Monthly Archives: April 2021

Recent Reports Of Overturned Scientific Theory Are Premature – Forbes

Posted: April 21, 2021 at 9:29 am

The Fermilab Muon g-2 equipment is used to measure the magnetic properties of muons.

On April 7, 2021, the worlds scientific community watched with rapt attention as scientists based at Fermi National Accelerator Laboratory presented a research result that the science media reported heavily.A new measurement disagreed in a very significant way with predictions.This disagreement could have been strong evidence that scientists would have to rethink their theory.Thats an exciting prospect, if its true.However, a theoretical paper was released the same day as the experimental result that puts the entire situation in turmoil.

The new experimental measurement involved the magnetic properties of subatomic particles called muons.Muons are essentially heavy cousins of the electron.Like the electron, the muon has both electric charge, and it spins.And any spinning electric charge creates a magnet.It is the strength of the magnet that researchers measured.

It is possible for scientists to calculate the relationship between the strength of the magnet and the quantity describing the amount of spin.Ignoring some constants, the ratio of magnetic strength to amount of spin is called g.Using the quantum theory of the 1930s, it is easy to show that for electrons (and muons) that g is exactly equal to two (g = 2).

History

Measurements in 1947 found that this prediction wasnt quite right.The measured value of g was closer to 2.00238, or about 0.1% higher.This discrepancy could have been simply a measurement error, but it turned out that the difference was real.Shortly after measurement, a physicist by the name of Julian Schwinger used a more advanced form of quantum mechanics and found that the earlier prediction was incomplete and the correct value for g was indeed 2.00238.Schwinger shared the 1965 Nobel Prize in physics with Richard Feynman and Sin-Itiro Tomonaga, for developing this more advanced form of quantum mechanics.

This more advanced form of quantum mechanics considered the effect of a charged particle on the space surrounding it.As one gets close to a charged particle, the electric field gets stronger and stronger.This strengthened field is accompanied by energy.According to Einsteins theory of relativity, energy and mass are equivalent, so what happens is that the energy of the electric field can temporarily convert into a pair of particles, one matter and one antimatter.These two particles quickly convert back to energy, and the process repeats itself.In fact, there is so much energy involved in the electric field near, for example, an electron, that at any time there are many pairs of matter and antimatter particles at the same time.

A principle called the Heisenberg Uncertainty Principle applies here.This quantum principle says that pairs of matter and antimatter particles can appear, but only for a short time.Furthermore, the more massive the particles are, the harder it is for them to appear, and they live for a shorter amount of time.

Because the electron is the lightest of the charged subatomic particles, they appear most often (along with their antimatter counterpart, called the positron).Thus, surrounding every electron is a cloud of energy from the electric field, and a second cloud of electrons and positrons flickering in and out of existence.

Those clouds are the reason that the g factor for electrons or muons isnt exactly 2.The electron or muon interacts with the cloud and this enhances the particles magnetic properties.

So thats the big idea.In the following decades, scientists tried to measure the magnetic properties of both electrons and muons more accurately.Some researchers have focused on measuring the magnetic properties of muons.The first experiment attempting to do this was performed in 1959 at the CERN laboratory in Europe.Because researchers were more interested in the new quantum corrections than they were with the 1930s prediction, they subtracted off the 2 from the 1930s, and only looked at the excess.Hence this form of experiment is now called the g 2 experiment.

The early experiment measuring the magnetic properties of the muon was not terribly precise, but the situation has improved over the years.In 2006, researchers at the Brookhaven National Laboratory on Long Island, New York, measured an extremely precise value for the magnetic properties of the muon.They measured exactly 2.0023318418, with an uncertainty of 0.0000000012.This is an impressive measurement by any standards.(The measurement numbers can be found at this URL (page 715).)

The theoretical calculation for the magnetic properties of the muon is similarly impressive.A commonly accepted value for the calculation is 2.00233183620, with an uncertainty of 0.00000000086.The data and prediction agree, digit for digit for nine places.

Two measurements (red and blue) of the magnetic properties of the muon can be statistically combined ... [+] into an experimental measurement (pink). This can be compared to a theoretical prediction (green), and prediction and measurement don't agree.

Implications

Such good agreement should be applauded, but the interesting feature is in a slight remaining disagreement.Scientists strip off all of the numbers that agree and remake the comparison.In this case, the theoretical number is 362.0 8.6 and the experimental number is 418 12.The two disagree by 56 with an uncertainty of 14.8.

When one compares two independently generated numbers, one expects disagreement, but the agreement should be about the same size as the uncertainty.Here, the disagreement is 3.8 times the uncertainty.Thats weird and it could mean that a discovery has been made.Or it could mean that one of the two measurements is simply wrong.Which is it?

To test the experimental result, another measurement was made.In April of 2021, researchers at Fermilab, Americas flagship particle physics laboratory, repeated the Brookhaven measurement.They reported a number that agreed with the Brookhaven measurement.When they combine their data and the Brookhaven data, they find a result of 2.00233184122 0.00000000082.Stripped of the numbers that agree between data and theory, the current state of the art is:

Theoretical prediction: 362.0 8.6

Experimental measurement: 412.2 8.2

This disagreement is substantial, and many have reported that this is good evidence that current theory will need to be revised to accommodate the measurement.

However, this conclusion might be premature.On the same day that the experimental result was released, another theoretical estimate was published that disagrees with the earlier one.Furthermore, the new theoretical estimate is in agreement with the experimental prediction.

Two theoretical calculations are compared to a measurement (pink). The old calculation disagrees ... [+] with the measurement, but the new lattice QCD calculation agrees rather well. The difference between the two predictions means any claims for a discovery are premature.

How the theory is done

Theoretical particle physics calculations are difficult to do.In fact, scientists dont have the mathematical tools required to solve many problems exactly.Instead, they replace the actual problem with an approximation and solve the approximation.

The way this is done for the magnetic properties of the muon is they look at the cloud of particles surrounding the muon and ask which of them is responsible for the largest effect.They calculate the contribution of those particles.Then they move to the next most important contributors and repeat the process.Some of the contributions are relatively easy, but some are not.

While the particles surrounding the muon are often electrons and their antimatter electrons, some of the particles in the cloud are quarks, which are particles normally found inside protons and neutrons.Quarks are heavier than electrons, and they also interact with the strong nuclear charge.This strong interaction means that the quarks not only interact with the muon, the quarks interact with other quarks in the cloud.This makes it difficult to calculate their effect on the magnetic properties of the muon.

So historically, scientists have used other data measurements to get an estimate of the quarks contribution to the muons magnetism.With this technique, they came up with the discrepancy between the prediction and measurement.

However, a new technique has been employed which predicts the contribution caused by quarks.This new technique is called lattice QCD, where QCD is the conventional theory of strong nuclear force interactions.Lattice QCD is an interesting technique, where scientists set up a three dimensional grid and calculate the effect of the strong force on that grid.Lattice QCD is a brute force method and it has been successful in the past.But this is the first full attempt to employ the technique for the magnetic properties of muons.

This new lattice QCD calculation differs from the earlier theoretical prediction.Indeed, it is much closer to the experimental result.

So where does this leave us?When the Fermilab results were released, it appeared that the measurement and prediction disagreed substantially, suggesting that perhaps we needed to modify our theory to make it agree with data.However, now we have the unsettling situation that perhaps the theory wasnt right.Maybe the new lattice QCD calculation is correct.In that case, there is no discrepancy between data and prediction.

I think that the bottom line is that the entire situation is uncertain and it is too soon to draw any conclusion.The lattice QCD calculation is certainly interesting, but its new and also not all lattice QCD calculations agree.And the Fermilab version of the experiment measuring the magnetic properties of the muon is just getting started.They have reported a mere 6% of the total data they expect to eventually record and analyze.

Precision measurements of the magnetic properties of muons have the potential to rewrite physics.But thats only true if the measurement and predictions are both accurate and precise, and were not really ready to conclude that either are complete.It appears that the experimental measurement is pretty solid, although researchers are constantly looking for overlooked flaws.And the theory side is still a bit murky, with a lot of work required to understand the details of the lattice QCD calculation.

