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Relics Of A Revolution, Part II: False Profits And Freedom

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Revolutions leave behind artifacts — not always weapons or flags, but the quieter objects that carried a message before anyone knew how far it would travel. A wheat-pasted broadside on a Los Angeles overpass. A hand-lettered cardboard sign held up in the snow outside a Tokyo office building. A newspaper headline, pulled from the front page of The Times of London and encoded permanently into a piece of software that would go on to challenge the architecture of global finance.

The works gathered in Relics of a Revolution at the Bitcoin 2026 Conference in Las Vegas trace a specific lineage of dissent — one that connects street-level protest to the birth of Bitcoin itself. Mear One (b. 1971, Santa Cruz, CA) has spent nearly four decades using the walls of Los Angeles as a medium for political and economic confrontation. He pioneered the Melrose graffiti art movement in the late 1980s, was the first graffiti artist to exhibit at the 01 Gallery on Melrose and at 33 1/3 Gallery in Silverlake — where Banksy would later debut his first North American show — and in 2004 joined Shepard Fairey and Robbie Conal on the Be the Revolution tour, a nationwide series of anti-war street art interventions during the Bush administration. His work was part of the landmark Art in the Streets exhibition at the Los Angeles Museum of Contemporary Art in 2011 and resides in the permanent collections of the Laguna Art Museum among others. From anti-Gulf War broadsides in the early 1990s through the Occupy Wall Street encampments of 2011, Mear One has been making work that insists the root problem is the system itself — not the politicians or the policies, but the underlying architecture of money and power.

I sat down with Mear One ahead of his panel at Bitcoin 2026 to talk about protest, art, broken systems, and why the revolution is not over, or how to exit a loop.

BMAG: Mear One, you started writing on walls in Los Angeles in the mid-1980s, at a moment when graffiti was still broadly criminalized and the idea of it entering museum collections would have seemed far-off. By the early 1990s, you were making large-scale political work — anti-Gulf War broadsides, pieces confronting economic power structures head-on. What was driving you to use the street as a political medium at that point, and who were you trying to reach?

Mear One: Graffiti is the voice of the dissatisfied soul, and back then it was a vehicle to reach the masses before the internet took off & social media ever existed. When you illegally spray paint your ideas in the public realm it resonates with the urbanite caught in traffic, angers the city officials whose dilapidated walls we scribe like a big middle finger to their failed policies. Conscious art speaks to conscious people, and the act of vandalism carries with it an energy that helped instigate a movement which was lacking. The streets were our meeting ground, and getting away with it kept us all anonymous, permissionless.

BMAG: There’s a phrase that circulates in bitcoin culture — “all wars are banker’s wars.” The Genesis Block itself contains a newspaper headline about a bank bailout. When you look back at the work you were making during the Gulf War era and later during Occupy Wall Street, how much of it feels like it was pointing toward the same structural critique that bitcoin would eventually encode into its protocol?

Mear One: Quite honestly, when I discovered bitcoin it immediately reminded me of the graffiti, hip hop, and punk rock culture I grew up in, it mirrored the revolutionary necessities I was communicating through my art. I think we all desire an ideology or movement that speaks to and offers a solution to the endless new world order slave trap that so many have become accustomed to. And it turns out the architects who created this current economic matrix are the same builders of our prison schools, creators of our bankers’ wars. Satoshi knew this. Humans don’t really have world war issues with one another, these issues stem from economic and political power struggles outside of our fundamental human desires like freedom, love, a spiritual connection to a higher purpose. My goal as an artist is to always experience freedom, to set myself free from the system, this is the basis of my art, philosophy and resistance.

BMAG: In 2004, you joined Shepard Fairey and Robbie Conal on the Be the Revolution tour — taking anti-war, anti-corporate street art across the country during the Bush administration. That was four years before the financial collapse, and three years after 9/11 had already been used to justify unprecedented expansions of surveillance, military spending, and executive power. What did that experience teach you about using art as a tool for economic and political resistance, and how did it shape your thinking when the crash actually arrived?

Mear One: Be the Revolution with Robbie and Shepard was more so an outlet to express my angst and dismay of American politics at the time. Fighting wars for foreign resources to sell for profit exacerbating this hierarchy of haves and have nots still weighs heavy on my philosophical heart. 

