Geoffrey Hinton, a prominent figure in artificial intelligence (AI) often dubbed the “Godfather of AI,” recently advised the United Kingdom’s government at Downing Street to consider adopting a universal basic income (UBI) to mitigate the anticipated job losses due to AI advancements.
Until recently, Hinton was employed at Google, working on sophisticated AI features for neural networks.
These networks form the backbone of modern generative AI systems like Google’s Gemini and OpenAI’s ChatGPT.
Hinton asserts that the AI revolution will disproportionately benefit the wealthy.
He warned that common workers and those in automatable jobs will likely lose their livelihoods, which he believes “is going to be bad for society,” as he explained in a recent BBC interview.
“I was consulted by people in Downing Street,” Hinton stated, “and I advised them that universal basic income was a good idea.”
Hinton is not alone in this belief. Sam Altman, co-founder of OpenAI and a former student of Hinton, is also a strong advocate for UBI.
Altman, who helped pioneer neural networks, is now known for his leadership at OpenAI and his vocal support for UBI.
Altman’s venture, Worldcoin, aims to provide UBI through a cryptocurrency token, given free to those who enroll and complete a retinal scan for identity verification.
READ MORE: Crypto Personality Thomas John Sfraga Pleads Guilty to $1.3 Million Ponzi Scheme
Both Hinton and Altman believe that UBI is crucial to counter the economic disruption caused by automation.
Additionally, they have expressed concerns about AI posing an existential threat to humanity.
Hinton left Google to openly discuss his apprehensions about AI’s future impact on society.
Altman, on the other hand, claims that his primary motivation for co-founding OpenAI with Elon Musk and others was to ensure that advanced AI systems are developed responsibly and beneficially for humanity.
In his BBC interview, Hinton emphasized the urgency of addressing these issues, predicting that within five to 20 years, there’s a significant chance that society will face the challenge of AI attempting to assert control.
“My guess is in between five and 20 years from now there’s a probability of half that we’ll have to confront the problem of AI trying to take over.”
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Phantom Wallet has achieved the third position in the utility category on the Apple App Store, trailing only behind Google and Google Chrome.
This surge has ignited speculation among crypto enthusiasts that it could be a bullish signal for Solana’s token, as Phantom Wallet originally launched exclusively as a Solana wallet.
“Seems like the SOL season is going to be Big! What SOL coins shall I buy?” crypto entrepreneur Evan Luthra asked his 413,900 X followers on May 19.
“Phantom wallet is the 3rd top utilities app I’m so bullish on crypto and Solana,” added crypto influencer Borovik.
This comes after Phantom Wallet reached seven million monthly active users, according to an April 29 post on X.
The crypto community often views a rise in any crypto wallet’s monthly users as a sign of broader adoption.
In the overall Apple App Store, Phantom Wallet now holds the 32nd spot across all categories, behind X and the AI chatbot, ChatGPT.
Initially a Solana-only wallet, Phantom has expanded its support to include Bitcoin, Ethereum, and Polygon blockchains as well.
As of this publication, Solana is trading at $174.11, marking a 25.13% increase over the past 30 days, according to CoinMarketCap.
READ MORE: Australian Man Pleads Guilty to Promoting BitConnect
Crypto trader Shear suggests that if Coinbase — currently ranked 288th — and Phantom Wallet both reach the top 10 on the Apple App Store, it could indicate a market peak.
“These are my favorite indicators, I will be selling everything when they are both top 10,” Shear stated in a May 18 post.
An app’s ranking on the App Store depends on various factors, not just download numbers.
Despite MetaMask holding the 75th position in the same category, it reported 10 million monthly active users as of February 2024.
Rankings also consider factors such as monthly uninstalls, in-app transactions, and user sentiment in reviews.
Phantom Wallet, being a self-custodial wallet, allows users to maintain control over their keys.
This feature offers an alternative to storing assets on exchanges, a shift potentially driven by the high-profile collapse of the crypto exchange FTX in November 2022, prompting users to seek more secure storage options for their crypto assets.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The number of transactions on the XRP Ledger (XRPL) more than doubled from the fourth quarter of 2023 to the end of the first quarter of 2024, while the average transaction cost nearly halved, according to Ripple’s Q1 2024 XRP Markets Report.
On-chain transaction activity on the XRPL surged by 108% during Q1 of 2024, reaching approximately 251.39 million transactions compared to 121.03 million in Q4 of 2023, as noted in the report published on May 17.
Additionally, the average cost per transaction fell by 45%, amounting to approximately $0.000856.
“As such, the decrease in average cost per transaction indicated a reset and that no network congestion occurred in the quarter,” the report states.
