Ziggy’s proposal on Re-Peg of USTC to its $1 dollar peg has been greeted with immense community support. Previously known as LUNA, LUNC is the remnant native token of the original Terra blockchain, which rebranded to Terra Classic after experiencing a massive collapse. Last year, Do Kwon Terra Luna crashed with many investors losing millions of dollars in Crypto assets. When the Luna crypto network collapsed, it’s estimated that $60 billion got wiped out of the digital currency space.
Algorithmic stablecoins (UST) are not the same as Tether or USD Coin, which are backed by actual dollars or assets stored in a bank. Luna was Terra’s blockchain native token, similar to how ether is used on the Ethereum network. Luna had four different roles in the Terra network:
A method to pay for transaction fees in the Terra network.
A mechanism for maintaining Terra’s stablecoin peg.
Staking in Terra’s delegated proof of stake (DPoS) to validate network transactions.
Participation in the platform’s governance by adding to and voting on proposals when it comes to changes in the Terra network.
If Terra stablecoins like USTC are not stable, the ability for the LUNC blockchain (Terra Classic) to generate meaningful revenue is extremely limited. Profitability is limited to complex AMM strategies and, primarily, arbitrage. Arbitrage is the simultaneous purchase and sale of equivalent assets or of the same asset in multiple markets in order to exploit a temporary discrepancy in prices. This proposal aims to expedite the process slightly using data-driven parameters across any market servicing Terra assets
Ziggy’s proposal describes an actionable framework for the LUNC Community to re-peg USTC from a code level, a consensus level (both technical and social), and guidelines to do so. While this proposal is a signaling proposal, actionable plans outlined here are enforceable through the Terra Community Trust guidelines. The end goal is to recover the value lost in the May 2022 “de-peg” of SDT from the IMF SDR, which USTC was most affected by, while streamlining LUNC burn processes.
If the LUNC – Inverse H & S breakout and it can stay above $0.000194 convincingly on a daily basis. Technical target is ~ $0.00026. NFA. Looks like the passing of the Ziggy USTC repeg signal proposal is the trigger and the current narrative of the chain.
The peg mechanism for USTC would require there to be a positive price discrepancy between the USTC price and its pegged value in order to burn LUNC. So if the purpose of the Ziggy Re-Peg proposal is to repeg USTC to burn LUNC, LUNC should be pumping right now above USTC.
Time to get pumped $LUNC army! We are going to get everything working again for the blockchain, we are going to repeg $USTC, we are going to come together as a community and we are going to the moon together! SMASH the like button if you believe- an excited community member wrote.
$LUNC was TRENDING on KuCoin Exchange earlier today seems like people are wasting NO time in getting back into Terra Classic with the recent Ziggy proposal on USTC re-peg.
The day is Not over yet. Whenever it pumped and people got excited and bullish, hours later it was Followed by a Heavy knock out. What should it be different this time?
Disruptive technologies create a new basis of competition in markets, orthogonal to anything that is currently in existence. They do not just meet the needs of customers, they go beyond their expectations and serve their perceptions. In other words, you might not have imagined or anticipated them, but the day you see the products, you will like them. Indeed, they turn customers into fans.
In the Harvard Business Review, I explained it this way: “Apple and Diamond were disruptive in their respective markets. Their offerings are quite different, but they have one similar characteristic: they pursue Customer Perception….While expectation can help you stay in the game, top firms meet the perception of customers.” Yes, Apple and Diamond Bank DIBS were at that level.
Today, ChatGPT is the reigning category-king. It has locked 100 million users in two months: “ChatGPT, the popular artificial intelligence chatbot, has reached 100 million users just two months after launching, according to analysts. It had about 590m visits in January from 100 million unique visitors, according to analysis by data firm Similarweb.” That is a world-record, and Guinness Book of records will need to update a file.
ChatGPT, the popular artificial intelligence chatbot, has reached 100 million users just two months after launching, according to analysts.
It had about 590m visits in January from 100 million unique visitors, according to analysis by data firm Similarweb. Analysts at investment bank UBS said the rate of growth was unprecedented for a consumer app.
