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How Artificial Intelligence can help reduce Crypto Energy Consumptions

By
Paul Ugbede Godwin
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0

Cryptocurrencies are a form of digital money that use cryptography to secure transactions and control the creation of new units. They are decentralized, meaning that they are not issued or regulated by any central authority, such as a government or a bank. However, this also means that they rely on a network of computers, called nodes, to validate transactions and maintain the integrity of the system.

Artificial intelligence (AI) is a powerful technology that can enhance human capabilities, improve efficiency, and solve complex problems. However, AI also poses some potential risks that need to be addressed and mitigated. In this blog post, we will discuss some of the main risks of AI and how they can be managed.

These nodes use a lot of computing power and energy to perform complex mathematical calculations, known as proof-of-work, to verify the validity of each transaction and prevent fraud. According to some estimates, the annual energy consumption of the Bitcoin network alone is comparable to that of some small countries, such as Ireland or Switzerland.

This raises environmental and ethical concerns about the sustainability and social impact of cryptocurrencies. How can we reduce the energy consumption and carbon footprint of crypto transactions without compromising their security and decentralization? One possible solution is to use artificial intelligence (AI) to optimize the efficiency and performance of the crypto network. AI can potentially help reduce crypto consumption in several ways:

AI can help design more energy-efficient hardware and software for crypto mining and processing. For example, AI can help optimize the design of ASICs (application-specific integrated circuits), which are specialized devices that perform crypto mining faster and more efficiently than general-purpose computers. AI can also help develop better algorithms and protocols for crypto transactions that reduce the computational complexity and latency of the network.

AI can help monitor and manage the energy consumption and carbon emissions of the crypto network. For example, AI can help track and analyze the energy usage and environmental impact of each node, transaction, and block in the network. AI can also help optimize the energy sources and distribution of the network, such as using renewable energy or switching to low-carbon regions when possible.

AI can help create alternative consensus mechanisms that do not rely on proof-of-work. Proof-of-work is the most common and secure way of achieving consensus in a decentralized network, but it is also very energy-intensive and wasteful. AI can help develop and implement other methods of reaching agreement among nodes, such as proof-of-stake, proof-of-authority, proof-of-space, or proof-of-reputation, which are based on different criteria than computational power, such as stake, authority, storage capacity, or reputation. These methods can reduce the energy consumption and carbon emissions of the network while still ensuring its security and decentralization.

Artificial intelligence can be a powerful tool to reduce the environmental and social costs of cryptocurrencies. By applying AI techniques to various aspects of the crypto network, such as hardware, software, energy management, and consensus mechanisms, we can potentially achieve a more sustainable and responsible way of using digital money.

One of the risks of AI is the ethical and social impact of its applications. AI can have positive or negative effects on human values, rights, and well-being, depending on how it is designed, deployed, and used. For example, AI can help improve health care, education, and security, but it can also enable surveillance, discrimination, and manipulation. Therefore, it is important to ensure that AI is aligned with human values and respects human dignity, autonomy, and diversity. Moreover, it is essential to involve stakeholders and users in the development and governance of AI systems, and to ensure transparency, accountability, and fairness of AI decisions and outcomes.

Another risk of AI is the safety and reliability of its systems. AI systems can malfunction or behave unpredictably due to errors, bugs, or adversarial attacks. This can cause harm or damage to humans or the environment, especially if the AI systems are operating in critical domains such as transportation, health care, or military. Therefore, it is important to ensure that AI systems are robust, secure, and resilient to failures and threats.

How are technological advancements shaping the modern-day entrepreneur?

By
Samuel Ajiboyede
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0

Whether we want to admit it or not, entrepreneurship today is a world apart from entrepreneurship three decades ago. The fast pace of technological advancement is pioneering a new era of innovation and taking entrepreneurship through a profound transformation. The fusion of technology and entrepreneurship has given rise to a new breed of visionary thinkers armed with cutting-edge tools that redefine the boundaries of what is possible.

So the big question is, “How are technological advancements shaping the modern-day entrepreneur?”

The power to bring ideas into reality

With technology, the distance between an idea and a product has decreased. Aspiring entrepreneurs now have access to a vast repository of knowledge, resources, and networks via the Internet. Online platforms also facilitate skill development, collaboration, and idea sharing, allowing budding innovators to navigate the complexities of launching a startup with greater ease than they might have had some decades ago.

