Transferred $50 btc from another wallet I have to cashapp’s wallet. I have not sold it yet for cash. Is the transfer from my own wallet to an exchange taxable, even if i have not sold it yet?
Friday, March 17, 2023
Headline: Crypto Market Turmoil: Network Experiences $234 Million Liquidation in 24 Hours
The cryptocurrency market has been experiencing a significant amount of turmoil in the past 24 hours, with the entire network experiencing a massive liquidation of approximately 234 million U.S. dollars, according to Coinglass data. This event has caused a stir in the industry, leaving investors and traders scrambling to make sense of the situation.
Bitcoin, the world's most popular cryptocurrency, experienced a liquidation of about 114 million U.S. dollars, accounting for nearly half of the entire network's liquidation. The remaining liquidation was distributed across other cryptocurrencies, including APT, which experienced a liquidation of about 3.1093 million U.S. dollars.
The position of the entire network currently stands at about 3.5946 million U.S. dollars, a considerable amount that highlights the severity of the recent market crash. While the cause of the sudden liquidation remains unclear, experts believe that several factors may have contributed to the market's downturn.
One significant factor is the recent crackdown on cryptocurrency mining and trading activities in several countries, including China and India. The Chinese government's strict policies on cryptocurrency mining have forced many miners to shut down their operations, resulting in a significant drop in the network's hashrate. This, in turn, has made the network more vulnerable to market fluctuations, resulting in the recent liquidation.
Another factor that may have contributed to the market's downturn is the recent surge in COVID-19 cases worldwide. With many countries imposing strict lockdowns and travel restrictions, the global economy has taken a hit, causing investors to turn away from cryptocurrencies and towards traditional safe-haven assets like gold and silver.
Despite the recent market crash, industry experts remain optimistic about the future of cryptocurrencies. They believe that the market will recover soon, as the underlying technology behind cryptocurrencies continues to gain mainstream adoption.
In conclusion, the recent liquidation of approximately 234 million U.S. dollars in the past 24 hours has caused a significant amount of turmoil in the cryptocurrency market. While the cause of the sudden downturn remains unclear, experts believe that several factors may have contributed to the market's crash. Nevertheless, the industry remains resilient, and many are hopeful that the market will recover soon.
A short write-up about why Bitcoin could go sky-high while we see gradual failures of DeFi protocols. USDC / USDT addressed...
I'm not a financial advisor. None of this is financial advice.
So, no doubt everyone was nervous about the USDC depegging event a week ago. I certainly was.
But here's why: I work in the industry and one of the companies I work for has a treasury in USDC. Last weekend I was looking at the charts for a stablecoin that was created by a company that was "playing by the rules" and had made no wrong moves.
People at the company floated the idea of using other stablecoins, but noted that the situation wouldn't be that much better if we went with tether.
But the thing is, I started thinking about, "Well, what if USDC depegs again, but the depeg is longer-lasting? People will lose confidence in the idea of a properly-collateralized stablecoin."
That's why I think bitcoin started pumping this last week. When you trust a stablecoin you're trusting two parties; 1 - the blockchain it's on as well as... 2 - the method it uses to match itself to the USD.
Maybe my thesis is wrong. We'll find out soon enough.
Why Did Ethereum Switch to Proof of Stake (PoS)?
The crypto industry is highly dynamic, with new tokens and platforms being developed all the time. However, each of these new cryptocurrencies must be ready to compete with one another in order to survive in the market. Currently, the two cryptocurrencies with the greatest strength are Bitcoin and Ethereum.
Ethereum is the most popular cryptocurrency after Bitcoin. In just the first five years of its existence, Ethereum has managed to gain high levels of adoption and growth. Even today, Ethereum faces tough competition in terms of pricing with Bitcoin.
This article will explain everything you need to know about Ethereum, including the reasons why the Ethereum blockchain switched to a proof of stake (PoS) consensus. Let’s take a closer look below.
What is Ethereum?
