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How an Art Collective Is Using Blockchain to Protest Police Brutality

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A blockchain-centric art project is pushing the boundaries of modern art with a controversial digital display.

The DADA Art Collective, a loosely affiliated group of roughly a dozen visual artists across the globe, teamed up with the non-fungible token (NFT) marketplaces OpenSea and Mintbase plus the file-storage blockchain Arweave to publish the names and faces of American police officers accused of killing unarmed black people.

The project, No Justice No Peace, was published June 6 in collaboration with crypto veteran Dennison Bertram, founder of the DappHero project.

“The collective got in touch with me,” Bertram said. “Social justice is something that I’ve always been interested in. They’d already minted and created these tokens. … It’s a fascinating demonstration of how to do social protests using blockchain technology.” 

The DADA Collective’s Judy Mam said 10 artists contributed to this piece to support Black Lives Matter and police reform, with pictures of 30 officers along with their alleged crimes and case statuses. 

The artists leveraged Arweave’s blockchain to create a wallet associated with each person killed, holding tokens that have data for the corresponding officers’ information. 

“The private keys of the wallets that control these tokens have been destroyed. No one controls these tokens. These tokens can’t be censored, modified or taken down,” the project’s website says

“Blockchain is itself a political statement, the ability to organize outside of government control,” Bertam said. “What about decentralizing justice or human rights or other aspects of society that are critical to the ways people live?”

And yet, this project raises tricky questions about the ethics of immutable digital records. In Europe, lawmakers have introduced a “right to be forgotten” with the General Data Protection Regulation (GDPR). Even in the United States, Mam said the artists behind this project prefer to stay anonymous because some jurisdictions limit access to evidence that might incriminate police officers.

“The police do take action against [outspoken] people,” Mam said. “These [visual pieces] are tokenized but they’re not for sale. … It was about making a statement.” 

Black Lives Matter

With simple text beneath black and white photos, the message is clear. There’s scant artistic flourish in this piece. 

“We don’t forget. We find out who you are,” Mam said. “Maybe someday some of these men will get a [prison] sentence. … But at least now there’s a record that is there forever, immutably, of these people and their crimes.”

The criminal justice system failed to proceed with formal charges in most of these cases, despite community efforts, according to research from Bowling Green State University. This piece is just one of many activist projects already curating public lists with such information. Howard University student and crypto aficionado Gerald Nash, who was not affiliated with the “No Justice No Peace,” said he thinks the project is interesting. 

“People should take into account this isn’t an organization doing unbiased research,” Nash said of the art collective. “As a black person and someone who wants to see justice. … I see no difference between this and holding up a sign.” 

Of course, “censorship resistance” is a relative term. Governments could make it difficult to access affiliated websites and keyword searches, even if the blockchain data remains unaltered. Some experts would also argue a blockchain’s immutability depends on its incentive structure and participants, which likely are not infallible. The Arweave blockchain’s distribution is still nascent, with less than 3,000 members in the project’s Discord group.

Even with these limitations, University of New Hampshire law professor Tonya Evans agreed this art project is an interesting use case – memorializing information.

“I would compare it to what news reporters do … [but] reporters have to be very thoughtful about ways to correct the record, even if that’s to add to and not take away from,” Evans said, describing American freedom of speech laws. “Code is also speech. It will be interesting to see what type of innovation emerges during this period with regards to protecting free speech.”

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Source: https://www.coindesk.com/dada-art-collective-blockchain-protest-police-brutality

Blockchain

Bitcoin Sees Largest Exchange Inflows Since March 2020 Crash

Another bearish signal for Bitcoin as the cryptocurrency sees the largest exchange inflows from external wallets last seen in March 2020.

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Another bearish signal for Bitcoin has been looming around the corner with the digital asset seeing the largest inflows from external wallets to spot exchanges last seen in March 2020, signifying investors are ready to sell-off their holdings.

Bitcoin Sees the Highest Daily Spike in Exchange Inflows

Having already lost over 50% of its value from its all-time high in just two months, numerous technical indicators are signaling Bitcoin towards even more adverse price reactions.

Following reports of the digital asset crossing the much-dreaded “death cross”, new on-chain data reveals that investors are depositing massive portions of their holdings to exchanges in order to cash out their holdings.

READ  Gazprom’s Oil Unit Opens Crypto Mining Farm at One of Its Drilling Sites

For instance, data from CryptoQuant shows that on June 21 Bitcoin saw the highest daily spike in inflows from external wallets to spot exchanges, last seen during the COVID-19 induced March 2020 crash, that took the cryptocurrency to as low as $3,000.

