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tldr; Hong Kong-based Meitu has purchased $22 million in ether and $17.9 million in bitcoin for its treasury. Meitu said it bought 15,000 ETH and 379.1 BTC in open market transactions on March 5. The company said it's evaluating the feasibility of integrating blockchain tech into its overseas business.
This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
BigM4cro said:
This is actually an enormous Chinese tech company for those of you who don't know. It's market cap is about the same size as Bank of America ~ 300B USD
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Krunkworx said:
This is huge for Eth. It’s taken a back seat to institutional investors. The flippening is happening!
This is actually an enormous Chinese tech company for those of you who don't know. It's market cap is about the same size as Bank of America ~ 300B USD
First publicly traded company to disclose buying ETH for its treasury function.
This is huge for Eth. It’s taken a back seat to institutional investors. The flippening is happening!
Glad to see another firm buying outside of Tesla, Square, MicroStrategy, and Grayscale
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This is only the start wait until all firms hold crypto on their balance sheets.
tldr; Hong Kong-based Meitu has purchased $22 million in ether and $17.9 million in bitcoin for its treasury. Meitu said it bought 15,000 ETH and 379.1 BTC in open market transactions on March 5. The company said it's evaluating the feasibility of integrating blockchain tech into its overseas business.
This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
We will probably see more companies (including those in Asia) investing in Cryptocurrency. This will probably be good news.
I usually agree with a lot of what Dan Held says, but after watching his debate on bitcoin Vs alts with Eric Voorhes, Dan failed to justify his opinion sufficiently in my eyes. At the end of the day opening the innovativation door and immediately shutting it behind yourself is not very fair or smart. There is more to come in this space that Bitcoin set the scene and paved the way for.
Lyn Aldens was way better. I can’t believe he skipped over POW vs POS. It’s the most important difference. POS has Nothing at stake essentially becoming another version of fiat where wealth is created out of thin air, wealth is never distributed well, energy is, pow has unforgeable costliness, pow provides a base price with a cartel to defend it, pow tells time on its own, pow is useless if forked because you can’t copy paste the miners, pow incentivized nation state level industrial buy in, listen to some Saylor on What is money or Bitcoin Audible and Tales From the Crypt have many episodes describing the need for pow for a sov and monetary base, Antonopoulos covers it too. Pos is great for a utility coin. Probably better. No need to waste as much energy just for an NFT or some such. Imo they are very different and we have yet to see if Eth can find a permanent fit but I wouldn’t bet against it, just don’t bet on it to replace Bitcoin.
Thanks, OP, stimulating read!
A couple highlights and things I agree/disagree with:
Bitcoin is distinctly different than all the other blockchains because it has had a persistent narrative since day one: Gold 2.0/SoV
Many DLTs have a persistent narrative, and as the chart points out the Gold 2.0/SoV one wasn't the dominate narrative in the early days of BTC (although it was always pervasive).
​
The Ethereum community has endorsed radical changes/pivots, trying to find narrative fit
2 things.
​
Ethereum is an aggregator of these narratives, trying each one out over the years in an attempt to seduce Bitcoin and other believers.
???. The lady doth protest too much, methinks
(Later talking about EIPs)
These constant changes leave Ethereum open to exploits and attacks. As evidenced recently by the near constant stream of DeFi thefts, and weakened decentralization.
IMHO, Eth decentralization remains a real pain-point. But is the author citing real exploits enabled by Eth protocol changes? Or is he causally relating the hacks of poorly audited food coins with protocol level Eth changes? Genuinely asking. I suspect the later, but welcome corrections.
​
"The [Ethereum] annual issuance rate with all those annotations kind of looks like it was drawn by a Bitcoiner making fun of Ethereum"
Lyn Aldeen is a fucking national treasure!
​
With Ethereum, they’ve embraced a constantly changing monetary policy. In effect, they’ve replaced suits (central bankers) with devs. This is no different than existing fiat money where we have to trust in a group of individuals not to change the monetary policy.
IMHO this idea carries the entire piece. Of course there are caveats (Eth monetary changes do require community consensus / governance, etc). But at the end of the day the stability and reliable monetary policy is what makes bitcoin Bitcoin.
Dan Held is a biased Bitcoin maximalist, and I wouldn't take his opinion on Ethereum any more than than I'd take Fox News' opinion on climate change.
