Non-fungible Coins • Vlakovanci • 火车硬币 • عملة القطار
Preventing hyperinflation by burning fiat
The NFT artworks of fiat coins flattened by trains and removed from circulation, declare the beginning of a new era of decentralized finance.
Hyperinflation — the killer of value
Anything can be money as long as it fulfills these fundamental use cases: a unit of account, a medium of exchange, and a store of value.
In economics, hyperinflation is rapid, excessive and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods and services increase, typically measuring more than 50% per month.
Since 1920, at least 55 hyperinflation events have taken place, destroying savings and creating economic hardship. Such events generally result from the mismanagement of financial systems and the economy by central governments. Bitcoin offers the world an alternative – a sound monetary system outside the control of governments and central banks. — NYDIG
One of the ways to prevent hyperinflation is reducing the production of currency (coins and printed bills). The other is altering the currency basis. One form this may take is the use of a decentralized currency as a medium of exchange.*
*Venezuelans try to beat hyperinflation with cryptocurrency
Crypto is about banking the unbanked, and unbanking the banked. It’s attempting to usher in a more equitable financial system and open, free markets. — Bankless
About the NFT project
The Flat Fiat project prevents hyperinflation by reducing the production of fiat currencies and altering the currency basis.
Flat Fiat, the NFT artwork collection, consists of flattened fiat coins made for numismatists, art collectors, DeFi, and DAO communities that want to change the base currency to decentralized crypto and accelerate the monetary revolution.
The fiat coins with different designs are taken from circulation. They’re placed on the train railway, waiting to be flattened by a train. After that, they get scanned and minted as a unique NFT.
Fiat currencies lack transparency, have variable monetary policies, are highly unpredictable, and require third parties for transactions. Bitcoin is the exact opposite — fully transparent, with a programmatic monetary policy, completely predictable, and removes the need for a third party. The monetary revolution will be winner take (nearly) all, which means that monetary maximalism is the only natural end state. — Pomp
The rise of an ecosystem of financial services, known as decentralised finance, or DeFi, deserves sober consideration. It has the potential to rewire how the financial system works, with all the promise and perils that entails. The proliferation of innovation in DeFi is akin to the frenzy of invention in the early phase of the web. At a time when people live ever more of their lives online, the crypto-revolution could even remake the architecture of the digital economy. — The Economist
What you get 🌝
1. The NFT artwork • an NFT from the Flat Fiat collection¹ • each digital artwork is a unique video of a different burned fiat coin • hand-made by The Miha Artnak and trains • proof of burn² 2. Revolution membership • proof of public service³ • proof of belief⁴
Ownership You Own the NFT. Each of the FlatFiat is an NFT on the Internet Computer blockchain. When you purchase an NFT, you own the underlying FlatFiat, the Art, completely, including for commercial purposes — as long as you own the NFT.
Fiat coins flattened by trains will be available as NFTs. The physical fiat coins that were removed will be exhibited in galleries and events as a physical documentation of proof of burn.
Numismatic NFT exhibition, Ljubljana, 2022
Flat Fiat - Aksioma
The Miha ArtnakFlat Fiat Exhibition THU, 14 April 2022, 6 PM-10 PM Aksioma | Project Space, Ljubljana In the framework of the programme: Is the Future Going to be Encrypted? Crypto is about banking the unbanked, and unbanking the banked. It's attempting to usher in a more equitable financial system and open, free markets.
The Byzantine Generals Problem
Online group exhibition at distant.gallery, 2022
The Byzantine Generals Problem - Aksioma
The Byzantine Generals Problem Curated by Domenico Quaranta Exhibition 4 July-end of the internet distant.gallery Vernissage Monday, 4 July 2022 at 1 PM CET Featuring works by Anna Ridler, Ben Grosser, Constant Dullaart, DIS, FaceOrFactory, Kyle McDonald, LaTurbo Avedon, Moxie Marlinspike, Nascent, Rhea Myers, Sarah Friend, Sarah Meyohas, Simon Denny, Guile Twardowski, Cosmographia, Sterling Crispin, The Miha Artnak An alternative to capitalism, or capitalism at its worst?
An alternative to capitalism, or capitalism at its worst? An emancipatory network economy where everyone has a stake, or a dystopian panopticon where only the best man wins? An opportunity for democracy, or a techno-libertarian wet dream? A new creative economy or a pyramid scheme? A planet saver or a planet burner? Rarely has the debate around a technology been so polarised as with blockchains, Web3 and NFTs. We are facing a problem of consensus, trapped within a Byzantine Generals Problem.A group of generals is besieging Byzantium. In order to avoid catastrophic failure, they must agree on a concerted strategy, but some of them are unreliable. Used to illustrate how consensus is reached within distributed systems, this allegory can be applied to blockchains as well as societies. Yet, in a peer-to-peer debate with no central authority, consensus is hard to reach for a reason; and the disagreeing general, the unreliable actor, may be our best resource against the common sense of the crypto-yuppies.