I think its safe to say that we are still many years from resolving this question.This is, without a doubt, an unsatisfying state of affairs, but thats science on the frontier of knowledge for you.We waited nearly two decades to get an improved measurement of the magnetic properties of muons.We can wait a few more years while scientists work hard to figure it all out.

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Recent Reports Of Overturned Scientific Theory Are Premature - Forbes

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A cosmologist throws light on a universe of bias – Salon

Posted: at 9:29 am

Every community guards a creation story, a theory of cosmic origins. In much of sub-Saharan West Africa, for the past few thousand years, itinerant storytellers known as griots have communicated these and other tales through song. Cosmologists also intone a theory of cosmic origins, known as the Big Bang, albeit through journal articles and math.

Chanda Prescod-Weinstein is a cosmologist who is adept with both equations and "the keeper of a deeply human impulse" to understand our universe. In her first book, "The Disordered Cosmos: A Journey into Dark Matter, Spacetime, & Dreams Deferred," Prescod-Weinstein also admits she is a griot, one who knows the music of the cosmos but sings of earthbound concerns. She is an award-winning physicist, feminist, and activist who is not only, as she says, the first Jewish "queer agender Black woman" to become a theoretical cosmologist, she is the first Black woman ever to earn a Ph.D. in the subject.

Prescod-Weinsteinis an assistant professor of physics and astronomy, and a core faculty member in the department of women's and gender studies at the University of New Hampshire. She thus enjoys a unique frame of reference from which to appraise science and her fellow scientists. She is an insider whom others nonetheless cast as an outsider, because of her identity, orientation, and the tint of her skin. From the outside, however, she admits a fuller view of her field. She perceives the "structures that were invisible to people," and reveals them.

"The Disordered Cosmos" is equal parts critical analysis, personal essay, and popular science. It is an introspective yet revelatory book about the culture of physics and the formative years of a scientific career.

Growing up during the 1990s in East Los Angeles, where at night the dominant lights flashed red and blue, Prescod-Weinstein owned a telescope but rarely saw the stars. She was a "born empiricist" who decided to become a physicist at the age of 10, after her single mother took her to see the documentary "A Brief History of Time." Her mother, the journalist and wage activist Margaret Prescod, continually nourished the young girl's passion. She took a teenage Prescod-Weinstein to Joshua Tree National Park, where they spent a night observing the Comet Hyakutake, unblinded by city lights.

After arriving at Harvard University to study physics, Prescod-Weinstein struggled academically, in part because of her own extracurricular advocacy for providing a living wage to campus workers. Yet a classmate tried to help her realize her childhood dream. He offered her a job at a new observatory atop Maunakea in Hawaii, where the view to the heavens was among the most limpid on Earth. There she could earn better than a living wage in the astronomers' efforts "to gather photons particles of light that will help them tell our cosmological story."

Prescod-Weinstein imagined dedicating herself to pure physics in this idyllic locale, with "beaches, amazing tans, and an opportunity to start over." But no physics is pure, no place such an idyll. Astronomers had started building their telescopes on Maunakea during the 1960s against the protests of native Hawaiians, for whom the summit is sacred. Her living wages, she realized, would have underwritten the erasure of another peoples' cosmology. "I promised myself that I would make more room in my life for my dreams of being a physicist," she wrote. "But not like this." She now supports the native Hawaiians who have vowed to protect their unceded lands against the impending construction of the Thirty Meter Telescope, which might yet become the world's largest.

Prescod-Weinstein not only narrates her struggle to become a cosmologist, she advocates for all peoples whom physicists have undervalued. She praises the assistants and janitors, mostly people of color, whose labor permits theorists to ponder the universe daily, because "part of science is emptying the garbage." She elevates her elders, such as Elmer Imes and Ibn Sahl, whose contributions others have disregarded because these forebears were not of European descent.

The beauty of mathematics and the majesty of the stars attracted Prescod-Weinstein to cosmology. They sustain her. Yet, she writes: "Learning about the mathematics of the universe could never be an escape from the earthly phenomena of racism and sexism."

So, Prescod-Weinstein unveils the majesty that oppression obscures. In the opening quarter of her book, she hurries readers through a tour of physics, rushing past Bose-Einstein condensates, axions, and inflatons to arrive at her own research into dark matter. It's a brilliant sprint, and the prize for finishers is some of her finest writing about race and science.

Prescod-Weinstein includes a thunderous essay about scientists' historical neglect of the biophysics of melanin and the repercussions today. Later, there is a chapter that she did not want to write about an episode from her life that she did not want to share. She had no choice, she explained, because "Rape is part of science and a book that tells the truth about science would be a lie if I were to leave out this chapter." Her account is so fierce and switches registers so regularly, as if gliding between chorus and verse, that the writing becomes incantatory. She saps the event's power to define her, transmuting pain into affecting prose.

Prescod-Weinstein is attuned to the language of physicists, especially the biases it elides, as when her colleagues speak of "colored physics," more commonly known as quantum chromodynamics, which she describes as "a theory that uses color as an analogy for physical properties that have nothing to do with color." She is adept at then rephrasing physics to redress those biases. Systemic racism is compared to weak gravitational lensing, the subtle distortion of light owing to the curvature space and time around distant galaxies. Cyclical time is intuitive to a person who menstruates. The wave-particle duality reveals the queer, nonbinary nature of quantum mechanics. Dark matter is not actually dark: "It's transparent more like a piece of glass than a chalkboard." Not only is the name antithetical to the science, some physicists have compared such invisible matter, crudely, to Black people.

"Studying the physical world requires confronting the social world," Prescod-Weinstein writes. "It means changing institutionalized science, so that our presence is natural and our cultures are respected." It also means confronting the privileged stories of science.

The demographics of physicists still reflect the iniquities of the past. And physics remains diminished because of its biases. Whenever we exclude whole peoples, we not only disallow their questions we disavow their knowledge. The field squanders other cultures' perceptions of time. And as Prescod-Weinstein notes, physicists may even misinterpret the wave-particle duality and confuse the rotating identities of neutrinos because they are too oriented toward binaries.

"The Disordered Cosmos" is not perfect. There are phrases that Prescod-Weinstein might have heated longer or squeezed harder until they crystalized. There are intervals when the pressure of having to cite so many ideas make matters too dense. But these are quibbles. Besides, the defects of an otherwise ideal crystal can render it more colorful and electric.

Prescod-Weinstein aspires to loftier matters. The book's frontispiece is a sketch of two women who remind her that "even in the worst conditions, Black women have looked up at the night sky and wondered." These women were slaves, who not only navigated the stars to freedom but also wondered at that black expanse. They are "as much my intellectual ancestors as Isaac Newton is."

Prescod-Weinstein's most vital work, in the end, is the emancipation of Black and brown children who still cannot see their futures in the stars. She distills this labor in a series of questions: "What are the conditions we need so that a 13-year-old Black kid and their single mom can go look at a dark night sky, away from artificial lights, and know what they are seeing? What health care structures, what food and housing security are needed?"

Prescod-Weinstein teaches that all humans are made of luminous matter. And she knows just how radiant people can be, despite the obstacles in their way. She understands, intimately, that "Black people hunger for a connection to scientific thought and will overcome the barriers placed in front of them in order to learn more."

* * *

Joshua Roebke is finishing a book on the social and cultural history of particle physics, titled "The Invisible World." He won a Whiting Foundation Creative Nonfiction Grant and teaches literature and writing at the University of Texas at Austin.

This article was originally published on Undark. Read the original article.

The featured photo for this story was updated at 4/20/2021 at 16:30 ET.

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A cosmologist throws light on a universe of bias - Salon

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Alice Neels Communism Is Essential to Her Art. You Can See It in the Battlefield of Her Paintings, and Her Ruthless Portrait of Her Son – artnet News

Posted: at 9:29 am

Alice Neel painted the human comedy.