Even though the leading cryptocurrency has recovered more than $10,000 from the previous weeks, the digital asset has indeed weakened due to China’s brutal crypto crackdown.

Stablecoin Inflows Drop Considerably

At the same time, data from CryptoQuant indicates that the stablecoin inflows to exchanges seem to have dropped as investors turn bearish on Bitcoin.

For instance, during the first five months of the year, the circulating supply of stablecoins was on a steady rise and accelerated somewhat as the market sold off in May. However, stablecoin issuance came to a standstill at the beginning of June as bearish trends took over the Bitcoin market.

READ  Altcoins Notch Multi-Year Highs as Bitcoin Price Move Towards $60K

Since then, stablecoin inflows to exchanges have fallen to their lowest level last seen in October 2020.

Usually, stablecoin inflows are viewed as bullish catalysts. However, CryptoQuant’s recent newsletter warns of similar spikes in stablecoin issuance in the past followed by a prolonged price declines:

 “After the bottom of the last bear market (2018-2019), we saw a steady rise in issuance events. At the top (June 28, 2019) of this bullish period, there was a large issuance event (the two big spikes in July-August 2019 are due to USDT ETH issuance). It looks like the same is happening right now.”

#Bitcoin #Bitcoin Inflows

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Source: https://www.cryptoknowmics.com/news/bitcoin-sees-largest-exchange-inflows-since-march-2020-crash

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Dogecoin Gets Hit the Hardest Among Top 10 Coins, Plunges Over 20%

Dogecoin has gotten hit the hardest among the top 10 coins and saw its second-worst day of the year on June 22 by plunging down over 36% to $0.17.

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Meme-based cryptocurrency Dogecoin gets hit the hardest among the top 10 coins and saw its second-worst day of the year on June 22 by plunging down over 36% to $0.17, the lowest level since Apr. 23.

Dogecoin Gets Hit the Hardest Among Top 10 Coins

On May 19, joke cryptocurrency Dogecoin shed over 55% within a single day, but it managed to climb back to almost half of the losses before the daily close.

The meme-based coin is currently trading 77% lower since May 8, from its current all-time high of $0.74 on May 8. The market cap, which was $34.97 billion on June 21, has now slid down to $27.22B in just the last 24 hours.

READ  Crypto Market Hits $200 Billion, Bitcoin Rallies To $7K: BCH, LTC, EOS, ADA Analysis

Dogecoin is currently the biggest loser among the top 10 cryptocurrencies, plunging over 20%, despite major altcoins like XRP, Binance Coin, and Polkadot experiencing double-digit losses.

The value of popular cryptocurrencies remained weak on June 22 after the crypto market witnessed a massive crash a day earlier, following China’s intensified crackdown on Bitcoin.

Over the bigger picture, Dogecoin looks weak that needs upside catalysts to rebound from current levels.

For instance, if Dogecoin declines below the support at $0.25, it will head towards the next support level at $0.2250. A successful test of the support at $0.2250 will push the cryptocurrency towards the next support at $0.2150.

Dogecoin-Branded NASCAR Crashes Like DOGE

Stefan Parsons’ car emblazoned with the Dogecoin logo crashed into the wall during Stage 2 at Nashville Superspeedway on June 19th. Fans of meme-based cryptocurrency fans pushed the hashtag #dogecar trend on Twitter.

READ  Vitalik Buterin Reveals Making $4.3M from $25,000 Investment in Dogecoin

The car was sponsored by Springates, a manufacturer of auto parts whose CEO is a DOGE enthusiast. Parson escaped unhurt but the value of the cryptocurrency did not.

DOGE has a long history on the NASCAR tracks. In April 2014, for instance, Dogecoin fans raised 68 million DOGE worth about $42,000 at the time, via a Reddit campaign to sponsor Josh Wise’s Ford Fusion car. Interestingly, Wise raced in the same team as Stefan Parsons’ father Phil.

#DOGE #Dogecoin

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/dogecoin-gets-hit-the-hardest-among-top-10-coins-plunges-over-20

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VanEck to Launch a Mutual Fund that Invests in BTC Futures

Global investment manager VanEck has recently filed an introductory prospectus to launch a mutual fund that put its money into BTC Futures.

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Global investment manager VanEck has recently filed an introductory prospectus to launch a mutual fund that put its money into BTC Futures through its Cayman Islands-based subordinate. Rest, it has been revealed that the fund may also put some of its unsettled assets into the United States treasuries. 

