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Recycling of Jose Mourinho, Return of Sam Altman to OpenAI, And The Power of Rings

By
Ndubuisi Ekekwe
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1

Coach Jose Mourinho. Sam Altman of OpenAI. These men have one thing in common: they have rings or have great business records – and the world likes people with rings, in sports or in business.

The football world continues to recycle and re-appoint Jose. Why? People with prior great results will continue to be used despite the abundance of new people looking for opportunities.

Just like in football, business is about winning. Records, records and records, build careers. Sam Altman co-pioneered a business category through OpenAI ChatGPT and that is a huge record. Because of his record, he is returning back, after the paralysis, because you cannot afford to lose a man or a woman with great rings: ‘Sam Altman is returning to OpenAI as CEO, capping days of drama and negotiations that “transfixed Silicon Valley and the global AI industry”’. Yes, it is statistically better using someone who has won a ring than trying to discover a new person who can win one, especially in a fledgling sector like generative AI. Even Real Madrid, the most successful football club operates on that business playbook: discover the best  and proven footballers, and bring them to Spain.

That was why I wrote when I read that they have fired him, not because of misuse of funds or anything illegal, but his “communication” style with the Board: “Today, Sam is considered the best in this game and changing him because of the feelings of some board members will be own-goals. I do think he will return because it would be pure stupidity for investors like Microsoft to allow this mess to stand.” And he has returned.

People, do all to put some great records on your resume! You just have to win once and that will do. They will never leave you alone because if you have won in the past, they will still believe you will win in the future. 

After all, in the Igbo Nation, it takes the killing of one leopard to be called a killer of leopards. Sam Altman has his leopards and will have more opportunities to go for more. 

Sam Altman is returning to OpenAI as CEO, capping days of drama and negotiations that “transfixed Silicon Valley and the global AI industry,” said Bloomberg. After suddenly being fired Friday, a “major sticking point” during weekend discussions with Altman was said to be the company’s board, which OpenAI is now overhauling and will initially be led by former Salesforce co-CEO Bret Taylor. Altman will not join the board at present, but may do so later, anonymous sources tell Bloomberg. Altman’s ousting sent shockwaves across the industry, with Microsoft, an investor of OpenAI, announcing Sunday that it would subsequently hire him.

Microsoft CEO Satya Nadella said Wednesday that LinkedIn’s parent company was “encouraged by the changes to the OpenAI board.” More than 700 of OpenAI’s 770 employees had signed a letter threatening to resign if Altman wasn’t reinstated. Here’s how the OpenAI saga has reshaped the startup world and artificial intelligence ecosystem.

Bitcoin is “a huge threat to the Economic model of Big Bankers”- Robert F. Kennedy Jr

By
Paul Ugbede Godwin
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0

US Presidential candidate Robert F. Kennedy Jr has recently made a bold statement about Bitcoin, the leading cryptocurrency that has been gaining popularity and value in the past decade. In an interview with CNBC, Kennedy said that Bitcoin is “a huge threat to the economic model of big bankers” who have been exploiting the masses with their centralized and corrupt financial system.

Kennedy explained that Bitcoin is a decentralized and peer-to-peer digital currency that does not rely on any intermediary or authority to validate transactions or issue new coins. Unlike fiat money, which can be manipulated and inflated by governments and central banks, Bitcoin has a fixed supply of 21 million coins that are distributed according to a transparent and immutable algorithm.

Kennedy argued that Bitcoin empowers people to have more control over their own money and to participate in a global and inclusive economy that is not dominated by a few elites. He said that Bitcoin is a revolutionary technology that challenges the status quo and offers a more democratic and fairer alternative to the current system.

Kennedy also expressed his support for the Bitcoin community, which he described as a diverse and vibrant network of innovators, entrepreneurs, activists, and enthusiasts who are working together to improve the technology and spread its adoption. He said that he admires the vision and values of the Bitcoiners, who are driven by a common goal of creating a more open and free society.