Technology helps the entrepreneur Unleash Innovation:

Innovation is the lifeblood of entrepreneurship, and technology acts as a catalyst for groundbreaking ideas almost every day. The advent of artificial intelligence (AI), machine learning, and data analytics has paved the way for novel solutions to age-old problems that have long plagued various sectors. Entrepreneurs can use these technologies to develop products and services that address market gaps with unmatched precision.

The E-Commerce Revolution opens up a worldwide market for the entrepreneur

The rise of e-commerce is a prime example of technology’s transformative impact on entrepreneurship. Retail has become democratized with the presence of online marketplaces and platforms, enabling small business entrepreneurs to reach a global audience without the constraints of physical storefronts. There are now tools for inventory management, digital marketing, and customer engagement, something the entrepreneurs of the 80s and 90s may not have had access to. With tools like this, today’s entrepreneurs can streamline operations and, at the same time, reach global markets.

Digital Marketing Mastery now helps with hyper-targeting

Technology has ushered in an era of hyper-targeted marketing. Entrepreneurs can leverage social media, search engine optimization, and data analytics to tailor their marketing efforts to specific demographics that their products target. This precision reduces wastage and enhances the effectiveness of marketing campaigns, even for businesses with modest budgets.

Agile Operations and Remote Work allow the entrepreneur to shop for the best talent

Technological advancements have redefined the way businesses operate. Cloud computing and collaborative tools facilitate remote work, enabling entrepreneurs to build and manage teams that can be made up of the best hands across different countries. This flexibility not only promotes work-life balance but also attracts top talent irrespective of geographical constraints.

Funding and Crowdsourcing:

The landscape of funding has been revolutionized by technology. Crowdfunding platforms allow entrepreneurs to raise capital directly from a global audience, sidestepping traditional gatekeepers. Moreover, blockchain technology has introduced the concept of Initial Coin Offerings (ICOs) and tokenization, providing alternative avenues for raising funds. Let’s say that thanks to technology, today’s entrepreneur has a lot of options when it comes to raising capital.

Disruption and Adaptation:

The synergy between technology and entrepreneurship often leads to disruption in established industries. Entrepreneurs challenge the status quo by introducing innovative models that reshape traditional business landscapes. Incumbents are forced to adapt or risk obsolescence, resulting in a perpetual cycle of innovation and evolution. This could turn out better for all, especially for the consumer.

The latest version of artificial intelligence could be coming for office workers after all, a shift from earlier thinking, according to The New York Times. AI was initially seen as a threat to just blue-collar workers. But AI now has the capability to process information and generate new content, using the cognitive skills and creativity that higher-educated workers tend to have. New research on American jobs has found that large language models could be a major help in 20 to 25% of all occupations. Researchers maintain AI will help many workers do their jobs more productively, for now. (LinkedIn News)

Keep in mind that…

While technology presents unprecedented opportunities, it also comes with challenges and maybe a note of caution. Rapid technological advancements require entrepreneurs to stay abreast of ever-changing trends. Of course, there are also ethical considerations for the entrepreneur in this new era.

The paradigm shift requires the modern entrepreneur to be not just a business owner but a tech-savvy visionary who harnesses the power of technology to drive innovation, efficiency, and growth. As technology continues to evolve, its influence on entrepreneurship will be instrumental in shaping the future of business on a global scale. The marriage of technology and entrepreneurial spirit is paving the way for a world of infinite possibilities where innovation knows no bounds.

JPMorgan Sees Limited Downside for Crypto Markets in the Near Term

By
Paul Ugbede Godwin
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0
Hong Kong, October 08 2017: JPMorgan Chase & Co. building in Central, Hong Kong . JPMorgan is a Swiss global financial services company, One of big financial company in the world

The crypto market has been experiencing a lot of volatility in the past few months, with prices fluctuating significantly across different assets and platforms. However, JPMorgan, one of the leading global financial institutions, has a positive outlook for the crypto sector in the near term.

In a recent report, JPMorgan analysts stated that they see limited downside for the crypto market, as they believe that most of the negative factors have already been priced in. They also noted that the market is showing signs of resilience and maturity, as it recovers from the recent selloffs and regulatory pressures.

