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
Educational AI: A Double-Edged Sword
AI in classrooms - benefit or affliction? The New York Times believes it's both. While it's troubling that AI has facilitated easy cheating, there's an upside, too. 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. A predicted future is essential, similar to Excel certification! 💻
"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"
Oh, and speaking of AI, do check Time's Top 100 innovations in AI for the latest and greatest in the realm of Artificial intelligence. 🚀
Around the World
Since we are in Georgia at the moment, a few interesting facts for remote business owners and digital nomads about this beautiful country.
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?
1. Solve Your Own Problems: The best ideas often address your personal pain points.
2. Follow Your Curiosity: Let your passion and wonder guide you.
3. Amplify What Works: Look around, identify what’s effective, and make it better.
4. Catch Paradigm Shifts: Spot industry trends and reverse-engineer solutions.
5. Brainstorm with Buddies: Two heads are better than one; brainstorm! 🤝
Ready to get started?
Tool of the Week: American Express Platinum
This week we want to talk about American Express Platinum. You can secure your 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, so act now!
- 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 🎵
We have used Amex Platinum for over 5 years now and love it!
I am currently listening to
#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
“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