Bitcoin is “a huge threat to the economic model of big bankers’’.

The limited supply of Bitcoin makes it deflationary, meaning that its value tends to increase over time, as opposed to inflationary currencies that lose value due to excessive printing. This gives Bitcoin an advantage over fiat currencies, which are subject to manipulation and devaluation by central banks and governments. Bitcoin holders can preserve their purchasing power and avoid the negative effects of inflation.

Another advantage of Bitcoin is that it is censorship-resistant, meaning that no one can stop or censor Bitcoin transactions. This gives Bitcoin users more freedom and privacy than traditional payment systems, which are often subject to surveillance, regulation, and interference by third parties. Bitcoin users can transact with anyone in the world, without having to worry about borders, intermediaries, or restrictions. Bitcoin users can also choose their own level of security and anonymity, depending on how they store and use their Bitcoins.

These features of Bitcoin make it a huge threat to the economic model of big bankers, who rely on controlling the money supply and intermediating financial transactions. Big bankers benefit from creating money out of thin air, charging fees for their services, and influencing monetary policy and regulations. Big bankers also have access to privileged information and resources, which give them an unfair advantage over ordinary people.

Bitcoin challenges this model by offering an alternative way of creating and using money, one that is more democratic, transparent, and fair. Bitcoin empowers people to be their own bank, to have more control over their money, and to participate in a global and open financial system. Bitcoin also creates more competition and innovation in the financial sector, by enabling new business models and services that are not possible with traditional payment systems.

Bitcoin is not without its challenges and risks, however. Bitcoin faces technical issues such as scalability, security, and usability, which need to be addressed and improved. Bitcoin also faces regulatory issues such as legal uncertainty, taxation, and compliance, which vary across different jurisdictions and may affect its adoption and acceptance. Bitcoin also faces social issues such as education, awareness, and adoption barriers, which need to be overcome to increase its mainstream appeal.

Despite these challenges and risks, Bitcoin has proven to be resilient and adaptable over its 14 years of existence. Bitcoin has survived multiple attacks, forks, hacks, crashes, and controversies, and has emerged stronger and more valuable than ever. Bitcoin has also attracted a diverse and passionate community of users, developers, investors, entrepreneurs, activists, and enthusiasts, who support its vision and mission.

Bitcoin is “a huge threat to the economic model of big bankers”, but it is also “a huge opportunity for the economic empowerment of ordinary people”. Bitcoin represents a paradigm shift in the way we think about and use money, one that has profound implications for the future of money and society.

Kennedy concluded his interview by saying that he believes that Bitcoin is the future of money and that he will do everything in his power to protect and promote it if he becomes the next president of the United States. He said that he wants to make America a leader in the Bitcoin space and to foster a friendly and supportive environment for its development and innovation.

Spot Bitcoin ETF Breaking ‘Buy the Rumor, Sell the News’ Cycle – Pantera CEO

By
Paul Ugbede Godwin
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0

Pantera Capital CEO Dan Morehead shared his bullish outlook on the prospects of a spot Bitcoin ETF in the US market. He argued that such a product would break the typical pattern of ‘Buy the rumor, sell the News’ that has plagued previous crypto-related launches.

Morehead explained that the current Bitcoin futures ETFs, such as ProShares and VanEck, are not ideal for investors who want to gain exposure to the actual price of Bitcoin. He said that these products suffer from a negative roll yield, which means that they lose value over time as they have to sell the expiring futures contracts and buy new ones at a higher price.

He also pointed out that the futures ETFs have a high expense ratio of 0.95%, which is much higher than the average 0.4% for equity ETFs. He estimated that this would cost investors about $1.5 billion per year in fees.

According to ETFdb.com, the average expense ratio for futures ETFs is 0.95%, which is much higher than the average 0.4% for equity ETFs. This means that for every $1000 you invest in a futures ETF, you will pay $9.50 in fees every year, compared to $4 for an equity ETF. This might not seem like a big difference, but over time, it can eat into your returns significantly.

