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Elon Musk Advocates for Controversial AI Bill, Counters OpenAI & Google
Published
3 weeks agoon
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adminTesla and SpaceX CEO Elon Musk has recently voiced support for a California AI Safety Bill, garnering attention across the wider industry. The Bill, SB 1047, comes as a one-of-a-kind mover scoping in on artificial intelligence development. Meanwhile, other industries’ prominence continues to tear into this AI bill, with OpenAI, a vital industry player, even eyeing support for another bill.
Elon Musk Supports SB 1047 California AI Bill
In a post shared on X on August 27, the American entrepreneur stated, “This is a tough call and will make some people upset, but, all things considered, I think California should probably pass the SB 1047 AI safety bill.” This statement by Elon Musk, as AI giants continue to rip apart the mentioned bill, has gained significant traction across the industry.
The SB 1037 Bill mandates AI devs spending more than $100 million in curating a model to conduct ‘safety testing.’ Should the firms violate the Bill and cause damages exceeding $500 million, the attorney general remains liable to take action against the developer.
However, the Bill garnered severe criticism from industry giants such as OpenAI and Google. Recently, OpenAI Chief Strategy Officer Jason Kwon hinted that the California AI bill could hinder the growth and progress of key industries. Simultaneously, Sam Altman’s OpenAI appears to be pushing for another AI bill, contrary to Elon Musk’s support of SB 1047.
OpenAI Supports AB 3211 AI Bill
Conversely, the ChatGPT maker appears to be supporting the AB 3211 AI Bill that requires the ‘watermarking’ of AI, aka synthetic content. This new Bill mandates tech companies to label AI-generated content, spanning from harmless memes to deepfakes aimed at spreading misinformation about political candidates.
Nevertheless, the AB 3211 currently remains dwarfed due to the SB 1047. Meanwhile, industry-wide speculation remains whether the California AI ‘Safety Bill’ will be used to crack down on open-weights, i.e., firms offering public access to their trained models.
Ethereum co-founder Vitalik Buterin further replied to Elon Musk’s post on X today, revealing that recent Bill-wise developments illustrate efforts to engulf open-weights under its umbrella. However, he also added that the “charitable read of the bill is that the (medium-term) goal is to mandate safety testing.”
Meanwhile, in another riveting turn of events, the Tesla & SpaceX CEO’s social media platform X has garnered global attention. Following Telegram founder Pavel Durov’s arrest, Elon Musk agreed that X might be next to censorship scrutiny.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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World’s 5th Top Crypto Investor Lost $43.5M Revealing How Not All Trades Are Perfect
Published
14 hours agoon
September 15, 2024By
adminThousands of crypto investors are running the market, along with a few other elements. Their sentiments on one crypto can make or destroy it and nobody should forget about the market’s most cruel thing called volatility. As the ongoing situation hints at the crypto bear market, only a few cryptos have attempted a good upsurge, whereas the rest fell, causing heavy losses for their significant holders. And that is where the world’s top 5th crypto investor, James Fickel, lost $43.5M despite his successful crypto trading history, making millions of dollars over the years.
Crypto Investor James Fickel Lost $43.5M In Greed
James Fickel, the world’s 5th successful crypto investor, has made a scary bet this time, losing $43.5M despite his strategic investments and a good hold of the market insights. He has been quite popular in the crypto trading industry and has made millions of dollars based on his knowledge of finance and technology. However, the volatility and changing trends made him the victim of the market’s cruelty, costing $43.7M in BTC/ ETH pair per Lookonchain reports.
James Fickel(@jamesfickel) lost ~18,000 $ETH($43.7M) by going long the BTC/ETH trading pair!
From Jan 10 to July 1, he borrowed 3,061 $WBTC(172M) from #Aave and exchanged it for 56,445 $ETH at a rate of 0.05424.
Since Aug 7, he spent 12M $USDC to buy 211 $WBTC and exchanged… pic.twitter.com/9DgLjisPgp
— Lookonchain (@lookonchain) September 14, 2024
He first began this losing trade in January, continuing to July, where he borrowed 3,061 Wrapped Bitcoin (WBTC), worth around $172 Million from Aave. He later exchanged these WBTC for 56,445 ETH at an exchange rate of 0.05424. At that time, the market conditions were comparatively favorable, but the conditions shifted quickly, causing Fickel’s strategies to fail.
He soon formulated new plans and began the WBTC buying and exchanging it in August despite its ongoing loss. At this time, he spent 12 Million USDC to buy 211 WBTC tokens, which he later exchanged 16,000 ETH to buy another 671 WBTC ($ 39.9 million) to repay his debt to Aave. He exchanged these ETH for WBTC at an ETH/BTC exchange rate of $0.042, which was a losing deal.
However, the loss did not end there as the Ethereum price continued to decline, pushing him towards higher and higher losses. Ether has been underperforming compared to Bitcoin since the beginning of the years. Moreover, the ETH price relative to Bitcoin is down by 24% on YTD and 9% in the last month alone. With this, he lost $43.7 Million or 18,000 ETH.
James Fickel Still Holds $400 Million Worth of Crypto
Based on the Arkham Intelligence report, the multi-millionaire crypto investor still holds $400 million worth of crypto. Interestingly, all of this investment is in the Ethereum derivatives. However, despite all this holding, it is locked due to his debt of $130,964,731.17 from Aave.
