We hope you’ve had a great week!
Here are your week wrap up reads:
1.) Beyond SBF's Guilty Verdit
2.) Could This Crypto Surge Paint November Green?
3.) Artist Battle Against AI Art Generators
Unmasking the Real Issue: Beyond SBF's Guilty Verdit
While the guilty verdict in the case of Sam Bankman-Fried, the mastermind behind the multi-billion dollar cryptocurrency platform FTX, has undoubtedly captured headlines, but I think there's a more profound issue lurking beneath the surface. We could delve into the intricate details of the trial, his corruption, and the audacious theft of billions of dollars. But, the truth is, most people are already know this.
While it was anticipated that this trial might tarnish the cryptocurrency industry's reputation, it, in fact, spotlighted the argument that decentralization, which forms the very essence of cryptocurrency, offers the antidote to these corruption concerns
But more importantly, it raised questions about the close ties between figures in the cryptocurrency world and regulatory bodies. Gary Gensler, the head of the U.S. Securities and Exchange Commission (SEC), has faced scrutiny for his connections to Sam Bankman-Fried and his family, raising concerns about possible conflicts of interest. While Gensler's SEC has been adversarial to established companies like Coinbase and Binance, serving them with Wells notices and lawsuits that often led to nothing, it appears that his approach may have been more lenient with Bankman-Fried.
So when you take a birds eye view, it's not just about Sam Bankman-Fried and his colossal misconduct. Rather, it's a stark reminder of a more significant issues - the integrity of regulatory institutions, particularly the SEC. As we saw this ace come to its conclusion, one can't help but wonder if the corruption ends with SBF, or if it may one day lead to the doorstep of the SEC itself.
Remember: “Absolute Power Corrupts Absolutely," as Lord Acton wisely said, and as this case ends, I can’t help to think that this is just the beginning of something bigger.
Let’s keep that popcorn coming people, because I don’t think this show is quite over yet 🍿😎🥤
ANOTHER CRYPTO RESET
Could This Crypto Surge Paint November Green?
November has arrived with a hint of optimism in the crypto space after a fruitful October. Here's a quick roundup of what the past month brought:
1. BTC, the flagship cryptocurrency, soared by a notable 29%.
2. ETH, Ethereum's native token, showed a respectable 9% increase.
3. DeFi protocols attracted an 8% surge in Total Value Locked (TVL).
Now, the million-dollar question is whether this BTC rally will extend into November. Here are two key points to keep in mind:
1/ Historical Strength: November historically ranks as one of Bitcoin's best-performing months, with average returns exceeding 40%. And, for a little fun fact, BTC was in the green in September and October this year, a feat only achieved in 2015 and 2016, both times followed by green Novembers and Decembers. A three-peat? It's certainly possible!
2/ The Short Gamma Phenomenon: In the investing world, the term "short gamma" is making waves. This phenomenon, akin to a short squeeze, is related to Bitcoin's recent price surge. When market makers need to buy BTC to hedge and maintain a market-neutral position because of rising demand for Bitcoin call options, it can lead to a "gamma squeeze." In simple terms, prices rise, leading to a snowball effect.
This combination of historical trends and the potential for gamma squeezes might just paint November green, lets hope so! 📈🚀
Artist Battle Against AI Art Generators
A groundbreaking legal battle surrounding generative artificial intelligence art generators has taken an intriguing twist. Artists who sought compensation for the uncompensated use of countless internet images to train AI systems have faced a mixed outcome in court.
U.S. District Judge William Orrick recently delivered his judgment on the matter. He dismissed copyright infringement claims against Midjourney and DeviantArt, citing deficiencies in the accusations. Questions arose regarding whether these AI systems genuinely contained copyrighted material used to create infringing artworks, and if the artists could prove infringement without identical AI-generated content.
However, Orrick allowed a direct infringement claim against Stability AI to proceed. The company is alleged to have used copyrighted images to develop Stable Diffusion, a component of its AI image generator DreamStudio. The core issue remains contested - did these artists' works indeed train the AI system?
The artists face the challenge of proving that their content played a role in training these AI systems. Yet, training datasets remain somewhat of a "black box," making this a complex task.
This legal case's impact stretches beyond the courtroom. It underscores the need for clarity in copyright claims involving AI-generated content and the blurred lines surrounding AI's capacity to mimic artistic works. Additionally, it highlights the urgency for the creative community's intellectual property protection.
In an era where AI's creative potential continues to grow, legal cases like this remind us that the conversation around copyright and AI is only beginning. As technology advances, so too must our understanding of its legal implications.
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