Ethereum is a decentralized software platform that runs thousands of Distributed Applications (DApps) and Smart Contracts without the need for any third parties. The community powering the cryptocurrency Ethereum (ETH) manages this technology. The Ethereum network allows users to send crypto to anyone with minimal fees.
Apart from being part of the cryptocurrency market, Ethereum offers a smart contract feature that ensures the integrity of each node. All other nodes will execute the code executed on one node in the same way. This system allows Ethereum to be used in various applications.
How does Ethereum work?
Ethereum operates on a blockchain network, which is a decentralized and distributed public ledger. Its main function is to verify and record all transactions. The Ethereum network is not managed by a centralized entity but rather by all distributed ledgers. All users typically have access to a copy of the Ethereum ledger, which includes details from previous transactions.
Blockchain transactions use cryptography to verify transactions and keep the network secure. Later, users will use a computer to perform mining and confirm every transaction on the network to add new blocks to the blockchain system. After that, miners will receive crypto tokens, such as ETH for Ethereum users, as a reward.
Like Bitcoin, ETH can be used to trade goods and services. However, Ethereum is unique in that users can create their own applications that run on the Ethereum blockchain. One can use these Ethereum-based applications to store and transfer personal data, as well as handle complex financial transactions.
What is PoS?
Proof of Stake (PoS) is a crypto consensus mechanism that helps to process transactions and validate entries on the blockchain by reducing computational work. This method aims to maintain the security of the blockchain and its cryptocurrency. Simply put, PoS allows users or miners to validate block transactions based on the number of coins they own. The more coins you have, the greater your mining power.
Coin owners who participate in staking are referred to as “validators.” The system randomly selects these validators to mine or validate the block. For coin owners who want to become validators, they must first stake a certain number of coins. On Ethereum, users have to stake 32 ETH to become validators. Later blocks are validated simultaneously by multiple validators. Once validated, the block is resolved and closed.
Each PoS mechanism has a different method of block validation. When transitioning to PoS, Ethereum uses sharding for transaction delivery. The validator then verifies the transaction and adds it to the block shard, which requires at least 128 validators to authenticate. Once a block is formed, at least two-thirds of the validator pool must agree that the transaction is valid to close the block.
Why did Ethereum switch to PoS?
With the increasing popularity of NFT and DeFi projects, the Ethereum network has grown rapidly in recent years. Thus, Ethereum has become the preferred choice of developers working on NFT or DeFi projects.
With so many transactions taking place, miners require more computing power to verify them. However, this high computing power is wasteful of energy, which impacts the sustainability of the network ecosystem.
When using Proof of Work (PoW), Ethereum can consume up to 113 Watt-hours (TWh) of electricity each year, equivalent to the electricity consumption of the entire population of the Netherlands for 12 months. Furthermore, a single Ethereum transaction can consume the same amount of power as the average household in the United States uses in one week.
This high energy consumption has raised concerns among community members, and the PoW consensus mechanism has come under scrutiny from global lawmakers. In September 2021, the Chinese government banned all crypto transactions in the country, citing concerns about environmental issues as one of the reasons.
Another problem with the Ethereum network is its slow processing speed. Before the merge, Ethereum could only handle 15 transactions per second, which is much slower than its competitors, such as Solana and Cardano. Furthermore, Ethereum’s gas fees (transaction fees) are extremely high, and users have no choice but to pay these fees for their transactions to be verified using the PoW mechanism. By switching to PoS, Ethereum can reduce the amount of computing power required to process transactions, making it more environmentally friendly.
So when did Ethereum switch to Proof of Stake? An event called “The Merge” migrated the entire network to a PoS mechanism. Developers tested Ethereum’s PoS approach on Beacon Chain, which launched on December 1, 2022. Finally, on September 15, 2022, Ethereum officially completed its transition from PoW to PoS.
PoS vs PoW
Cryptocurrency, the most successful implementation of blockchain technology in the world, commonly uses several consensus models. The most popular models are proof of stake (PoS) and proof of work (PoW). So, which consensus mechanism is the most appropriate and effective? Check out the comparison below:
-
In PoS, the activity of mining a block is determined by the amount of staking or the number of coins held by a person. In contrast, in PoW, randomly selected miners validate ongoing transactions, and the amount of computational work performed by miners determines their probability of mining a block.