Some of the factors that JPMorgan cited as supportive of the crypto market are:

The growing adoption of crypto by institutional and retail investors, as well as by corporations and governments. JPMorgan highlighted that the number of active crypto wallets has increased by 13% since May, indicating a higher demand and usage of crypto assets.

The improvement of the liquidity and efficiency of the crypto market, as evidenced by the narrowing of the bid-ask spreads and the reduction of the transaction costs. JPMorgan also pointed out that the market is becoming more diversified and less concentrated, as new entrants and innovations emerge.

The stabilization of the crypto market structure, as the dominance of Bitcoin and Ethereum declines, and the share of altcoins increases. JPMorgan argued that this reflects a more balanced and healthy market, where investors can choose from a wider range of options and strategies.

JPMorgan concluded that the crypto market is in a better position than it was a few months ago, and that it has the potential to grow further in the long term. However, they also cautioned that there are still some risks and challenges that could affect the market performance, such as regulatory uncertainty, cyberattacks, technical glitches, and environmental concerns.

Crypto market sentiment is a powerful tool that can help investors gain insights into the psychology and emotions of the crypto market. Crypto market sentiment can help investors enhance their decision making, improve their risk management, and increase their profitability. However, crypto market sentiment also has some challenges and limitations that require caution and critical thinking. Crypto market sentiment should be used in combination with other factors and methods to achieve optimal results.

There is no single or definitive way to measure crypto market sentiment, as it is a subjective and dynamic phenomenon. However, there are some common methods and indicators that can help investors get a sense of the overall mood and attitude of the crypto community.

Some of these methods include:

Sentiment analysis: This is a process of using natural language processing (NLP) and machine learning (ML) techniques to extract and quantify the emotional tone and polarity of textual data, such as tweets, comments, articles, reviews, etc. Sentiment analysis can provide insights into the opinions, feelings, and emotions of crypto users and influencers, as well as the general public.

Fear and Greed Index: This is a metric that aims to capture the prevailing sentiment of the crypto market by using a combination of factors, such as volatility, trading volume, social media activity, surveys, and more. The index ranges from 0 to 100, where 0 means extreme fear and 100 means extreme greed. The idea is that when investors are too fearful, they tend to sell their assets at low prices, creating buying opportunities. Conversely, when investors are too greedy, they tend to buy more assets at high prices, creating selling opportunities.

Google Trends: This is a tool that shows how often a particular search term is entered into Google’s search engine relative to the total search volume across various regions and languages. Google Trends can be used to gauge the level of interest and awareness of the crypto market among the general public, as well as to identify emerging trends and topics. For example, a spike in the search volume for “Bitcoin” or “Ethereum” may indicate a surge in demand or curiosity for these coins.

Technical indicators: These are mathematical calculations based on historical price and volume data that aim to identify patterns, trends, support and resistance levels, momentum, and other aspects of market behavior. Technical indicators can help investors determine the direction and strength of the crypto market movement, as well as potential entry and exit points for trades. Some of the popular technical indicators for crypto include moving averages (MA), relative strength index (RSI), stochastic oscillator (STOCH), moving average convergence divergence (MACD), Bollinger bands (BB), Fibonacci retracement (FIB), and more.

Crypto market sentiment can be a useful tool for investors who want to gain an edge over the market and make informed decisions. However, it is not a magic bullet that can guarantee success or eliminate risk. Crypto market sentiment should be used in conjunction with other factors, such as fundamental analysis, risk management, portfolio diversification, and personal goals.

Some of the ways to use crypto market sentiment include:

Contrarian investing: This is a strategy that involves going against the prevailing market sentiment and taking positions that are opposite to the majority opinion. Contrarian investors believe that when the market is overly optimistic or pessimistic, it creates opportunities to profit from price reversals. For example, a contrarian investor may buy crypto assets when the market is fearful or sell them when the market is greedy.

Trend following: This is a strategy that involves following the direction of the dominant market trend and taking positions that are aligned with it. Trend followers believe that the market moves in waves or cycles that tend to persist over time. For example, a trend follower may buy crypto assets when the market is bullish or sell them when the market is bearish.

