Unblock Media

April

Web3

Tron CEO Justin Sun Performs World is Most Expensive Banana Artwork Eating Stunt

6 hours ago

- Justin Sun eats a $120K banana in Dubai Performance - Reveals the Nature of Web3 Through the Banana-Eating Performance: Innovation or Just PR? [Unblock Media] Let's revisit Justin Sun's "world's most expensive banana" incident. This performance took place in Dubai, where Sun reportedly ate a $120,000 banana. This banana was originally part of Maurizio Cattelan's artwork "Comedian," which was sold in 2019 and sparked debates about modern value and capitalism. Sun used this piece to reveal the nature of Web3, creating his own performance in the process. The key point to note here is the "true meaning of value." For example, the value of a high-priced ring used solely as decoration differs significantly from a ring with historical significance. The former only holds material value, whereas the latter combines symbolism and context to carry deeper meaning. Similarly, in the context of Web3, the phenomena of JPEG images trading for millions of dollars and memes forming multi-billion dollar markets raise parallel questions. The concept of value is not limited to the material but varies based on the context and narrative surrounding it. Sun's performance shares aspects with Dadaist performances. Dadaism was an art movement that sought to dismantle traditional art concepts and propose new values. Sun's banana-eating can also be seen as an attempt to transcend existing frameworks by merging high-class art with the world of blockchain. However, unlike Dadaism's powerful social messages, Sun's performance may seem lacking in such messaging. One of the disappointments arising from this incident is that Sun's actions seemingly ended as a PR event. Why did this disappointment occur? One possible critique is that the performance lingered as a means to garner attention without sufficiently communicating with the public, thus failing to convey artistic value or a meaningful message. While Cattelan's original work satirized the futility of commodification and value, Sun's act could be seen as an example of consuming this within a commercial context, perhaps missing an opportunity to profoundly expand the work's meaning. In the end, Sun's banana incident clearly illustrates the dual nature of Web3. On one hand, it embodies the ideals of decentralization and creativity, but on the other hand, it limits these values with excessive attention and overstated performances. Whether Web3 will end as mere spectacle or evolve into genuine innovation depends on its future developments. In conclusion, Sun's banana performance serves as a case that prompts us to reconsider the relationship between Web3 and contemporary art. It urges us to contemplate how value and art are defined and consumed in modern society and what changes Web3 might bring within this context.

Mark

People

Is TRON CEO Justin Sun Siding with Team Trump?

7 hours ago

- Justin Sun Announces $30 Million Investment in the World Liberty Financial Project - Trump's Initial Revenue Goals Fall Short by 93% Before Rebound [Unblock Media] Donald Trump's cryptocurrency project, World Liberty Financial, initially failed to achieve significant success. Despite Trump and his sons promoting the cryptocurrency for weeks with claims of "making finance great again," they fell 93% short of their revenue targets. However, the situation took a dramatic turn when Justin Sun announced a $30 million investment. Justin Sun is a somewhat controversial figure in the cryptocurrency world, best known as the founder of Tron. Tron is a decentralized content-sharing platform primarily focused on decentralized content distribution and application development. The platform is particularly popular in Asia and raised $70 million during its ICO in 2017. Sun recently purchased a conceptual art piece called Barney Banana for $6.2 million at a Sotheby's auction and is currently facing fraud charges from the U.S. Securities and Exchange Commission (SEC). The SEC alleges that he manipulated the price of Tron through false transactions, charges which Sun denies. With Justin Sun's investment, World Liberty Financial will be able to pay Trump at least $15 million. This provides Trump’s publicly traded company, Trump Media & Technology Group Corp., with new opportunities for wealthy individuals to align themselves with Trump. Compared to the millions spent by foreign governments at his Washington, D.C. hotel during his first term, this new relationship appears even bolder. The founders of World Liberty Financial, Chase Harrow and Zachary Fokman, are relatively unknown in the cryptocurrency industry. Fokman previously offered classes on how to seduce women, and Harrow has lectured on colon cleansing and get-rich-quick schemes, referring to himself as "the trash of the internet." However, they have established good relations with Trump's sons, and Trump changed his stance on Bitcoin from calling it a "scam" once wealthy cryptocurrency investors began donating to his campaign. This led to the launch of the cryptocurrency project under the slogan "making finance great again," aiming to expand Trump's political influence and solidify his business empire. World Liberty Financial's tokens do not promise a share of profits and are non-resellable unless the project's rules are changed. These tokens serve as an effective means of channeling funds to Trump. Should the project exceed $30 million in funds, 75% of the earnings will go to Trump's company, DT Marks DEFI LLC. The Tron blockchain, founded by Justin Sun, gained popularity in Asia, raising about $70 million in 2017. Yet, the SEC lawsuit claims Sun manipulated the value of TRX and another token through sham transactions. Tron has been criticized for facilitating illegal activities, reportedly hosting 45% of all illicit transactions last year. World Liberty Financial plans to launch its own stablecoin, with Sun hoping it will strengthen connections between Tron and U.S. financial institutions. In conclusion, Trump's cryptocurrency project has found new momentum with Sun's investment. However, ongoing legal challenges like the SEC's regulatory pressure and involvement from controversial figures like Justin Sun could undermine the project's credibility. Additionally, criticisms that World Liberty Financial’s revenue structure is excessively advantageous to Trump remain.