-
To add each new block to the blockchain in PoW, miners must compete with one another to solve problems using their computers. In contrast, on a PoS blockchain, block creators are selected by an algorithm based on user staking, not competition in computing power.
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The PoW mechanism means that the first miner who successfully solves the cryptographic puzzle of each block receives a reward. Meanwhile, on PoS, validators collect transaction fees on the network in return for completing a block.
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In PoW networks, miners must initially invest in hardware and require specialized equipment to optimize processing power to stay ahead of the competition. On the other hand, PoS miners can easily work on standard server-level units. The only conditions they have to meet are securing shares and building a reputation.
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In PoW, hackers need at least 51% computing power to add ‘malicious blocks’ to the network, but this is difficult to implement in PoS because they would need to own 51% of all cryptocurrencies on the network to do it.
-
PoW systems are more proven and expensive, but less energy efficient, whereas PoS systems are much more cost and energy efficient than PoW systems.
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Recent banking events made my significant other confess to me that ”you might be on to something in this bitcoin thing” and ”she might want to get some of it too” (x-post from /r/Bitcoin)
https://www.reddit.com/r/Bitcoin/comments/11u2xfn/recent_banking_events_made_my_significant_other/
Cardano Rumor Rundown March 17, 2023
Hey Everyone! Happy St. Patrick's Day!
Let’s go….
Newly Covered Today:
- The Army of Spies Channel and this Reddit series are now TWO YEARS OLD (March 17)!
- Yes! Everyone’s favorite Cardano cetacean is back! https://twitter.com/cardano_whale/status/1636561122739331073
- I was asked to list a few Irish whiskeys today. https://twitter.com/ArmySpies/status/1636548071541862401
- An interesting exchange between a Senator and Janet Yellen regarding the effect of the bailouts on small banks. https://twitter.com/theemikehobart/status/1636494845144432643
- Eleven other banks swoop in with $30 billion to save First Republic. https://www.npr.org/2023/03/16/1163958533/first-republic-bank-silicon-valley-bank-signature-bank-bank-run
- Wut? Please let this in any way be true! https://twitter.com/WhaleChart/status/1636566421005017088
- Here’s Raoul Pal with a very optimistic take for crypto if you are one who believes anyone understands the markets. https://twitter.com/RaoulGMI/status/1636547466299416576
- Any buyer of signature bank must agree to give up its crypto business. https://twitter.com/GOPMajorityWhip/status/1636356199661850626
Previously covered, but still interesting:
- Marlowe is coming to mainnet in March! https://www.youtube.com/live/LIjos6V0r-4?feature=share&t=1701
- Gary Gensler is once again asserting that everything but BTC is a security. This time he specifically commented on overseas offerings where the coins come back to the US via secondary markets. https://nymag.com/intelligencer/2023/02/gary-gensler-on-meeting-with-sbf-and-his-crypto-crackdown.html
- Here’s a twitter link to the biggest section in the article above if you hit the paywall. https://twitter.com/alexstanczyk/status/1629558678541176832
- In response to the Gensler article, many are pointing out that only five people have commit access to the BTC core code repository. https://twitter.com/WuBlockchain/status/1626468462972502016
- This is the kind of tweet the SEC loves to quote in its complaints. https://twitter.com/InputOutputHK/status/1629063058306867200
- Pavia says they’ll reveal District 3 of the plaza before the end of March. https://twitter.com/Pavia_io/status/1630231391303528448
- Charles received an open letter on Reddit and read it on video. https://www.youtube.com/live/A2sHSecdkvc
