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Building off Ethereum reaches new lows of US Based Legislative Insanity.

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There is one thing that happens with Lawmakers … and to be fair, that’s lawmakers everywhere, not just the US. That is the zeal with which they rush to legislate on new technologies is sadly not matched with their understanding of it.

As a world, legislative containment can’t even curb the worst of what can happen with FIAT economies – inflation, stagflation, recession, quantitative easing, fractional reserve banking (non exhaustive list)… and FIAT currencies are thousands if not tens of thousands of years old…

So how can we expect lawmakers and regulatory authorities to put in place sensible legal frameworks for the operation of cryptocurrencies and other blockchain value instruments?

Well, it seems, we can’t!

I’ve written at length about how the Ethereum Ecosystem is vulnerable to regulatory and judicial interference in the US.

There are two aspects to this – Firstly, the core of Eth itself, after it moved to PoS (Proof of Stake) – Majority Stakeholders are now known and an open record, so regulatory authorities can directly target them and hold them accountable for whatever crazy new requirement they dream up.

Secondly, and more importantly – Any businesses who have created themselves off different types of EVMs or scaling systems – examples, Binance, Polygon etc are extra vulnerable.

Why? because these are just regular companies with a lot of off-chain data. They have ‘smart contracts’ but they don’t have a blockchain in the sense that Ethereum is a blockchain, or Bitcoin is a blockchain.

So… the SEC can do the heavy on them… key investors can do an SBF on them… or they can simply go bankrupt.

Things keep on getting stranger –

Illinois court has come out with a decision that’s impossible to implement in some blockchains. They have empowered courts to be able to order a blockchain transaction that is executed via a smart contract to be altered or rescinded.

The act would apply to any “blockchain network that processes a blockchain transaction originating in the State’

Six Months ago in the post:

As Ethereum Goes Proof of Stake, has Uncle Sam via his ‘SEC’ just got a new tool to spank Binance, and China’s rising Crypto-Experts? And what does this mean for Ethereum’s Longevity?

.I related how it was reported by Sam Kessler of Coindesk that Stanford researchers had created two new Ethereum token protocol formats – ERC20R and ERC 721R – the ‘R’ standing for REVERSIBLE.

In addition to this, the SEC has now decided that the use of three particular emoji’s – the rocket, the financial chart, and the moneybag, all constitute ‘Financial Advice

So you think, ok leave US and make something off Ethereum based somewhere else? Well… if too many companies do this, and the Ethereum ecosystem in general isn’t working in IRS benefit, then SEC can just come down on the Eth. core.

Because of the PoS status, and the weighting of just a few investors to have control over the staking, they can pretty much disable it.

This week, SEC has taken shots at Binance on both Paxos and Voyager issues. Last week Binance was taking heat for transferring $400m to Merit Peak, a company managed by Chanpeng Zhao.

Polygon is amid layoffs.

 

Pulling the Eth core out from under systems working off Eth but registered outside the US could conceivably result in the biggest state sponsored rug pull ever!

 

9ja Cosmos is here…

Get your .9jacom and .9javerse Web 3 domains  for $2 at:

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All reference sites accessed between 26-28/02/2003

cointelegraph.com/news/unworkable-bill-to-ban-blockchain-immutability-is-introduced-in-illinois

reuters.com/business/finance/paxos-engaged-constructive-discussions-with-us-sec-over-binance-stablecoin-2023-02-21/

blockonomi.com/sec-takes-another-shot-at-binance-us/

msn.com/en-us/money/markets/federal-judge-rules-that-emojis-count-as-financial-advice/ar-AA17Sgai

tekedia.com/as-ethereum-goes-proof-of-stake-has-uncle-sam-via-his-sec-just-got-a-new-tool-to-spank-binance-and-chinas-rising-crypto-experts-and-what-does-this-mean-for-ethereums/

coindesk.com/tech/2022/09/28/stanford-proposal-for-reversible-ethereum-transactions-divides-crypto-community/

reuters.com/technology/crypto-giant-binance-moved-400-million-us-partner-firm-managed-by-ceo-zhao-2023-02-16/

