There is now an eight to ten foot tall rat situated directly in front of the Federal Reserve Bank of New York. The display is considered art by the creator. It is white in color, but covered with informative facts and information about Bitcoin and economics in colorful writing. It is shocking, strange, silly and unforgettable all in the same.
Satoshi Nakamoto’s Influence
The artist notes that it is a testament to the giant rats inflated previously by union protesters, but more importantly to highlight the changing landscape of modern economics. The language covering the rat includes the deeper components of Bitcoin’s code and math equations as well as quotes from the original Bitcoin whitepaper written by Satoshi Nakamoto. The rat’s eyes spell out the letters "PoW," which is short for proof-of-work. This is the consensus mechanism that has kept the Bitcoin network secure since its creation. It is the method for giving a greater incentive to users to participate honestly, rather than attempting to hack or steal from others.
Satoshi Nakamoto is the pen name of the anonymous author or authors of the Bitcoin whitepaper. His faux birthday was chosen specifically to represent the date that America moved completely away from the gold standard backing the U.S. dollar currency. One of the major misunderstandings of how money works today is highlighted by Bitcoin’s lack of any backing. Most people question why it is worth anything, but are ignorant to the fact that the U.S. dollar is no longer backed by gold.
"The sculpture's supposed to kind of reflect the spirit of Satoshi and what he's trying to do."
The artist, Nelson Saiers, expects the piece will be on display for only a few more days. He hopes that those who hear about or see the piece will take note of its location. He is attempting to bring attention to The Federal, which controls the U.S. dollar. He chose Maiden Lane because it was named as such after The Federal Reserve bailed out the giant companies AIG and Bear Stearns during the 2008 financial crisis.
"Warren Buffett called bitcoin 'rat poison squared' but if the Fed's a rat, then maybe rat poison is a good thing."
By: BGN Editorial Staff