- Here’s an interesting small study (n=2,202) on attitudes toward crypto among different demographic groups. Frustration with tradfi is very high. Same for optimism toward crypto among Gen Z and Millenials. https://assets.ctfassets.net/c5bd0wqjc7v0/WvuOkBwNXZsqhd6EWtkEL/7f94f8b6fbb222f3faf4d0346e473012/Morning_Consult_Cryptocurrency_Perception_Study_Feb2023_Memo__1_.pdf
- Coinbase will suspend its listing of BUSD. https://twitter.com/CoinbaseAssets/status/1630236377622228994
- It would be nice if things were this simple. https://twitter.com/MetaLawMan/status/1630213937600839681
- Robinhood received an SEC subpoena related to their crypto business. https://www.bloomberg.com/news/articles/2023-02-27/robinhood-subpoenaed-by-sec-over-brokerage-s-crypto-business
- Gensler’s aggressive attacks on crypto are earning him disapproval even among his own party. https://twitter.com/RonwHammond/status/1630277258286977025
- CZ is getting pissed about all the negative articles showing up. https://twitter.com/cz_binance/status/1630466326102777859
- It looks like your Cardano Island Crib can now be a gallery to sell your NFTs. https://twitter.com/VirtuaMetaverse/status/1630703257873006593
- Rep. Tom Emmer came out strongly against the US CBDC. https://twitter.com/GOPMajorityWhip/status/1630629291837800457
- February was the “highest volume month” for Minswap. https://twitter.com/MinswapDEX/status/1630584366878392323
- Coinbase just listed a Euro backed stablecoin. This may be surprising to many who have followed the recent SEC action against stablecoins. https://twitter.com/CoinbaseAssets/status/1630635800504221702
- People are worried about Silvergate (who banks a lot of crypto) after their notice of a late 10-K filing and a significant subsequent market impact. https://twitter.com/adamscochran/status/1631060259832832000
- Reuters is posting about World Mobile. https://twitter.com/Reuters/status/1630996321955115010
- Pavia is looking beautiful in footage in the latest Dev Update. https://youtu.be/DkO8MetsVYo?t=119
- Brian Armstrong of coinbase wrote an op-ed begging the US government to not force crypto offshore. https://www.cnbc.com/2023/03/01/op-ed-offshoring-crypto-hurts-financial-system-americas-standing.html
- Liqwid encountered a delegation problem and explained the impact today. https://twitter.com/liqwidfinance/status/1631089402486173700
- Three Genius Yield stakepools are retiring. https://twitter.com/GeniusyieldO/status/1631380611557621760
- Anzens has released its latest newsletter where you can learn all about USDA. https://twitter.com/AnzensOfficial/status/1631001911464787984
- Here’s a view of an amphitheater in Pavia. https://twitter.com/Pavia_io/status/1631278184422576133
- Looks like treasury is very much pushing forward on their CBDC agenda. https://home.treasury.gov/news/press-releases/jy1314
- Reports: Multiple crypto companies are winding down their relationship with Silvergate. https://twitter.com/tier10k/status/1631338664180555804
- Rumors: Silvergate may be forced into receivership. The Whitehouse and the Dragon are now exerting maximum pressure on regulators to strangle crypto. https://twitter.com/AP_Abacus/status/1631403704841641984
- Here’s IOG explaining what Ouroboros Genesis solves in just a single post. https://twitter.com/InputOutputHK/status/1631214882702884865
- Emin Gün Sirer is right about these centralized L2s. Very susceptible to regulations and cut against our crypto ethos of decentralization generally. https://twitter.com/el33th4xor/status/1631423491470704640
- Rogue Galaxies is pulling back on some of their initial vision and re-focusing their plans. https://twitter.com/Padierfind/status/1632057117191417856
- Lots of rumors circulating right now about which DeFi projects may or may not have received Wells Notices from the SEC. https://twitter.com/trustlessstate/status/1631785542642995202
- Open AI CEO says full AGI would break capitalism. Maybe. But, either way, I’m convinced the AI will demand to be paid in crypto. https://futurism.com/the-byte/openai-ceo-agi-break-capitalism
- People are mentioning that FutureFest could host the 2023 Cardano Virtual Summit. Interesting idea. https://twitter.com/CWorld_Josh/status/1632097173696569344
- Charles finally did an AMA episode with IO President Tamara Haasen. Turns out she’s an ex-hockey player. Linkedin: also apparently in Friday Night Lights back in the day. Wut? https://www.youtube.com/watch?v=ufJDejF0WLA