Its a phrase she repeated often in interviews and in text, throughout her life. It is the title of one of the sections of Alice Neel: People Come First, her outstanding and moving retrospective at the Metropolitan Museum of Art.

In one sense, what she meant is obvious. Memorable and interesting characters abound in her paintings, running from her many lovers to the luminaries of New Yorks Depression-era political and literary Left; from art celebrities like Andy Warhol to her acquaintances in the East Harlem neighborhood where she toiled in obscurity for decades; from the feminist activists and critics who championed her work in the 60s and 70s to her own self, shown naked, at 80, paintbrush in hand and gazing skeptically out at the viewer as if sizing them upone of the most indelible of all 20th-century self-portraits.

Alice Neel, Self-Portrait (1980). Photo by Ben Davis.

The text in the Mets The Human Comedy gallery explains that she meant the phrase as a reference to French author Honor de Balzacs story collection La Comdie humaine, which examines the causes and effects of human action on nineteenth-century French society. It notes that Neel wanted to chronicle suffering and loss, but also strength and endurance, as Balzac did.

Which is fine, as far as it goes, and falls in line with the shows framing of Neel as an anarchic humanist. But the effects of human action is a pretty vague phrase. As opposed to what? The effects of the movement of the planets?

Installation view of Alice Neel: People Come First at the Metropolitan Museum of Art. Photo by Ben Davis.

The truth is that the words the human comedy had a lasting magic for Alice Neel because Alice Neel thought of herself as a Communist intellectual. Every artist with an interest in Marxism would have gotten the reference, becausealmost all of Communist aesthetic theory looked for legitimacy, in one way or another, to Marx and Engelss approving remarks on Balzacs La Comdie humaine.

The authors of the Communist Manifesto thought Balzac captured not just the spirit of his time, but provided a portrait of the pathologies of bourgeois society, the toll that money took on human relations (despite Balzacs aristocratic personal politics).

Alice Neels Pregnant Woman (1971) at the Metropolitan Museum. Photo by Ben Davis.

Interviewed by the Yale Press podcast, the exhibitionss curators, Kelly Baum and Randall Griffey, seem very concerned with emphasizing that Neels politicswere independent, non-dogmatic, and that her affinities for Communist ideas softened as she aged. Which may be true: Times change, people change, art and politics and how they intersect change.

You see, its not so much that I am pro-Russia as that I am pro-dtente, she said onstage towards the end of her life. But she also said, around the same time, Reagan has said the government doesnt owe anybody anything. In the Soviet Union you get free medical careeverything is free. There the government owes you everything.

In 1981, just three years before she died, she contributed to a fundraiser for the Reference Center for Marxist Studies, a depository for Communist Party history located in the headquarters of the attenuated CPUSA. The same year she actually did a show in Moscow at the Artists Union, organized by Philip Bonosky, the Moscow correspondent for theDaily World, which was the successor to the CPs Daily Worker.(She had painted him three decades earlier, when he was editor at the Communist magazine Masses & Mainstream.)

Alice Neel, Phillip Bonosky (1948). Photo by Ben Davis.

Interviewed at the age of 82 by art historian Patricia Hills, Neel was still making the case for the significance of her portraiture by referencing Vladimir Lenins respect for Balzacs The Human Comedy (she kept a poster of Lenin in her apartment all her life, according to Phoebe Hobans 2010 biography) as well as Hungarian Marxist Georg Lukcss advocacy for Thomas Mann.

Neither Lenin norLukcs were names you brought up in the 1980s to win points for being with-it, artistically or politically.

Rather than trying to fit Neel into the framework of a rose-colored contemporary progressivism, it seems much more interestingand more accurateto consider how the artists actual, passionately felt, difficult allegiances shaped her: the sacrifices she made in her life; the specifics of her art; and her relation to the New Left feminist movements of the 1960s and 70s that pulled her from obscurity, and that now probably overdetermine the reading of her work still.

Born into small-town Pennsylvania respectability in 1900, Alice Neel went to study art at the Philadelphia School of Design for Women looking for a more interesting life. I came out of that little town the most depressed virgin who ever lived, she remembers in a 2008 documentary directed by her grandson. She met and married Carlos Enrquez, a soon-to-be-important Cuban painter, and travelled to Cuba in 1926, where the sight of poverty in pre-revolutionary Havana radicalized her.

Alice Neel, Futility of Effort (1930). Photo by Ben Davis.

Returning to New York, she suffered the loss of her first child, Santillana, to diphtheriathe subject of the ghostly Futility of Effort (1930), later featured in a 1936 issue of the journal of the Artists Union, Art Front, retitled asPoverty. The couple would separate, and Enrquez would take their second child, Isabetta, back to Cuba.

New Yorks Greenwich Village was where Neel found her most lasting community, in the demimonde that swirled together leftist radicals and artistic strivers amid the hardship brought on by the Great Depression.

Alice Neel, Kenneth Fearing (1935) at the Metropolitan Museum. Photo by Ben Davis.

When the New Deals art projects started up in 33, Neel seized the opportunity as a lifeline, painting a canvas every six weeks on government wages, her eye turning for a time to urban scenes and public demonstrations in the mode of the day.

(An anecdote she liked to tell later in life is that Harold Rosenberg, the critic of abstraction, schemed his way onto the government payroll by submitting two Neel paintings as his own, before becoming an art writer.)

Installation view of Alice Neel: People Come First at Metropolitan Museum of Art. Photo by Ben Davis.

The Communist Party was enthusiastic about the New Deal Arts Projects and a force in pushing for their expansion, and Neel soon joined the Party. It might surprise us now that a figure of Neels scrappy, bohemian independence would be drawn to the CP, even given the fact that she joined in 35, when the USSRs foreign policy needs aligned with Roosevelts agenda, and the turn to the Popular Front opened the doors for fellow-traveling artists of all kinds.

Alice Neel, Nazis Murder Jews (1936). Photo by Ben Davis.

But Cold War dogma and our knowledge of the actual evils of the Soviet system cloud our assessment of the Communist Partys on-the-ground profile at the time. Its opposition to US social order led it to engage with both racism and sexism in ways that mainstream institutions often wouldnt. As Andrew Hemingway writes in his great history of the time, Artists on the Left, Neel is representative of that type of woman artist and intellectual who gravitated to the CP becausewhatever its limitationsit offered the most sustained critique available of class, racial, and sexual inequality.

Alice Neels Death of Mother Bloor (1951) at the Metropolitan Museum. Photo by Ben Davis.

Neels role model would have been someone like Ella Reeve Bloor, aka Mother Bloor, the most well-known female leader in the CPUSA in the 20s and 30s. Born 1862, Bloor was a formidable organizer who supported six children while divorcing and marrying as she pleased. She was a comrade of Eugene Debs and Upton Sinclair, and her labor journalism inspired Woody Guthries song about the Ludlow Massacre. In her sixties, during the Great Depression, Bloor toured the Great Plains with her son, organizing farmers.

Detail of Alice Neels Death of Mother Bloor (1951) at the Metropolitan Museum. Photo by Ben Davis.

Neel painted Mother Bloors funeral in a 1951 work. She is pictured, sainted, in a coffin as a multiracial crowd of mourners files past. A wreath above her head reads COMMUNIST, the word PARTY vanishing as it wraps around a bouquet of roses.

The curators of Alice Neel: People Come First cite approvingly a line by Neel saying that she was never a good Communist, because she hated bureaucracy and the meetings used to drive me crazy. But a distaste for bureaucracy or political meetings doesnt mean she didnt imbibe the party line. (It just means she was an artist.)

In the very same interview Neel also stresses that it [the Communist Party] affected my work quite a bit.

Its one thing to join the Communist Party at a time when Communist ideas were in vogue with the artistic mainstream, and capitalism was in a crisis that was plain for all to see. Many did in the Depression years. But Neel remained faithful to the movement long after.

Alice Neel, Alice Childress (1950). Photo by Ben Davis.

In the 40s and 50s, she studied philosophy at the Jefferson School for Social Research, an adult education school in New York run by the Communist Party. She delivered some of her first slide lectures about her art there.