James is an active DeFi user and has focused on the Ethereum ecosystem despite its poor performance in the last few months. Even at the time of writing, ETH price is struggling at $2.4K, but trader like Fickel are still maintaining their trust in this token.
Final Thoughts
James Fickel, a multi-millionaire from crypto trading, has faced a heavy loss in the ongoing market, where he has lost $43.5M in the BTC/ ETH trading pair and owes another $130 Million to Aave in debt. This reveals how not all the crypto trades turn in the trader’s favor and how such an experienced crypto investor could lose next to the market’s volatility. Meanwhile, some other TRON traders made $7.4 million during this time, defending the profitable nature of the market.
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BTC Recovers Amid Rising Demand, Binance Unveils Listings
Published
17 hours agoon
September 15, 2024By
adminThe crypto universe has concluded yet another week with attention-nabbing developments unfolding across the broader market. While Bitcoin recovered from a $53K low to reach $60K in the past seven days, Binance announced a plethora of listings for numerous tokens. Here’s a brief report on some of the most buzzworthy headlines for this week, which have echoed a frenzy among market participants.
Bitcoin Regains $60K Amid Rising Institutional Demand & Macro Events
As mentioned above, the flagship coin recovered from a $53K low this week to top $60K. This rising movement is primarily attributable to increasing demand for the asset across the market.
Bitcoin ETFs registered $403.81 million in weekly inflows as of September 13, per Soso Value data, underscoring rising institutional demand. Further, this week saw Michael Saylor’s MicroStrategy bag $1.11 billion worth of BTC, validating increasing demand for the asset.
Simultaneously, even Japan’s Metaplanet bought BTC this week after revealing plans to do so in an official announcement. Macroeconomic events, in the interim, have further bolstered the flagship crypto’s price movements.
The U.S. CPI inflation came in line with market expectations at 0.2% for August. Meanwhile, even the U.S. PPI was slightly higher than the consensus estimate, increasing by 0.3%. These statistics have raised market expectations of a looming Fed rate cut ahead. Altogether, macroeconomic factors have sparked optimism for risk assets such as BTC, as seen by the recent price action.
BTC price rested at $60,162 as the week closed, a nearly 10% upswing in the past seven days.
Binance Announces A Stockpile of Crypto Listings
Meanwhile, crypto exchange giant Binance announced numerous listings this week, sparking a frenzy among market participants.
Continuing to tap into emerging markets, Binance this week announced Hamster Kombat (HMSTR) as its 58th launchpool project. Simultaneously, the exchange added Catizen (CATI) as the 59th launchpool project.
Moreover, the CEX rolled out a stockpile of listings for Polygon (POL), ex-MATIC, extending support to the tokenomics shift. POL’s price soared nearly 15% with the Binance announcement.
Similarly, the exchange also rolled out AERGO listing this week, igniting an upward trajectory in the asset’s price. Also, the exchange added Rocket Pool (RPL) to its stockpile of offerings this week, pushing RPL price up nearly 30% with the listing.
Altogether, this week mainly saw macroeconomic events kindle market sentiments while BTC price recovered with rising demand. Binance continued to cement its global foothold with enhanced user offerings.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Crypto Market Awaits FOMC & Powell’s Speech Amid US Fed’s 0.5% Rate Cut Bets
Published
20 hours agoon
September 15, 2024By
adminThe crypto market is bracing to enter a crucial week, amid soaring bets over a 50 bps US Fed rate cut. This marks a significant phase for the broader financial market, let alone the crypto space, with the US FOMC interest-rate decision in focus. In addition, Fed Chair Jerome Powell is also scheduled to speak following the FOMC meeting, which would provide cues on the central bank’s upcoming stance with their policy rate plans.
Crypto Market To Enter A Crucial Week
The crypto market eagerly awaits the much-awaited September FOMC meeting on the policy rates. With the latest cooling US CPI and PPI inflation figures, bets are recently soaring over a 0.5% Fed rate cut at the upcoming meeting.
Notably, this optimistic view has also fueled a rally in the broader financial market, with the US stock market noting its best trading week since November last year. In addition, Bitcoin soared past the $60K mark last week, indicating the increasing risk-bet appetite of the market participants.
According to the CME FedWatch Tool, there is a 50% probability of a 50 bps rate cut by the US Federal Reserve at their upcoming meeting. Simultaneously, the same bets are also there towards a smaller rate cut of 0.25%. Besides, the market is anticipating a 100 bps cut in the policy rates with three rate cuts this year. This development appears to have bolstered the broader market sentiment.
Fed Chair Jerome Powell’s Speech In Focus
Following the FOMC interest-rate cut decision on Wednesday, September 18, Fed Chair Jerome Powell is also expected to hold a press conference on the same date. The crypto market will keep a close watch on the speech for cues on the potential move of the central bank going forward.
Although it is expected that Powell would signal a dovish stance, given the recent economic data, any other move could dampen the market sentiment. It’s worth noting that last week Bitcoin and the top altcoins noted a recovery following the soaring bets over a larger interest rate cut. Having said that, any hawkish comment could hinder the recovery phase of the crypto market, potentially triggering a massive selloff in the broader financial sector.
Meanwhile, September tends to be a bearish month for the crypto sector, especially Bitcoin. However, market expert predicts that with soaring bets over an easing policy rate plan, the market may witness a strong rebound ahead. In addition, the fourth quarter is also expected to bring a bullish sentiment among investors, potentially triggering a rally in the market.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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