This week’s top stories
Hype Memecoin pushes Bitcoin transaction fees to multi-year highs
The ongoing memecoin trading craze like Pepe has had an unwanted consequence for Bitcoin (BTC) — pushing transaction costs to a two-year high. On May 3, the whole amount of fees paid on the Bitcoin blockchain reached $3.5 million, a jump of about 400% since late April. Bitcoin’s BRC-20 token standard has develop into the most recent trend within the crypto ecosystem as a consequence of the event of memecoins. In total, 8,500 different tokens within the BRC-20 standard were minted. Gas fees on the Ethereum blockchain have also recently skyrocketed to recent multi-month highs.
Bitcoin miners have made $50 billion in BTC block rewards, fees since 2010
Amidst the continued debate about miners’ costs and vulnerability to Bitcoin price declines, recent data suggests that miners are firmly within the black over the long run. Calculations by analytics firm Glassnode suggest that since 2010, fees and subsidies for block rewards have generated net billions for miners. The miners’ total total income is sort of 40% higher than their estimated costs, amounting to $50.2 billion versus $36.6 billion, respectively.
‘Godfather of AI’ quits Google, warns of AI dangers
Artificial intelligence pioneer and former Google worker Dr. Geoffrey Hinton shared his concerns concerning the technology he has helped develop over the past few years. According to a neural network expert, artificial intelligence may pose a threat to humanity in the longer term since it learns unexpected behaviors from huge amounts of analyzed data. He can also be concerned concerning the ongoing AI arms race to develop deadly autonomous weapons systems, in addition to the increasing number of faux photos, videos and texts flooding the Internet.
Balaji pays out his crazy $1 million Bitcoin bet, 97% below goal price
A wild bet on the value of Bitcoin between former Coinbase CTO Balaji Srinivasan and pseudonymous Twitter user James Medlock was settled 45 days early for $1.5 million. Medlock offered to bet $1 million each that the United States wouldn’t experience hyperinflation on March 17. A former Coinbase executive accepted the bet, predicting that the US dollar would fall as a consequence of inflation, leading to BTC reaching $1 million in 90 days. As a part of the deal, Medlock earned $500,000, with one other $1 million going to 2 organizations.
Microsoft is removing the Bing waitlist, giving users free access to GPT-4
Microsoft recently announced plenty of recent AI-powered features for its Bing chatbot and Edge web browser, including full access to the GPT-4 model, the identical core engine that powers the ChatGPT Plus subscription service. The recent features is not going to require any purchases or subscriptions, although users will need a free Microsoft account to make the most of Bing’s full feature set. In contrast, OpenAI’s ChatGPT Plus service costs $20 per 30 days for access to the identical GPT-4 model.
Winners and losers
Bitcoin at the tip of the week (BTC) is at $29,618Ether (ETH) On $1991 AND XRP On $0.46. The total market capitalization is $1.22 trillion, According to to CoinMarketCap.
Among the highest 100 cryptocurrencies, the highest three altcoin winners of the week are Pepe (PEPE) at 961.32%, FLOKI (FLOKI) at 35.36% and Rocket Pool (RPL) at 10.15%.
The top three altcoin losers of the week are Sui (SUI) at -70.87%, unchanged (IMX) at -10.68% and Cronos (CRO) at -10.06%.
For more information on cryptocurrency prices, read the Cointelegraph Market Analysis.
Read also
Characteristics
Sweden: The death of cash?
Characteristics
Rogue States Avoid Economic Sanctions, But Is Crypto Wrong?
Most Memorable Quotes
“Even within the United States where it [CDBC] was an uninteresting topic for some time, now it’s engaging, and for good reason. The future has come.”
Kristalina Georgievamanaging director of the International Monetary Fund
“I spent my very own money to send a provably costly signal that something was fallacious with the economy and that it might not be a ‘soft landing’ as Powell guarantees – but something far worse.”
Balaji Srinivasanformer CTO at Coinbase
“In the subsequent 10 years, there might be only a few individuals who usually are not involved [crypto] sector.”
Lisa Cameronmember of the UK Parliament
“It is that this uncertainty that permeates every little thing. You just do not know what’s next, where it’s coming from, why or how within the US.”
Oliver LinchCEO Bittrex Global
“I console myself with the traditional excuse: if I hadn’t [co-developed modern artificial intelligence]another person would do it.”
Geoffrey HintonAI pioneer often known as the “Godfather of AI”
“Well, I feel we’ve each, and I feel it’s kind of naive to say it [banking crisis] confined to the First Republic only.
Bob Micheleinvestment director of JP Morgan Asset Management
Weekly forecast
Bitcoin Price Sets New May High Above $29.5K As Investors Take Heed
Bitcoin expected to regain its lost position on May 5 as $30,000 remained in play. The BTC/USD pair fell alongside US stocks at Wall Street’s opening the day before, however the weakness was short-lived because the $29,000 support returned.
A preferred trader by the nickname Alan, also often known as Trader Tardigrade, was optimistic a few continuation of the rally that might mimic his late 2020 breakout, adding that this moment was a preparation for the “coming Bull Run”.
FUD of the week
Argentina’s central bank stops cryptocurrencies in payment apps
Argentina’s central bank has banned payment service providers from offering crypto transactions, saying it intends to scale back the country’s payment system’s exposure to digital assets. Cryptocurrencies usually are not regulated in Argentina, which implies that each one coins and tokens are subject to decision. Argentina’s fintech chamber urged the federal government to reconsider its decision.
The FBI in Ukraine seized 9 stock domains on charges of cash laundering
The US Federal Bureau of Investigation and Ukrainian law enforcement seized the domains of nine digital currency exchanges allegedly aiding and abetting cybercriminals. The seized domains included 24xbtc.com, 100btc.pro, pridechange.com, trust-exchange.org and bitcoin24.exchange. Each site reportedly offered anonymous cryptocurrency exchange services, circumventing lots of the foundations and regulations required of a licensed company.
Darknet hackers are selling crypto accounts for as little as $30 each
Reportedly, cybercriminals from secret parts of the web are selling hacked, verified crypto accounts on the dark web for as little as $30 each. Hacked accounts will be used to illegally evade Know Your Customer funds on popular cryptocurrency exchanges. But cryptocurrency accounts aren’t the one items on the list – account information for bank cards with a balance of as much as $5,000 sells for as little as $110, while login details for online bank accounts with a balance of as much as $2,000 sell for $60.
The best features of Cointelegraph
How to manage artificial intelligence and encourage individuals with cryptocurrencies?
Some experts imagine that AI have to be controlled by decentralized networks. Others argue that tokens will be used to encourage people to organize datasets.
Joe Lubin: The truth concerning the split between the founders of ETH and “Crypto Google”
The co-founder of Ethereum talks about ancient history, what’s next for MetaMask and Infura, and what the longer term of the second cryptocurrency will bring.
Your guide to the exciting and terrifying world of the uncontrolled development of artificial intelligence.
Subscribe
The most immersive reading on the blockchain. Delivered once every week.