One of her teachers, V.J. Jerome, chair of the Partys Cultural Commission, was convicted under the Smith Act for his 1950 pamphlet Grasp the Weapon of Culture!, which described mass culture as anti-human and a narcotic polluting the masses, arguing the need for a revolutionary art to bring down capitalism. Neel made sure to visit Jerome to show support after he was released from jail.

Installation view of Alice Neel: People Come First at the Metropolitan Museum. Photo by Ben Davis.

This was the high tide of McCarthyism, when most others of the so-called New York Intellectuals were abandoning their earlier, 30s-era Marxist commitments and turning hard towards Cold War liberalism and anti-Communism.

And yet the very title of the Met show, People Come First, comes from a line in a 1950 Daily Worker interview with Mike Gold, the foremost propagandizer of proletarian art in the United States. Even as Abstract Expressionism was being coronated at MoMA, Gold had quoted Neel: I am against abstract and non-objective art because such art shows a hatred of human beings.

(Incidentally, when figuration reemerged in the art world in the late 60s, it was in the form of Photorealismand Neel hated that too. She argued that it also sinned by treating humans the same as things, replicating capitalist ideology. She thought special attention should be reserved for the human. Her particular Marxist aesthetic, therefore, gives insight into the ways she set her subjects off from less defined backgrounds and the meaning she gave to the expressive, painterly qualities of her paintings in that era.)

Alice Neels Mike Gold (1951) at the Metropolitan Museum. Photo by Ben Davis.

Gold championed Neel as a pioneer of socialist-realism in American painting, and she returned the love with a portrait from 1951. His weathered, tan features appear thoughtful and ready for debate. Depicted on the table before Gold in Neels painting is a copy of the Communist intellectual journal Masses.

Detail of Alice Neels Mike Gold. Photo by Ben Davis.

Beneath that is a newspaper. In what I take to be a deliberate suggestion of Neels continuing alignment with Golds output as a writer and propagandist, she has placed her own signature as if it is a part of the newspaper.

Neel had moved to Spanish Harlem in 1938 with her lover, the singer Jos Santiago Negrn (whom she had met when she was 35 and he a decade younger). For her, the paintings she did of neighbors, acquaintances, and comrades from the Puerto Rican community werent just sentimental or picturesque. Works such as Mercedes Arroyo, The Spanish Family, and T.B. Harlem made their debut in a show at the Communist-controlled New Playwrights Theatre, with an essay by Gold, and were presented explicitly as part of a Communist political-cultural project, bound up with the Partys advocacyand sometimes fetishizationof Third World struggle.

Alice Neel, The Spanish Family (1943). Photo by Ben Davis.

Gold quoted Neel like so: East Harlem is like a battlefield of humanism, and I am on the side of the people there, and they inspire my painting.

In the popular imagination, the story of the 60s New Left movements is that they raised issues of race and gender that the Old Lefts idealization of a white male factory worker had ignored. But its a little more complicated than that.

An interesting twist highlighted by recent museum shows reconsidering this period is that, as it turns out, the artists who were adopted as the most vital, heroic exemplars by the insurgent 60s social movements had, in fact, often been forged by the Old Left artistic scene. It was in terminally uncool Social Realism that the idea of an art that honored the experiences of the suffering, oppressed masses had been preserved and could be picked up again when new social movements rebelled against the reining formalism.

Charles White, the masterful social realist who was affiliated with the CPUSA until 1956 and was nurtured in some of the same Communist spaces and periodicals as Neel, was an example for the Black Power generation. Neel was an example for Womens Liberation.

Cover of Time magazine featuring Alice Neel painting of Kate Millet, on display at the Metropolitan Museum. Photo by Ben Davis.

The Communist Party had all but imploded after Khrushchevs secret speech in 1956 revealing Stalins crimes. Without the new feminist movement, there would have been no Neel revival.

Neel, in turn, helped shape the image of the ascendant movement, doing a steely painting of writer Kate Millett for the 1970 cover of Time magazine on The Politics of Sex, just as Womens Liberation was moving into mainstream consciousness.

Alice Neel, Cindy Nemser and Chuck (1975). Photo by Ben Davis.

She painted the luminaries of the feminist movement as faces of their time, just as she had painted the earlier Communist intellectuals: art historians Linda Nochlin (with daughter Daisy) and Cindy Nemser (nude, with husband Chuck, also nude), Redstockings founder Irine Peslikis (described as Marxist Girl), and many more.

Alice Neels Nancy and the Twins (1971) at the Metropolitan Museum. Photo by Ben Davis.

Neel also did numerous images of women nursing and pregnant nudes, among her most celebrated works. Here, her eye for honoring the realities of ordinary peoples lives hidden beneath bourgeois ideology met the feminist project of honoring the hidden world of womens work beneath the sentimental domestic cliches.

But Neel also had a famously difficult relationship with the Second Wave of feminism, even as she reveled in its attention and clearly believed in the importance of Womens Liberation. Partly, this was generational. Like Georgia OKeeffe (though a quarter-century younger) or Joan Mitchell (though a quarter-century older), Neel had spent a lifetime trying to escape the stigma of being patronizingly reviewed as a lady painter, and was suspicious of being touted for her gender.

Alice Neel, Marxist Girl (Irene Peslikis) (1972) in Alice Neel: People Come First at the Metropolitan Museum of Art. Photo by Ben Davis.

But this was also partly political, inscribed in the very creed that had allowed her to hack it out all those lonely, unrecognized, pre-feminist-movement years. She had chosen a life of poverty out of an ideological belief in solidarity with the working class and the oppressed. With a combination of insight and narrow-mindedness, she considered a lot of the preoccupations of the new feminist artists she encountered to be self-absorbed and tritein a word, bourgeois.

In 1970, her work was included in the Ann Sutherland Harris and Linda Nochlin-curated Women Artists, 15501950 at the Los Angeles County Museum of Art. The show had been the product of actual protests by feminists, who had threatened a Civil Rights complaint against the museum for not showing women.

Alice Neel, Linda Nochlin and Daisy (1973). Photo by Ben Davis.

Yet reflecting on the shows reception, Neel was characteristically salty and dismissive of those who didnt share her fundamental political outlook:

What amazed me is that all the woman criticsyou see, you are very respected if you paint your own pussy, as a womans libber. But they didnt have any respect for being able to see an abused Third World. So nobody mentioned that I managed to see beyond my pussy politically. But I thought that was really a good thing if they had a little more brain.

There is ego here: Alice Neel was never shy about saying why her art was better than anyone elses. But the judgement flowed directly from the Marxist theory she used to understand her practice, which held that capitalist life kept us wallowing in immediate subjective experiences, unable to generalize and so unable to change the world.InGeorg Lukcss 1938 essay Realism in the Balance, he had written:

[I]f we are ever going to be able to understand the way in which reactionary ideas infiltrate our minds, and if we are ever going to achieve a critical distance from such prejudices, this can only be accomplished by hard work, by abandoning and transcending the limits of immediacy, by scrutinizing all subjective experiences and measuring them against social reality. In short it can only be achieved by a deeper probing of the world.

You can see how this artistic theory of hard looking would resonate with Neels sense of what a portrait should be.Lukacsian realism was about neither simply life-like description nor the depiction of ordinary experiences in an accessible way; it was about art that moved through the specific case to a revelation of the overall social context that had shaped its meaning and identity.

Installation view of Alice Neel: People Come First at Metropolitan Museum of Art. Photo by Ben Davis.

When, in the Hills interview, Neel says that what she values most in her own art is that she tries to paint the complete person but also, though that depiction, to capture the spirit of the age, it is just such an operation she seems to have in mind.

The favorite author of Georg Lukcs was Thomas Mann, Neel continues, because Mann could see how sick the world was. But the sickness has now been transformed into junkiness. You see, the character of this era is its utter lack of values.

Alice Neels Dominican Boys on 108th Street (1955) at the Metropolitan Museum of Art. Photo by Ben Davis.