 

DookeyDash Sells for $1.7M as Yugalabs sets to Launch TwelveFold

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NFT Market is not in its best shape, with google search trending down for months, but one of its movers – YugaLabs is blasting from all cylinders this week. Yuga Labs is undoubtedly a major player in the NFT space, having completed several high-profile deals and setting records in terms of price and volume. Yuga Labs is the company behind the Bored Ape Yacht Club (BAYC) ecosystem and owners of CryptoPunks and Meebits IPs always have the media attention, with their BAKC logo alleged steal sparking controversial remarks last week gets back on the positive note.

DookeyDash a gaming NFT project instituted by Yugalabs has trade for a whooping sum of $1.7 million on Opensea. The new trade records as the third most prominent individual Esports winning of all time

Say what you will about the game itself but this will (and already has) attracted a lot of attention from gamers who supposedly hate NFTs. The Golden Key is a 1/1 nft won and his owned by pro twitch gamer Mongraal for getting the highest score in Yuga Labs game, Dookey Dash.

Previously, Mongraal had the DookeyDash nft listed for 2,222 ETH ($3.6M), a 999 Ether ~ $1.1M bid expired on Sunday night with Mongrall saying he would accept a 1000 Ether approximately $1.7 million bid made by billionaire Adam Weitsman, interestingly the bid offer was upped hence the acceptance by the owner on Opensea. Yugalabs will get a 50 Ether royalties from this sale.

Interestingly, Yugalabs is releasing a limited collection of 300 generative arts n— TwelveFold next week to be inscribed on Satoshis on the Bitcoin Blockchain as the drive for BTC NFTs spark volume in the Non fungible terrain.

Yuga Labs is capitalizing on the current hype surrounding Bitcoin NFTs, commonly known as Ordinals. Ordinals protocol is responsible for doubling the Bitcoin transactions fees, and already amounted to a million dollars in earned fees for Bitcoin miners.

These pieces — TwelveFold represent a complete art project and will not have other utility or interact with or be related to any previous, ongoing, or future Ethereum-based Yuga projects. The generative pieces were crafted in-house by Yuga Labs’ art team using 3D modeling, algorithmic construction, and high-end rendering tools. All TwelveFold pieces will be sold in an auction later this week. All bids will be made in Bitcoin.

Inscriptions are NFTs that live in the Bitcoin blockchain. An inscription is created when a file, such as an art image, is written into (inscribed into) units of Bitcoin, called satoshis. Satoshis are the smallest individually identifiable units of Bitcoin (one hundred million satoshis equals one Bitcoin). Inscriptions, also called digital artifacts, are native to the Bitcoin blockchain and are made possible through the Ordinal theory protocol.

PDP, LP Issue Statement; Call for Cancelation of Presidential Election, Resignation of INEC Chairman

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The Peoples Democratic Party (PDP) and Labour Party (LP) have issued a joint statement calling for the cancellation of the February 25 presidential election. The statement signed by the parties’ chairmen Barr Julius Abure (LP), Dr Iyorchia Ayu (PDP), also asked for a fresh election to be conducted and for the Chairman of INEC to be removed:

“Nigeria held its general elections on Saturday, February 25, 2023 and this press conference is to address the urgent and important issues arising from the exercise, which was for the election of the president, vice president, and national assembly positions.

“The exercise, carried out by the Independent National Electoral Commission (INEC) is still underway as we hold this conference collation is still on-going in some parts of the country. We monitored with dismay the travesty to democracy that was exhibited at the National Collation Centre of the Independent National Electoral Commission (INEC). It is, to say the least, a rape on democracy.

“The conduct of the February 25, 2023 election has been marred by widespread violence, rigging, intimidation of voters, doctoring of the results, and violation of the laid down electoral process which was communicated by the national electoral body, INEC.