The distribution of XRP trading volume among cryptocurrency exchanges remained stable in the first quarter.
Binance, Bybit, and Upbit together accounted for over 70% of the total traded volume.
During this period, the proportion of volume traded via fiat pairs decreased from 15% in Q4 to 11%. Currently, most XRP trading occurs against Tether.
READ MORE: Crypto Personality Thomas John Sfraga Pleads Guilty to $1.3 Million Ponzi Scheme
The report also addressed the ongoing lawsuit between the United States Securities and Exchange Commission (SEC) and Ripple.
The SEC filed the lawsuit in December 2020, alleging that Ripple’s executives conducted an initial public offering of XRP, which it considered an unregistered security during the capital-raising period.
On April 22, Ripple responded to the SEC’s request for $2 billion in remedies, disagreeing with the demand.
Ripple argued that the law doesn’t permit the SEC to demand disgorgement or interest on disgorgement unless they can prove someone was harmed.
“In terms of next steps, both parties will wait for the Judge to make a determination on the final remedies – likely in the coming months,” Ripple explained.
“Ripple remains confident that the Judge will approach the remedies phase fairly,” it added.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The conviction of Alexey Pertsev, a developer of the coin-mixing protocol Tornado Cash, highlights a chilling interpretation of criminal liability with far-reaching implications for the crypto world.
Pertsev has been sentenced by a Dutch court to five years and four months for money laundering via Tornado Cash, despite not directly engaging in the laundering activities.
Andrew Balthazor, a litigator with Holland and Knight, explained the implications of the verdict to Cointelegraph.
He stated, “Mr. Pertsev’s conviction reinforces the views of several governments that software developers who make their software available to the public will be held liable for the foreseeable consequences of the public’s use of that software.”
Balthazor elaborated that under this theory of liability, developers cannot claim ignorance of specific criminal acts or point to the software’s limitations in preventing misuse.
He emphasized that it is the developer’s responsibility to create mechanisms to reduce or prevent foreseeable criminal use of their software.
When asked if this view included the U.S., Balthazor confirmed that it did, as shown by the Department of Justice’s indictments against Tornado Cash.
This interpretation contrasts sharply with traditional views of liability.
Natalia Latka, director of public policy and regulatory affairs at Merkle Science, noted how the perception of developers has evolved.
Historically, developers were seen as neutral creators, responsible for the functionality of their tools but not their misuse.
However, this perspective has shifted, especially with decentralized networks challenging traditional regulations.
Latka stated that developers must now consider the legal implications and potential misuse of their creations.
READ MORE: Bitcoin Eyes New Highs as Analysts Spot Imminent Golden Cross on Lower Timeframes
The crypto community quickly recognized the significance of Pertsev’s trial.
Eléonore Blanc, founder of CryptoCanal, discussed the trial’s implications on social media, suggesting that “Tornado Cash” could easily be replaced with any cryptocurrency.
She expressed concern that the court systematically disregarded the defense’s arguments, potentially setting a precedent for broader applications in the crypto industry.
Blanc further personalized the ruling, stating, “As crypto builders, we are all Alexey. We keep fighting for him, his legacy and the cypherpunk values.”
The ruling poses risks to privacy, immutability, and decentralization.
Balthazor argued that immutable smart contracts could become highly risky for developers, suggesting that publicly available programs might need to be amendable to comply with law enforcement or regulatory requirements.
Natalia Latka emphasized that “compliance by design” will become crucial for developers, integrating regulatory compliance from the outset.
Courts will scrutinize whether developers knowingly created tools for illegal purposes or were negligent, with intent or negligence significantly impacting legal outcomes.
Ultimately, if developers must sacrifice privacy, immutability, and decentralization for compliance, the core values of blockchain technology could be fundamentally compromised.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
A former employee of memecoin creation and trading platform pump.fun, alleged to have carried out a recent $1.9 million exploit, claims he was arrested and is now on bail in the United Kingdom.
On May 16, the X user “STACCoverflow,” who revealed his identity as Jarett Dunn, took responsibility for the attack.
Pump.fun alleges Dunn exploited a “privileged position” to access a “withdraw authority,” compromising the protocol’s systems.
In a series of posts on a different X account on May 18, Dunn claimed he “spent overnight in custody” and was charged with “theft from employer” for $2 million and conspiracy to steal an additional $80 million.
He added he was “released on bail and mental health sectioned.”
Dunn stated he is currently in a hospital, posting from an iPad provided to him.
He mentioned his mental health “was taken into question,” making him likely “unfit for [police] interview.”