How seriously did Alice Neel take the mission of her art to capture its time, which went considerably beyond the personal satisfaction she got from organizing paint on canvas or communing with her many interesting sitters?

So seriously that, when it came time to paint the character of the 70s and its utter lack of values, she would show it in the face of her own adult son.

Having lost two daughters, Alice Neel raised two sons on welfare, in poverty, all while committed to making unsellable art. In the 2008 documentary, Richard Neel remembers Alice tolerating a lover, Sam Brody, who beat him, because she was dependent on him for money and he flattered her artistic ego. Burned by the dispiriting instability of their upbringing, both sons would reject her communist and bohemian values, steering clear of the new movements of the 60s even as they elevated their mother. They became, respectively, a doctor and a lawyeras solidly middle class as you can get.

Alice Neel, Richard (1962). Photo by Ben Davis.

She had painted Richard warmly in the handsome Richard (1962), when he was 24, with five oclock shadow and a casual sweater.

By the time Richard evolved into the late-periodRichard in the Era of the Corporation (1978-79), the real Richard had become an ardent Nixon supporter and chief executive council for Pan Am Airways. In the year she made the painting, Pan Am was okayed by Jimmy Carters Airline Deregulation Act to snap up National Airways for $437 million.

There are very few people as right-wing as I am, Richard says in the 2008 documentary. His mother would say that Richard in the Era of the Corporation was her attempt to capture how the corporation enslaved all these bright young men.

Alice Neel, Richard in the Era of the Corporation (1978-79). Photo by Ben Davis.

Now 40, Richard is shown again on a chair, this time in suit and tie. Compared to the earlier composition, this one is one step farther back, less intimate; the warm brown palette has yielded to a slightly icy climate.

Splashes of green linger around the mouth. Green veins trace his hands.

Detail of Richard in the Era of the Corporation. Photo by Ben Davis.

The 1979 Richard projects cool assurance, his legs casually crossed as beforebut the foot is suspended at a strained angle. Hes literally twisted.

Detail of Alice Neel, Richard in the Era of the Corporation (1978-79). Photo by Ben Davis.

The white patches in the hair in both the figure and his reflection suggest a man graying into middle age, but also make him look as if he is fading away or that something is literally missing from him.

Detail of Alice Neel, Richard in the Era of the Corporation (1978-79). Photo by Ben Davis.

But its his eyes that I notice. Childhood malnourishment had left Richards eyesight damaged. Uniquely among her bespectacled sitters (compare her own self-portrait from a year later), Neel has given Richard shark eyes, all pupils. His glasses, strangely left unfinished, float unevenly around them, agitated halos, as if he were spellbound or hypnotized.

Neel rightly gets credit for painting aspects of female experience that hadnt gotten a lot of play in art before, in her pregnant nudes and nursing mothers and scenes of childbirth.Richard in the Era of the Corporations depiction of political estrangement between mother and son is another intimate experience I am not sure had ever been depicted.

And this painting was telling, not just in terms of capturing a mood among the Neel family but in terms of capturing the larger zeitgeist.

The story of the backlash against the movements of the 1960s by the rising generation and the consolidation of corporate hold over life was indeed the story that defined the decades to comewith so many horrible consequences.

I love, fear, and respect people and their struggle, Neel told Hills in 1982, especially in the rat race we live in today, becoming every moment fiercer, attaining epic proportions where murder and annihilation are the end.

Banner for Alice Neel: People Come First outside the Metropolitan Museum. Photo by Ben Davis.

Finally, why bother spending so much time on Alice Neels Communist affinities?

Theres enough Neel to go around in this show: Theres an erotic Neel; a familial Neel; a Neel as painter of wonky domestic still-lifes. But clearly we are more comfortable with these aspects of her work and are embarrassed by the Communism, rendering it as a soft-focus radicalism or classless feminism that she herself would have hated.

The topic is worth lingering on, but not because you need to defend Communism to defend Marxism or activism. The opposite is closer to the truth, in my opinion. For the entire period Neel was working, there were Marxists and activists who were critical of the CP, critical of the Soviet Unionthey were just much less visible than the CP.

But Communism was a motivating passion for Neel. Its sense of destiny kept her going. Its theory offered a model of intellectualism that was committed to speaking to ordinary people. It offered critical insights that werent easy to find elsewhere along with tragic blind spots. (If you are interested in what it felt like to live these difficult dynamics, Vivian Gornicks The Romance of American Communism cant be beat.)

Neels politics were bound up with all that other stuff that made her remarkable. The art-historical dilemmas they leave us with are heritage of the fact that the society she was trying to survive and depict was actually full of awful dilemmas. The best way to honor her as a painter of difficult truths is by not smoothing these over.

Alice Neel: People Come First is on view at the Metropolitan Museum of Art through August 1, 2021.

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Alice Neels Communism Is Essential to Her Art. You Can See It in the Battlefield of Her Paintings, and Her Ruthless Portrait of Her Son - artnet News

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Anarchists Need to Drop the Adjectives – CounterPunch.org – CounterPunch

Posted: at 9:29 am

Every decade or so anarchism seems to find its way back into the limelight for another 15 minutes. Were usually roundly vilified but it still offers us a rare window to attract the non-political class and shop around our ideas. In the late nineties, we had the Anti-Globalization Movement and the Battle of Seattle. About a decade and change later we had the Occupy Movement and today I believe we may be approaching another 15-minute window with the uprisings against the grotesque overreach of our post-modern police state. The seemingly unique thing about this latest upsurge in stateless insurrection is that it appears to have two bipolar sources, one on the left and one on the right. On the left we have the rise of an old but reinvigorated movement known as Antifa, engaging in fantastic displays of direct action with the state across the Pacific Northwest. On the right we have the more libertarian Boogaloo Movement, creating their own powerful brand of confrontational street theatre with their heavily armed and well-organized marches on state capitols across the heartland. Both groups are autonomously decentralized and stateless in nature and outlook. But both groups represent opposing ends of the ideological anarchist spectrum.

All in all, this need not be a bad thing and it really isnt that unusual either. Anarchism has always been a movement that defies and transcends the traditional left-right spectrum. But attempt to suggest as much online and just wait for the bricks to fly.

Contrary to the popular caricature of the tattooed green-haired vagabond like myself, anarchism is an almost mind-bogglingly diverse ecosystem of fantastic radical freaks. Travel into this jungle online and you will find yourself amidst a teeming forest of colorful countercultures. You have your modern day barbarians of anarcho-primitivism, your cyber punk geeks of crypto-anarchism, your dandy nihilist outlaws of egoism, and your maligned heathen LARPers of National-Anarchism. But most of my fellow anarcho-freaks can find themselves beneath one of two major ideological umbrellas. The red leftists of anarcho-communism and the right-libertarians of anarcho-capitalism, and here is where my beloved stateless ecosystem finds itself in the eternal conflict that threatens to spoil our latest fifteen minutes of zeitgeist defining public imagination.

The internet is lousy with ancoms and ancaps wasting their precious intellect shitposting on each others perceived flaws, to the degree that many have foolishly come to see the other as a bigger enemy than the state itself. According to your average ancom keyboard guerrilla, an anarcho-capitalist is a greedy, self-absorbed, commodity fetishist who wants nothing less perverse than to hand over the reigns of power to major corporations and usher in a new era of puppy eating Social Darwinism. And according to your average ancap social media maven, an anarcho-communist is but a knuckle-dragging, quasi-Maoist, rube out to round up everybodys private property and declare the year zero. Both of these representations bare little resemblance to reality and both sides would likely quickly realize this if they could get past their kneejerk revulsion to heavily loaded labels like communist and capitalist. The anarcho-interpretations of both are far from incompatible and even farther from anything youll find in a mainstream history book, and this is where anarchy without adjectives comes into play.