Market timing: This is a strategy that involves predicting the future direction and timing of the market movement and taking positions accordingly. Market timers use various indicators and signals, such as sentiment analysis, technical analysis, news, events, etc., to anticipate when the market will change its course or reach its peak or bottom. For example, a market timer may buy crypto assets before a positive news announcement or sell them before a negative one.

Crypto market sentiment can offer some benefits for investors who want to understand and navigate the complex and volatile crypto market. Some of these benefits include:

Enhanced decision making: Crypto market sentiment can help investors make more rational and objective decisions by providing them with additional information and insights that may not be captured by other methods. Crypto market sentiment can also help investors avoid emotional biases and impulses that may cloud their judgment and lead to suboptimal outcomes.

Improved risk management: Crypto market sentiment can help investors manage their risk exposure and adjust their strategies according to the changing market conditions. Crypto market sentiment can also help investors identify potential opportunities and threats that may arise from the market sentiment shifts and fluctuations.

Increased profitability: Crypto market sentiment can help investors increase their profitability by enabling them to capitalize on the market inefficiencies and imbalances that are created by the collective emotions and behaviors of the market participants. Crypto market sentiment can also help investors optimize their entry and exit points for trades and maximize their returns.

Therefore, JPMorgan advised investors to be selective and cautious when investing in crypto assets, and to diversify their portfolios across different platforms, assets, and regions. They also recommended investors to monitor the market developments closely and to adjust their positions accordingly.

Coinbase in Talks with Canadian Banking Giants to Promote Crypto

By
Paul Ugbede Godwin
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0

Coinbase, one of the largest cryptocurrency exchanges in the world, is reportedly in talks with some of the biggest banks in Canada to promote the adoption of digital assets in the country. According to a recent article by Bloomberg, Coinbase has approached several Canadian lenders, including Royal Bank of Canada and Toronto-Dominion Bank, to explore the possibility of offering crypto-related services to their customers.

Coinbase’s move comes as Canada has emerged as a leader in the global crypto space, with several regulatory approvals and innovations in the sector. For instance, Canada was the first country to launch Bitcoin exchange-traded funds (ETFs), which allow investors to access the cryptocurrency market without holding the underlying asset. Canada also has a thriving crypto mining industry, thanks to its abundant and cheap hydroelectric power.

Coinbase’s chief executive officer, Brian Armstrong, said in a recent interview that he believes Canada is “very forward-thinking” on crypto and that he hopes to partner with local banks to educate and empower Canadians to use digital currencies. He added that Coinbase’s mission is to create an open financial system for the world and that working with traditional financial institutions is a key part of achieving that goal.

Coinbase already has a presence in Canada, having launched its platform in the country in 2015. However, the company faced some challenges in 2018, when one of its payment processors, Vogogo, shut down its operations, leaving Coinbase without a reliable banking partner. Since then, Coinbase has been working to restore its services and expand its offerings in Canada.

One of the potential benefits of collaborating with Canadian banks is that Coinbase could gain access to the country’s fast and efficient payment system, known as Interac. Interac allows users to send and receive money instantly through their bank accounts or mobile devices, making it an ideal option for crypto transactions. Coinbase could also leverage the banks’ existing customer base and reputation to attract more users and increase its market share in Canada.

Coinbase is not the only crypto company that is eyeing the Canadian market. Earlier this year, Gemini, another major US-based exchange, announced that it had obtained a license from the Investment Industry Regulatory Organization of Canada (IIROC), which allows it to operate as a regulated dealer in the country. Gemini also partnered with a local fintech firm, Wealthsimple, to offer crypto trading services to Canadians. The growing interest and activity in the Canadian crypto space reflects the increasing demand and adoption of digital assets around the world. As more people and institutions embrace crypto as a new form of money and investment, Coinbase and other players are looking for ways to expand their presence and offerings in this emerging market.

The article cites unnamed sources who claim that Coinbase has approached several banks, including Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce. The sources also say that Coinbase is looking for regulatory approval from the Office of the Superintendent of Financial Institutions (OSFI), the federal agency that oversees the banking sector.

Coinbase’s move to collaborate with Canadian banks is seen as a strategic step to expand its presence in the country, where it already has more than 3 million users. The company also recently launched a dedicated website for Canadian customers, offering them access to more than 50 cryptocurrencies and various educational resources.

