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Memecoin Mayhem 🌬️🔥
Play around with ChatGPT, maybe you'll create a million-dollar memecoin too. AI assassinated the translation biz and Kraken's Aussie buddy is in a snag. Meanwhile interest rates stay stable?
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The past months have been so much about AI. Jeez.
But, how about AI creating a memecoin?
And then, making a casual $12 million in a day?
An anonymous Ethereum developer, Twitter handle @CroissantEth, has been having fun with AI tools
With what? OpenAI's ChatGPT.
His brainchild? A script that instructs ChatGPT to give birth to brand-new ERC-20 tokens, real digital coins, at the drop of a hat.
With the help of ChatGPT, AstroPepeX (APX) was born, and this newbie on the block was trading like hotcakes on Uniswap, pulling in $12.9 million in trading volume in just 24 hours.
The name wasn't a shot in the dark. ChatGPT flexed its big-brain power, scanning the top ten thousand tokens on Uniswap, and voilà, AstroPepeX emerged.
Beyond AstroPepeX, some other fun name-drops from the bot included "Inuverse" and "QuantumPepe" – inspired by famous memecoins and concepts.
Not just a fancy name-maker, ChatGPT went full-on Picasso with DALL-E, designing nifty coin icons too.
Rewind to May, and you'll find another ChatGPT creation: TURBO by digital artist Rhett Mankind. But the deal with AstroPepeX? It's almost entirely automated, from its name to renouncing ownership rights.
Croissant's revelation - an entirely new level of automated crypto creation.
"GPT actually wrote the contract code for us. I read the Turbo thread and saw how he did the process manually, and as a natural developer, I started looking into how to do this process automatically."
Croissant is laying out plans to unveil a user interface, allowing even those less tech-savvy to launch tokens via ChatGPT. Given the early derivatives of his project that are already in the wild, this could well be the dawn of a new crypto era.
Now, what we learn about creating a memecoin using ChatGPT?
Setup: Install and set up OpenAI's ChatGPT API on your system.
Token Parameters: Define your token's core parameters (e.g., supply, value, distribution).
Name Query: Ask ChatGPT to suggest a catchy name based on trending memecoins.
Validation: Check the name's uniqueness and relevance in the crypto market.
Code Generation: Instruct ChatGPT to generate the ERC-20 token contract using standards like Open Zeppelin.
Deploy Token: Launch the generated smart contract on the Ethereum blockchain.
Visuals: Feed the coin's name and description to DALL-E to get a coin icon.
Launch: Introduce your memecoin to platforms like Uniswap for trading.
Easy Translate co- founder Frederik R. Pedersen
‘AI has killed the industry’
Frederik R. Pedersen, the brain behind EasyTranslate, proclaiming that translation's dead, and AI's the assassin.
Frederik, not just the son of Danish bigwig Klaus Riskær Pedersen but a force of his own, is staring into the AI future with gusto. Contrary to the lavish drama in shows like Succession, Frederik carved his own niche with a love for tech. First, it was translation software, but with the rise of generative AI, he pivoted and redefined his game.
"I have been saying for a long time that translation is dead and AI has killed the industry as we know it, but that hasn’t gone down particularly well with my competitors. Now, however, those same people are listening and are realising that they may be too late if they want to transform their business.”
From Translation to Generative AI
Frederik's tech journey began in earnest around 2020 when he nabbed a sweet 65,000-euro grant from the Danish Innovation Fund.
The vision? An engine for a unique form of translation. His brainchild was to use AI to generate localised e-commerce content, helping retailers connect better with customers.
While his first attempt proved that sometimes being first feels like being wrong, it set the stage for bigger things. “We branded it content-as-a-service and couldn’t believe we were one of the first companies to do it.”
When big-league AI models hit the scene, EasyTranslate was all geared up to harness the power, and Pedersen boldly proclaimed traditional translation was, in fact, in the past.
Gold ETFs in the past had a significant impact on the market, and a similar trend could be seen with the introduction of a spot bitcoin ETF👇🏻
Amazon's AI Revolution for Alexa🤖
At their annual Devices event, Amazon showcased its new AI-integrated products, aiming to redefine the smart home experience. Think upgraded Amazon Echo, sleek frame glasses, and revamped Fire tablets, all synced with the Alexa chatbot.