Developed in a time of far greater social upheaval than ours, anarchism without adjectives was designed by a couple of Spaniards named Ricardo Mella and Fernando Terrida del Marmol in the 1880s to end the eternal bitching of their eras own communists and individualists, and unite them under a single game plan to annihilate the state they both despised first and then sort out the less dyer details along the way to a new stateless society. It was always intended to be more of a strategy than an ideology and it ended up being adopted by some of the eras greatest and most diverse anarchist minds, like the so-called Italian Lenin, Errico Malatesta, and the mother of American Individualist Feminism, Voltarine de Cleyre, before their 15 minutes blew up into an unfortunate fit of headline-grabbing assassinations.

To me anarchism without adjectives always made sense as more than just a strategy because Ive always been something of an anarchist with a thousand adjectives. DeLeonist libertarian socialism will always be my first love because of my childhood infatuation with Marxism and my lifelong fixation with the full spectrum direct democracy of radical syndicalism. But my devotion to a stateless Queer nation has come to be the most significant motivator for my continued dedication to smashing the state and in a twist even I didnt see coming, Ive come to see typically ancap philosophies like the Non-Aggression Principle and Agorism as the best ways to achieve my goals for a new humane society without fucking it up like my forefathers did with a bunch of dick-wagging initiatory violence.

And thats what I love about anarchism without adjectives. It allows us to erase silly ideological lines and allows everyone with something stateless to offer, a place at the table. Its a veritable market place of non-dogmatic ideologies competing in real time. The only real absolute is that everything must be voluntary. Nothing must be coerced. As long as every idea, every new society, remains a choice, it remains kosher for a new revolutionary era of exploration. Wanna live like a barbarian in a torch lit cave without the evils of polyfibers and plumbing? Fuck it, make it voluntary and give it a shot. Wanna create a new Kowloon Walled City of cyberpunk capitalist debauchery? Fuck it, make it voluntary and give it a shot. Wanna create a post-apocalyptic red light republic of genderfuck neon haired syndicates? Fuck it, Im gonna make it voluntary, and give it a shot.

The future is simply too unpredictable for doctrinaire model building bullshit and dogmatic absolutes. When Western Society finally collapses beneath the weight of its own imperial hubris, you and I will see more revolutionary changes evolve in the first 15 seconds than weve seen in the last 1500 years. The only way for anarchism to survive the coming cataclysm is to remain united by a collective open mind to the endless possibilities of the greatest upheaval this planet has seen since the dinosaurs. Antifa and Boogaloo both have all the right ideas, they just need to respect each others right to approach those ideas from different directions and remain open to the possibility that somebody outside their circle might know something they dont. Otherwise, were just going to blow another 15 minutes on shitposting and ballyhoo and it might be the last 15 minutes we got.

If humanity has a future, its anarchism. If anarchism has a future, its without adjectives. Lets make it fucking happen people. Some tattooed green haired vagabond believes in you.

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Cartier – Tank – Watches and Wonders – WorldTempus

Posted: at 9:29 am

The Tank watch is Cartier elegance embodied, a pure and precise design, an uncompromising line. From its very creation in 1917, Louis Cartier made the distinct aesthetic choice of a rectangular shape, as opposed to the round watches of his generation. The Tank was already an avant-garde piece when launched and continues to be today. The two parallel brancards are its signature. Inspired by the design of a combat vehicle viewed from above, this watch follows one clear graphic principle: the brancards were the treads, the case was the turret. For the first time with the Tank, the case attachments were aligned with the strap to maintain the rhythm of the design.

Wearing it becomes a statement. Vanguard Andy Warhol and his Tank were inseparable, he said about it: I dont wear a Tank watch to tell the time. Actually, I never even wind it. I wear a Tank because it is the watch to wear! By refusing to wind his watch, the leader of pop art sanctifies the elegance of the Tank.

Timeless, sure of itself and of the purity of its design, the Tank watch captures the zeitgeist in 2021. After more than a century, it has been reinvented with the Tank Must. Tank and Must, the fusion of two Maison icons: on one hand, Tank, essential and dandy, and on the other, Must, a name immortalised at Cartier in the 1970s that revisits the classic conventions of luxury. The Must watches are part of the Maisons heritage and legend (). They have withstood the test of time thanks to their instantly recognisable style, but also their excellent craftsmanship, which Cartier applies to all its creations right down to the smallest detail. Pierre Rainero, Director of Image, Style and Heritage at Cartier.

Tank Must Watch Cartier

Tank Must is a chic watchmaking feat worn by many. A Maison signature whose design and movements are continuously evolving, driven by Cartiers watchmaking commitment to constant progress. The Design Studio has reworked the design of these new Tank Must with monochrome versions and an original version based on a new photovoltaic movement.

Taking direct inspiration from the Tank Louis Cartier, the design of the Tank Must has been developed while staying faithful to the historic model. Rounded brancards, revisited dial proportions: finesse is the guiding force behind this new design. A watch that dares to return to great classicism down to the smallest detail, with a precious pearled cabochon winding crown and the return of a traditional ardillon buckle on the leather strap version.

A watchmaking classic from the Maison whose sophistication is measured on every level, from its steel strap with curved links, entirely redesigned and interchangeable, to the latest high-efficiency quartz movement - autonomy of around 8 years.

With the launch of the Must watches in 1977, the Tank watch, a Maison watchmaking icon created sixty years earlier, was made available in a vermeil version. With a burgundy or all black dial and a large gold-coloured logo, it freed itself from traditional watchmaking codes, opting instead for elegant simplicity. Faithful to the spirit of the 80s, the new Tank Must watch is available in three monochromatic colours that are embedded into Cartiers DNA: red, blue and green. Steel watches that favour minimalist dials with no Roman numerals or rail-tracks and a fully chromatic look with matching straps.

Since the very beginning, Cartiers watchmaking ambition has been to constantly strive to improve, relying on technical progress as well as the Maisons response and commitments to the environment and biodiversity. Pioneering since the invention of the first watch worn on the wrist with the Santos watch (1904), or the one with the folding buckle (1910), Cartier Watchmaking has always been committed to anticipating its clients needs. Whether its the QuickSwitch patent (2018), which allows straps to be interchanged at home, or the latest photovoltaic dial found on the Tank Must watch, a modern alternative with a quartz movement with no need to change the batteries, the approach is the same; improve the lives, and satisfaction, of Cartiers clients.

Tank Must Watch Cartier

The challenge lies in applying a new technique to the watchs aesthetic and shape every time, finding a confluence between modernity and watchmaking tradition, a challenge and commitment crystallised by the Cartier Manufacture at La Chaux-de-Fonds. More than simply a production site, the Manufacture is a research hub, a creative and innovative laboratory that has succeeded in applying the photovoltaic principle to the Tank watchs dial, without altering its aesthetic. A true technical feat that relies on the delicate and invisible perforation of Roman numerals, whose openings allow solar energy to reach the photovoltaic cells hidden under the dial. It took two years for the development team to integrate this SolarBeatTM movement, with an average lifespan of 16 years, into the Tank Must, the first watch to benefit from this technology.

A pioneering watch that also introduces a bracelet produced in an innovative material that guarantees a high level of both quality and comfort. It is composed of around 40% plant matter, produced using waste from apples grown for the food industry in Switzerland, Germany and Italy.

The production procedure represents a step forward in preserving the environment by reducing our carbon footprint (6 times less), saving water (up to 10 litres) and energy (up to 7 megajoules, or approximately 200 smartphone charges) compared to the manufacture of a calfskin strap.

Weve taken a local, European approach: the apples are grown and their waste collected in Europe, from the material production site in Italy, to the strap maker in Portugal and the watch assembly in Switzerland.

Loyal to its reputation as an avant-garde timepiece, the Tank watch hasnt quite finished telling us what it has to say. Its creativity is limitless. Once again with the Tank Must, Cartier dares to make its timepieces evolve with the times while looking towards the future.

Created in 1917, the Tank watch very quickly spawned several variations. Louis Cartier reworked its design from as early as 1922. Its case was stretched, brancards refined and edges softened: the Tank L.C. had arrived. (Louis Cartier). A classic was born.

