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AI + Crypto = $TURBO 🔋
The man who used ChatGPT to create a $100M meme coin. Imagine turning your pocket into a Bitcoin mine for less than $400. Some DeFi yield could be higher than 10-year US Treasurys.
Hello, y'all. Dispatches that feel like #MissionImpossible in the times of meme coins and crypto’s volatility.
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In the realm of Web3, a heartwarming story has emerged.
Enter $TURBO, the wacky meme cryptocurrency that skyrocketed to fame! It all began as an audacious experiment and mind-boggling performance art by the one and only artist extraordinaire, Rhett Dashwood, a.k.a. Mankind.
This Sotheby's-selling OG crypto artist has a knack for crafting fantastical scenes and mystical beings drenched in vibrant, eye-popping colours.
Mankind has no experience in coding or creating a coin but he had ChatGPT 4 and $69. that was enough.
$TURBO now has a market cap of ~$47 Million. A $100 Million a week ago.
Here's the whole thing:
At each step, Mankind called upon his loyal Twitter followers, summoning their collective wisdom to shape the destiny of this cute-little-yellow-astronaut Toad. Even with the name, "TurboToad."
Midjorney helped him with the logo.
The hurdle: But ChatGPT had a little outdated knowledge, stuck in the year of September 2021. So he fed new knowledge into ChatGPT, and voila! The AI provided fresh insights and advised the artist to write the code for the project.
The next step on their wild journey was to have the code audited. Mankind turned to their trusty followers and asked if anyone could lend a helping eye.
The smart contract was complete, and the project's website and social channels were already taking shape. But Then bots bought 90% of the token supply when it launched. That cost Mankind around $600, far exceeding their initial $69 budget.
That's when community rallied to the rescue with crowdfunding. Promising equity in the form of the Turbo token ($TURBO), Mankind urged supporters to contribute and be duly rewarded. And that raised $6669.
Then big names came in. Beeple collaborated with Turbo and Elon Musk also noticed it. Mankind even saved a life:
In the first 48 hours of the launch of the new version of $TURBO, the coin reached a $1 million market cap
Some thinks its better that PEPE.
"I'm going to close the gap between the community and the AI," - says Mankind.
And all of this happened while crypto was going through tough times with winter, banks, SEC and NFT sales volumes being at 20-month lows.
Note: Not just in creating coins, ChatGPT might as well help you with making a 500% return in trading?
TTD Blockquote 🔊
REACT and the USSS AMA on r/Cryptocurrency.
“These days we see a ton of pig butchering investment scams”
The US Secret Service San Francisco Field Office and the Bay Area Regional Enforcement Allied Computer Team (REACT) hosted an Ask Me Anything (AMA) on Reddit on Monday, May 15.
According to its post, the REACT team specialises in “keeping cryptocurrency and its users safe” in San Francisco.
The USSS said the scam they come across the most is called pig butchering, where victims are targeted on social media, dating sites or online messaging platforms. The hacker pretends to develop a relationship with the victim — either in a friendly or romantic way — and then exploits them.
And the victims in the bulk of the cases the USSS and REACT are investigating have lost over $500,000.
In 2022, Chainalysis found that “illicit transaction volume rose for the second consecutive year, hitting an all-time high of $20.6 billion.”
The USSS and REACT took a lighthearted approach to the AMA. When asked if they would ever consider releasing a token or memecoin, the USSS said it created and minted its own NFT collection, which is still available on OpenSea.
TTD Learn 👩🏫
Imagine turning your pocket into a Bitcoin mine for less than $400.
Forget massive mining operations with power plants; all you need are a few affordable parts.
Here's what you'll need:
Raspberry Pi Zero W 2 single-board computer for just $22.
A USB-based Bitcoin miner powered by Antminer's BM1397 ASIC chip, delivering up to 350 GH/s, for $325.
Keep things cool with a $19 heatsink case that absorbs and disperses heat efficiently.
The total cost for this setup is less than a midrange smartphone or gaming console.
⛏️ But be warned, this is "lotto mining":
Your chances of successfully mining Bitcoin blocks with micro setups at home are tiny. At a hash rate of 350 GH/s, you'd need to mine for about 21,400 years on average to strike it big.
The Bitcoin block rewards are expected to run out by around 2140 due to halving events every four years.
⚖️ To put things in perspective
Marathon Digital, one of the world's largest publicly-listed Bitcoin miners, generated 2,195 BTC ($60 million) in the first quarter of this year.
They mine with tens of thousands of ASICs, significantly increasing their chances of solving blocks.
Solo miners can improve their odds by joining mining pools, such as Foundry, AntPool, and F2Pool, which mine over 70% of all Bitcoin blocks.
TTD Invest 💵
While the 10-year US Treasury yield increased to 3.506%, many DeFi protocols offer yields that can rival or surpass it.
Here’s some current APY for stablecoins on major protocols:
Aave: USDC (2.57%), USDT (2.43%), DAI (2.71%)
Compound: USDC (1.93%), USDT (2.50%), DAI (1.66%)
Curve: 3pool's base APY (0.07%) with token APY rewards (0.52% - 1.32%)
While these may not currently surpass the Treasury yield, DeFi yields vary widely. Ethereum's liquid staking derivatives and service providers, including Lido, Rocket Pool, and Frax Finance, offer enticing alternatives to US-backed bonds.
Lido provides a 6.0% annual percentage rate (APR) for customers who lock their ETH on its platform.
Rocket Pool offers approximately 5.17% APR in ETH for staking and even higher rewards for running a node and staking.
Frax Finance offers a base APR of 6% for stakers, with the potential for even higher returns.
It's not just Ethereum; other networks like Cosmos and Solana also provide appealing staking options.
TTD Surfer 🏄
Ripple buys Swiss-based crypto custody firm Metaco for $250 Million. Metaco will continue to operate as an independent business unit.
Coinbase pauses Ethereum staking reward withdrawals for up to three days citing technical issues.
Chinese prosecutors to crack down on NFT market citing marketing models such as rewards and dynamic rights and interests can quickly evolve into illegal pyramid schemes.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.