Mark

Market

XRP Hits 2024 High, Ripple Sets Sights on $2

2024-11-30 09:08

- XRP Hits 2024 High of $1.68 - Breakout of 'Bull Flag' Pattern, Target: $1.95 – $2.05 [Unblock Media] XRP has recently shown strong performance, hitting a new 2024 high of $1.68. This robust upward trend in XRP is supported by increased trading volume and new partnerships. The number of active accounts for XRP also saw a significant increase in November. Data shows that on November 1st, there were 15,592 active accounts, which surged to 47,044 by November 16th, marking over a 100% increase. The average number of active accounts more than doubled this month to about 25,000 from a monthly average of 12,000. Activation of new accounts has also been encouraged, indicating a growing user base on the XRP network. Ripple's strategic partnership with Archax is further fueling the bullish sentiment for XRP by launching tokenized money market funds on the XRP Ledger. Additionally, Bitwise's announcement on November 7th regarding the rebranding of the XRP ETP for European investors has increased XRP's exposure in the European market. The recent surge in XRP's price occurred after a bullish breakout from the 'bull flag' pattern, which suggests the possibility of continued upward movement on the chart. According to the Fibonacci extension rule, with $1 as the base from the current trend bottom, XRP's target price is between $1.95 and $2.05, a critical range due to its historical role as strong resistance. Breaking through this resistance could potentially lead to entry into a much higher price range. Independent cryptocurrency analyst Mikybull mentioned the possibility of XRP reaching the $2 target, recalling the bullish sentiment of the 2017 bull market. He stated, "$XRP bull market vibes from 2017. If it reaches $2, it will face a pullback, followed by a continued vertical rise to a new cycle high near $10." Mikybull speculates that the upward trend will persist, citing similarities between past data and current patterns. However, medium- and long-term charts do show clear signs of bearish divergence. Additionally, an inverse correlation between price and trading volume has been observed since November 16th. This suggests that XRP may have entered a distribution phase, with major investors turning to selling at this point. The fact that trading volume over the past three days hit a low since November 10th indicates an increased likelihood of a bearish reversal. Therefore, although XRP is currently showing strength, the recent decline in trading volume and selling pressure from major investors suggest the possibility of a bearish reversal should not be overlooked.

Roy

Policy

South Korea to Tax Crypto Starting Next Year?: How Global Crypto Tax Policies Compare