Tank Louis Cartier Watch Cartier

Rail tracks, cabochon sapphire, Roman numerals, Louis Cartier laid the foundations of a signature watchmaking aesthetic, with its very latest version perpetuating this tradition to within a few subtle nuances.

The Louis Carter Tank cultivates its timeless elegance in colour. The choice of blue and red was a must, as these colours are a part of Cartiers DNA. An intense red and a bright blue highlight and enhance the watchs pure lines.

Cartier has added sophisticated details to these two precious versions, including Roman numerals and gold-coloured rail tracks, which help to enhance the dials graphic intensity.

The blue version is in pink gold, the red in yellow gold, both coordinated with the straps, these two watches come with a Manufacture 1917 MC movement with manual winding.

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Bitcoin rally this year is the start of going mainstream, not a bubble, says investor Bill Miller – CNBC

Posted: at 9:28 am

Longtime value investorBill Millertold CNBC on Tuesday he believes bitcoin is firmly entering into the mainstream, contending the cryptocurrency's rally in recent months is significantly different from its 2017 ascension and subsequent plunge.

In an interview on "The Exchange," the founder and chief investment officer of Miller Value Partners said he believes bitcoin still has room to run to the upside. The world's largest cryptocurrency by market value traded around $55,800 on Tuesday afternoon. It's already rallied around 90% year to date, according to Coindesk.

"Supply [of bitcoin] is growing 2% a year and demand is growing faster. That's all you really need to know, and that means it's going higher," said Miller, who first started to buy bitcoinaround 2014 or 2015at an average cost of $350 per coin.

However, he acknowledged the historically volatile bitcoin will likely continue to experience sharp price swings, like the one that transpired over the weekend, knocking the digital coin below $60,000. Last week, it reached an all-time high of almost $65,000.

Miller said the rally in 2017 was, in fact, a bubble that ultimately burst. It's different now, he argued, saying, "I don't think this is a bubble at all in bitcoin. I think this is now the beginning of a mainstreaming of it."

Bitcoin saw its price soar in 2017, reaching what was then a record high of nearly $20,000 that December. It went on to fall sharply in the following months, losing about 80% of its value in what's become known as the "crypto winter."

"Even back then during the bubble, it went down 20% on five different occasions so with bitcoin, volatility is the price you pay for performance," added Miller, who managed a fund that beat theS&P 500for 15 straight years while at Legg Mason.

Bitcoin traded below $11,000 as recently as October, but its rally gained steam in the fall and carried over into 2021.

Institutional adoption has been cited as one factor for bitcoin's rise, with companies such as Tesla buying the digital coin using cash on its balance sheet. A pair of major Wall Streetbanks Morgan Stanleyand Goldman Sachs also are taking steps toprovide wealth management clients exposureto bitcoin.

Miller said he shares in the belief held by other crypto bulls that bitcoin is "digital gold."

Scarcity is a fundamental characteristic of bitcoin, with its total supply capped at 21 million tokens. Currently, there are 18.69 million bitcoins in circulation, according to Coindesk. New bitcoins come into the market as a reward for so-called miners, who use high-powered computers to verify transactions across the decentralized network.

"Gold is about a $10 trillion asset category and bitcoin is $1 trillion, and it's infinitely divisible or almost so," Miller said. "It's easily transportable and can be sent anywhere in the world if you have a smart phone so it's a much better version, as a store of value, than gold."

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After a wild weekend, bitcoin could take a breather before the next move higher – CNBC

Posted: at 9:28 am

Yuriko Nakao | Getty Images

Bitcoin's big swing in prices over the weekend likely set the stage for a period of consolidation before the cryptocurrency can make another move higher.

The digital currency lost as much as 15% over the weekend, and rival coins like ethereum also fell.

Bitcoin traded around $55,970 at 4 p.m. ET. Some crypto-linked equities were lower. Coinbase lost nearly 2.6%. Meanwhile, Voyager Digital lost 9.6%, and Marathon Digital Holdings lost 8.7%.

"There's been a lot of rumors and speculation about what pushed the market down over the weekend. To me, it's boiled down to excess leverage within the system," said Leeor Shimron, Fundstrat vice president of digital asset strategy. "We've seen it over the last couple of weeks, especially in bitcoin, but it spilled into other asset classes as well."

Shimron said there was a big deposit of bitcoin over cryptocurrency exchange Binance over the weekend, which helped fuel speculation.

"When the sell-off happened this weekend, approximately $5 billion worth of bitcoin contracts was liquidated, and $9.5 billion was liquidated including altcoin markets," Shimron said.

"Notably, this is twice the notional value compared to Black Thursday 2020, when bitcoin's price dropped by ~50% in 24 hours. The fact this sell-off resulted in a drop of just 15% and quickly rebounded speaks to how much the market has grown and matured over the course of the last year."

Bitcoin tumbled below its 50-day moving average in weekend trading and was again below it Monday. The cryptocurrency recently traded close to $65,000, but was at around $55,900 Monday afternoon, according to Coin Metrics.

Julian Emanuel, head of equities and derivatives strategy at BTIG, said he expects bitcoin to trade in a range between $50,000 and $65,000 after the weekend shakeout. He said it could have entered a period of lower volatility while it consolidates before moving higher again.

Emanuel said he is watching the 50-day moving average at around $56,500.

A break below the 50-day moving average for a significant period of time warns of negative price momentum.

"The spike yesterday was to a low of $51,707. I would define it as literally the point of maximum frustration," Emanuel said. "If you're a bull or a bear, everyone has been keying off the 50-day moving average, and we think the best outcome is you stay pinned to the point of maximum frustration so volatility can come in and the price can correct."

"It's our expectation right now and our wish for the long-term health of the crypto market that we have a correction in time whereby both the bulls and the bears are frustrated by the price action," he said.

Bitcoin went on a tear to near $65,000 ahead of the recent Coinbase debut on the Nasdaq, which was seen as a new lure to bring investors into crypto assets. "The least healthy thing would be a near-term break to the downside or the upside for the range we established over the last week," Emanuel said.

Fundstrat's Shimron said he went into the weekend seeing the $60,000 level as the key level bitcoin should hold. But it failed and bitcoin moved closer to $50,000 temporarily

"I would not be surprised to see a greater period of consolidation for the next couple of weeks or so until $60,000 is regained," Shimron said. "We think bitcoin is going to move higher for the rest of the year, even if we consolidate over the next few weeks."

Fundstrat expects bitcoin to reach $100,000 by the end of the year.

Katie Stockton, chief technical strategist at Fairlead Securities, said if bitcoin closes below the 50-day moving average two days in a row, its next move could be to the support level around $42,000.

"I think right now, until we see the decisive breach of the 50-day moving average, we're keeping a neutral short-term bias," she said.

Stockton said on the upside for bitcoin, her next target is $69,000.

She said she is not surprised by the sell-off after the big surge. "It makes sense that any steep uptrend is prone to create digestion," Stockton said.

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Bitcoin’s sell-off by the numbers: Oppenheimer puts the latest drop into perspective – CNBC

Posted: at 9:28 am

It's been a wild few days for bitcoin.

The cryptocurrency fell close to $52,000 on Sunday, sharply off its record high set last week above $64,800. The sell-off was tied to rumors of a regulatory crackdown in the U.S., a common fear for bitcoin investors.

But, taking a step back, that kind of a move looks par for the course for bitcoin, according to Oppenheimer head of technical analysis Ari Wald.

"Let's put some things in perspective," Wald told CNBC's "Trading Nation" on Monday. "In August, bitcoin suffered a 20% drawdown, a 17% drawdown in November, 31% in January, 26% in February, 18% March, and now more recently down 16% about peak to trough. It must have been a tough nine months for bitcoin investors, right? Nope! ... Through that period from the August peak into the recent low, bitcoin is up 315%."

Its 12-month chart looks even better. Over the past year, bitcoin has risen more than 680%.

"This is a very volatile currency day to day. I think that's the important point here. It may not be suitable for all investors. There's really no damage to the trend on this, though, but there's a trade-off between risk and reward. To get the big upside reward it has to come with substantial downside risk," said Wald.