For example, if you invest $10,000 in a futures ETF with a 0.95% expense ratio and a 10% annual return, you will end up with $23,763 after 10 years, assuming no dividends or capital gains distributions. However, if you invest the same amount in an equity ETF with a 0.4% expense ratio and a 10% annual return, you will end up with $25,937 after 10 years, assuming no dividends or capital gains distributions. That’s a difference of $2,174, or 9% of your initial investment.

The reason why futures ETFs have such high expense ratios is because they are more complex and costly to manage than equity ETFs. Futures contracts have expiration dates, which means that the fund has to roll over its positions periodically to avoid delivery of the underlying assets. This involves buying and selling contracts at different prices, which can create tracking errors and tax implications.

Moreover, futures contracts are subject to margin requirements, which means that the fund has to maintain a certain amount of cash or collateral to cover its obligations. This reduces the amount of money that the fund can invest in the market, lowering its potential returns. In addition, futures ETFs may face regulatory hurdles or liquidity issues that can affect their performance and availability.

Therefore, before you invest in futures ETFs, you should weigh the pros and cons carefully and consider whether they are suitable for your risk tolerance and investment goals. Futures ETFs can offer diversification and exposure to niche sectors, but they also come with high fees and complexity that can erode your returns over time.

Morehead claimed that a spot Bitcoin ETF, which would track the price of Bitcoin directly by holding the underlying asset, would solve these problems and attract more demand from institutional and retail investors. He said that such a product would have a lower expense ratio, a positive roll yield, and a higher correlation with Bitcoin’s price movements.

He also predicted that a spot Bitcoin ETF would have a positive impact on the market sentiment and break the cycle of ‘Buy the rumor, sell the News’ that has characterized previous crypto-related launches, such as Coinbase’s IPO and El Salvador’s adoption of Bitcoin as legal tender. He said that these events were followed by sharp selloffs, as investors anticipated them and bought in advance.

He argued that a spot Bitcoin ETF would be different, as it would create a feedback loop of increasing demand and supply for Bitcoin. He said that as more investors buy the ETF, the fund would have to buy more Bitcoin to back it up, which would drive up the price of Bitcoin and attract more investors to the ETF.

He concluded that a spot Bitcoin ETF would be a game-changer for the crypto industry and that he expects it to happen soon. He said that he is optimistic about the SEC’s approval of such a product, as he believes that the regulator is becoming more open-minded and supportive of innovation in the crypto space.

Wasteful Government Spending Has Consequences

By
Paul Ugbede Godwin
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0
Two senior officials at the U.S. Government Publishing Office, based in Washington, D.C., betrayed "public trust" and eroded employee morale by hiring unqualified workers, including an official's son, the agency's Office of Inspector General said in an internal report.

I will argue that wasteful government spending has serious and long-term consequences for the economy, the society and the environment and will provide some examples of how government waste affects different sectors and groups of people and suggest some possible solutions to reduce it.

What is wasteful government spending?

Wasteful government spending is the use of public funds for purposes that do not serve the public interest, or that are inefficient, ineffective or unnecessary. Some common forms of wasteful government spending are:

Corruption: the abuse of public power for private gain, such as bribery, embezzlement, fraud or nepotism. Pork-barrel spending: the allocation of funds to projects or programs that benefit a specific group or region, often in exchange for political support, rather than based on merit or need.

Overlapping or duplicative programs: the existence of multiple agencies or initiatives that perform similar or identical functions, resulting in redundancy, confusion and waste of resources. Mismanagement or poor oversight: the lack of proper planning, execution, monitoring or evaluation of government activities, leading to errors, delays, cost overruns or poor outcomes.

Unnecessary or excessive spending: the expenditure of public funds on items or services that are not essential or that exceed reasonable standards or expectations.

Some examples of wasteful government spending are:

Subsidizing fossil fuels that contribute to climate change and air pollution.

Building bridges to nowhere that serve no purpose or benefit.