“INEC had announced a process which would require the use of the Bimodal Voter Accreditation System, BVAS, for accreditation and voting and that all election results would be electronically transmitted from polling units to INEC Servers. The above process, published repeatedly, announced severally, and agreed with INEC by all political parties was not followed, thereby leaving room for manipulation of the results after Nigerians had voted.

“The results announced by INEC so far shows monumental disparities between the actual results reported by our Party agents, our party members, and indeed millions of Nigerians, on election day from the polling units. We have also listened to the arguments made by collation officers of the different political parties.

“The crux of the matter is the deliberate refusal of the INEC Chairman, Professor Mahmood Yakubu as the National Returning Officer for the presidential election to respond to the demand of political parties for INEC to respect the pre-existing regulations that results of this election shall be uploaded on the INEC server through the Bio-modal Voter Accreditation System technology.

“The refusal of INEC to comply with the laid down, published, and agreed process for the conduct of the election has compromised the integrity and credibility of entire presidential election.

“We also note that on February 25, 2023, the day of the election, millions of Nigerians were left in utter doubt and disappointment at polling units as INEC officials across the country refused to electronically transmit the results to the INEC server as was expected by all stakeholders in this election. In cases where they tried to upload the results, INEC officials assigned to polling units could not do so. In some cases, they revealed that they had directives from their superiors to not upload the results.

“In some cases, they said that the password for them to access the INEC server had been changed.

“We also recall that the initial explanation by INEC for the delay was on account of glitches on the INEC server. Neither did INEC explain to the nation what the nature of those glitches was nor did the commission avail the country or even agents at the polling units that it will not be uploading the results generated at the Polling Units to the server when it resolves those glitches.

“We are, therefore, constrained on this development to state that INEC compromised the integrity of this election even before collation began at the PUs.

“Section 60 sub-section 5 of the Electoral Act states that “the presiding officer shall transfer the results, including total number of accredited voters and the result of the ballot in a manner as prescribed by the commission.”

“The failure to comply with the provisions of the electoral act and the guidelines, makes it imperative that all results recently uploaded to the I-REV portal be audited before they are announced. It was on the strength of this provision in our Electoral Act that the Independent National Electoral Commission (INEC) introduced the BVAS technology to the country.

“The expectation of the majority of Nigerians was that INEC was going to conduct the 2023 election in compliance with both the Electoral Act and its own guidelines. Unfortunately, INEC recapitulated on that promise and conducted the election with the usual crude standard that predates the introduction of the BVAS machine. This election is not free and far from being fair or transparent.

“There is ongoing extensive cancellation of results all over the country, especially in the areas of strength of opposition parties, to shore up the numbers of the APC. The total number of cancellations to date nationwide has in any event rendered the elections inconclusive.

“The People’s Democratic Party, the Labour Party, The ADC and other aligned parties shall not be part of the process currently going on at the National Collation Centre, and we demand that this sham of an election should be immediately cancelled. We also call for a fresh election should be carried out within the window allowed by the Electoral Act and in accordance with the laid down INEC procedure for the conduct of the 2023 Elections.

“We call on the international community to note that the results being declared at the National Collation centre have been heavily doctored and manipulated and do not reflect the wishes of Nigerians expressed at the polls on February 25, 2023. We also wish to declare a vote of no confidence on INEC’s Professor Yakubu. By his conduct & reaction to the complaints of disenfranchised political parties, we believe that he lacks the integrity & moral standing to continue to oversee this process to a conclusion.

“We are therefore calling for Professor Yakubu to step aside from his role as INEC Chairman and for a credible personality from outside the Commission to take his place and see this process to a conclusion that would be acceptable to all stakeholders and would restore the confidence of the international community in our democratic process and institutions.

“We have a responsibility to the millions of Nigerians who put their faith in our parties and our presidential candidates to defend our country from the forces that seek to tear us apart. We are calling on President Muhammadu Buhari to stand by his promise to Nigerians to bequeath a legacy of free, fair, and transparent elections to the country.