The Byzantine Generals Problem is an online exhibition focused on artworks which do not avoid an engagement with blockchains and crypto culture, but do so in a critically constructive way: questioning dominant narratives, raising problems and sometimes proposing alternative solutions.
Featuring works by Anna Ridler, Ben Grosser, Constant Dullaart, DIS, FaceOrFactory, Kyle McDonald, LaTurbo Avedon, Moxie Marlinspike, Nascent, Rhea Myers, Sarah Friend, Sarah Meyohas, Simon Denny / Guile Twardowski / Cosmographia, Sterling Crispin, The Miha Artnak
Production: Aksioma Institute for Contemporary Art Ljubljana
Curated by: Domenico Quaranta
Link to the online exhibition: https://distant.gallery/the-byzantine-generals-problem
distant.gallery is a social platform and a sustainable art initiative that links actors from different parts of the (art)world. International and local at the same time, it creates the opportunity to discover artists and shows that one would usually never be able to see because they happen at places that are too far from home.
Slovenian artists provided artistic interventions on Niko Kralj’s chairs for the charity campaign in Cukrarna. The raised funds will go for efforts to recover the devastated city of Kharkiv.
Link to the event https://cukrarna.art/sl/program/dogodki/76/2022-06-20/19-00/chairity/
"Stol Lupina velja za klasiko notranje opreme. Oblikovalec Niko Kralj ga je razvil v petdesetih letih prejšnjega stoletja in še vedno ga najdemo v interierjih po vsem svetu. Zaradi vizualne preprostosti in iznajdljive ergonomije je školjkasti stol postal središče najinega zanimanja.
The biggest bank in Slovenia
Projection of the NFT artworks
Why and how the Flat Fiat NFTs are made
Watch THΞ DAO1ST episode with Buddha La and The Miha Artnak below to see why and how the Flat Fiat coin collection is being produced.
7 figure ideas podcast
7-figure ideas: Najuspešnejši slovenski NFT projekt - Flat Fiat; Miha Artnak, artist on Apple Podcasts
Miha Artnak je marca letos s svojim prvim NFT projektom ustvaril 137 fiat kovancev, sploščenih pod kolesi vlaka, skeniranih in skovanih kot edinstven NFT. Ideja projekta je, da z umikom fiat valute iz obtoka denarja, artist pripomore k boju proti hiperinflaciji, istočasno pa premakne vrednost le teg...
Did Crypto Artist The Miha Artnak From Slovenia Create Bitcoin City? | Widewalls
You may remember Ljubljana-based artist The Miha Artnak as the man who tricked the world into thinking he created the first Bitcoin City where crypto fuels the entire economy. In 2018, the artist created a web page similar to the famous newspaper The Guardian and posted a fake article titled Slovenian Crypto Millionaire Just Opened the First Bitcoin City, which, according to the report, " already counts around 4,000 citizens."
Crypto Artist The Miha Artnak Tricked the World Into Believing He Created a Bitcoin City. Now, He's Minting a New Series of NFTs
In 2018, the Ljubljana-based artist, activist, and social engineer The Miha Artnak came up with a novel idea: to create a Bitcoin City, where the entire economy would run on the cryptocurrency. The concept behind the plan was based on a shopping and entertainment area in Slovenia's capital, Blagovno Trgovinski Center, known locally as BTC City.
Money burning for commodity value
Fiat money can sometimes be destroyed by converting it into commodity form, rather than completely forfeiting the value of the money. Sometimes, currency intended for use as fiat money becomes more valuable as a commodity, usually when inflation causes its face value to fall below its intrinsic value. For example, in India in 2007, Rupee coins disappeared from the market when their face value dropped below the value of the stainless steel from which they were made. Similarly, in 1965, the US government had to switch from silver to copper-nickel clad quarter coins because the silver value of the coins had exceeded their face value and were being melted down by individuals for profit. The same occurred to 5-franc coins of Switzerland, which up to the year 1969 were minted using a silver alloy. At the peak of inflation in the Weimar Republic, people burned banknotes for warmth, as their face value had fallen below their value as fuel. https://en.wikipedia.org/wiki/Money_burning
About the author
The Miha Artnak
The Miha Artnak is a Ljubljana-based artist, activist, and entrepreneur, active since the 2000s. His satirical paintings, environmental installations, and subversive performances make him one of the most talked-about artists of the last decade.
If you find any joy and value in what I do, please consider donating crypto with Coinbase Commerce or to addresses below:
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