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ChatGPT has blown my mind

By
Stanley Alieke
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0

I have heard and read so much about Artificial Intelligence (AI) and what it can do to convenience mankind but I had no idea that  it could be this savvy and sophisticated until I started using ChatGPT and it got my mind blown away. ChatGPT has really changed the game.

I am an addict of Google; I am always googling to corroborate my biases and to learn new things but if google does not sit up and step up its game (which I read that they are now toiling day and night to bring out strong competition to ChatGPT) they will lose tonnes of its users to ChatGPT including me.

Google will tell you how to make a dish, but ChatGPT makes the food for you and goes as far as spoon-feeding you the food. Mankind being inadvertently lazy and always looking for ways to save time will definitely choose a ChatGPT that will make the dish and spoon-feed them the dish over google; even the google CEO will definitely choose that.

ChatGPT can draft that letter for you, not just write it for you but put it in the format it should be and all you need to do is to either copy it or print it out, add your name and send it; ChatGPT can draft up your Curriculum Vitae for you, ChatGPT can draft up a proposal or a pitch for you and all you will have to do is to copy it and add your name and send, ChatGPT can even draft a legal agreement or contract for you; so far as you “garbaged in” the AI the names of the parties in the contract, the date and other relevant details, the AI will “garbage out” a contract agreement for you and save you the cost of getting to hire the services of a lawyer; and the list goes on.

This morning I asked ChatGPT to draft up a pitch for me that I needed to send to someone. I only fed the Ai how I needed the pitch to look, and in less than 10 seconds I had a professionally crafted proposal that I just copied, added my name and sent to my intended recipient.

Due to the complexity of the proposal that  ChatGPT helped me to draft this morning, if i were to engage professional proposal drafters, I would have been charged nothing less than $50 for it and they would have taken more time to do it and even delayed me because I was running behind schedule hence why I decided to use a bot; I was able to save my money and save more time as it took only about 10 seconds for me to have my work done.

If you are yet to embrace this technology and use it to make your life much easier and save costs then you are sitting on a bicycle, you have been left behind.

Be it as it may, there is no doubt that there are disadvantages associated with these AIs that are taking over the world like a tsunami, but that is just what it is, every good thing always has a downside associated with it but we won’t discard it because of its downsides; the immediate disadvantage of this AI that hit me instantly while I was engaging ChatGPT this morning is that people will be out of jobs pretty soon. Once everybody starts using AI to do what humans do then the humans that do it will have no job left to do; just like i said earlier that ChatGPT can prepare a CV and Copy-write for you, the immediate example is that professional copywriters and Cv drafters will lose their jobs to AI. Even as a lawyer, my job is now at risk; I recently read in some magazines that a lawyer robot has been developed to go to courts and file motions and argue cases. Basically, to do whatever lawyers have been trained to do, can you imagine that? but honestly, I personally would rather engage an AI than engage with humans because it’s more convenient and cheaper to engage them.

Well, I look in awe to behold how much AI would have taken over the world before the end of 2023.

President Joe Biden Proposes 30% Excise Tax on Crypto Mining Electricity

By
Paul Ugbede Godwin
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0

The administration of U.S. President Joe Biden has proposed an excise tax on cryptocurrency miners equal to 30 percent of the cost of the electricity they use, and plans to eliminate tax deductible losses related to wash-trading of crypto tokens, according to a U.S. Department of the Treasury’s document published Thursday. It’s “hindering the transition to a low-emission energy future,” the White House says.

The Treasury Department said any company using computing resources owned or borrowed — to mine digital assets will be subject to the 30% tax, which is expected to be introduced over three years in 10% annual stages starting from Dec. 31, 2023.

The increase in energy consumption attributable to the growth of digital asset mining has negative environmental effects and can have environmental justice implications as well as increase energy prices for those that share an electricity grid, the Treasury Department said.

According to the White House, the estimated global electricity usage for crypto assets is between 120 and 240 billion kilowatt-hours per year, a range that exceeds the annual electricity usage of Australia.

President Biden’s 2024 Fiscal Year budget also included a proposal to apply “wash sale rules” to digital assets to close tax loopholes. Wash trading for tax purposes refers to investors selling a financial instrument for a loss to claim the deductible and then immediately buying it back.

Crypto traders can claim tax-deductible losses on losses and then immediately repurchase tokens as digital assets are not classified as securities, while stocks and bond traders are prohibited from repurchasing the same securities for 30 days.

Similarly on the new tax havens, Speaker McCarthy said; President Biden just delivered his budget to Congress, and it is completely unserious. He proposes trillions in new taxes that you and your family will pay directly or through higher costs. Mr. President: Washington has a spending problem, NOT a revenue problem. However, both the House and Senate voted against Biden’s ESG rule.