That was an interesting read, thanks for posting it! I like them both, there are trade offs for each and I think that's OK! Ethereum is emerging as such a versatile platform, but at the same time Bitcoin as the oldest and most battle-tested crypto has tremendous value. Don't make me choose! 🙂
The Ethereum community has chosen to embrace features of centralization such as having Vitalik remain as the leader of Ethereum, and increasing the difficulty of running a full node.
With Ethereum, the community has embraced accelerating costs of running nodes, which pushes developers and users to be increasingly reliant on trusted 3rd party node operates such as Infura.
"The [Ethereum] annual issuance rate with all those annotations kind of looks like it was drawn by a Bitcoiner making fun of Ethereum, but instead that's from an Ethereum source. Various Ethereum Improvement Proposals or 'EIPs' by developers have changed its monetary policy over time as needed for various reasons." How can we trust that Ethereum's monetary policy won't change again? How can we be sure that it won't be a detrimental change? Even if the Ethereum community agrees it will never change, and it honors that, it will perpetually be 12 years behind the trust that has been built with Bitcoin.
Long read but critically important. If you can understand that you'll understand what Michael Saylor has been talking about in interview after interview. I'll try to sum it up in a TLDR for my own benefit.
TL;DR: Argues were entering a rising rate environment. Ranks assets for a rising rate environment, bitcoin comes out on top. If interest rates rise then stocks, bonds, and real estate are screwed. Argues trillions in the bond market will flow into Bitcoin. Also suggests going long interest rate volatility, though how to do that is trickier.
Also how would someone who is just a noob play the tightening side of the curve? He says interest rate swaptions but even after reading about them I don’t understand them. Is retail essentially just fucked with no realistic hedge for if the fed raises rates?
Thanks, very interesting to read, even though I only understood half of it.
That article is too long. So what is the scam? What is he asking people to do?
Does he not believe in the possibility of a UBI? He completely ignores that that prevents an uprising in a low rate high inflation environment for quite a while. It’s a third option he doesn’t even mention. And since the other two are hyperinflation leading to regime change/world war Or economic apocalypse, it’s seems a fairly likely option to me.
Especially since with that option politicians and bureaucrats get to kick the problem down the road a decade or so to the next generation. That’s always the option they choose. Less immediate pain & pass the problem down the road.
TLDR. Build a portfolio of long crypto plus long interest rate volatility. Walk away and watch the fireworks.
tldr; Arthur Hayes, a former bodybuilder, has created a portfolio comprised of beta to participate in the upside, and volatility hedges that compensate and eclipse losses on the downside. The strategy is the simple output of Nassim Nicholas Taleb’s musings about anti-fragility and engineering a life that exhibits positive convexity, he writes. "In 2021, inflation is coming. Everybody knows, that everybody knows," he adds.
This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Meanwhile most buttoshies are either massively in the red or tiny ass gains compared to what crypto has done in the last few months alone. If we go back a decade, buttoshis will be long on a rope and noose.
Yet the circlejerk here has to go on lmao
Why all these people always say to long Bitcoin after it did 15x in a year?
"How I convinced idiots wanting a quick and easy way to get buffed to buy overpriced supplements an roids back at the gym, but now is overpriced make belief currency and idiots wanting to get rich quick and easy on the internet. I even use the same buzz words."
-Adult posting 4chan incel memes wanting to be taken seriously.
Weird that this article is apparently garbage, but no one can point out a factual error? This sub used to have people that were proficient in the relevant fields.
Who does this joker think he is? He’s an internationally wanted fugitive and he’s LARPing as a financial guru🙄
What the hell is this shit? I got through the first few paragraphs and saw convexity, vanna, volga, and vega, and stopped reading.
I'm not sure who this guy is, but I'm sure he did nothing wrong, and all this is good for Bitcoin.
So much word salad! Does anyone read through entire articles like this or do they just skim and think "he's smart" and hand over their money??
At least as a former bodybuilder, he'll be right at home in the weight room in prison.
^(I before E except after.... W!)
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no, they're just trying to pump doge for a quick buck
JUST RICH BILLIONAIRES MAKING UP A PRODUCT TO MAKE MONEY
​
TOPSHOT IS FUCKING STUPID but i understand thats how we are heading , the digital age
Relevant portion of the article regarding the scope of the committee:
The move comes amid the exploding popularity of NBA Top Shot, digital collectibles that are being sold by league licensing partner Dapper Labs on its Flow blockchain. More than 200,000 people entered a recent Top Shot release, and the resale marketplace has seen more than $300 million in sales.