But when the financial crash hit in 2008 my revolutionary lens shifted drastically, and for the first time in my life I became interested in learning how the system of money actually operates, what money is, and seeking to articulate through my art a more accurate definition of the new world order culminating in my most controversial work to date False Profits.

“You cannot dismantle the master’s house with the master’s tools.” Subversive art, subliminal art, illegal art, art that punches you in the gut with facts and satire using a spray can, paint brush, wheat pastes, music, comedy, film, whatever tools are in your creative kit, art is the most effective way to create change. I think great art stands the test of time for its quality of being somewhat psychic, narrating the cause before the effect is widely understood by the masses, before it’s too late.

BMAG: Street art is ephemeral by nature — it gets buffed, painted over, torn down, rained on. Some of your protest works from the Occupy era and earlier have survived. What does it mean to you that objects made in that spirit of urgency — work created to be temporary — are now being shown in a gallery context as historical artifacts?

Mear One: They’re still relevant, ironically, because nothing’s changed! Same circumstance, different puppets. These works point out a condition that is ongoing within our human story, and it’s important as Bitcoiners to pay memory to our past struggles and the remedies which we choose to solve them. In this spirit of urgency these Relics of Revolution are calling out for exactly that – the time for change is always now!

BMAG: You were making anti-war street art during the first Gulf War. Now, more than thirty years later, we’re watching another military escalation in the Middle East — this time with Iran. The machinery looks different, the justifications sound different, but the economic architecture underneath it is remarkably similar. For a generation that came of age watching 9/11 become the justification for two decades of war and then watched the 2008 crash reveal that the financial system underwriting it all was itself a fraud — when you see this cycle repeating, does it feel like confirmation of something you’ve been saying on walls for decades, or does it feel like failure — that the message didn’t land?

Mear One: Like you said, all wars are bankers wars. And for hundreds of years we’ve been fed a false narrative about who our enemy is. There’s a lot of truths I’ve tried to point out through my art and it has made my life much harder for it. I’ve been criticized, censored, nearly cancelled, had my life threatened, labelled all sorts of heinous things. But I resisted, I was unapologetic, and I continue to do my work unfazed. Sometimes it feels like I’m standing on the street corner pointing up in the sky, screaming at the top of my lungs about the chemtrails, and everyone just thinks I’m crazy – it’s always like that in the beginning – but people are waking up. It’s not easy to do art that points out what’s wrong with the system. But it’s also not easy to be honest with yourself and accept the mediocre mundane pointless reality that is the social norm. The reward in doing this is to see a movement like bitcoin spawning and like-minded people sharing the joy and vigor for revolution.

BMAG: There’s an argument — and it runs deep in Bitcoin thinking — that wars are not really fought over ideology or territory but over monetary control. That every major conflict is ultimately about protecting or resetting an economic order that benefits the people waging it. Your work has been making that case visually since the 1990s. How do you articulate that connection between war and money to someone who hasn’t thought about it that way?

Mear One: I create an allegory that consists of the main factors, I am challenged to present it in its most digestible form; yet this is complicated subject matter so this challenge causes me to include subliminal psychedelic mythological archetypes and symbolism all coming together to assist in this complicated narrative, not only to create something visually compelling, but to give the subject matter a focus and a place to become a discussion amongst people. Through narrative art you can introduce ideas that people struggle with in the abstract.

BMAG: The 2008 crash, the bailouts, Occupy, and now what looks like another cycle of inflation, debt, and military spending — do you see Bitcoin as the first real exit from that loop, or just the latest attempt to build something outside a system that keeps absorbing its opposition?

Mear One: I’m a non-dogmatic being by nature. Bitcoin to me is the first wave in new technology that might steer us away from the fiat slave system. But I’m not convinced that it is the be-all and end-all for our current predicament. As we observe Wall Street attempting to hijack bitcoin all the while in-fighting amongst internal ideologues rages on, all that noise obscures bitcoin’s original ethos. These are its problems that are being worked out. I’m much more a believer in innovation and I welcome many more new inventions to enter our realm. I think that the monetary reality needs to run its course though, and what eventually follows I hope is a spiritual revolution. I see bitcoin as a crowbar in an emergency break the glass situation where it is necessary for the next iteration of where we’re heading into the 2030s. I do believe that is towards a state of ultimate freedom where the concept of money itself will become obsolete as we migrate closer to rebuilding a new world.