Funding outdated or obsolete weapons systems that do not enhance national security.

Paying for overpriced or fraudulent contracts that do not deliver value for money.

Supporting corrupt or authoritarian regimes that violate human rights and democracy.

What are the consequences of wasteful government spending?

Wasteful government spending has negative impacts on various aspects of the economy, the society and the environment. Some of these impacts are:

Reduced economic growth and competitiveness: wasteful government spending reduces the amount of public funds available for productive investments in infrastructure, education, research and development, health care and other areas that enhance economic performance and innovation. It also increases the public debt and the tax burden on citizens and businesses, which discourages private investment and consumption.

Increased inequality and poverty: wasteful government spending diverts resources from programs and policies that address the needs and rights of the most vulnerable and marginalized groups in society, such as women, children, minorities, refugees and people with disabilities. It also creates opportunities for corruption and rent-seeking, which widen the gap between the rich and the poor and undermine social justice and cohesion.

Damaged environment and public health: wasteful government spending contributes to environmental degradation and climate change by supporting activities that pollute the air, water and soil, deplete natural resources, destroy habitats and biodiversity, and increase greenhouse gas emissions. It also affects public health by reducing the quality and accessibility of health care services and by exposing people to environmental hazards and diseases.

Wasteful government spending has consequences for the society, because it erodes the trust and confidence of the citizens in the government and its institutions. Wasteful government spending can also fuel public discontent and resentment, especially among those who are marginalized or disadvantaged by the unfair distribution of benefits and costs. Additionally, wasteful government spending can weaken the social cohesion and solidarity, as well as the civic engagement and participation, of the people.

How can we reduce wasteful government spending?

Reducing wasteful government spending requires a combination of political will, institutional reforms, citizen participation and international cooperation. Some possible measures to achieve this goal are:

Strengthening anti-corruption laws and institutions: creating and enforcing clear and strict rules and regulations to prevent, detect, investigate and punish corruption in all levels and branches of government. This includes ensuring the independence and accountability of anti-corruption agencies, courts, auditors and watchdogs; promoting transparency and access to information; protecting whistleblowers and journalists; and educating public officials and citizens about their rights and responsibilities.

Improving budgeting and procurement processes: adopting sound and transparent procedures for planning, allocating, executing, monitoring and evaluating public funds. This includes ensuring public participation and consultation; applying criteria of efficiency, effectiveness, equity and sustainability; conducting cost-benefit analyses; implementing performance-based budgeting; using competitive bidding; and avoiding conflicts of interest.

Streamlining or eliminating overlapping or duplicative programs: conducting regular reviews and audits of existing government programs and agencies to identify areas of overlap or duplication; consolidating or merging similar or identical functions; terminating or privatizing obsolete or unnecessary programs; and reallocating resources to priority areas.

Therefore, it is imperative that we demand more accountability and transparency from our governments and hold them responsible for how they spend our money. We should also advocate for more effective and efficient use of public funds, based on evidence, evaluation and public consultation. We should also support more innovative and creative solutions that can address the complex and interrelated challenges that we face in the 21st century.

Former NYSE President, Thomas Farley, Buys CoinDesk

By
Paul Ugbede Godwin
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0
Bitcoin [source: coindesk]

In a surprising move, the former president of the New York Stock Exchange (NYSE), Thomas Farley, has announced that he has acquired CoinDesk, the leading media platform for the cryptocurrency and blockchain industry. Farley, who left the NYSE in 2018 to become the CEO of Far Point Acquisition Corp, a special purpose acquisition company (SPAC), said that he was impressed by CoinDesk’s growth and influence in the emerging digital asset sector.

CoinDesk, founded in 2013, is one of the most trusted and respected sources of news, analysis, data and events for the crypto community. It operates the CoinDesk Bitcoin Price Index, which tracks the price of bitcoin across various exchanges, and hosts the annual Consensus conference, which attracts thousands of attendees from around the world. CoinDesk also produces original podcasts, videos, newsletters and research reports on various aspects of the blockchain ecosystem.