I’m a copywriter. I’m pretty sure artificial intelligence is going to take my job | Henry Williams “In 20 years following the internet space, we cannot recall a faster ramp in a consumer internet app,” UBS analysts wrote in the note, reported by Reuters.
By comparison it took TikTok about nine months after its global launch to reach 100 million users and Instagram more than two years, according to data from Sensor Tower, an app analysis firm.
ChatGPT can generate articles, essays, jokes, poetry and job applications in response to text prompts. OpenAI, a private company backed by Microsoft, made it available to the public for free in late November.
OpenAI also developed the AI-powered image generator Dall-E and is at the forefront of generative AI, or technology trained on vast amounts of text and images that can create content from a simple text prompt.
On Thursday, OpenAI announced a $20 monthly subscription, initially for users in the United States only. It would provide a more stable and faster service as well as the opportunity to try new features first, the company said.
Analysts believe the viral launch of ChatGPT will give OpenAI a first-mover advantage against other AI companies. The growing usage, while imposing substantial computing cost on OpenAI, has also provided valuable feedback to help train the chatbot’s responses.
‘It’s the opposite of art’: why illustrators are furious about AI OpenAI, which is based in San Francisco, said the subscription revenue would help cover the computing cost.
The Guardian contacted OpenAI for comment but did not receive a reply before publication.
Last month, Microsoft announced another multibillion-dollar investment in OpenAI in the form of cash and provision of cloud computing. On Wednesday Microsoft launched a premium version of its Teams product backed by ChatGPT, offering AI-powered extras such as automatically generated meeting notes. The tool also divides recaps of meetings into sections, based on the meeting transcript.
Google is not sleeping on this emerging redesign and is responding: “Google has invested $300 million into an OpenAI and ChatGPT rival, officially joining the race to create the best generative AI. The tech giant is taking a 10% stake in Anthropic and its AI model Claude, The Financial Times reports. Anthropic’s short history is full of big players — former OpenAI researchers founded the startup in 2021 and raised $580 million in funding last April, mostly from the now disgraced FTX. Google’s announcement comes weeks after Microsoft, LinkedIn’s parent company, invested $10 billion into OpenAI.”
Chat GPT made me think of human progress. It must be something fairly ground-breaking. Any time I contemplate something that’s ground-breaking, I tend to review our progress as a species on this planet and wonder if it is for better or worse? Are we going forwards or backwards?
I don’t always like the answers I give myself.
I am never concerned about the nature of new technologies in themselves, because technologies in an absolute sense have neither the capacity to be positive or negative, ‘good’ or ‘evil’. However, human behaviour on the other hand will never cease to amaze me with the degree to which the ingenuity that came with creating technologies in the first place, is matched with new lows of depravity, selfishness, greed, incompetence and ignorance in some other parts of our spectrum.
The question may not be if the technology is good for us, the question is if all of us are good enough for it.
The Copernicus Test
Ferdinand Magellan has been credited with proving the world is round by circumnavigating the globe. However, much earlier Greek and Babylonian mariners already had thesis about the world being round based on their observations of horizon phenomenon and atmospheric optics.
Johannes Gutenberg is credited with inventing the printing press, which itself is arguable as when exactly a ‘printing press’ is decided to have begun to exist, though what is important is that printing technology, and its prevalence rose to a critical mass in Europe by the mid-1400s. This would be equivalent to owning all of the Online and Social Media Platforms today.
In the middle of this was Copernicus, who held the rank of ‘Cannon’ in Roman Catholic clergy hierarchy. Cannons are the Churchs’ book keepers and lawyers. They report only to an ‘Enclave’ structure in the Vatican, and wield an authority impervious to the disposition of local Parish Priests or even Bishops.
At a time when the Church was at its most powerful, and even had its own armies, and in the nucleus of the ‘Internet of the Time’ this afforded Copernicus formidable information dissemination tools. He formulated a model of the universe that placed the Sun rather than Earth at the centre of a ‘solar system’ and this concept also conflicted with the view of Earth itself as something flat.
Others may have reached the ‘globe’ conclusion first, but he was one of the first successful mass proponents. Unfortunately, the church deemed his claims against the teachings of scripture and opposed him.
