Crypto News
Security Breach and Recovery: Vitalik Buterin's Twitter Account
Ethereum co-founder Vitalik Buterin's Twitter account was compromised, stealing $691k from users who clicked on a malicious link on his feed. The hacker posted a fake link promoting an exclusive NFT, which, when clicked, allowed the hacker to access and steal funds from users' wallets. This incident has sparked discussions about the security of social media platforms and the need for enhanced protective measures.
Buterin has now recovered his T-Mobile account after confirming he was a victim of a SIM swap attack that led to a phishing scam on Twitter. Despite warnings on the insecure nature of phone numbers for authentication in the crypto space, given the prevalence of SIM swap attacks, Buterin didn't realize a phone number was sufficient for malicious actors to reset his Twitter account, even if it's not used for two-factor authentication.
FTX's Bankruptcy and Crypto Liquidation Plan
Bankrupt FTX has submitted a revised order to the bankruptcy court outlining proposed guidelines for selling and transferring its substantial digital asset holdings as part of its ongoing Chapter 11 proceedings. The revised order outlines a structured process for investment advisors to liquidate portions of FTX's cryptocurrency stash under creditor oversight. The company must provide creditors and regulators with detailed biweekly and monthly reports on asset transactions, balances, staking yields, and market insight.
Market Liquidity and Crypto Crash
On August 17th, the crypto market lost approximately $120 billion of value in a single day, or ~11% of total market cap. This dramatic fall is unusual, even in crypto. The concept of liquidity is used to explain how a relatively small amount of buying or selling can have a disproportionate effect on prices and overall market values. Detecting low liquidity early enough can pay dividends if you act to reduce your portfolio risk before markets become volatile.
Changes in the Last Week
Bitcoin $26,453 (+2.3%) | Ethereum $1,623 (-0.2%) | Gold $1,918
AI News
Educational AI: A Double-Edged Sword
AI in classrooms presents both benefits and challenges. While it's troubling that AI has facilitated easy cheating, there's an upside. Teachers now use AI to plan lessons, grade assignments, and design interactive classroom activities. They're using tools like TPT and the AutomatED newsletter for this AI assimilation. AI even helps in innovative teaching methods; some students simulated historical events using ChatGPT.
OnlyFans Creators and AI: A Dynamic Duo
OnlyFans creators are delving into AI for greater profitability. It is becoming an indispensable part of the OnlyFans ecosystem, from generating captions, crafting content, and username ideas to calculating optimal subscription rates. Additionally, AI is used for creating social media pictures and videos with tools like ChatGPT-4 and Unstable Diffusion. Even impersonating oneself can be done using DeepFake, although it violates OnlyFans' rules.
ChatGPT: Your AI Decision-Maker
Have you ever faced tough decisions and wished for a smart tool to help you? The 80/20 method using ChatGPT may be the answer. It aids in identifying the 20% factors crucial to a decision, ensuring an 80% efficient outcome.
Suggested Prompt:
"Use the 80/20 method to identify the 20% of factors I should pay attention to while making this decision, that will lead to 80% of the benefit [insert decision]"
AI prompting will be as important as an Excel certification in the future. Using ChatGPT is not enough, you need to learn the essential frameworks.
Around the World
Since the author is currently in Georgia, several interesting facts are shared for remote business owners and digital nomads about this location.
Binance's Blockchain Hub Expansion in Georgia
Early this year, Binance announced plans to set up a blockchain hub in Georgia. The renowned crypto exchange aims to support Georgia's growing reputation as a global crypto destination and create sizable job opportunities by 2023.
Georgia's Crypto-friendly Environment
Georgia's crypto market, driven by an innovative spirit, is applauded by Binance's regional director, Vladimir Smerkis. It has a high crypto adoption rate of 8/10. Additionally, zero income tax on profits is imposed on individual traders, providing an enticing tax incentive.
For crypto held within a legal entity, profits are subject to a relatively low 15% corporation tax.
Leading the World in Bitcoin ATMs
Tbilisi, Georgia's capital, has the world's highest Bitcoin ATM count correlated to the local GDP of $10B based on the 'World's Most Crypto-Friendly Cities' study.
5 Simple Strategies to Help You Find Your Next Business Idea
Are you navigating the startup landscape? The compass you need is a killer business idea! Whether you're tinkering with consumer tech or diving into Web3, the challenge is the same: How do you come up with a game-changing concept?
- Solve Your Own Problems: The best ideas often address your personal pain points.
- Follow Your Curiosity: Let your passion and wonder guide you.
- Amplify What Works: Look around, identify what's effective, and make it better.
- Catch Paradigm Shifts: Spot industry trends and reverse-engineer solutions.
- Brainstorm with Buddies: Two heads are better than one; brainstorm!
Tool of the Week: American Express Platinum
This week the update features the American Express Platinum card. You can secure 30,000 Membership Rewards points once you meet €3,000 in card sales within the initial 3 months. This offer lasts until December 31, 2023.
Card Perks:
- Membership in the Rewards Bonus Program
- Up to 6 additional cards in the portfolio at €53 monthly
- Priority Pass™ with access to 1,400+ lounges worldwide
- 'Fastlane' access at Vienna Airport
- An insurance package
- Annual Gourmet credits worth €360 for selected restaurants
- €15 monthly streaming credit for Netflix, Amazon Prime Video, Amazon Music, Kindle, Audible
The authors note they have used Amex Platinum for over 5 years and love it.
I am currently listening to
- #395 Lex Fridman Podcast - Walter Isaacson: Elon Musk, Steve Jobs, Einstein, Da Vinci & Ben Franklin
- #691 Tim Ferriss Show - Nassim N. Taleb & Scott Patterson - How Traders Make Billions in the New Age Crisis, Defending Against Silent Risks, Personal Independence, Skepticism Where it (Really) Counts, The Bishop and the Economist, and much more
Inspiring Quotes
"I think we have more referees than we have risk takers. More lawyers and regulators and others saying 'you can't do that, that's too risky' than people willing to innovate." — Walter Isaacson
"The best way to give someone money is to be a customer. Whatever they're selling, just buy it." — Naval Ravikant
Things you can control:
Your time, Your effort, Your vision, Your habits, Your health, Your friends, Your attitude, Your honesty, Your humility, Your mindset, Your network, Your integrity, Your thoughts, Your reactions, Your emotions, Your decisions, Your expenses, Your dedication