“President Muhammadu Buhari, this is a time of great test of your integrity to use your office to save Nigeria from this electoral heist and save your legacy from the forces that seek to mar your democratic credentials. We are calling on Nigerians to continue to believe in the promise of Nigeria and to join us in defending the integrity of our country and defending our democracy.

“Thank you, and may God bless us all.”

Elon Musk is Reportedly Recruiting Scientists to Develop AI Alternative to ChatGPT

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Elon Musk has joined the AI race triggered by OpenAI’s ChatGPT that has largely shown efficacy in handling a variety of tasks, including composing essays and writing codes.

The Tesla and Twitter CEO is reportedly recruiting AI researchers that will help to build a research lab for the development of AI-powered chatbot that will stand as alternative to ChatGPT, according to The Information.

The report said Musk has been recruiting Igor Babuschkin, a researcher who recently left Alphabet’s DeepMind AI unit.

Musk, a cofounder of OpenAI, has criticized ChatGPT’s monetization – saying it goes against the original plan to make OpenAI non-profit. The SpaceX CEO cofounded OpenAI in 2015 with the company’s current CEO, Sam Altman, but left the board in 2018 without holding shares.

Musk has also called for the regulation of AI which he said is a threat to humanity. Weeks ago, he said in a tweet that “what we need is TruthGPT,” amplifying his dissatisfaction with the function of ChatGPT which he agrees with critics that it is also woke.

Musk said that American engineers are pandering to woke ideas in developing AI tools, citing how ChatGPT had described former US president Donald Trump and current President Joe Biden.

The Information said, quoting an interview with Babuschkin, that he and Musk have discussed assembling a team to pursue AI research but the project is still in the early stages, with no concrete plan to develop specific products. Babuschkin added that he has not officially signed onto the Musk initiative, according to the report.

Musk is not only one from the US tech industry joining the AI race. Meta’s CEO Mark Zuckerberg announced last week, the company’s release of LLaMA, a new “state-of-the-art” Artificial Intelligence model designed to help researchers in carrying out their work. He also said on Monday that Meta is “creating a new top-level product group focused on generative AI to turbocharge [its] work.” This will help Meta to develop creative and expressive tools that will be used over the longer term, to build AI personas that can help people in a variety of ways. The company said it intends to onboard it into WhatsApp and Instagram over the long term.

Tech giant, Microsoft has invested billions of dollars in OpenAI and has incorporated the ChatGPT into its Bing search engine and Microsoft Team Premium.

—Bank of America said the “adoption rate of this technology so far is unprecedented,” putting us on the verge of another “iPhone moment,” and predicted the economic impact would be $15.7 trillion by 2030. (Fortune)

The Billionaire Multipliers As Elon Musk Returns As King of Money!

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It is a loop and once you can get into it, it becomes like an organic biological system that self-regenerates, unbounded and unconstrained by exogenous factors. Yes, the richest among us will remain super-rich because what made them rich compounds faster than they can spend their money. And because of technology, they do not have to use many factors of production to do those things which generate the money, making it easier for them to keep making money. 

In the old era, you needed to employ villages across territories to be super-rich, today, that is not the case (Foxconn in China which couples devices for Apple employs close to 1.5 million workers for a market cap below $50 billion. Apple uses less than 164,000 people to generate about $2.4 trillion market cap, demonstrating a huge positioning in the utilization of labour).

So, Elon, Mark, etc will keep adding the digits. Congrats to Elon Musk as the World’s Richest Person.

Tesla and Twitter CEO Elon Musk has reclaimed the title of the world’s richest man. The Tesla billionaire started the year with a net worth of $137 billion and is now currently worth $187 billion.

According to reports, Musk reclaimed his position after the stock price of his EV automotive company Tesla, increased by a whopping 100% after 8 hours of trading. This helped Musk amass $6.98 billion, adding a significant increase to his net worth.