Painter Hides Crypto In Lego Artwork For Anyone To Solve

Faith Obafemi
  • Andy Bauch hid crypto private keys in a digitized lego painting.
  • Anyone who decodes the private keys can claim the cryptos and they don't have to be the people who bought the paintings.

Last year we had digital collectibles in the form of CryptoKitties and now artists are encoding private keys of wallets in a digitized Lego paintings. Andy Bauch challenged crypto enthusiasts to try decrypt the private keys hidden in a digitized Lego Artwork, the corresponding wallets were holding thousands of dollars’ worth of cryptos.

Los Angeles’s Castelli Art Space in California, USA now displays these masterpieces. Yes, the private keys are apparently not so obvious, else we wouldn't have people working hard to crack the “artcode”.

An ordinary look at the abstract images themselves do not appear they follow any pattern; however, each Lego and colour represents an algorithm that correctly reproduces the private key. Bauch’s finished work took a while to perfect as he sought a balance between getting an algorithm that produced a correct private key and getting a generated digitized artwork that is appealing.

While being a unique way to hide private keys, it is yet unknown the reason why Bauch had chosen this method of concealment. Perhaps, he is aiming at bridging the gap between humanity and digitized artworks or he was trying to showcase his support for crypto, which he refutes.

Andy Bauch Crypto LegoCould you solve this?

The different artworks are all under the “New Money” series and each represent the private key for a particular crypto. Thus not only bitcoin is represented.

As with such challenges, some clues are left behind, one of such is that the name of the crypto involved can be deciphered from the title of the artwork. Also, the value of crypto (as at the time it was purchased) in each artwork is indicated.

Buyers of the artwork are not necessarily the ones to claim the crypto. Anyone who successfully unlocks the wallets can claim the cryptos so long as they do that before anyone else.

Three years ago, another artist, known as @Coin_Artist painted a “Happy Easter Egg” image purported to be hiding 4+ bitcoins. Just last month, news came in that the puzzle has been solved and the bitcoins drained. However, there is no public post yet from the solver.

As at the time of this writing, it is said that all the Bauch digital lego wallets have been unlocked. One hacker, James Stanley has claimed the BTC in three of the art pieces.

Weekly Newsletter

Bitcoin Dominance Bump Unlikely to Last — Market Analysis

The entire crypto market seems to be going risk-off and turning to a state of correction, after an excellent start to 2020 throughout January and February which saw significant gains. This is reflected in the brief pop in Bitcoin market dominance. But in the longer term, it’s a different story, and we must always bear in mind the intercourse the conflicting trends of different timeframes – and how they can still agree with each other.

Here, rather than focusing on any specific crypto, we’ll look at the market as a whole using some trusted indicators.

We first look at a small-to-medium-timeframe chart of Bitcoin plus Bitcoin’s market dominance arrayed against the “Others” market dominance, Others being a basket of all altcoins below the top 10. This panoply of charts gives us a broad insight into the whole market.

just some speedbumpsBTC chart by TradingView

During January and some of February, we can see clear risk-taking in the form of a rising altcoin market share. Bitcoin’s price was rising even as its dominance was falling: peak altcoin conditions, where so much buying is coming into the system that more entities are buying Bitcoin than selling Bitcoin for altcoins, even when there is a lot of that.

This pattern has reversed in the past few days, with Bitcoin’s price falling even as its dominance rose, with altcoins being sold back into Bitcoin. The market was overheated in the short term, and people are wisely hedging their profits.

But this trend is unlikely to last. Zooming out and looking at a chart of Ethereum/Bitcoin and both dominance charts again (with Ethereum being a general proxy for the altcoin market), we see a different story.

the bigger picture says the opposite thingETH chart by TradingView

There is a lot going on here. First we can note that Ethereum – again, bearing in mind its role as a general proxy for altcoins – has retaken a very important inflection line that it lost during 2019, the dotted line. It is likely, based on this line retaken last week, that Ethereum is starting a long term uptrend against Bitcoin – and that altcoins in general will do the same in the long term.

Moving to the Bitcoin dominance display in the middle panel, we see an agreement of the above thesis. Bitcoin’s dominance has fallen below its own critical level, namely the area near and above 70%, which BTC held for a while during 2019. This level had not been held since 2017, when Bitcoin put in its all-time-high – and it now looks to be trending steadily away from it again.

This trending away will again provide the space for altcoins to grow in market share, and we have already seen the beginning of this trend during 2020. Perhaps what we have seen was only ‘Round One’.

And moving below to the Others dominance, we see that this indicator has, yet again, taken an important level of 6% and is likely trending away from it. This is the same message in reverse: this level was first tickled during the first real altcoin mega-rally, in the beginning of 2017, and stayed above it for years. It was lost for a time in 2019, about the same time Bitcoin retook its level of 70%.

The larger trends are likely moving in the opposite direction than the shorter ones. Bitcoin's price, based on these indicators, is likely to continue rising even as its market share continues to falls. Altcoins, after years of being battered, are likely to continue gaining market share; and in that situation, the pie can only be getting larger overall.

The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Featured Image Credit: Photo via Pixabay.com