Farley did not disclose the terms of the deal but said that he plans to invest heavily in CoinDesk’s expansion and innovation. He said that he believes that CoinDesk has the potential to become the “Wall Street Journal of crypto” and that he wants to help it achieve that vision. He also said that he intends to keep CoinDesk’s editorial independence and integrity intact, and that he will not interfere with its journalistic mission.

Why the CoinDesk Sell Off?

The cryptocurrency market has been experiencing a sharp decline in the past few days, with many coins losing more than 20% of their value. The most prominent example is Bitcoin, which dropped from over $60,000 to below $40,000 in less than a week and regulatory tussles might have facilitated the sell off. What are the reasons behind this sell off, and what are the implications for the future of crypto?

There are several factors that contributed to the market crash, but the main trigger was the announcement by China that it would ban financial institutions and payment companies from providing services related to cryptocurrency transactions. This is not the first time that China has taken a hostile stance towards crypto, but it is the most severe one so far. The move was seen as a way to curb speculation, money laundering, and environmental damage caused by crypto mining.

The news from China caused a wave of panic selling among investors, who feared that other countries might follow suit and impose similar restrictions. The sell off was exacerbated by technical issues, such as network congestion, high fees, and liquidations of leveraged positions. Many traders who had borrowed money to buy crypto were forced to sell at a loss to repay their debts, creating a downward spiral.

The market crash also affected the sentiment of retail investors, who had been attracted by the hype and promise of crypto. Many of them saw their portfolios shrink dramatically, and some even lost their life savings. The volatility and unpredictability of crypto made them question its viability as a store of value and a medium of exchange.

However, not everyone is pessimistic about the future of crypto. Some experts and enthusiasts believe that the sell off is a temporary setback, and that the fundamentals of crypto are still strong. They argue that crypto offers many advantages over traditional finance, such as decentralization, transparency, innovation, and inclusion. They also point out that crypto has survived many crises before, and that each time it has bounced back stronger than ever.

The long-term outlook of crypto depends on how it will adapt to the changing regulatory and technological landscape. Crypto will have to prove its value proposition to both institutional and retail investors, as well as to governments and regulators. Crypto will also have to overcome the challenges of scalability, security, usability, and sustainability. If crypto can achieve these goals, it might become a mainstream asset class that can compete with or even replace fiat currencies.

“I have been following CoinDesk for a long time and I have always admired their quality and professionalism. They are the go-to source for anyone who wants to understand what’s happening in the crypto space. I think they have a huge opportunity to educate and inform the mainstream audience about this revolutionary technology and its implications for the future of finance, business and society. I am excited to join forces with them and support them in their journey,” Farley said in a statement.

CoinDesk’s CEO, Kevin Worth, welcomed Farley’s acquisition and said that he was looking forward to working with him to take CoinDesk to the next level. He said that Farley’s experience and expertise in the traditional financial markets would be invaluable for CoinDesk as it seeks to bridge the gap between crypto and Wall Street.

“Thomas is a visionary leader who has a deep understanding of how markets work and how media can shape them. He shares our passion for crypto and our commitment to journalistic excellence. He brings a wealth of resources and connections that will help us grow our audience, reach new markets and create new products and services. We are thrilled to have him on board as our new owner and partner,” Worth said.

CoinDesk’s acquisition by Farley is the latest sign of the increasing interest and involvement of Wall Street veterans in the crypto industry. Earlier this year, BNY Mellon, the oldest bank in the US, announced that it would offer custody and other services for digital assets.

Goldman Sachs, Morgan Stanley and JPMorgan Chase have also started to offer crypto-related products and services to their clients. Meanwhile, several prominent figures from the traditional finance world have joined or invested in crypto companies, such as Mike Novogratz (Galaxy Digital), Anthony Scaramucci (SkyBridge Capital), Stanley Druckenmiller (Duquesne Family Office) and Paul Tudor Jones (Tudor Investment Corp).

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