‘Real Bitcoin Address’ Artwork Installed in Front of Former Bank in Amsterdam

Siamak Masnavi

For the seventh edition of the Amsterdam Light Festival (29 November 2018 until 20 January 2019), Dutch artist Frederike Top has, rather ironically, installed her "light art" sculpture, which is in the form an actual 34-character Bitcoin wallet address, in front of a former bank building.

From the festival's website:

"With the realisation of more than 200 artworks since 2012, Amsterdam Light Festival has developed into one of the largest light art festivals in Europe. In a short time we were able to make light art known to a wider audience."

Here is a photo of Frederike's artwork ("CODE"), which she created for Edition #7 of the Amsterdam Light Festival:

Light Festival Artwork.png

This artwork is hanging between two trees that are in front of a former bank building on one of Amsterdam's most beautiful canalside streets. If you look closely, you will notice that the Bitcoin address used for this project, 1MA8Wopde19HbANkJHnuu76LGbooQHLnuP, contains the word "bANk". Any bitcoin sent to this wallet will be donated to "Huis van de Tijd, a foundation for elderly people with dementia."

As of our press time, since 30 October 2018, according to BitRef, 17 bitcoin donations have been made, for a total of 0.04419532 BTC (around $150):

Code Donations.png

The festival's website goes on to explain the inspiration behind this artwork and why this particular location was used for the installation:

"You could regard this address as a recent addition to various codes, the important ‘languages’ of our digital age. For example, the texts, images and sounds on our computers, phones and tablets are converted into specific codes, or bits, that are sent in packages via cables or radio waves...

The technology used for cryptocurrency, such as the well-known bitcoin, the blockchain, is also part of our modern programming languages. Blockchains, or chains of data that have been merged into ‘blocks’, have ensured that digital currency transactions are transparent and cannot be manipulated. Central control is no longer needed for digital transactions as opposed to the traditional financial world. Cryptocurrency is a real threat for governments and banks as Top highlights in her installation by positioning it in front of the enormous, ‘closed’ former bank building."

Both Photos Courtesy of Amsterdam Light Festival

Bitcoin Whale Reportedly Risks 800 BTC for $0.01 Payout in Dogecoin

A bitcoin whale has supposedly risked a total of 800 BTC, worth around $5.8 million, to help the cryptocurrency remain at the $7,200 mark in a bid to win a bet he made on social media.

A Twitter exchange between Dogecoin supporter Samu and bitcoin whale Joe007 shows that both agreed to bet on bitcoin’s future price, with Samu agreeing to pay 5 million DOGE (around $11,000) to the whale if BTC traded above $7,100, and the whale agreeing to pay Samu the same amount if it was below $7,100 at 13:00 UTC on December 12.

The BTC whale ended up winning the bet as the price of the flagship cryptocurrency didn’t drop below the agreed-upon mark. Some of those watching the thread, however, noted that something seemed to be going on before the bet’s deadline expired.

The bet was made according to the price of the Bitfinex cryptocurrency exchange, and a trader soon alleged on social media the BTC whale could’ve placed an 800 bitcoin order to “defend” the $7,200 so the cryptocurrency’s price wouldn’t dip.

While it isn’t possible to tell whether Joe007 was the one behind the 800 BTC order, the whale seemed to warn Samu before the bet was made that he was extremely confident he was going to win, tweeting out “you really don’t want to make this bet, believe me…”

After the deadline the posts suggesting market manipulation came out so Samu said he “got revenge” on the bitcoin whale cheating, by offering to pay him only 6 DOGE, currently worth about $0.013.

The Dogecoin addresses Joe007 showed as the destination for the funds currently has little over 10,000 DOGE in it, worth close to $22. Some argued Samu should have paid the funds as no terms were defined in the bet, while others agreed with him.

Featured image via Unsplash.