Cryptocurrency Crypto braces and prepares for the implications of OpenAI’s newly launched GPT-4 OpenAI founder Sam Altman released OpenAI’s new GPT-4 an upgrade to its third-generation artificial intelligence engine that will have ramifications for the entire crypto industry.The previous version, GPT-3, served as the foundation for the viral hit ChatGPT, which has millions of users and has received extensive media coverage.Altman was also able to raise a staggering $10 billion from Microsoft, valuing OpenAI as the world’s largest AI company, thanks to GPT-3.The launch of implications of GPT-4 was immediately heralded by the crypto industry, which is computer enthusiast by trade.NFT fans began experimenting with its art tools almost immediately.Others, on the other hand, expressed concern about threats to blockchains and protocols with limited security testing, such as decentralized finance protocols.Crypto Flash Loans Vulnerable to GPT-4 Exploitation Many pointed to Euler Finance, a new DeFi platform, which was hacked for $197 million this week.
An attacker who manipulated so-called “flash loans” caused Euler to lose its reserves.An attacker who obtains a flash loan trades and repays the loan all within a single block on Ethereum’s blockchain.Flash loans enable any market participant to earn large sums of money with a small amount of capital.To leverage up to capitalize on a large trade, the attacker only needs to post a small amount of collateral.Worse, flash loan-based attacks reward patient, diligent attackers who meticulously plan their entire attack before carrying it out.
This favors AI and Big Data tools that can sift through massive amounts of data and recommend flash loan attacks whose entire sequence of events can be carried out within a single on-chain block.When a flash loan attack begins, the profit is frequently guaranteed.The Euler Finance attacker, for example, used malicious code to generate artificially overvalued collateral and withdraw the real proceeds of a liquidation using that collateral.In any case, the entire crypto community will be looking for any immediate effects of OpenAI’s new GPT-4 on the digital asset ecosystem.
Although permissionless financial exchanges, such as DEXs and other DeFi tools, face the most immediate threats, the new AI will undoubtedly have an impact on NFTs, blockchain experiments, coding tools, security research, and other cryptographic initiatives.The post Crypto Prepares for the Implications of GPT-4 appeared first on Analytics Insight.anti-crypto message Republican Congressman Tom Emmer Queries FDIC On Alleged Efforts To Purge Crypto Activity From US On Wednesday, Tom Emmer, the U.S.Republican congressman from Minnesota, revealed he sent a letter to Martin Gruenberg, the chairman of the Federal Deposit Insurance Corporation (FDIC), regarding reports that the FDIC is “weaponizing recent instability” in the U.S.banking industry to “purge legal crypto activity” from the United States.
Specifically, Emmer asked Gruenberg if the FDIC instructed banks not to provide banking services to cryptocurrency firms.GOP Majority Whip Emmer Questions FDIC’s Involvement in Purging Legal Crypto Activity Tom Emmer, a Republican politician from Minnesota, sent a letter to the chairman of the FDIC questioning whether the agency directed banks not to provide services to digital currency businesses.“Recent reports indicate that federal financial regulators have effectively weaponized their authorities over the last several months to purge legal digital asset entities and opportunities from the United States,” Emmer’s letter read.
The Minnesota congressman added: Individuals from across the industry, including former House Financial Services Committee chairman Barney Frank highlighted the targeted nature of these regulatory efforts to ‘single out’ financial institutions and ‘send a message to get people away from crypto.’ Emmer has been querying other U.S.lawmakers and agencies about their actions against crypto businesses, including questioning Securities and Exchange Commission (SEC) chair Gary Gensler about actions taken during the arrest of FTX’s disgraced co-founder, Sam Bankman-Fried.The politician has also introduced legislation that would prohibit the U.S.central bank “from issuing a [central bank digital currency] directly to anyone.” Emmer’s comments about former lawmaker Barney Frank stem from the Signature Bank board member’s commentary about being surprised by Signature’s collapse.Frank said he suspected there was an “anti-crypto message” behind the bank’s demise.The New York State Department of Financial Services disagrees and explained that placing Signature into receivership of the FDIC had “nothing to do with crypto.” Despite the regulator’s denial of such accusations, Emmer’s letter to the FDIC’s Gruenberg implicitly asks the chairman whether the FDIC specifically directed banks not to provide banking services to cryptocurrency firms.