VanEck to Initiate a Mutual Fund That Invests in BTC Futures

The Bitcoin Strategy Fund is not going to have any exposure to the spot price of the top crypto asset and it said:

“The Fund seeks to achieve its investment objective by investing, under normal circumstances, in bitcoin futures contracts (“Bitcoin Futures”), as well as pooled investment vehicles and exchange-traded products that provide exposure to bitcoin (together with Bitcoin Futures, “Bitcoin Investments”). The Fund does not invest in bitcoin or other digital assets directly.”

In addition to this, it has already been reported that the global investment manager VanEck has filed requisitions for both Bitcoin and Ethereum ETFs earlier this year.

However, the United States Securities and Exchange have not approved any of them as of yet. 

Moreover, the SEC has initiated the process of looking for additional comments to affirm whether or not it should checklist the Bitcoin ETF proposal of VanEck.

Mike Novogratz Comments on China Crypto Crackdown

The CEO of Galaxy Digital, Michael Novogratz has recently released a statement sharing his opinion on the effect of the ongoing China crackdown on crypto.

Novogratz took it to Twitter and said:

“China news isn’t good. Xi is an authoritarian leader who wants control over things. $BTC is the opposite of authoritarianism. Chinese citizens will always find a way to move assets outside the system but they are making it harder. Will take some time to play out. Keep the faith.”

Novogratz is sure that the Chinese Crypto owners will be able to shift their assets outside China, but it will take some time.

READ  Block.One Social Media Platform Voice Announces its Launch

#BTC futures #Mutual Fund #VanEck

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/vaneck-to-launch-a-mutual-fund-that-invests-in-btc-futures

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Yearn Finance (YFI) and Synthetix (SNX) Technical Analysis: What to Expect?

Synthetix and Yearn Finance are sinking. If $7 falls, SNX/USDT may halve to $4—or worse. Meanwhile, YFI/USDT is on the cusp of falling further to $26k.

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Synthetix and Yearn Finance are sinking. If $7 falls, SNX/USDT may halve to $4—or worse. Meanwhile, YFI/USDT is on the cusp of falling further to $26k.

Yearn Finance (YFI)

The automated aggregator allows DeFi investors to draw maximum yields from various protocols. YFI is central to the platform.

Past Performance of YFI

The YFI/USDT is still under the shadow of sellers who dominated in the second half of May 2021.

Bears are in control, and liquidation across the board may flatten out attempts to revive bulls.

Presently, YFI is down nine percent against the USD and ETH on the last trading day.

READ  BaFin Eases Licensing Process For Foreign Crypto Custodians 

Day-Ahead and what to Expect

The path of least resistance is southwards.

Although Ethereum’s fundamentals might rejuvenate YFI/USDT price action, candlestick arrangement, and BTC weakness combine to deflate optimistic bulls.

YFI bear bars are banding along with the lower BB, signaling selling pressure below $40k and the middle BB.

YFI/USDT Technical Analysis

YFI Price Daily Chart for June 22

Losses of June 21 were perpendicular, pointing to sellers’ convictions.

Accordingly, every high may present a selling opportunity for YFI/USDT bears, targeting $26k or May 2021 lows.

Unexpected gains from spot levels, preferably with high trading volumes, reversing June 21 losses may trigger a revival with targets at $40k for YFI.

Conversely, further dumps firmly place YFI/USDT price action to sellers.

Synthetix (SNX)

The decentralized derivatives trading DeFi protocol uses SNX as its token. In addition, the platform plans to adopt Optimism as its Layer-2 scaling option.

READ  COTI and Avalanche (AVAX) Technical Analysis: What to Expect?

Past Performance of SNX

SNX sellers have reversed over 80 percent of gains made during the steep increase from November 2020 to 2021 peaks of February 2021.

Losses may continue considering the state of price action, favoring sellers.

SNX is down double-digits as of writing, falling 11 percent against the USD on the last trading day.

Meanwhile, trading volumes rose to $78 million, suggesting possible offloading.

Day-Ahead and what to Expect

SNX sellers, based on price action in the daily chart, are motoring ahead.

At spot rates, dips below $7 confirming June 21 draw-down may see another dump down towards $4—visible reaction points of November and December 2021.

SNX/USDT Technical Analysis

SNX Price Daily Chart for June 22

Confirmation of SNX/USDT bear bar of June 21 below $7 could cement sellers’ conviction.

READ  4 Reasons to Scrutinize BuyCrypto.today Before Using the Service

In that case, SNX prices may halve to $4.

Conversely, suppose prices find support at spot rates, reversing June 21 losses despite the intense selling pressure. In that case, SNX could lift off above $8 to $14 in the medium term.

#DeFi #SNX #SNX/USDT #Synthetix #Yearn.finance #YFI #YFI/USDT

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/yearn-finance-yfi-and-synthetix-snx-technical-analysis-what-to-expect

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