“It has very little to do with Top Shot,” Cuban said in an email. “It’s about blockchain applications, of which Flow is just one option.”
Some NBA teams are already accepting cryptocurrencies in their arenas, and blockchain-driven businesses in gaming, sports betting and digital art—all areas of interest for the league—are beginning to reach a more mainstream audience.
In addition, the NBA’s younger, tech-savvy fans overlap heavily with the social media movement that is driving interest in alternate forms of investing and blockchain-enabled transactions. That’s true for its players as well—Andre Iguodala, Aaron Gordon and JaVale McGee are all Dapper Labs investors; as is Spencer Dinwiddie, an avid crypto-enthusiast who tried to tokenize his NBA contract in 2019. It’s unclear if a Top Shot equivalent for MLB or even the NFL would have had the same instant cultural impact.
Less public-facing, blockchain could also be used for myriad backend purposes, from data sharing, storage and security, to contracts and ticketing—any area in which it’s helpful to have a complete, digital ledger of ownership and transactions.
I never realized that the there are active NBA players invested in the company behind TopShot.
List of team Governors involved.
Not surprisingly all of these members of the committee have either a tech or finance background. Cuban and Ranadive had been publically supportive of broader blockchain applications in the past. The Kings were the first team to accept Bitcoin back in 2014.
Is anyone else confused as to why Topshot is worth so much?
I think there was a LeBron play that was purchased for $200k, can't you just get it off of YouTube?
I can understand why stocks, currencies, cryptocurrencies, OG player trading cards, and cards like pokemon can increase and decrease in value. I don't get how a virtual card containing a "highlight" accessible for free on media sites, garners any real monetary value.
tldr; Cipher Mining on Friday said it will go public through a merger with blank-check firm Good Works Acquisition Corp in a deal that values the combined company at $2 billion. The deal will provide the merged entity with gross cash proceeds of $595 million, which includes $425 million from investors including Fidelity Management & Research Company and Morgan Stanley's Counterpoint Global. The combined company is expected to be listed on the Nasdaq under the ticker symbol 'CIFR'.
This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
It would have to actually function as a currency to pose any threat of promoting libertarian anarchy.
Monero on the other hand...
But why? Fight greed with greed. Don't see how this is toxic for society.
So now a hedge fund manager, one of the people who were betting against a whole country like Greece and wanting it to go bankrupt, or who are naked shortselling a valid company with 15k employees like Gamestop(They wanted the company to go to 0, so they do not have to return the borrowed shares) is suddenly concerned about society.
Come on give me a break, even if a lot of points in this sub are valid, these hedge fund managers are not concerned about society, they are concerned that something comes along that might threaten the way they make money or that they missed an opportunity.
This past year has been full of libertarian anarchist movements all over the world. Society is still functioning. What is he talking about?
What he means is that Bitcoin is a threat to his pocketbook.
First they ignore you. Then they laugh at you. Then they fight you. Then they join you. Then you win!
Tim Bond shoul worry about crimes done by banks and with fiat... All these crimes we re happeing before bitcoin.
Tim bond should invest in bitcoin because we are going to hit 100k this year
It's funny how all these fund managers suddenly care about the environment so much. Do they fly their private jets to the weekly Greenpeace meeting?
I mean, good. Displace currencies. Encourage defi. Don’t threaten me with a good time.
Maybe he is upset cos it threatens his job + he missed the dips.
' believes bitcoin could prevent society from functioning in an efficient and ethical manner '
- but society isn't exactly efficient and ethical now?
I feel he sees crypto as a threat to his job so he jumped on the biggest FUD train I've ever seen. People often act irrationally when their employment is threatened.
fwiw, BTC does actually consume a shitton of energy and produces a shitton of e-waste. It’s slow and inefficient when compared to classic payment methods, and extremely volatile when compared to classic value stores. The “distributed” concept is also just a fad since just a happy few control most of the BTC wealth.
I love cryptocoins, but there are better options out there.
That being said, you have to appreciate the irony of a hedge fund manager to call out others about ethics.
Tim Bond, partner and portfolio manager at Odey Asset Management, believes bitcoin could prevent society from functioning in an efficient and ethical manner
What was stopping it before?