”Have you communicated — explicitly or implicitly — to any banks that their supervision will be more onerous in any way if they take on new (or maintain existing) digital asset clients,” the politician asked.Emmer is insisting that Gruenberg provide the information as soon as possible and no later than 5:00 p.m.
on March 24, 2023.Tags in this story anti-crypto message, banking services, Barney Frank, central bank digital currency, co-founder, collapse, Crypto activity, crypto businesses, Cryptocurrency, deposit insurance corporation, Digital Assets, Digital Currencies, FDIC, Financial Institutions, Financial Technology, ftx, Gary Gensler, GOP, GOP Majority Whip, government oversight, Gruenberg, legal entities, purging, receivership, Regulatory Compliance, regulatory efforts, Republican lawmakers, SEC, Signature Bank, Targeted, tom emmer, U.S.banking industry, U.S.Central Bank, U.S.
financial regulators, U.S.lawmakers What are your thoughts on the regulation of cryptocurrency in the United States and the potential impact it could have on the future of the industry? Do you believe that regulators are unfairly targeting crypto businesses? Share your opinions in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.architecture Ethereum Upgrade To Implement Beacon Chain Withdrawals Scheduled For April 12 During the Execution Layer Meeting streamed on March 16, 2023, Ethereum developers announced that the blockchain is scheduled to upgrade on April 12, in 27 days.The upgrade, known as the Shanghai-Capella upgrade or Shapella, will include the implementation of Beacon chain push withdrawals.
This will enable Ethereum network validators to support withdrawal operations following the ruleset change.Ethereum Validator Withdrawal Operations and Fee Optimization Enhancements Set to Go Live in 27 Days At the time of writing, the Beacon chain contract holds 17,680,535 ether, worth $29.33 billion using today’s Ethereum exchange rates.The upcoming upgrade, called Shapella, will enable the Beacon chain to use push withdrawals as operations through Ethereum Improvement Proposal (EIP) 4895.According to the EIP-4895 documentation, this will “support validator withdrawals from the Beacon chain to the EVM via a new ‘system-level’ operation type.” Additionally, the summary notes that EIP-4895’s architecture is “‘push’-based, rather than ‘pull’-based, meaning withdrawals must be processed in the execution layer as soon as they are dequeued from the consensus layer.” The latest Ethereum upgrade was originally planned for this month, but the consensus change was postponed.During the Execution Layer Meeting on Thursday, Ethereum developers announced that the upgrade is now scheduled for April 12, 2023.In addition to the Beacon chain push withdrawals proposal, the upgrade will include the implementation of EIP-3651, EIP-6049, EIP-3860, and EIP-3855.
These enhancements are aimed at optimizing fees, such as limiting the “maximum size of initcode to 49152 and applying an extra gas cost of 2 for every 32-byte chunk of initcode,” as described in EIP-3860.Recently, Ethereum developers conducted testing of the upgrade on several testnets.
On Tuesday, the developers completed the Goerli testnet upgrade, which was essentially the final step before the activation of Shapella on the mainnet.Tags in this story architecture, backwards compatibility, Beacon Chain, Blockchain, blockchain governance, blockchain protocols, Codebase, community, consensus algorithms, Consensus change, Consensus Changes, Cryptocurrency, Decentralization, dequeued, Developers, EIP-3651, EIP-3855, EIP-3860, EIP-4895, EIP-6049, enhancements, Ethereum, Ethereum Improvement Proposal, execution layer, Fees, Forking, gas costs, Gas limit, Goerli, Hard Forks, mainnet activation, network, network upgrades, node operators, nodes, Optimization, pull-based, push withdrawals, push-based, Scalability, Security, Shapella upgrade, software updates, system-wide changes, testnets, Validators What impact do you think the upcoming Ethereum upgrade and the implementation of Beacon chain push withdrawals will have on the future of the Ethereum network and its users? Share your thoughts about this subject in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.
Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.American Banks Report: US Government Auctions Off Failed Banks SVB And SNBY, Crypto Restrictions Apply The U.S.government and the Federal Deposit Insurance Corporation (FDIC) are auctioning off two failed American financial institutions, Silicon Valley Bank (SVB) and Signature Bank (SNBY), this week, with bids due by March 17.However, sources familiar with the matter said the qualifications to purchase the banks are stringent, and reportedly, the purchasers cannot deal with crypto businesses anymore.Controversy Surrounds Alleged Crypto Restrictions for Potential Bank Buyers Last week, the second- and third-largest bank failures in America occurred within 48 hours of each other, and the two financial institutions are being sold this week.Unnamed sources familiar with the matter told Reuters that the FDIC is accepting bids for Silicon Valley Bank (SVB) and Signature Bank (SNBY), with final offers due on Friday, March 17, 2023.The FDIC already attempted to auction off SVB last weekend, but no deals materialized, and the U.S.
government proposed a bailout plan for the depositors of both banks.Sources disclosed that the FDIC is using the investment bank Piper Sandler Companies to manage the auctions of both banks.The sources added that the FDIC hopes to sell both SVB and SNBY in their entirety, but partial offers on specific bank branches and verticals will be considered.To purchase the two financial institutions, strict rules apply, as only an existing chartered bank can submit an offer.Reuters contributors David French and Pete Schroeder were told that the scheme was designed to give traditional lenders “an advantage” over private equity companies.The reporters were also informed that bidders must not cater to cryptocurrency firms if they are to acquire SVB and SNBY.
“Any buyer of Signature must agree to give up all the crypto business at the bank, the two sources added,” the report by French and Schroeder details.The Reuters account of the situation, stemming from unnamed sources, contradicts the statement made by the New York State Department of Financial Services.The New York regulator insisted that the recent bank shutdowns had “nothing to do with crypto.” The regulator made this statement after Signature Bank board member and former member of the U.S.House of Representatives from Massachusetts Barney Frank said he suspected the shutdown was an “anti-crypto” message.If the rules concerning purchasing SVB and SNBY are true, then it seems Frank’s suspicions may be warranted.Tags in this story American Banks, anti-crypto, Auction, auctioning banks, bailout plan, bank failures, bank shutdowns, Banking Industry, Barney Frank, bidders, Bids, Chartered Bank, controversy, crypto businesses, Cryptocurrency, depositors, FDIC, Finance, Financial Institutions, Financial News, New York State Department of Financial Services, Piper Sandler Companies, potential buyers, private equity companies, Regulations, regulations vs innovation, restrictions, Reuters, Signature Bank, Silicon Valley Bank, sources, strict rules, traditional lenders, unidentified sources, US economy, US government Do you think the FDIC’s alleged decision to restrict bidders from dealing with cryptocurrency businesses is justified, or do you believe it unfairly disadvantages potential buyers? Share your thoughts in the comments section below.
Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.
Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Top posts credit suisse2 hours ago European Commissioner Says Impact Of SVB Collapse ‘Limited’ As Credit Suisse Drags Down Banking Stocks Silicon Valley Bank’s (SVB) collapse has had a “limited impact” on the European Union but authorities must still “stay alert”…anti-crypto message4 hours ago Republican Congressman Tom Emmer Queries FDIC On Alleged Efforts To Purge Crypto Activity From US On Wednesday, Tom Emmer, the U.S.Republican congressman from Minnesota, revealed he sent a letter to Martin Gruenberg, the chairman…architecture6 hours ago Ethereum Upgrade To Implement Beacon Chain Withdrawals Scheduled For April 12 During the Execution Layer Meeting streamed on March 16, 2023, Ethereum developers announced that the blockchain is scheduled to upgrade…
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