By partnering with banks, Coinbase hopes to increase the awareness and adoption of cryptocurrencies among Canadians, who are already among the most active users of digital assets in the world. According to a 2020 report by the Bank of Canada, about 5% of Canadians owned some form of cryptocurrency, up from 3% in 2018.

Coinbase also aims to benefit from the growing demand for crypto-related services from institutional investors, such as hedge funds, pension funds, and corporations. The company has been offering its Coinbase Custody service to institutional clients since 2018, providing them with secure and compliant storage solutions for their crypto assets.

Coinbase’s potential partnerships with Canadian banks could also pave the way for more innovation and competition in the crypto space, as other players may follow suit and seek similar collaborations. For instance, Wealthsimple, a Canadian online investment platform, launched its own crypto trading app in September 2020, allowing users to buy and sell Bitcoin and Ethereum.

Coinbase’s initiative to work with Canadian banks is part of its broader vision to create an open financial system for the world, where anyone can access and participate in the global economy using cryptocurrencies. The company believes that cryptocurrencies can enable more economic freedom, inclusion, and opportunity for people around the world.

Gender Identity Crisis: Who Is A Man And Who Is A Woman?

By
Stanley Alieke
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0

Whenever I get into an argument with woke transgender advocates, the LGBTQ community or the far-left movement that are always trying to force their pronouns and identity games down the throat of others, my body itches. 

Well, I found myself in that unfortunate incident again last night as I got into a long argument with some of my foreign friends who are transgender advocates.

The big issue is that when you want to have a proper intellectual conversation with them about this issue they will be quick to guilt trip you or emotionally blackmail you by calling you transphobia or homophobia.

I am not transphobia, I just want you to tell me “Who is a woman and who is a man” but it is pathetic that whenever you ask any of these transgender advocates what is a man or what is a woman they try to wiggle their way in and out of this simple question that demands a simple answer. The simple answer being “a man is a biological male while a woman is a biological female”. The presence of the xx chromosome determines who a woman is while the presence of the xy chromosome determines who a man is. This is the biological and scientific fact; self-identity does not or will not determine a gender. 

If you wake up someday and decide that you no longer want to be a man and you want to be identified as a woman, at best you are deluded or suffering from one mental illness or the other and what you need is to see a therapist, a psychologist or a medical practitioner. Forcing other persons around you to address you as a woman or use female pronouns while addressing you despite the thick voice, the protruding penis, broad chest, beard and every other biological compliment that make up a man is at best, a full-blown madness. 

But where does the madness stop? Can I wake up tomorrow and claim to be Aliko Dangote since I have a right to self-identify, then walk into any bank and ask the bank manager to grant me access to Aliko Dangote’s money since I have now identified myself as Aliko Dangote? This sounds stupid, right? Yeah, this is how stupid self-identification arguments from transgender advocates appear to sane humans. 

Men who claim to be women now use women’s restrooms and bathrooms in public places. Any biological woman who is not comfortable with that or tries to resist the man using or sharing the restroom with women, that person will be labeled as transphobic and could even be charged.

Biological men who are weaklings and cannot man up enough to compete in men’s sports now find an escape route by identifying as women and they are allowed to play side by side with women. Well, biological women are now protesting against this but the protesters are labeled as transphobia. How do you expect a biological woman to match strength by strength with a biological man in sports? 

Don’t you see the problem yet? Evil people are taking advantage of these self identify or identify change tomfoolery to do evil things. Sexually perverted men use this gender identity loophole to claim that they are women just so they can enter women’s restrooms to stare at naked women and sexually harass them. 

A rapist was recently arrested, and as he was about to be sent to jail, he claimed that he identifies as a woman and he was sent to women’s jail, little did the prison officials know that he just wanted to take advantage of this loophole and have uninterrupted sex with the female inmates. Well, he succeeded as he ended up impregnating some of the female inmates before he was transferred. 

I pride myself as a liberal but the whole argument of self-identity; identifying as what you are scientifically or biologically not will never make sense to me.

When you think we are only dealing with men identifying as women and Vice versa, think again, People are now identifying as trees, some grown men are now identifying as babies, some folks are now identifying as animals, and some have even identified themselves as cars and you will ask yourself where and when does this madness stop but to the far left and transgender advocates, they are advocating that they should be left alone and be addressed as what they have identified to be. 

Well, this is not just stupid but a mental illness. 

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