Tim Bond. Sounds like a dude who would have asshat opinions.
tldr; A portfolio manager at Odey Asset Management has warned that bitcoin has no real social utility other than as a tool for speculation and a means to launder the proceeds of crime. Tim Bond said that bitcoin mining is damaging the planet. Bitcoin mining consumes an annual 118.17 TWh of electricity, equivalent to the annual output of a medium-sized advanced economy, he added.
This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
"If bitcoin starts to displace fiat currencies [government-issued currency that is not backed by a commodity], governments’ ability to tax, spend and redistribute will be severely impaired"
If anything, it would make it easier since everything is public... It would be easier to smell bad things going on in the global financial system but slightly harder to find the cause, as opposed to our current system where we can't smell at all but can easily point fingers.
Straight up. This dude either has some extreme fomo or is just in complete denial
I understand desperation but can't they think of something more original? With the money they have they could easily afford a starving Hollywood screenwriter to come up with better lines.
The question ultimately boils down not to the particulars of mining but rather the societal merit of non-state money.
I thought that it had failed as a currency and that now it's supposed to be a "store of value"? Make your mind up.
The Bitcoin energy debate rumbles on, seemingly without end. Bitcoiners are rightfully frustrated at having to defend Bitcoin’s share of global energy production, given the lack of equivalent scrutiny applied to other apparently wasteful applications which consume similar amounts of energy.
Ladies and gentlemen, announcing the butters' best argument: WhatAboutIsm
Hey, we shouldn't give a shit about energy efficiency unless the rest of the entire world does.
This my friends, is how you innovate! You don't do something that's ahead of its time. You don't explore the reaches of technology that is an improvement over existing systems. You wait until everybody else is far ahead of you and then you grudgingly try to catch up.
Money of the Future!
Sure, rule-by-counterfeit fiat empire is a death cult and requires mental gymnastics to defend but fiat apologists aren't necessarily scammers, often they are scamees. Maybe we should lighten up a bit eh?
I like how he opens the piece with how butters are frustrated because their whataboutisms aren't taken seriously
Tax miners. They have to spend more of the mining rewards on taxes, and therefore they spend less on everything else (e.g., hardware, electricity). Problem solved.*
*Except for Iran & North Korea defecting, which we solve by banning hardware exports to them.
This line of reasoning might sound persuasive to the uninitiated,
Newspeak way of saying "not a cult member".
I have to say I am quite surprised Greenpeace is not protesting bitcoin, or at least I haven't seen it in any media. Or any of the "green parties".
While Greenpeace is continuing protests against airplane flights because of pollution.
I found an article: the only problem Greenpeace has is that it's not renewables.
"Andrew Hatton, head of IT at Greenpeace U.K., said the larger issue at hand is that "we're largely powering 21st-century technology with 19th-century energy sources."
"Bitcoin's spiralling energy usage is largely down to the huge amount of data-crunching needed to create and maintain this cyber-currency," Hatton told CNBC. "But their fast-growing hunger for electricity is just an early symptom of a much bigger problem to come."
"As online services become bigger and more complex, the demand for computing power is bound to go up over the next few years, and that will require more energy," he added. "The problem is that only about a fifth of the electricity used in the world's data centres comes from renewable sources, and that's not good enough.""
He’s not wrong that energy use will be commensurate with miner transaction fees after block reward ends.
He goes through two scenarios, one where miner revenue is on par with today, and one where it’s about 1/10.
Miner revenue staying where it is today is a disaster.
He’s also not wrong that determining whether the energy use is justified depends on how you value a bitcoin type network.
Where I think he is wrong is his predictions for how the network will be used.
I see low chances that financial entities similar to today’s banks and money transmitters would use bitcoin as a ‘settlement layer’. Mainly because I don’t think such a layer benefits from ‘trustless transactions’. There would be no reason to pay the various costs. Why a major financial entity be doing large transfers with other institutions that they don’t trust?
The only use case for bitcoin demonstrated so far, outside of illegal uses, is as a vehicle for speculation.
In such a use clearly people are willing to pay some premium. Most such activity happens on exchanges, so on-chain would be used to move between exchanges.
Given the insane cost of energy to use bitcoin now in comparison to utility derived to society, I argue that people will pay a premium to access a functioning global speculation casino.
