Content:
Bitcoin’s Inevitable Supply Crunch
Personal Journey Update
Weekly Fact
Quote of the Week
Bitcoin’s Inevitable Supply Crunch
BlackRock's BTC accumulation sparks supply crunch concerns. This could be the catalyst for Bitcoin’s price explosion but some issuers and exchanges may lose out.
Key Points:
BlackRock Absorbs 11,500 BTC in 2 Days:
BlackRock, a global asset management giant, acquired a staggering 11,500 BTC in a swift two-day span.
This accumulation is equivalent to 13 days' worth of Bitcoin production, causing a stir in the market.
Supply Crunch Concerns Rise:
Concerns are growing about a potential supply crunch as ETF demands surpass daily production rates.
BlackRock's significant BTC absorption prompts discussions on the sustainability of this trend.
Bullish Signal Despite Worries:
Market participants view the situation as a bullish signal for Bitcoin's future.
Despite short-term concerns, the analyst community sees potential for Bitcoin to reach new heights.
Spot ETF Captures 25% of Bitcoin ETF Volume:
Data suggests that BlackRock's spot ETF accounted for only 25% of the total Bitcoin ETF volume during the two-day acquisition period.
An estimated 46,000 BTC was removed from the market when factoring in other Bitcoin ETFs.
Extrapolation Points to Potential Supply Crunch:
Extrapolating the data suggests a daily withdrawal rate of 23,000 BTC, 25.56 times the daily production.
The analyst raises a flag on a looming supply crunch if the current pace of BTC accumulation through ETFs persists.
Institutions Opting for OTC Trading:
A commenter notes the tendency of institutions, including BlackRock, to engage in over-the-counter (OTC) trading.
Coinbase, a custodial platform for Bitcoin ETF issuers, reportedly holds a substantial $7 billion worth of Bitcoin in the OTC market.
Market Urged to Focus on Long-Term Potential:
Despite immediate concerns, the analyst encourages market participants to look beyond temporary price fluctuations.
The projected supply crunch is a potential catalyst for propelling Bitcoin to new price limits.
Personal Thoughts:
Due to the crazy amounts of BTC being acquired, the supply of Bitcoin available to buy is growing ever so smaller by the day. It may not be long until the average Joe finds it hard to acquire and hold Bitcoin for himself.
These BTC ETFs are not the only thing that’s going to affect Bitcoins supply. A quick reminder that the Bitcoin halving is happening around April this year which will further decrease the supply of BTC available.
Regardless of what happens, now is the time to focus on self-custody. Make sure you are holding your crypto in a self-custody wallet.
I say this not because of the future difficulties of acquiring BTC but because some exchanges may find it hard to acquire BTC too. This could result in some exchanges stopping withdrawals and we all know what happens when they do that… 📉📉
Stay safe and self-custody.
OpenAI Opens Door to Military Applications
In a notable shift, OpenAI has quietly adjusted its usage policy, removing the prohibition against military applications of its technologies. While unannounced policy changes are not uncommon in the tech world, this particular modification carries significant implications.
Key Points:
Context:
OpenAI, renowned for its advanced language models like GPT, has altered its usage policy, specifically eliminating the clause that previously restricted military applications.
The change, first noticed by The Intercept, came into effect on January 10, raising questions about the motivations behind OpenAI's shift in stance.
Policy Evolution:
OpenAI's policy originally prohibited the use of its tools for military and warfare purposes.
The updated policy now lacks this explicit restriction, and OpenAI has not denied its newfound openness to military applications.
Company's Response:
In response to inquiries, OpenAI acknowledged the change and stated that the modification was made to accommodate military customers and approved projects aligned with the company's mission.
The company emphasized that its policy still disallows the use of its tools to harm people, develop weapons, engage in communications surveillance, or cause harm to individuals or property.
National Security Use Cases:
OpenAI pointed to national security use cases that align with its mission, citing collaboration with DARPA to create cybersecurity tools for securing open-source software crucial for critical infrastructure and industry.
The goal of the policy update is to provide clarity and facilitate discussions regarding these beneficial use cases.