BMAG: How did you first encounter Bitcoin, and was there a specific moment where it clicked for you as connected to the same values and frustrations that had driven your street practice for decades?

Mear One: Back in 2009 I ran into a mathematician at a coffee shop in my neighborhood, we struck up conversation over my art and he hipped me to bitcoin for the first time. I never saw myself as one who would invest money into money, so it was just an interesting idea in the back of my mind. As I deepened my education into what money is through Occupy and to the creation/fallout of my London mural in 2012, my path eventually led my lady and I to our first bitcoin conference down in Mexico at Anarchapulco. We were introduced to a tribe of anarchists who shared similar sentiments on politics and lifestyle. I had millions of questions, everyone had answers, and like a sponge I absorbed this knowledge. I rocked two live art pieces for the community, which I auctioned off. Those collectors helped me set up my first wallet (shout out EDGE) as well as the transactions in exchange for my proof-of-work. That’s when it clicked for me, when I earned my first coins.

BMAG: Your work is in a show called Relics of a Revolution. Do you think the revolution it’s referencing is over, still happening, or something that hasn’t fully begun yet?

Mear One: Revolution is a daily occurrence, it is one of the inevitable aspects of life that you either take part in or it’s gonna take a part of you. Revolution literally means a cycle that we experience in different seasons across different cultures, time and space. There’s a variety of revolutions currently taking place. What’s great about bitcoin is it somehow is able to connect and bridge to them all at once because ultimately it seeks what we all desire – freedom from the system.

BMAG: This exhibition is called Relics of a Revolution, and it includes your protest works alongside an original copy of The Times from January 3, 2009 — the newspaper whose headline Satoshi embedded in the Genesis Block. That newspaper is the moment a diagnosis became a protocol — the moment the frustration that Mear One had been painting on walls and that Kolin would later carry on a sign in Tokyo was encoded into something that could not be buffed, censored, or bailed out. When you see your work displayed alongside that artifact, what do you want someone walking through this exhibition to take away — someone who may know Bitcoin as a price ticker but doesn’t know the history of why it exists?

Mear One: Collect these works of art! And I don’t mean that facetiously. Every great art movement had their Medicis, those whose power and influence defined the style & ideas of a generation. All the works you see here in the gallery is art denominated in bitcoin, created by artists whose works are inspired by the philosophical principles underlying the greatest bitcoin artwork of them all, the Genesis Block. Like bitcoin, art is the greatest store of value. But cultural preservation of these fine art assets of freedom by accomplished artists requires the patronage of those with passion for these aesthetic visions. Currently we face WW3, economic destruction, trade & agriculture collapse. Bitcoin cuts that circuit of suffering & punishment. Our ultimate fight is with the controllers of money and their bullshit fiat institutions, rendering their scheme obsolete and irrelevant.

This is Part II of a three-part interview series accompanying the Relics of a Revolution exhibition. Part I features Kolin Burges. Part III, featuring Afroman, is forthcoming.

Fix the money. Fix the world.

Mear One will be painting live in the BMAG art gallery throughout Bitcoin 2026, April 27–29, at The Venetian Resort, Las Vegas, and will appear on a speaking panel moderated by Dennis Koch titled “Looking at Bitcoin Art Through a Protest Lens.” A unique print by Mear One entitled The Magician is available exclusively through BMAG. Preview Mear One’s historic protest works included in the Relics of a Revolution exhibition in the BMAG B26 auction HERE. 

The Bitcoin Museum & Art Gallery (BMAG) is the curatorial and cultural programming division of BTC Inc and the Bitcoin Conference. Since 2019, the BMAG conference art gallery has facilitated more than 120 BTC in art and collectible sales. Learn more about BMAG at museum.b.tc. Follow BMAG on twitter @BMAG_HQ. Bundle your Bitcoin 2026 pass with a stay at The Venetian and get your fourth night free. Use code AFTERS for a free After Hours Pass, or get your pass alone here.

Trump-backed World Liberty Financial’s token plummets to all-time low as firm calls self-dealing accusations ‘FUD’

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  • The token for World Liberty Financial hit an all-time low on Friday.
  • The company has used that token to borrow its stablecoin, USD1, from DeFi protocol Dolomite — a circular arrangement that has raised eyebrows.
  • An upcoming unlock has also weighed on the token’s price.