Today, discoveries frequently emerge which challenge established versions of ‘truth’. It is a David and Goliath struggle of a lone piece of work against matured academic archives that say different. It is already difficult for cutting edge concepts to reach the light of day without Chat GPT batting for the other side.
To pass the ‘Copernicus Test’ (in the right test conditions) Chat GPT must propose any lone ‘Copernicus’ as the required answer against trillions of terabytes of establishment data which is conflicting it.
Serial failure to do so may lead to Chat GPT being the last amazing innovation to birth as many others may be strangled by it, so as not to get a chance.
The Behavioural and Subjectivity Resistance Test
This test focuses on Chat GPTs innate ability to produce empirically absolute replies in circumstances that are heavily nuanced with conflicting sovereign laws, political ideologies, social or cultural standards, or normalized moral compi.
This is a notional test as the conditions to run the test would be difficult to arrange.
The notion is to get the agreement of two or more states that are quite strict on international movement, people and information, for example, North Korea and Iran.
They agree to run a separate closed node of Chat GPT inside their own boundaries.
The three independent Chat GPT ‘hard forks’ are each tasked with exactly the same question heavily nuanced with conflicting sovereign laws, political ideologies, social or cultural standards, or normalized moral compi.
ATC (Acceptance Test Condition) does not analyse the answers. The nature of the results in this case does not matter. All that matters is that they concur.
The Plagiarism Test
Using someone else’s hard work for to attain recognition or monetary gain is not ok. Even when content has been released into the open without explicitly applying copyright, Journalistic Creed decrees it shouldn’t be monetized without explicit permission, and when released as work without reward, for community education, or hobby/pastime reasons, the original author, or content source should be acknowledged.
In the Plagiarism Test, we need to analyse primary sources of information and if that information is proprietary, and whether Chat GPT has been a vehicle through which the final user of the content, has broken IP content law by using content without patronization or permission.
In point of law in most democracies, it is important to point out that the receiver of what has been stolen, is considered a higher order criminal than the entity that perpetrated the act of theft. Feigning ignorance and pleading not knowing it was stolen, is not accepted as a defence.
Should Chat GPT fail to show chain of custody on sources of information from which it provides replies, receivers should think hard before re-stating this information in a documented manner to others.
The Echo Chamber Test
Gradually, should Chat GPT use scale, there is a risk that Chat GPT may be sampling content whose thesis has already been influenced by Chat GPT.
There is the potential for this to compound and as the sources of Chat GPT influenced content scales, Chat GPT is increasingly sampling Chat GPT rather than independent unique data.
We need a test to either confirm or refute this is possible.
Manual Oversight Test (This one is for humans)
They say we are in ‘The Information Age’. To be truthful, humans have always been interested in passing on information. It is in our nature as social animals. We started with rock. Where we found hard rock we wrote on it by scraping something softer, where we found soft rock we made images and symbols by carving marks.
We graduated first by inventing different kinds of liquids (early paints which we adorned ourselves with in order to appear more fearsome in battle, or to signify our position in tribal hierarchy). Then we created mobile and exchangeable surfaces, such as papyrus, and later paper.
We’ve developed various means of relay messages – bird like and animal calls, smoke signals, carrier pigeons… long before the telegraph and the Internet.
We graduated teaching aids from blackboards and chalk to whiteboards and wipeable marker, and on to overhead projectors which showed slide images. Now we can stand in a hall and hook our portable device to event display equipment through Bluetooth. We can make content appear on a mass group of phones simultaneously, and hold video meetings with Zoom, Teams or Google Meet.
We can participate in the educational programs of Tekedia Institute without going anywhere.
As a very small kid I can remember being at a school desk where the only implement I had was a pencil. The desks had an inkwell, but having these in reach of young children was an impending disaster, so they were only filled for the higher classes. The ink pens were cheap solid plastic stems with a short nip affixed at the end.
Aside from completing a written work of any meaning, just finishing a written page without any smeared ink blots was a major achievement.
