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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.
Quick weekly news
New Developments in AI: Elon Musk’s ‘TruthGPT’ and Microsoft’s AI Chips for ChatGPT
Elon Musk revealed in an interview with Fox anchor Tucker Carlson on April 17 that he is developing a rival to the large language model ChatGPT called “TruthGPT” with the goal of understanding the mysteries of the universe. Musk stated, “This truth-seeking AI… tries to understand the nature of the universe.”
He also expressed concerns about perceived “left-wing” bias in the industry. He claimed that ChatGPT is “programmed by left-wing experts, which train the chatbots to lie” and that it could dishonestly control our understanding of reality.
In another development, Microsoft has reportedly been working on its own proprietary AI chips since 2019 to address the rising costs of in-house and OpenAI projects, as per a report from The Information.
These chips, developed under the code name “Athena,” are expected to reduce the company’s reliance on Nvidia’s GPUs, which can be expensive due to market scarcity. The report mentions that the chips are already being tested by Microsoft’s internal machine-learning staff and OpenAI’s developers, although no official comments have been made by either Microsoft or OpenAI on the project.
Intel will no longer produce CPUs for Bitcoin miners
Intel is set to end production of its Blockscale Bitcoin mining chips as part of a cost-cutting exercise, according to an April 18 Reuters report. Intel plans to stop accepting orders for the Blockscale 1000 Series ASICs by Oct. 20, with shipping ending around April 2024.
Intel explained the move as part of a plan to prioritize the manufacturing of specific chips to outside customers to cut overall costs. The Blockscale mining chips were launched in April 2022, with a hash rate of up to 580 gigahash per second.
Argo Blockchain, Block, Hive Blockchain Technologies, and GRIID Infrastructure were among the first firms to integrate the technology.
Users of Binance receive fresh ETH deposit addresses
Binance, the largest cryptocurrency exchange by trading volume, will disable multiple old deposit addresses as part of an infrastructure upgrade.
Binance said it would retire selected deposit addresses and memos in batches on multiple blockchains, including Ether, Tron, BNB, and Stellar. The exchange claims that the retirement of old addresses is routine and aims to enhance security and efficiency for users.
Affected users will be notified via email, and Binance recommends obtaining a new address and memo upon receiving the notification. The exchange assures users that their funds won’t be lost. Still, payments made to expired addresses will not be immediately reimbursed, and users must manually credit deposits from the old address using the “transaction history” page.
According to the CEO, Coinbase may have to fight the SEC in court for years
According to CEO Brian Armstrong, Coinbase is preparing for a prolonged legal fight with the SEC over potential securities law violations, as the regulator sent the company a Wells notice on March 22, indicating a possible enforcement action.
In an interview with CNBC, Armstrong expressed disappointment with the lack of clarity from the SEC about the alleged violations and stated that litigation might be necessary to obtain clarity. He also criticized the SEC’s lack of clarity for companies in the crypto industry and accused the regulator of “abdication of responsibility.”
Armstrong suggested that Coinbase might relocate from the US due to the lack of regulatory clarity, with the UK being a priority. The SEC recently charged Bittrex for operating an unregistered national securities exchange, with former chief of the Office of Internet Enforcement, John Reed Stark, suggesting on Twitter that Coinbase could be next.
Understanding Support and Resistance in Trading
This article highlights the significance of support and resistance levels in trading cryptocurrencies.
Unlike trend lines, these levels are drawn horizontally, indicating areas where buyers or sellers dominate. Support regions indicate a level where the price has been supported multiple times, indicating a strong presence of buyers. In contrast, resistance regions indicate a level where the price has been resisted numerous times, pointing to a significant number of sellers. These regions are considered areas rather than just lines, and identifying them is essential as they can serve as critical points of entry or exit in a trade.
Traders expect an upward trend to continue only when the price breaks through the resistance region and turns it into a support region. Understanding these concepts is crucial in gaining an edge over other traders and investors.
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Top Crypto Meme of the Week
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