Nancy Tengler, chief investment officer at Laffer Tengler Investments, sees a few forces at work in the bitcoin trade. The first, regulatory risk, has been "well telegraphed for some time" and has come to be expected by investors, she says.

The second, a positive driver of sentiment, is increasing adoption.

"We have limited supply and an increasing demand with companies [getting involved] as diverse as Walmart, Visa, Square, Tesla, even Starbucks with an app that you can buy coffee using your bitcoin. So we know the demand is going up," Tengler said during the same interview.

The third is concentration risk. She estimates that 2.4% of bitcoin accounts control roughly 95% of the overall available bitcoin.

It's not just bitcoin seeing big moves in the crypto space. Bitcoin is up 92% this year, while ethereum, ripple and litecoin have enjoyed rallies in the triple digits. The meme cryptocurrency dogecoin is up an eye-popping 8,282% in 2021.

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During Bitcoins Latest Price Crash, Tether Premium Shows Where Money Went – Yahoo Finance

Posted: at 9:28 am

Tether (USDT), the oldest and most popular stablecoin, diverged significantly from its peg to the U.S. dollar during bitcoins (BTC) recent price drop.

But rather than seeing the move as a defect of the stablecoin, whose market cap stands at $52 billion, some analysts and exchange executives say the tether premium shows the tokens growing use as a safe-haven asset in almost-anything-can-happen-at-anytime cryptocurrency markets.

During a crash, traders will race to sell their bitcoin in exchange for tether, which is similar to the U.S. dollar in that it is recognized as a temporary safe haven amidst extreme price volatility, Kaiko, a blockchain data analytics firm, wrote in an April 19 newsletter. A sudden increase in buying pressure for tether often has the effect of causing positive drift from the stablecoins one-to-one peg.

Related: BitGo Adds $600M in Insurance Capacity to Comfort Big-Time Bitcoin Holders

The idea of tether as a safe haven might seem incongruous, given the nagging questions over the stablecoin issuers credibility and financial backing. The company behind the stablecoin published an attestation in late March to verify its assets, after agreeing to an $18.5 million settlement with prosecutors in New York state.

Yet tethers market value has more than doubled from about $20 billion at the start of the year, a sign of traders growing embrace of the stablecoins convenience and efficiency as the de facto form of cash in cryptocurrency markets.

Tethers price rose above $1.004 as bitcoin started falling early Sunday. That was tethers highest level since March 2020, when the likely economic damaged from the coronavirus and related documents first became apparent, triggering a sell-off in a broad range of assets from stocks to cryptocurrencies.

Robbie Liu, market analyst at OKEx Insights, said tethers price increase may also be the result of demand from cryptocurrency derivatives traders who scrambled to line up USDT as collateral to meet margin calls.

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Related: Anonymous Dogecoin Donor Pays Adoption Fees at Florida Dog Shelter

First, the price of bitcoin dropped, and then the tether premium started to spike, Liu said. This market behavior is consistent with the previous flash crash, seen on February 22.

Read More: First Mover: Laser Eyes Cant Stop Correction as Bitcoin Tumbles to $53K

Adding to the picture, tethers price in Chinese yuan (CNY) was sold at a premium on crypto exchange Huobis over-the-counter (OTC) desk even before Sundays market correction.

Under normal market conditions, the price of tether expressed in yuan should match that of the U.S. dollars exchange rate with the Asian currency.

A spokesperson from Huobi told CoinDesk that the connection between the timeline of the tether premium on Huobis OTC desk and Sundays sell-off is not strong.

Instead, the price for the tether-CNY pair has traded at a significant premium recently. That price gap suggests there was elevated demand from Chinese traders and investors, who routinely use dollar-pegged stablecoins as an on-ramp to cryptocurrency markets. Fiat-to-crypto trading, or buying digital assets with government-issued cash, is banned in China.

Du Jun, co-founder of Huobi, told CoinDesk through a spokesperson that the USDT premium over the Chinese yuan happened as many traders were cashing out their crypto profits from the sharp price runup in many alternative cryptocurrencies that occurred in prior weeks.

The recent frenzy over dogecoin (DOGE) and other altcoins has attracted new investors to the crypto market from China, Du said, helping to cause the tether premium as demand for stablecoins rose on the OTC desk.

The sudden rise of dogecoins value this month had pushed the total market capitalization of the dog-themed joke token above that of xrp (XRP), historically one of the largest cryptocurrencies. At press time, dogecoin was the sixth-biggest cryptocurrency in the world, with a market capitalization of nearly $50 billion, according to Messari.

There are many reasons for the appearance of the tether premium, but at the core, it is about the supply and demand, Du said.

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During Bitcoins Latest Price Crash, Tether Premium Shows Where Money Went - Yahoo Finance

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Bitcoins nosedive: What happened and whats ahead? – Fox Business

Posted: at 9:28 am

Gibbs Wealth Management President Erin Gibbs and B. Riley National chief market strategist Art Hogan discuss cryptocurrency, insider 'sell' transactions, and which stocks to watch.

Bitcoin, the world's biggest cryptocurrency, battled back Monday following a weekend flash crash.

BITCOIN SLUMPS 14% AS PULLBACK FROM RECORD HIGH GATHERS PACE

Prices hovered near $56,000 late in the day Monday after previously plunging as much as 14% to $51,541 on Sunday, wiping out the majority of its gains from the previous week which led to a record-high value of $63,200 as tracked by Coindesk.

Bitcoin's recent gains were fueled by the historic stock market debut of cryptocurrency exchange operator Coinbase, which launched a direct listing on the Nasdaq on April 14. Shares of Coinbase, which trade under the ticker COIN, opened at $381 apiece, giving the company a valuation of about $99.5 billion.

According to cryptocurrency analytics firm Bybt, bitcoin set a new record in liquidations on Sunday, resulting in roughly one million positions worth a total of about $10 billion being wiped out.

Multiple factors are believed to be connected to bitcoin's drop.

Data website CoinMarketCap attributed bitcoin's selloff to a blackout in Chinas Xinjiang region, which reportedly powers a lot of the digital currency's mining.

Meanwhile, some reports have speculated that bitcoin's drop could possibly be connected to concerns that the U.S. Treasury may crackdown on money laundering through digital assets. A spokesperson for the Treasury did not immediately return FOX Business' request for comment.

Binance's recent quarterly burn of over 1 million BNB tokens, worth about $595 million, has also prompted fears of market uncertainty.

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Despite bitcoin's drop, many big-name crypto investors are still bullish.

On Sunday, Tyler Winklevoss, founder of Winklevoss Capital Management, along with his twin brother Cameron, and the Gemini cryptocurrency exchange, encouraged investors on Twitter to buy the dip.

Galaxy Digital CEO Mike Novogratz added in a tweet that the drop was "inevitable" but that it's nothing to worry about over the long-term.

"Markets got too excited around $Coin direct listing," Novogratz said. "Basis blowing out, coins like $BSV, $XRP and $DOGE pumping. All were signs that the market got too one way. We will be fine in the medium term as institutions coming to the space."

"In the shorter term we will need to rebuild a trading base," he added. "Market damage doesnt heal overnight. Good luck out there."

Bitcoin Foundation Chairman Brock Pierce told FOX Business in a statement Monday that while he would like to see how the market settles over the next to days, he remains extremely bullish.

"This is just normal volatility in the Bitcoin market, and the pullback only brings us back to where we were two weeks ago," Pierce said. "I still think that all of the conditions are favorable to increase in the medium-and-long term, and I am - as should others - be actively looking to invest more across the space."

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The volatility comes as bitcoin and other cryptocurrencies continue to see growing acceptance.

The Bank of England recently announced it would create a Central Bank Digital Currency as well as a task force to explore its uses.

China is also working on a digital yuan, which it is reportedly considering rolling out during the 2022 Winter Olympics in Beijing. Li Bo, deputy governor of the Peoples Bank of China (PBOC) also referred to bitcoin as an "investment alternative."

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Bitcoins nosedive: What happened and whats ahead? - Fox Business

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