2024-11-29 09:38

- South Korea plans to tax virtual assets starting from 2025 - Different tax methods by countries significantly affect investors [Unblock Media] South Korea plans to implement taxation on virtual assets (cryptocurrency) starting from 2025. The government and the ruling party are advocating for a two-year delay, but the majority party, the Democratic Party of Korea, supports the taxation. Therefore, if the tax law amendment passes as the Democratic Party claims, domestic coin investors will need to pay taxes on their annual coin investment income starting from 2026. Meanwhile, voices within the domestic cryptocurrency community are calling for market development plans to come first. National cryptocurrency tax plans play a significant role in the development of the cryptocurrency market. The tax methods of each country, in particular, can have a big impact on cryptocurrency investors. Let's take a closer look. In the United States, virtual assets are considered property and are subject to capital gains tax and income tax. Short-term transactions are subject to a comprehensive income tax rate of up to 37%, while long-term transactions held for more than a year are taxed at graduated rates from 0% to 20%. This can influence investors to adopt a long-term investment strategy. Additionally, hard fork and airdrop income are also taxable, with airdrop income being considered income based on market value and must be reported. This can add a tax burden based on the value of the airdropped assets received. Trades over $600 per year must be reported, ensuring strict tax management. In the United Kingdom, capital gains tax and income tax are imposed. Capital gains exceeding £12,300 are subjected to a maximum capital gains tax rate of 20%. Mining and airdrop income are subject to income tax of up to 45%, and staking profits are taxed on a case-by-case basis. This taxation method distinguishes between capital gains tax and income tax, providing fairness by applying different tax rates based on the types of earnings received by investors. Germany has a tax system centered on income tax, and virtual assets held for more than a year are exempt from taxes. Transactions with gains of 600 euros or less are also tax-exempt. However, short-term transactions of less than a year are subject to income tax of up to 45%, and mining income is taxed after deducting expenses. The long-term holding tax exemption benefits encourage investors to adopt long-term cryptocurrency investment strategies in Germany, fostering a stable market over short-term trading. On the other hand, Japan classifies virtual assets as miscellaneous income and imposes income tax with a maximum rate of 45%. Profits under 200,000 yen are exempt, and transfers between wallets are tax-exempt. Japan's tax method is praised for providing exemption benefits to small-scale investors, offering fairness among individual investors who prefer small-scale investments. Singapore and Taiwan provide favorable environments for cryptocurrency investors by exempting small-scale investments and capital gains tax, respectively. El Salvador exempts capital gains and income tax to attract cryptocurrency entrepreneurs and investors. The tax policies of each country send various messages to investors and closely interact with the development strategies of the cryptocurrency industry. In South Korea, in-depth discussions reflecting global trends are also necessary.

Mark

Market

First Nordic Dogecoin ETP Launch: Could DOGE Hit $1 by Year-End?

2024-11-28 06:08

- Valor launches the first Dogecoin trading product (ETP) in Northern Europe - Dogecoin Price Hits $0.41. Will Dogecoin reach $1 by year-end? [Unblock Media] Why is dogecoin going up​ today? Valor has launched the first Dogecoin trading product (ETP) in Northern Europe. Managing assets worth approximately $609 million in US dollars, Valor has created a foundation to expand its services to new markets and investors with this launch. The Dogecoin ETP offers investors an opportunity to access Dogecoin's market performance without the risks associated with direct cryptocurrency ownership. Valor's Product Chief, Elaine Muller, said, "This launch is a significant milestone in the company's goal to democratize access to digital assets," adding that "Valor strives to provide advanced investment opportunities to the general investors." This product meaningfully reflects Dogecoin community's dynamic nature and market presence. How much is the Dogecoin worth currently? On CoinMarketCap, Dogecoin is trading at $0.41. After testing the $0.4 resistance line multiple times, it has finally broken through. Dogecoin has shown an impressive upward trend since the beginning of this month. The price increase is primarily driven by positive factors in the broader market, such as the US presidential election and endorsements from influential figures like SpaceX and Tesla CEO Elon Musk. Johanna Belitz, Valor's Nordic Chief, emphasized that "the results of the US presidential election and Elon Musk's influence have significantly boosted Dogecoin's popularity and demand." The price increase is driven by reduced supply and increased demand, and the positive sentiment surrounding the new Dogecoin ETP increases the possibility of an additional rally. How high can Dogecoin go? The introduction of the new Dogecoin ETP suggests the potential for its price to rise by 100%, reaching $0.78. Will Dogecoin reach $1? Many analysts are already anticipating that Dogecoin could hit this milestone by the end of the year, positioning itself as one of the top-performing assets in this bullish market. In summary, the launch of this Dogecoin ETP is likely to not only increase Dogecoin adoption in the Northern European market but also significantly impact its price. By offering these products in a stable and regulated environment, investors can participate in the market with greater confidence and investment. ETPs lower the entry barriers for cryptocurrency investments, providing investors a safer and regulated way to access the market. Should other European countries show interest in this product, it could positively impact Dogecoin's global adoption.