was valued and had other uses.
Commodity money (otherwise known as God’s money) gave way to the next stage; representative money (otherwise known as people’s money).
Representative money is a certificate or token that can be exchanged for the underlying commodity. For example, instead of carrying the gold commodity money with you, the gold might have been kept in a bank vault and you might carry a paper certificate that represents (or was “backed”) by the gold in the vault. It was understood that the certificate could be redeemed for gold at any time. Also, the certificate was easier and safer to carry than the actual gold. Over time people grew to trust the paper certificates as much as the gold. Representative money led to the use of fiat money: the type used in modern economies today.
Fiat money (otherwise known as government money) is money that does not have intrinsic value and does not represent an asset in a vault somewhere. Its value comes from being declared “legal tender”- an acceptable form of payment – by the government of the issuing country. In this case, we accept the value of the money because the government says it has value and other people value it enough to accept it as payment. For example, I accept U.S. dollars as income because I’m confident I will be able to exchange the dollars for goods and services at local stores. Because I know others will accept it, I am comfortable accepting it. U.S currency is fiat money. It is not a commodity with its great value and it does not represent gold – or any other valuable commodity – held in a vault somewhere. It is valued because it is legal tender and people have faith in its use as money.
The world needs to go back to the era of representative-money (people’s money), but now in digital form.
However, the digital form of money should have all the features and characteristics of Money.
A closer analysis of Bitcoin, Ethereum, and all other MARKET-BASED Cryptocurrency in circulation shows that they cannot be referred to as representative money. They are not backed by anything of value like gold, silver, or human beings: which is the most precious asset in the world. This is where Pinkoin comes to the rescue.
Pinkoin is the only one I know now of all digital currencies that qualify to be called MONEY because it is backed by human beings whose individual value is, at least, $800,000 on InksLedger blockchain.
There have been many forms of money in history, but some forms have worked better than others because they have characteristics that make them more useful.
The characteristics of money are:
non-counterfeit ability, and
Now, let’s compare two examples of possible forms of money:
Beans or Corn. Beans or Corn has been used as money at different points in history. The original name of accountants when beans were being used as money in Great Britain is: “Beans counter”.
Let us assume a stack of U.S. 10-dollar bills equal to the value of one bag of Beans.
Let’s run down our list of characteristics to see how they stack up.
Durability. A bean is fairly durable, but long time storage of it runs the risk of being infected with termites and can severely reduce its value. Ten-dollar bills are fairly durable and can be easily replaced if they become worn. Even better, long storage of it does not threaten the health or value of the bill.
Portability. While the bags of beans are difficult to transport to the store, the currency can be easily put in my pocket.
Divisibility. A 10-dollar bill can be exchanged for other denominations. A bean, on the other hand, is not very easily divisible.
Uniformity. Beans come in many species, sizes, and. shapes and each has a different value; beans are not a very uniform form of money. Dollar bills are all the same size and shape and value; they are very uniform.
Limited supply. To maintain its value, money must have a limited supply. While the supply of beans is fairly limited, if they were used as money, you can bet farmers would do their best to increase the supply of beans, which would decrease their value. The supply, and therefore the value, of 10-dollar bills—and money in general—are regulated by the Federal Reserve of America or Central Bank in Nigeria so that the money retains its value over time.
Non-counterfeit ability: Fiat currencies can be faked but Pinkoin has no counterfeit.
Acceptability. Even though beans have intrinsic value, some people may not accept beans as money. In contrast, people are more than willing to accept Dollar bills. Every government protects the rights of its citizens to use fiat currency to pay their bills.
Well, it seems very clear at this point that—based on the characteristics of money—U.S. Dollar bills or Nigeria’s Naira bills are a much better form of money than beans. But because of its being depreciated over time due to inflation, Pinkoin is a better form of money.
To summarize, money has taken many forms through the ages, but money consistently has three functions: store of value, unit of account, and medium of exchange. Every form of money, especially digital currency, that share these function may be more or less useful based on the characteristics of money.
Modern economies use fiat money – money that is neither a commodity nor represented or “backed” by a commodity. But Pinkoin is digital money of the people, backed by the people and for the usage of people. That is why we call it “Democracy of Money”.
Pinkoin has intrinsic value because every human being that accepts to be TOKENIZED on the InksLedger blockchain worths, at least, $800,000.
By embracing Pinkoin, we are entering into a new Financial System called InksLedger Financial System (IFS) where every citizen (whether they work or not) shall be entitled to a monthly Universal Basic Income of, at least, N120,000 worth of Pinkoin for life.
Let’s embrace Pinkoin!
Let’s massively adopt it!
Let us all go out there and open the eyes of traders (Merchants) to the fact that Pinkoin is money and that they should begin to accept it in exchange for the release of their goods and services. That they can even use it to repay debts with effect from the 12th of May, 2021.
Let us emancipate ourselves from Economic and Financial Slavery forever!
Welcome to the era of the Human Asset Tokenization (HAT) age.