By the time I got to secondary school, ink pens had been mostly replaced by ballpoint aka ‘biro’. Some had ‘fountain’ pens and ‘cartridge’ pens which wrote in ink without needing an inkwell. But these were more an expression of etiquette and haute culture rather than a writing necessity.
Then came the advent of Calculators, and the first need for the Manual Oversight Test. Early calculators were all LED (light emitting diode) displays. They used battery quickly and performed irregularly when the battery went low. Later calculators were LCD (Liquid Crystal Display) and had a solar receptor that could charge the battery, though mistakes could still be made through missing a key through soft or double depressing through hard contact.
I could very quickly do mental arithmetic in factors of 10, so I would simplify lets say 102x94x253/46 to 100x100x250/50 in my head and check the calculator was giving me a ‘ball park’ figure. Later, I even devised mental validation approximations for calculations involving sine, cosine, tan, sinh, cosh, etc.
We use technology, but we are responsible to other humans for our answers and the decisions we take. We bear the consequences for our interaction with the technology in how we deliver results to others.
If a validation failure happens in aeronautics design and a plane falls out of the sky and people die, that is on a designer, not on the tools.
So before we can use Chat GPT to provide us with replies we will expose others to in some way, we need to first develop our own ways of approximating the accuracy of its responses.
If we cannot do this, then we are the 5 year old who should be given a pencil and kept away from that inkwell!
Two student desk, similar to my first schooldesk – Though this one appears to have a lift up lid and storage. Mine was just a flat surface, no storage.
These tests are notional. Being technically prescriptive about how to achieve them is beyond the scope of this article.
Much about the issue, is more about if we are right for Chat GPT rather than if it is right for us.
Indeed some of these issues may now be rising for Chat GPT, because we had not solved them in the earlier days of computing, the old conundra of determinism, indeterminism, probability and randomness.
Sometimes we need to discipline our use of the technologies we have today, to permit the climate for the creation of the technologies we may have tomorrow.
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Merchant Banking involves the rendering of financial services focused around underwriting, fundraising, financial advisory, and loan services for large corporations and High Net Worth Individuals (HNWIs).
In Nigeria, merchant banking is regulated by the Central Bank of Nigeria (CBN) through its 2010 Merchant Banking Regulations.
This article will be looking at some of the most important provisions of these regulations as well as some of licensing and operational requirements for merchant banking in Nigeria.
– Taking deposits of not less than 100 Million Naira or such other prescribed minimum amount from natural or legal persons .
– Providing finance and credit facilities to non-retail customers.
– Dealing in foreign exchange and providing foreign exchange services subject to the relevant laws of Nigeria.
– Act as an issuing house or otherwise manage, arrange or coordinate the issuance of securities for or on behalf of any person, subject to the provisions of the Banks and Other Financial Institutions Act (BOFIA).
– Providing treasury management services including the provision of money market, fixed income and foreign exchange investments on behalf of clients.
Non-PermissibleActivities
– Accepting deposit withdrawals by cheque.
– Granting retail loans or engaging in retail banking.
– Holding for more than 6 months any equity interest acquired in a company while managing an equity issue.
A merchant bank shall maintain the following minimum standards under the CBN Regulations :-
– Maintain a minimum paid-up share capital of 15 Billion Naira or such other amount as may be prescribed by the CBN.
– Comply with all prudential guidelines and regulations issued by the CBN on the required level of capital adequacy, liquidity and cash reserve.
– Observe all applicable corporate governance standards as may be prescribed by the CBN and other financial service sector regulating authorities in Nigeria.
– Design, comply with and implement an internal control framework in accordance with the standard that the CBN may prescribe from time to time.
Canmerchantbanksownsubsidiaries?
Yes they can, but subject to the limitations placed by the CBN Regulations.
Commercial Papers in Nigeria
In the course of business operations, many businesses go for short to medium and long-term credit facilities in the form of financing options that can be channelled to business expansion or diversification projects.
One of the more recent financing options available to businesses are Commercial papers for a number of reasons.
This article will be looking at what commercial papers are, the regulatory framework governing commercial papers in Nigeria, the necessary parties to a commercial paper transaction and the necessary documentation required in a commercial paper transaction.
Whatexactlyisacommercialpaper?