It's no longer about just responding; it's about creating. Inspired by breakthroughs like OpenAI's ChatGPT, Amazon is harnessing generative AI to transform how we interact with tech.
And as Amazon incorporates AI deeper into their ecosystem, they're not just keeping pace but setting the standard. With rivals like Google and Microsoft in the same race, this AI evolution is one to watch.
Authors Vs. OpenAI ✍🏻
The Authors Guild, along with famous authors like George R.R. Martin (yes, the Game of Thrones maestro) and John Grisham have thrown down the legal gauntlet against OpenAI over ChatGPT.
What's the Beef? The lawsuit alleges that OpenAI used copyrighted works to train ChatGPT, essentially teaching it with their written masterpieces. The Guild argues this is a bit like making the authors' own works the instruments of their potential downfall.
Case in Point: George R.R. Martin's beloved A Song of Ice and Fire series? ChatGPT supposedly churned out an alternate sequel to one of its books, using the original characters. (No dragons were reportedly harmed.)
This isn't just about OpenAI. There's a growing concern in the literary world about AI's role in writing. Remember when an AI tried to finish Martin's series on its own? Yup, that's part of this suit.
They aren't just putting their foot down for these 13 authors but are flag-bearing for nearly 14,000 members. They're determined to ensure that writers aren't overshadowed by AI advancements.
TTD The Fed💲
The US Federal Reserve, led by Chair Jerome Powell, opted to keep interest rates stable.
What do we know?
Federal Reserve decides to stick with the 5.25% - 5.50% interest rate range.
The projection for next year's rates jumped to 5.1% from June's 4.3% guess.
Over the past year, the Fed had hiked rates in 10 successive rounds to address high inflation.
Powell hinted at possibly one more rate hike this year if the economy outperforms expectations.
Future prospects: Market watchers predict no rate change in November, with a 53.4% chance rates remain steady till year's end.
Crypto and Stock Reaction
Post-announcement, Bitcoin and Ether saw a minimal drop, with Bitcoin down 0.3% and Ether by just under 1%.
In a monthly overview, Bitcoin has slightly recovered with a 3.5% rise, while Ether slipped about 3%.
Major stock indexes like the S&P 500 and Nasdaq Composite showed marginal losses, each under 0.5%.
TTD AUS 🇦🇺
The regulatory tango isn’t just a US dance number anymore. Kraken's service provider 'down under' is now in the hot seat.
The Main Dish
The Australian Securities and Investments Commission (ASIC) is taking Bit Trade Pty Ltd to court.
“Bit who?” - that’s the company serving up Kraken’s crypto services in Australia.
What's the Beef?
ASIC isn't too chuffed with Bit Trade's margin trading product. They allege that the company didn't exactly follow the design and distribution obligations rulebook. In non-legalese, that means they didn't ensure the financial product fit the customer's needs and wasn’t distributed right.
ASIC's sticking point? Bit Trade apparently launched the product without creating a “target market determination”.
So, how does the margin trading product work? It's a nifty little thing that gives customers credit to play with certain crypto assets on Kraken. To put it simply, customers could get credit up to five times the value of their collateral.
But here’s the kicker - since its launch in October 2021, around 1,160 customers used it and reportedly lost a whopping $US8.35 million. Ouch!
Not just content with taking Bit Trade to court, ASIC is eyeing penalties, declarations, and even wants to stop Bit Trade from continuing its current operations.
“We are therefore both surprised and disappointed to have received today’s enforcement action. We believe this product is offered in compliance with Australian law and will continue our efforts to receive clarity on this matter.” - Jonathon Miller, managing director of Kraken’s Australian operations.
TTD Surfer 🏄
Venmo, a social payment platform owned by PayPal, will soon introduce the PayPal USD stablecoin (PYUSD) to its users.
LimeWire, the file-sharing software company, has acquired the BlueWillow Art App as part of its pivot towards becoming an all-in-one AI platform.
Discord crypto trading bot None Trading has been forced to shut down after falling victim to a "critical exploit" in its infrastructure.
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