SBF: War of Words
FTX co-founder Gary Wang testified against Sam Bankman-Fried (SBF), accusing him of fraud. Wang revealed that Alameda Research was given special privileges, including unlimited withdrawals and the ability to carry a negative balance. This led to Alameda withdrawing $8 billion and drawing $65 billion on its line of credit.
Finance author Michael Lewis's biography on SBF, "Going Infinite," has received mixed reviews. The book reveals that SBF lost half a million dollars daily after Alameda's launch. It also discloses that FTX paid Kevin O'Leary $15.7 million for promotional services.
Matt Huang, co-founder of Paradigm, testified that the VC firm was kept in the dark about critical business decisions, including FTX's use of customer funds to keep Alameda afloat. Paradigm has marked its $278 million investment in FTX "to zero."
El Salvador's Volcano-Powered Bitcoin Mining Project
El Salvador's first volcano-powered Bitcoin mining project, Lava Pool, has gone live. The project is a collaboration between Volcano Energy and Luxor Technology and aims to harness renewable geothermal energy for crypto mining.
📈 Changes in the Last Week
Bitcoin $26,784 (-3%) ⎸ Ethereum $1,546 (-5.4%) ⎸ Gold $1,887.88
ChatGPT Vision, a new feature for Pro and Enterprise users, allows you to upload images and generate useful information. It's not just for household tasks but also for professional use—experiment and discover new ways to utilize this feature at work and beyond.
Canva's AI Tools
With Canva's new AI features, anyone can create professional-grade designs. You can generate photos and videos, turn ideas into designs, translate content, expand images, edit images, transform text and shapes, and generate texts with AI. Canva also creates a $200 million fund for creators who train their AI models.
AI Spending on the Rise
An MIT Tech Review survey reveals that all enterprises plan to increase AI spending next year. The survey, which included 600 firms, found that almost half plan to boost spending on data infrastructure and AI by more than 25% in the coming year. The companies expect AI to increase efficiency and offer new routes to products and revenue.
DALL·E 3 tested
DALL-E 3 can write simple texts. With more complex texts, it still has its problems—still, a long way to go.
Black and white minimalist square design. The quote 'Stay weird! ', written below. The simple design emphasizes the timeless wisdom of the words.
Cheatsheet for better Prompting
🌍 Travel Update: Baku, Azerbaijan 🇦🇿
Considering Baku, Azerbaijan as your next digital nomad destination? Here's what you need to know:
Expect an average WiFi speed of 41.18 Mbps. For a more reliable connection, you can also take a local SIM card. Azercell offers local, regional, or global SIMs. We took one month, 10giga for 15 EUR
Baku is a walkable city, especially around tourist attractions.Bolt is a common ride-sharing app, with rides across town costing approximately 1-3 AZN (0.60-1.70 USD).
Public transport requires a ‘BakıKART’ which costs 2 AZN (1.18 USD) and is simple and cheap to top up thereafter for 0.20 AZN (0.18 USD) per use.
Azerbaijani and Russian are widely spoken. English is less common, especially outside tourist areas.
The Azerbaijani Manat (AZN) is the official currency. ATMs, currency exchange offices, and card payments are widely available.
🛂 Visa Options
Digital nomads can enter with an e-Visa valid for 90 days. For paid labor, a work visa is required.
Baku is yet to emerge as a digital nomad hotspot, so a well-established community might be lacking.
Business & Productivity Tips
Transitioning to a digital nomad lifestyle requires careful planning (especially if you resign from your country). It's not a decision to rush into. We took six months to prepare, ensuring we didn't make hasty decisions we'd later regret.
Estimate your expenses and income expectations. Consider the costs of travel, short-term rentals, and other expenses. You can live in a more affordable country to manage your budget better.
Depending on your job, you may need to establish a company. Consult with experts to find the best structure for you. Also, check visa requirements for your destination countries.
Find international banking solutions to avoid high fees. Fin-tech banks like Wise, Revolut, and N26 offer international services. Crypto.com and Binance cards are suitable for using cryptocurrencies.
Ensure you have proper international insurance. Companies like Safetywing, PassportCard Nomads, World Nomads, and Allianz Care offer packages for digital nomads.
Mail and Packages
Consider subscribing to a virtual mailbox for receiving mail and packages. Services like ipostal1 and Anytime Mailbox offer mail forwarding and local pickups.
Belongings and Packing
Decide what to do with your belongings and create a packing list. Consider renting a storage room or asking family or friends to store essential items. Pack only what you need and ensure your luggage is of good quality.
Tool of the Week: SecuX 🛠️
SecuX is a hardware wallet ensuring secure cryptocurrency storage and management. Unlike exchange or software wallets,
SecuX keeps your private keys offline, reducing unauthorized access risks. It connects to your computer via USB or a mobile app, signing transactions offline to keep keys unexposed to internet threats. With a built-in screen for manual transaction verification, it's great for experienced crypto investors and those prioritizing digital asset security.
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“The real things haven’t changed. It is still best to be honest and truthful; to make the most of what we have; to be happy with simple pleasures; and have courage when things go wrong.” - Laura Ingalls Wilder
"Life is really simple, but we insist on making it complicated."—Confucius