The U.S. expects to apply the same restrictions on crypto from Dec. 31, 2023, where the country might raise US$24 billion from fixing the loophole, according to the White House.

Now according to the new proposed tax plan: Joe Biden Calls to double down the capital gains tax from 20% to 40%. The increase in capital tax gains means that a person has to pay more tax on his/her crypto profits this will lead to less motivation to invest further and hence will reduce volumes plus crypto prices.

Also, the new tax rule also removes the ability to tax-loss harvest. Tax-loss harvesting is a practice of selling a security that has incurred a loss to help investors reduce or offset taxes on any capital gains income subject to taxation. This practice is accomplished by harvesting the loss. The sold security can be bought back or replaced by a similar one.

More so, major price movements in the crypto markets are done by whales. Now the new tax plan also requires that the richest 0.01% of Americans pay at least a 25% tax rate “This means taxing more to the rich” Again, due to more tax the rich (whales) can lose motivation to buy & ultimately leading to low volume & low crypto prices.

Lastly, the Corporate tax rate is set to increase from 21% to 28%, which could impact the company’s bottom line. Biden also adds a new tax on small business owners. Biden also proposes a 30% tax on electricity used for Bitcoin and crypto mining.

Huobi Native Token HT Collapsed by 90% in a Flash Crash

By
Paul Ugbede Godwin
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0

Huobi, the 17th largest crypto exchange, has seen its native token collapse by 90% in a flash crash during Thursday trading.

At 3:45 pm, $HT was trading at $4.70. By 4:10 pm, it was down to $1.83. By 6:00 pm, it was back up $3.90,  30% lower than it had started the day.

Huobi Token (HT) is the native cryptocurrency of the Huobi Global exchange, based on the Ethereum blockchain and launched in January 2018. It is used to reduce commissions for trading, purchase VIP-status plans, vote on exchange decisions and receive crypto rewards.

The decline led to over $200,000,000 of market cap gone from $HT within an hour, only to recover by over 1000% minutes after. The flash crash of the token today led to some interesting theories online.

According to a tweet by a Kaiko researcher, sales worth $2 million were reported in the five minutes leading up to the crash, which is significantly higher than the usual $600,000 buys on the HT-USDT pair. Despite a 24% decline over the past 24 hours, the token has rebounded and is currently trading at $3.70 on Huobi.

Some speculated that the downturn has more to do with broader negative market sentiment. IdleHeroesTT said: “exchanges are a blessing and a curse. Genuinely feel like cryptos upwards price movement can only truly continue (asides from macro events) when we have a reliable, regulated on-ramp for fiat. Sad to see it has come to this point.”

This price volatility is particularly noteworthy since HT is one of the larger cryptocurrencies, with a market capitalization of approximately $630 million after the rebound. Justin Sun, founder of the Tron blockchain and a significant holder of the token, is also a key figure in the exchange’s strategy, making it a closely watched asset by crypto traders.

Recently, Justin Sun expressed confidence that Huobi, one of Asia’s leading blockchain platforms, will be granted a Virtual Asset Service Provider (VASP) license by Hong Kong’s Securities and Futures Commission (SFC). Upon that news two weeks ago, the HT token surged 24% in price.

The new licensing regime was enacted on March 1 to ensure compliance with Anti-Money Laundering and Counter-Terrorism Funding, as outlined by the Financial Action Task Force.

Huobi was the first crypto exchange to apply for the license and has held talks with the SFC to advise on developing an appropriate digital asset framework. Though Sun had previously denied involvement with Huobi, he has since confirmed that he has taken on an advisory role with the exchange.

Report by Nansen, a blockchain data infrastructure, indicates that Justin Sun had moved $60 million Ethereum stablecoin from Huobi into the Aave chain.

The withdrawal happened 11 hours before he tweeted in consolidation which HT flash crashed. Sun however apologized for the impact of the leveraged liquidation on the market caused by a few users, and in order to further improve the multi-currency liquidity of the HuobiGlobal platform, we will set up a liquidity fund with an investment of 100 million US dollars.

We will continue to improve the liquidity depth of main cryptocurrencies and HT token, strengthen leverage risk warnings and liquidity capabilities. Regarding this incident, we will keep the community updated on the follow-up progress.

Apparently, Justin Sun made a $100 million transfer to Huobi, details can be viewed on Etherscan.