The token for World Liberty Financial plummeted to an all-time low on Friday amid plans to unlock new tokens and reports that suggest the company engaged in a dubious transaction using the DeFi protocol Dolomite.

World Liberty Financial’s token was trading around $0.93 on Thursday when CoinDesk reported the company used 5 billion WLFI as collateral to borrow $75 million in stablecoins, including its own USD1 stablecoin.

The company used a protocol called Dolomite, which was founded by Corey Caplan, a World Liberty Financial adviser. The series of transactions left Dolomite vulnerable to a sharp decrease in WLFI’s price and left some USD1 lenders unable to withdraw until World Liberty Financial closes its position, CoinDesk reported.

Come Friday afternoon New York time, the token had fallen 13% to about $0.79, an all-time low. The asset is now over 75% below its all-time high.

World Liberty Financial did not immediately return DL News’ request for comment.

Backed by the family of US President Donald Trump, World Liberty Financial slammed criticism of its Dolomite transactions as “FUD.”

“Yes, we supplied WLFI as collateral and borrowed stablecoins,” World Liberty said in a statement on X. “No, we are nowhere near liquidation — and frankly, even if markets moved dramatically against us, we’d simply supply more collateral.”

But it failed to address the fact that investors who had lent USD1 to Dolomite’s USD1-WLFI market were functionally stuck there until World Liberty Financial closes its position.

That’s because World Liberty Financial borrowed USD1 in such quantity that it functionally drained the pool, CoinDesk reported.

World Liberty Financial also attempted to quell fear that it would allow early investors to sell all their tokens.

Donald Trump Jr.

World Liberty Financial will allow WLFI holders to vote to unlock their tokens in the coming weeks, the company said Thursday. Shortly thereafter, it returned to social media to clarify the scope of the upcoming vote.

“This is not a proposal to unlock all tokens at once,” it said on X. “The vote will be on a long-term vesting and unlock schedule for retail early purchasers — a structured, phased approach designed with the long-term health of the ecosystem in mind.”

Aleks Gilbert is DL News’ New York-based DeFi correspondent. Have a tip? You can reach him at aleks@dlnews.com.

The case for bringing Wall Street’s darkest corners to crypto

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The largest traders have a problem: how to keep their activity quiet enough to not influence market prices or reveal any long-term strategies.

In traditional markets like equities, they’ve had that ability for decades through so-called dark pools and off-exchange venues. Even as far back as January 2025, more than half of all U.S. equities trading took place off public exchanges, according to Bloomberg data.

Crypto has never had an equivalent, and the absence is increasingly difficult to ignore. Every trade on Hyperliquid, every order on a decentralized exchange, is visible to anyone paying attention, and companies like DeFiLlama and Arkham exist to collect and present that data in a digestible way.

The crypto market, which prides itself on disrupting traditional finance, has replicated one of TradFi’s most persistent structural problems: If you’re big enough to move markets, everyone can see you coming. As a result, firms providing liquidity on public decentralized exchanges say their strategies get reverse-engineered quickly

“On Hyperliquid, one of the top market makers told us they have to rotate their trading strategies every three weeks because they get copied,” Denis Dariotis, co-founder of GoQuant, a crypto trading infrastructure firm backed by GSR, said in an interview. “That’s the alpha problem.”

There are other consequences, too. Market makers — the firms providing the liquidity that keeps crypto markets functioning — operate in full public view, and the industry has developed a habit of making them the villain whenever something goes wrong. Recent scrutiny of Jane Street’s involvement in the Terra/Luna collapse is only the latest example. A large firm’s onchain activity gets traced, a narrative forms and the company spends weeks managing a PR crisis over trades that, on a traditional venue, would have been entirely unremarkable.

GoQuant’s answer is GoDark, a decentralized exchange (DEX) set to start up on Solana in May. That platform uses zero-knowledge proofs to conceal trade details not just from other market participants, but also from the node operators running the order book. The ambition is radical: a matching engine where nobody in the system can see what they’re matching.