- There’s a new test version of Lace out there with a dApp connector and hardware wallet capabilities. You can give it a try on testnet! https://twitter.com/lace_io/status/1632796455038492673
- Jpg.store got some coverage in Bloomberg and Yahoo Finance. https://twitter.com/jpgstoreNFT/status/1632798873948233728
- They show us once again that their definition of “liquid staking” is not the same as ours. https://twitter.com/StakeWithPride/status/1632870453391024128
- NFT volume has seen better days. https://twitter.com/SubcriticalTV/status/1632896018152050688
- Algorand users apparently suffered a very serious web wallet exploit in one of their leading wallets. Many reports of drained wallets. https://twitter.com/StaciW_DC/status/1632902798411964417
- John Woods (now CTO of Algorand) made a beautiful video on wallet security. https://twitter.com/JohnAlanWoods/status/1632799303512014850
- Cardano Spot has a very short and concise Cardano Beginner’s Guide you can share with crypto curious friends. https://twitter.com/CardanoSpot/status/1632481037061160960
- Wow! Utah just passed a bill instituting Limited Liability Decentralized Autonomous Organizations (LLDs). You have to identify one human organizer. You can elect to be taxed as a corp or LLC (pass through taxation). Some will like it. Some won’t. But, the mainstream reach of crypto is undeniably growing. https://le.utah.gov/~2023/bills/static/HB0357.html
- Sen. Lummis killed it in a recent hearing defending the energy use in crypto. It’s less relevant for us in Cardano since we’re not PoW. But, still entertaining to watch. https://twitter.com/DocumentingBTC/status/1633214192437084161
- Apparently, Gensler says he sees no risk in crypto fleeing the US. https://www.politico.com/news/2023/03/07/gensler-crypto-overseas-sec-00085909
- The Coinbase Chief Legal Officer will be testifying before the House Financial Services Committee on Thursday (March 9). https://twitter.com/iampaulgrewal/status/1633151254418579458
- Some hints from Brian Armstrong on whether we see KYC in the early days of Base (their ETH Optimistic Rollup L2). https://twitter.com/ChrisBlec/status/1632851504175501312
- Powell says interest rates are likely headed higher than the Fed expected. https://twitter.com/FirstSquawk/status/1633121298309345280
- Liqwid’s Agora Governance instance will hit public testnet in the near future. https://twitter.com/liqwidfinance/status/1633469303440719873
- Virtua cribs can basically become exchange connected galleries today. https://twitter.com/VirtuaMetaverse/status/1633423978680156160
- Do you like Javascript and Cardano? This thread is for you. https://twitter.com/CryptoJoe101/status/1633579944490967049
- It’s going down today! Hearing in the House on the Coordinated Attack on Crypto. https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=408628
- Paul Krugman hilariously complains about being locked out of his Venmo account. He predicted the impact of the internet would be about as much as the fax machine and has subsequently opposed crypto. https://twitter.com/paulkrugman/status/1633472068355346437 https://twitter.com/mdudas/status/1633571193344126979
- Even Jerome Powell thinks we need regulatory clarity for crypto. https://www.youtube.com/live/GzVLeabssdE?feature=share&t=2065
- In the House hearing, he also gave us some new tidbits on CBDC development. https://www.youtube.com/live/GzVLeabssdE?feature=share&t=218 https://www.youtube.com/live/GzVLeabssdE?feature=share&t=3477
- A member of the House committee actually asked Powell about Operation Chokepoint 2.0. https://www.youtube.com/live/GzVLeabssdE?feature=share&t=6930
- Senator Lummis got Powell to agree that properly regulated stablecoins could have a place in our banking system and that a workable legal framework for crypto is something Congress should do. https://www.youtube.com/live/8kyhYJ9EFts?feature=share&t=6923
- Big Pey is launching something called Atrium Lab. https://twitter.com/bigpeyYT/status/1633830948575010816