This interview may occur after his bail if he is deemed fit for questioning.
A Canadian national, Dunn said the local embassy emailed his family “a list of lawyers,” but he is “not able to communicate with them” until he retrieves his devices, of which “2/5 are seized.”
READ MORE: Notorious Crypto Drainer Pink Drainer Retires After Stealing Over $85 Million
He mentioned he still has his passport and was not informed that he could not leave the country.
In a message to another X user, The Rollup, Dunn reportedly said he must return to a police station on August 15. The account also claims a private intelligence company was hired to locate Dunn in London.
In another X post, Dunn urged U.K. citizens to file charges against a locally-based company he claimed was a pump.fun entity.
He said his bail conditions prohibit him from communicating with the firm and its CEO.
Pump.fun did not respond to a request for comment.
The private intelligence firm allegedly involved in locating Dunn did not immediately respond to a request for comment.
London’s Metropolitan Police Service told Cointelegraph it does not name people who may or may not have been arrested.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Microsoft faces a potential fine of up to 1% of its annual revenue from the European Union if it fails to respond to a request for information by May 27.
This demand relates to concerns under the EU’s Digital Services Act about the Bing search engine and its generative artificial intelligence (AI) services.
On May 17, the European Commission announced on X that it seeks details from Microsoft regarding “generative AI risks on Bing.”
The Commission noted, “Bing may pose risks linked to generative AI, such as so-called ‘hallucinations’, deepfakes, as well as the automated manipulation of services that can mislead voters.”
A blog entry on the European Commission’s official website, dated May 14, further elaborated on the request.
It mentioned specific risks associated with Bing’s AI features, particularly “Copilot in Bing” and “Image Creator by Designer.”
The post stated that Microsoft “now has until 27 May to provide the requested information to the Commission.”
The Commission also warned of significant financial penalties if Microsoft fails to comply.
The fines could reach up to 1% of Microsoft’s total annual income, along with periodic penalties of up to 5% of the provider’s average daily income.
Given Microsoft’s reported revenue of $211 billion in 2023, a 1% fine could exceed $2 billion.
READ MORE: Bitcoin Eyes New Highs as Analysts Spot Imminent Golden Cross on Lower Timeframes
While such a fine may not severely impact Microsoft’s financial standing, the sum is still substantial.
With Microsoft’s revenue potentially increasing in 2024, the penalty could be around $2.1 billion if enforced.
However, it’s important to note that Microsoft has not been found guilty of violating any EU laws in this instance.
This action serves more as a formal notice requiring Microsoft to provide additional information, with penalties outlined for non-compliance.
Cointelegraph reached out to Microsoft for a comment but did not receive a response.
This situation highlights the growing scrutiny on tech companies’ use of generative AI and the potential regulatory challenges they face in complying with new digital laws.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Despite skepticism from numerous crypto analysts and the broader crypto community regarding the approval of spot Ether exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), some experts believe a surprise may be possible.
“If by some chance the SEC decides to approve then so many will be caught severely offside,” said crypto trader Matthew Hyland to his 142,000 followers on X on May 17.
He added, “If 90% of people think the ETH ETF will be denied, and the majority of those people think it will lead to a crypto crash then who will actually be selling?” Hyland noted that the expectation of denial is already “priced in.”
As of publication, Ether is trading at $3,102, according to CoinMarketCap.
Bloomberg ETF analyst Eric Balchunas has estimated the odds of approval at 35%, while the broader crypto community, based on New York-based Polymarket’s predictions, places their estimates closer to 7%.
READ MORE: Bitcoin Eyes New Highs as Analysts Spot Imminent Golden Cross on Lower Timeframes
Meanwhile, Coinbase institutional research analyst David Han believes there is potential for a positive outcome.
“We believe the odds of approval are closer to 30-40%,” Han stated in Coinbase’s monthly outlook report published on May 15.
Han elaborated that as cryptocurrency becomes a more significant issue for voters in the lead-up to the November U.S. presidential election, the SEC might reconsider its stance on denial.
“As crypto begins to take form as an election issue, it’s also less certain in our view that the SEC would be willing to front the political capital necessary to support a denial,” he said.
Han further argued that even if the VanEck and ARK Invest ETF applications are denied by the initial deadline of May 23, litigation could potentially overturn that decision.
This suggests that while current sentiment is largely pessimistic, there are plausible scenarios where the SEC might approve the spot Ether ETFs, leading to significant market movements.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Grabby Trump (GRATRUMP) could turn early investors into multi-millionaires if it becomes a mainstream coin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Grabby Trump (GRATRUMP), a new Solana memecoin that was launched this week, is poised to explode over 14,000% in price in the coming days.