Interpretation of the Change:
The alteration in policy is substantive and not merely a restatement for clarity, as emphasized by OpenAI.
The move raises questions about how OpenAI's technology might be utilized in military contexts and the ethical considerations surrounding such applications.
The Future of Transportation
Catch up on the cutting-edge trends and innovations in transportation tech showcased at CES 2024. From electric vehicles to generative AI, here's a roundup of what grabbed our attention.
Key Points:
Diverse Electric Vehicles Showcase:
The Big Three U.S. automakers may have been low-key, but CES 2024 was a stage for numerous automakers showcasing electric concepts and production cars.
Electric vehicles spanned from motorcycles, e-bikes, go-karts, big rigs, boats, to aircraft, demonstrating the widespread impact of electrification.
Startups Revolutionizing Transportation:
Startups played a crucial role in presenting innovative ideas at various CES-related events.
Examples include Land Energy's sporty e-bike, Verge Motorcycles' electric motorcycle with advanced tech, and Solar Buggy's electric urban mobility vehicle that looks like an enclosed golf cart.
Electric Aircraft and Drones Take Flight:
Pivotal opened orders for its personal electric aircraft, Helix.
Zipline and Wing, autonomous drone companies, secured a significant deal with Walmart.
Hyundai's air mobility unit and Xpeng Aeroht revealed advanced electric aircraft concepts.
AI Dominance Across Transportation:
AI was a pervasive theme, influencing everything from cars and e-bikes to scooters and electric aviation.
Generative AI, particularly ChatGPT, was a highlight, with collaborations between BMW, Cerence, and Volkswagen showcasing its potential in the automotive sector.
Hydrogen Power Makes a Comeback:
Hydrogen-powered vehicles took centre stage at CES 2024.
Hyundai discussed its vision for hydrogen fuel cells, while Nikola showcased its U.S.-built hydrogen trucks.
Bosch announced plans to make an engine that can combust hydrogen, signalling a renewed interest in this alternative fuel.
In-Cabin Experience Redefined:
The focus shifted to the in-car experience with automakers and startups presenting visions beyond touchscreens.
Eye-tracking technology, as demonstrated by Harman's Ready Care system, measured driver focus and attention.
Companies explored leveraging existing safety hardware for comfort-focused services, like Bosch's use of eye-tracking for contextual information.
Integration of Tech Into Vehicles:
Companies emphasized bringing the tech experience from phones and homes into cars.
Mercedes showcased a comprehensive package, including an upgraded voice assistant, in-car gaming, immersive audio, and a unique app developed by will.i.am's Sound Drive.
Personal Journey: So Little Time
Finding time to complete tasks can be difficult, it’s a problem I'm facing already this year.
I create these long lists of things to do and I find myself running out of time before I can complete them all.
It can be frustrating but most of all it can make me feel a little down, a feeling of failure as I can’t complete even the tasks I’ve set out for myself.
I have found 3 ways to improve this situation:
Be realistic
Focus on quality not quantity
Patience
Be realistic: don’t expect everything to be done in a specific time. Jobs always end up taking twice as long because more times than not they reveal smaller jobs that need doing before the main job can be completed.
Also expect life to get in the way, work, family, unexpected events, be realistic and instead of focusing on the things you haven’t done, focus on the things you have.
Focus on quality not quantity: this is pretty straightforward. Make sure the jobs you are doing are done right. If not they will only pop up on your list more frequently resulting in more work over time.
Patience: be patient with yourself and life in general. A good example of this is when you leave extra time for a journey. You know there will be delays so you account for it with the time you give yourself to get from A to B.
The same practice should be applied to everything you do, not just allowing yourself more time but expecting delays, delays you can’t control.
Have the motivation to complete a task but when time runs out and the job isn’t finished, understand why and be happy with yourself that you at least started and got a good amount of it done.
Focus on the positives and remember when a new job is complete know that you will probably have the know-how to complete it quicker in the future.
Weekly Fact
The government used PlayStation 3’s… but not for gaming.
In 2010, the United States Air Force used 1,760 PlayStation 3 consoles to build a supercomputer for the Department of Defense.
They used PS3s because it was more cost-efficient and “green.”
Quote of the Week
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