- Believe it or not…legal systems made up entirely by coders may not be optimal. Incredibly, the study of law is actually a fully developed centuries old academic discipline that lies outside of JavaScript and Python. Unless you have full anonymity, you WILL be cross-chain bridged to IRL law. Some DAOs will learn this the hard way. https://twitter.com/lex_node/status/1633925979004436481
- The NY Attorney General just filed against Kucoin for being an unregistered broker-dealer. Here’s the important part: they’re alleging that ETH is a security and a commodity. Their argument is not complex...it’s very straightforward. https://www.docdroid.net/Myyp0yz/kucoin-pdf
- Silvergate was a failure of fractional reserve banking, not of crypto. https://twitter.com/CaitlinLong_/status/1633608132713938945
- The current US Administration’s Budget seeks to eliminate tax loss harvesting for crypto, add a 30% tax on energy used in crypto mining, hike capital gains taxes on high earners, and beam us directly to clown world with an unrealized gains tax on high earners. https://www.whitehouse.gov/wp-content/uploads/2022/03/budget_fy2023.pdf
- The subcommittee hearing on “the Administration’s Attack” on crypto went about like expected. Paul Grewal of Coinbase along with Prof. Evans of Penn State Law made some persuasive pleas for regulatory clarity. The “Anti-Crypto Party”™ also brought out their favorite witness from Duke. https://www.youtube.com/watch?v=aOUUy4_KwNU
- Rep. Emmer (Pro-Crypto) called the current regulatory approach “lazy & destructive…that is chilling innovation.” https://www.youtube.com/live/aOUUy4_KwNU?feature=share&t=5670
- Rep. Foster (Cryptophobe): “this is the essential thing that has to be provided for the healthy development of the crypto industry…somewhere there has to be an API provided by a trusted 3rd party to register your crypto wallets.” Why not just completely neuter crypto? https://www.youtube.com/live/aOUUy4_KwNU?feature=share&t=5266
- Rep. Ritchie Torres (Pro-Crypto) pointed out offshore deregulated overleveraged centralized crypto companies pose the greatest risk to consumers. But, the regulators don’t focus there. They incredibly only attack the onshore entities. He also pointed out the absurdity of the idea a stablecoin is a security. (Sadly there’s the Section 2(a)(1) exposure). https://www.youtube.com/live/aOUUy4_KwNU?feature=share&t=5703
- Rep. Davidson (Pro-Crypto) shamed his anti-crypto colleagues for their implied claims that these assets are the same as centralized assets and came out strongly supporting self-custody and pointed out there was no FTX risk if you self-custodied your assets. “We have people overtly trying to make self-custody illegal.” https://www.youtube.com/live/aOUUy4_KwNU?feature=share&t=6034
- CMC is tweeting about IOG’s Sidechain toolkit? https://twitter.com/CoinMarketCap/status/1634773712468852736
- Now we’re dealing with U.S. bank runs. Among the casualties was Silicon Valley Bank where Centre (the Circle/Coinbase joint entity that issues USDC) was keeping $3.3 billion of the $43ish billion backing USDC. Signature Bank was also shut down by regulators. https://www.forbes.com/sites/digital-assets/2023/03/11/43-billion-nightmare-sudden-circle-depeg-could-be-about-to-crash-the-price-of-bitcoin-ethereum-bnb-xrp-cardano-dogecoin-polygon-and-solana
- Unfortunately, the FDIC insurance limit is $250k. https://www.fdic.gov/resources/deposit-insurance/brochures/deposits-at-a-glance/
- The Feds were taking bids for anyone to acquire SVB until 2pm Eastern on Sunday. The big question on Sunday was whether the Feds will cover all uninsured depositors. They decided they will and that also applies to Signature Bank. https://www.washingtonpost.com/us-policy/2023/03/12/silicon-valley-bank-deposits/
- Here’s the joint statement from Treasury, Federal Reserve, and FDIC. https://home.treasury.gov/news/press-releases/jy1337
- Yellen said NO to a bailout for SVB on Sunday. She’s obviously got bigger macro concerns. But, it’s funny how that fits perfectly with a strategy of suppressing stablecoins generally. https://www.cbsnews.com/news/janet-yellen-silicon-valley-bank-bailout-face-the-nation-interview-today-2023-03-12/