I invite you to join Tekedia Capital Syndicate and co-invest with Ndubuisi Ekekwe, and our members

By
Ndubuisi Ekekwe
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0

I invite you to join Tekedia Capital Syndicate and co-invest with me, and other amazing members, in Africa’s next great tech-anchored startups. We’re making it easier for citizens, groups, investment clubs, companies, organizations, etc to own a piece of early-stage, high-growth technology startups operating across Africa.

Our opportunity antenna and grassroot connections with innovators enable us to see patterns as they develop. We invite you to partner with us as we nurture and build category-king companies in Africa and beyond, and in the process advance citizens, communities and nations.

At Tekedia Capital, we fund the foundations of the NEXT African economy through entrepreneurial capitalism. A  membership fee which covers 4 investment cycles (we typically do 2-3 cyclers every 12 months)  of $1,000 or Naira equivalent is  required; click and join today.

We understand this game and have many awards in the kit! The next cycle is about to begin and we invite you to join today.

The Role of Regulation in the Conversion of Bitcoin to Cash

By
TI Partners
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0

In recent years, Bitcoin has become a popular digital currency used by millions of people around the world. While it was initially designed as an alternative to traditional financial systems, the increased adoption of Bitcoin has led to a growing need for regulation. In particular, the conversion of Bitcoin to cash has become a major concern for regulators, as it can potentially be used for illegal activities. In this article, we will explore the role of regulation in the conversion of Bitcoin to cash. For more detail about the thequantumai App visit our official website

The Need for Regulation in Bitcoin Conversion

One of the biggest challenges with Bitcoin is the lack of regulation. Unlike traditional financial systems, Bitcoin operates outside of the control of governments and central banks. While this may appeal to some users, it also makes Bitcoin vulnerable to abuse. In particular, the conversion of Bitcoin to cash can be used to launder money, evade taxes, and fund illegal activities.

In order to combat these risks, regulators have taken a more active role in monitoring the conversion of Bitcoin to cash. This has involved the creation of new laws and regulations that aim to prevent illicit activities while still allowing for the legitimate use of Bitcoin.

The Impact of Regulation on Bitcoin Conversion

While some may see regulation as a hindrance to the growth of Bitcoin, it can actually have a positive impact on the industry. By providing a clear framework for the conversion of Bitcoin to cash, regulation can increase transparency and accountability, making it easier for law enforcement agencies to identify and prevent criminal activity.

Moreover, regulation can help to build trust among consumers and businesses, which can lead to increased adoption of Bitcoin. When users know that there are rules in place to protect their investments, they are more likely to feel confident in using Bitcoin as a legitimate form of payment.

Regulation also helps to prevent market manipulation and fraud. By requiring exchanges and other businesses to follow strict guidelines, regulators can ensure that the Bitcoin market operates fairly and efficiently.

The Role of Exchanges in Bitcoin Conversion

One of the key players in the conversion of Bitcoin to cash is the cryptocurrency exchange. These exchanges act as intermediaries between Bitcoin users and traditional financial systems, allowing users to buy, sell, and store Bitcoin. As such, they play a critical role in the regulation of Bitcoin conversion.

In recent years, many exchanges have faced increased scrutiny from regulators. This has led to the creation of new guidelines for exchanges, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. These regulations require exchanges to verify the identity of their users and report any suspicious activity to law enforcement agencies.

While some exchanges have struggled to meet these new requirements, others have embraced them as a way to build trust and credibility. By working closely with regulators, exchanges can ensure that they are providing a safe and secure platform for the conversion of Bitcoin to cash.

The Role of Banks in Bitcoin Conversion

Another important player in the conversion of Bitcoin to cash is the traditional banking system. While Bitcoin was designed to operate outside of this system, many users still need to convert their Bitcoin into fiat currency in order to pay bills or make purchases.

As such, banks play a critical role in the regulation of Bitcoin conversion. In recent years, many banks have been hesitant to work with Bitcoin businesses due to concerns about money laundering and other illegal activities. However, as regulation has become more common, many banks have started to take a more active role in the Bitcoin industry.

The Future of Bitcoin Conversion Regulation

As Bitcoin continues to grow in popularity, it is likely that regulation will play an increasingly important role in the conversion of Bitcoin to cash. While some may view regulation as a hindrance to the growth of Bitcoin, it can actually help to increase trust, transparency, and accountability within the industry. As such, it is important for regulators, exchanges, banks, and other stakeholders to work together to create a safe and secure system for the conversion of Bitcoin to cash.

Overall, the regulation of Bitcoin conversion is a complex and evolving field. While there are challenges and risks associated with the conversion of Bitcoin to cash, there are also opportunities for innovation and growth. By working together, regulators, exchanges, banks, and other stakeholders can create a safer, more transparent, and more efficient system for the conversion of Bitcoin to cash.

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