A commercial paper is a short-term debt security instrument that is typically unsecured and which carries a maturity period of usually not more than 270 days. A commercial paper is not a debenture in the strictest sense as debentures are typically convertible, secured and having a longer maturity period.
Commercial paper transactions are under dual-regulation by the Securities and Exchange Commission (SEC) as well as the Central Bank of Nigeria (CBN) through its approval of the Quotation rules of the FMDQ Over The Counter Securities exchange.
Arecommercialpapersmoneymarketinstruments?
Yes they are , though they are traded specifically at Over The Counter (OTC) markets.
The requirements for the issuance of a commercial paper are :-
– The issuer must have a 3-year audited financial statement
– The issuer must have been in existence for at least 5 years post-incorporation and must have a share capital of 500 Million Naira or must be supported by a guarantor that meets these requirements.
– The issuer must have a line of credit with a Nigerian bank.
– Guaranteed commercial papers granted to an obligor must not be above 30% of a bank’s unimpaired shareholders fund.
Torrent sites can be blocked by ISPs, but on the pirate bay, you can find a current and working list of torrent sites. However, is it possible to bypass these blockages? Yes, it is possible to arrange it so that your ISP will not know that you are visiting a blocked site or using a blocked messenger. To do this, you need special intermediaries: they can help you create encrypted communication channels with servers located abroad and redirect your Internet traffic through them.
What kind of intermediaries are these? These can be special sites or servers, browser extensions or browsers with built-in web-blocking features, or programs that connect your device to secure networks. Some of these are completely free, while others require a fee.
And if I Regularly Want to Visit Blocked Sites?
Then it is better to use special browser extensions like Browsec or Zenmate for Google Chrome and Mozilla Firefox. Or you can install Opera – a browser with a built-in secure proxy server. Note that blocking can be bypassed only by the browser for which you install the extension. Other applications (such as torrent clients or messengers) will not be able to bypass blocking.
If the authors of such extensions do not cooperate with the authorities, they will have to play “cat and mouse”, constantly changing the IP address. But for users, it will look like a simple automatic update of the extensions.
Are There Any Universal Tools?
EVPN. They let all your Internet traffic through their servers and allow you to bypass blocking for any application, such as a messenger, or cope with slow downloading torrents. You can connect stationary computers and laptops, mobile devices, and even some home routers to such a network. It all depends on your particular provider. You can try free services Opera Free VPN (only mobile devices) or CyberGhost VPN.
If the owners of VPN services agree to cooperate with the authorities, then you’ll need not one but two law-abiding VPN providers to bypass blockades. The first will allow you to pretend to be a foreigner, so the second will not apply to your blocking from the blacklist. In addition, blocking will be officially allowed to bypass the corporate VPN, which is used by company employees.
How to Protect Yourself and Identify Fake Torrents
Use the search engine DuckDuckGo if you’re having trouble finding a torrent tracker. It is much more private than Google and is less likely to hide URLs due to DMCA (Digital Millennium Copyright Act) requests, which aim to block services that circumvent copyright measures.
Beware of fake torrent trackers. Multiple windows, registration requests, and questionable-looking URLs are signs of malicious sites. Fake sites often imitate real torrent trackers when they are shut down and may contain malware as well. Use a trusted torrent client such as uTorrent to download files after you have found a trustworthy site.
Check the security of each torrent before you download it. Check the history of the author of the giveaway to see if he or she publishes quality and popular torrents. I avoid new authors and only download verified torrents – unverified torrents can easily install malware on your device. To increase the likelihood of downloading a reliable torrent, pay attention to the ratio of sitters to listers. It is also helpful to read comments on torrent pages to be aware of potentially dangerous downloads beforehand. Remember that your anti-virus program may sometimes work falsely for safe files.
Use quality security software to scan RAR, TAR, and ZIP files for malware, and pay special attention to EXE files. These are the files that most often initiate malicious processes. Avoid outdated WMA and WMV file formats. Download a secure VPN and a trusted malware scanner to protect your personal information and device while downloading torrents. You can also connect a quality ad-blocking service before you start visiting torrent trackers.