I don’t see any way to predict the mining rate based on this once rewards end because there are too many unknowns. But it does not look promising.
He regurgitated a failed narrative from 10+ years ago. Don't these scammers have any new talking points?
Hal Finney - December 30, 2010
Actually there is a very good reason for Bitcoin-backed banks to exist, issuing their own digital cash currency, redeemable for bitcoins. Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.
Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.
George Selgin has worked out the theory of competitive free banking in detail, and he argues that such a system would be stable, inflation resistant and self-regulating.
I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today.
How could one be scared to jump into atleast BTC with a man like Michael consistently buying the dips. Hard to say it’s still a speculative asset.
Very risky move, he’s tying the fate of the whole company to the price of Bitcoin.
It is basically learn from which type of data, amont of data, and it really different from regions to regions, and it is biased from country to country. And most important thing is 'data' it is different from real world and internet world. It is biased. We should take care of which type data we feeding to AI algorithms. Data is changing dynamically that is real issue. So people prospects, opinions are different from place to place. Let's see how is going to solve humans problems.
I wonder if this advanced understanding of which neurons represent what will allow us to edit neural networks to remove bugs
The Apple with the "iPod" label placed over it fooling the network is kinda hilarious and impressive at the same time.
Isn't this just a neural network that is trained to classify three different inputs to a single target? I'm not seeing the innovation here.
I think this is bigger news than people realize. This is even further proof that artificial neural networks can learn semantics/meaning, which suggests that these networks will eventually understand semantics as well as humans — and then better than humans. AGI, here we come.
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It's almost as though we're not creating AI, we're growing it.
I've always felt that the views of those who say "we're a long way (hundreds of years) from creating generally intelligent AI" have resonated with me. We're basically trying to create patterns as complex as our own, using our own patterns as examples. That while having a limited understanding of how our own pattern works.
But if AI is growing on its own, using our experiences (data) as fertilizer, I could see it happening extremely rapidly. If it works that way. For now, it appears that it does work that way.
AI seems to be emerging, rather than being created by us humans line by line.
This is a crosspost from /r/futurology. Here is the link to the original thread: /r/Futurology/comments/lxxtty/openai_weve_found_that_our_latest_vision_model/
Seeing the Spider-Man neuron work on multiple types (pictures, drawings, text), makes it seem like we can teach AI to learn these same type connections.
And if we scale up the network size enough, what if we could see these types through the equivalent of a being with 1000IQ? What connection types are the most effective for a being like that? Can we even understand them? Maybe they would be deep, and archetypical in the way that Odysseus and Harry Potter are the same, despite the fact that one is an ancient Greek king, and the other is a modern British wizard. Even more interestingly, maybe the connections would be completely inexplicable to us, with no apparent rhyme or reason perceptible to humans.
[1] https://microscope-azure-edge.openai.com/models/contrastive_...
[2] https://microscope-azure-edge.openai.com/models/contrastive_...
"Our model, despite being trained on a curated subset of the internet, still inherits its many unchecked biases and associations."
If these models find themselves into production environment - if they are good enough and profitable enough - they will eventually become legacy systems quietly perpetuating the biases of past times.
They say "Each neuron is represented by a feature visualization with a human-chosen concept labels to help quickly provide a sense of each neuron", and these neurons are selected from the final layer. I don't think I understand this.
I'm not suggesting this example is the case, but with AlphaZero, for example many of the moves are beyond an average players comprehension. What happens when it's beyond the greatest of us?
Exciting times are ahead!
It isn't surprising that a model trained for alligning photos and corresponding text labels has neurons that have learned higher semantic concepts as that is exactly the goal of generalisation.
The finance neuron [1330], for example, responds to images of piggy banks, but also responds to the string “$$$”. By forcing the finance neuron to fire, we can fool our model into classifying a dog as a piggy bank.
In other exciting news, we’re also announcing the latest recipient of the OKCoin Bitcoin Developer Grant — Antoine Riard — who also just so happens to focus on Lightning development.
Hey guys - i'm at OKCoin so happy to answer any Qs you have about the integration.
We're really excited to help grow the lightning ecosystem as the more that adopt it, the better for all of Bitcoin.
I was not expecting them to be the second major exchange after bitfinex. Looks like it's time to open an account with them.
Yes that is awesome. The start of using lightning by exchanges will mature lightning. Hope many will use it.
Offers Kraken already lightning or what is the status there?
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