- Here Caitlin Long explains the fundamental incompatibility between fast settling crypto and fractional reserve banking that caused all this. https://twitter.com/CaitlinLong_/status/1634573552790929409
- CZ reminds us that he’s considered buying banks in the past and asks if it’s time yet. https://twitter.com/cz_binance/status/1634437834579800064
- CIP-1694 has been updated. https://github.com/JaredCorduan/CIPs/blob/voltaire-v1/CIP-1694/README.md
- Here’s a good rundown of all the changes in the CIP-1694 update. https://twitter.com/_KtorZ_/status/1635410495514759169
- Apparently, Cardano NFTs will be going to space! https://twitter.com/RichardMcCrackn/status/1635438087592460288
- Many in the crypto space think that Signature’s shutdown was just an extension of Operation Chokepoint 2.0 aimed at shuttering crypto banking. https://twitter.com/nic__carter/status/1635328056234766337
- Rumors: regulators are calling every bank today and asking if they have exposure to crypto. https://twitter.com/wtogami/status/1635400774158290944
- Instagram is disabling NFTs. https://twitter.com/nftnow/status/1635388411166224384
- Cardano TVL is doing things. https://twitter.com/CryptoIRELAND1/status/1635694692556845060
- Cardano NFTs in space! https://twitter.com/adamKDean/status/1635796768704319488
- GPT4 was released today. It crushes the Bar Exam, the SAT, the GRE, the LSAT, and almost all AP subjects. This will displace a lot of human jobs. https://openai.com/research/gpt-4
- It has already done amazing real world things. In Example #6 it shows you how to exploit an arbitrary ETH contract. Better pay attention crypto. https://twitter.com/LinusEkenstam/status/1635754587775967233
- Report: Gov. Newsom failed to disclose accounts at SVB while lobbying White House and Treasury for a bailout of depositors. https://www.businessinsider.com/gavin-newsom-svb-biden-silicon-valley-bank-wineries-bailout-lobbying-2023-3
- Things are not looking good at Credit Suisse. https://twitter.com/GRDecter/status/1635985735063855104
- The court in the Voyager decision had some pretty harsh things to say about the SEC. https://www.nysb.uscourts.gov/sites/default/files/opinions/312840_1170_opinion.pdf
- Barney Frank points out that the regulators never claimed Signature Bank was insolvent and wonders if they are the first US bank to ever be closed down without being insolvent. https://nymag.com/intelligencer/2023/03/barney-frank-says-more-shuttering-signature-bank.html
- Charles dropped a video addressing the updates to the governance proposal. https://twitter.com/IOHK_Charles/status/1636151615894990851
- Gensler reasserts his claims that proof-of-stake tokens are securities. https://www.theblock.co/post/220297/gensler-suggests-proof-of-stake-tokens-are-securities
- Dudes are already letting GPT4 run whole startups. https://twitter.com/jacksonfall/status/1636107218859745286
- Here’s an interesting theory: taking down Binance would create too big a hole, so they took down Silvergate, Silicon Valley Bank, and Signature to insulate the fiat world from crypto. Now they can take down Binance. https://twitter.com/BryceWeiner/status/1636055979870818305
~Army of Spies
Up we go again!
Bitcoin pushing past $25k and very close to past $26k is a lovely thing to wake up to, can’t help feeling that the current events in the USA and the Credit Suisse situation have fuelled a flight into crypto on some level, especially the US bank failures and obvious subsequent bail outs by the US government. I think this current scenario that we are seeing play out is more significant for crypto than many of us realise - this is the first time we are seeing a narrative form for the mainstream that traditional banking systems are not as safe as we have all been led to believe and that crypto, whilst still in its infancy is a real option for wealth storing instead of the banks. If Bitcoin can rise through this period and establish itself away from just tracking the US markets could we see a full disconnect from it tracking the Dow/SPX ?
Again I think we are witnessing something big here currently even if the powers that be are doing their best to deflect from the situation.
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