The immediate question is whether that’s technically achievable at any useful speed. Zero-knowledge proofs are computationally expensive, and the architecture adds latency that privacy-agnostic systems don’t have to absorb. Internal testing puts order matching at 25 to 50 milliseconds — Dariotis frames this as fast relative to most decentralized exchanges, where execution often runs into the hundreds of milliseconds, and he’s right. But it’s also an order of magnitude slower than what’s available to firms co-located with a centralized exchange. For retail traders that gap probably doesn’t matter. For the market makers GoDark is banking on to provide liquidity, it might.

Which brings up the harder problem. A private exchange with no volume is just a dark room. GoDark’s plan to seed liquidity mirrors what Hyperliquid did with its HLP vault — users deposit funds, the funds get deployed as market-making liquidity, participants take a cut of fees and first access to liquidations.

It worked for Hyperliquid. But it has not worked for most of the DEXes that have tried to replicate the model since, which have generally seen volume collapse once the incentive period ends.

Then there is the regulatory question, which the team has so far avoided having to answer directly. Traditional dark pools are private in the narrow sense that they conceal pre-trade order information, but they operate under post-trade reporting requirements and regulatory oversight.

GoDark’s privacy is more absolute by design, it’s structurally incapable of producing a full audit trail. The inclusion of automated OFAC screening is a gesture toward compliance, but it is unlikely to satisfy regulators who have spent the past three years pushing crypto toward more transparency, not less. How that tension resolves — and whether it limits institutional participation to jurisdictions with lighter oversight — remains to be seen.

GoDark is separate from GoQuant’s existing institutional product of the same name, a spot DEX built with Copper and GSR that enters production next month and targets a different, narrower client base. The May launch is the retail-facing version.

Ether Machine Abandons Public Debut as Dynamix Merger is Terminated

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Ether Machine has called off its planned public debut after the Ethereum treasury-focused firm and Dynamix Corporation agreed to terminate their merger, citing deteriorating market conditions.

In a Saturday post on X, Ether Machine said the decision to end the deal was mutual and effective immediately. The transaction had aimed to take the firm public through a merger with the Nasdaq-listed special purpose acquisition company (SPAC), alongside involvement from The Ether Reserve LLC.

“The Ether Reserve LLC, together with certain other parties thereto, announced today that they have mutually agreed to terminate their previously announced Business Combination Agreement, effective immediately, as a result of unfavorable market conditions,” the firm wrote.

According to a filing with the US Securities and Exchange Commission, an unnamed “Payor,” identified in Annex A of the agreement but not disclosed publicly, must pay $50 million to Dynamix within 15 days of the termination taking effect.

Related: Bitmine uplists to NYSE as share buyback is increased to $4B

Ether Machine’s $1.5 billion Ethereum treasury plan collapses

Ether Machine first announced plans to launch what it described as the largest yield-bearing Ether (ETH) fund aimed at institutional investors in July last year. At the time, the company, co-founded by former Consensys executives Andrew Keys and David Merin, said it would list on Nasdaq under the ticker “ETHM,” launching with more than 400,000 ETH, worth over $1.5 billion at the time, under management.

In September, Ether Machine secured $654 million in a private financing round, including 150,000 ETH from Ethereum advocate Jeffrey Berns, who also joined the company’s board. The raise was part of its broader plan to build a large Ether treasury ahead of the planned Nasdaq debut, which has now been canceled.

Top Ether treasury firms. Source: EthereumTreasuries.NET

Meanwhile, Dynamix retains a limited window to secure a new deal. The company has until November 22, 2026, to complete another business combination. If it fails to do so, it will be required to liquidate and return funds held in trust to shareholders, in line with its corporate charter.

Related: Peter Thiel’s Founders Fund dumps ETHZilla stake as ETH treasuries face pressure

Ethereum treasury exits deepen

Ether funds exit amid mounting pressure on Ethereum treasury strategies. Trend Research has fully unwound its Ethereum position, selling 651,757 ETH worth about $1.34 billion while locking in an estimated $747 million loss.

Separately, ETHZilla, formerly a biotech firm that pivoted into an Ethereum treasury strategy during the 2025 hype, has also moved away from Ether accumulation, updating its corporate name and brand to Forum Markets.

Magazine: Bitcoin’s ‘biggest bull catalyst’ would be Saylor’s liquidation — Santiment founder