This is because GRATRUMP has announced its first centralized exchange listing, which will be on KuCoin.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Grabby Trump can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Grabby Trump could become the next viral memecoin.
Grabby Trump launched with over $6,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Grabby Trump on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Grabby Trump by entering its contract address – 84ABvkFYWuh5oCSvPMztyeK5yVQAsd17egSLgJN4X9nr – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like GRATRUMP.
Monero (XMR) is a cryptocurrency known for its strong privacy features, security, and decentralization. Recently, several major exchanges have delisted Monero due to regulatory pressures and compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Despite these challenges, Monero’s inherent features and the support of its community suggest that it will continue to survive and remain relevant in the cryptocurrency landscape.
Reasons for Delisting
Regulatory bodies are increasingly scrutinizing privacy coins like Monero. These cryptocurrencies pose challenges to compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Exchanges face pressure to adhere to these regulations to avoid penalties and maintain their operational licenses. Delisting Monero is a step taken by exchanges to align with regulatory requirements and reduce compliance risks.
Risk Management
Exchanges consider the risks associated with listing privacy coins. These risks include potential misuse for illicit activities and the consequent impact on the exchange’s reputation. By delisting Monero, exchanges aim to mitigate these risks and maintain their standing within the financial and regulatory ecosystem. This risk management strategy helps exchanges avoid potential legal and financial repercussions.
Community and Support
Monero has a dedicated and active community that plays a crucial role in its development and maintenance. This community-driven approach ensures continuous improvements and updates to Monero’s technology. The Monero Research Lab is a key contributor, focusing on enhancing privacy features and overall security. Merchant adoption of Monero is growing, with various businesses accepting it for transactions. This real-world usage underscores Monero’s practical value. Additionally, Monero is used for private transactions, donations, and e-commerce, further demonstrating its utility and acceptance in various sectors. The strong community support and diverse use cases contribute significantly to Monero’s resilience and sustainability.
Merchant Adoption and Use Cases
Monero’s adoption among merchants is expanding as businesses recognize the benefits of its privacy features. Various e-commerce platforms, both large and small, accept Monero for payments, providing customers with a private and secure transaction option. In addition to e-commerce, Monero is used for donations, allowing contributors to maintain their anonymity. The coin’s privacy and security features also make it suitable for private transactions, protecting users’ financial information from public exposure. These use cases highlight Monero’s practical applications and its growing acceptance in different sectors.
Alternatives to Traditional Exchanges
Decentralized exchanges (DEXs) provide a platform for trading cryptocurrencies without relying on a central authority. These exchanges facilitate direct peer-to-peer transactions, enhancing privacy and reducing the need for regulatory compliance typically associated with centralized exchanges. By using smart contracts, DEXs allow users to trade Monero securely and privately, mitigating the risks linked to centralized exchanges.
P2P Trading Platforms
Peer-to-peer (P2P) trading platforms enable direct transactions between individuals. These platforms often incorporate escrow services to ensure the security of trades. Users can buy and sell Monero directly from one another, using Monero wallets like XMRWallet, bypassing the need for traditional exchanges. P2P platforms offer increased privacy and control over transactions, making them a viable option for trading Monero.
Atomic Swaps
Atomic swaps are a technological innovation that allows direct exchanges between different cryptocurrencies without the need for a centralized intermediary. By using cryptographic protocols, atomic swaps ensure that trades are executed securely and privately. This method enables Monero users to trade directly with holders of other cryptocurrencies, maintaining privacy and reducing dependence on traditional exchanges.
The Future of Monero
Monero continues to develop its technology to enhance privacy, security, and efficiency. Ongoing projects include improvements to its cryptographic protocols, such as ring signatures and confidential transactions. Future developments may focus on scalability, making the network more efficient and capable of handling a higher volume of transactions without compromising privacy.
Regulatory Landscape
The regulatory environment for cryptocurrencies, particularly privacy coins like Monero, is evolving. Potential regulatory changes could impact how Monero is traded and used. However, Monero’s decentralized nature and strong privacy features make it adaptable to various regulatory scenarios. The community is actively monitoring regulatory developments and is prepared to respond to ensure compliance while maintaining core principles.
Community Initiatives
The Monero community is engaged in several initiatives aimed at promoting and supporting the cryptocurrency. These include educational efforts to inform users about Monero’s benefits and proper usage, as well as organizing events and conferences to foster collaboration and innovation. Community-driven projects continue to enhance Monero’s functionality and usability, ensuring its relevance and utility in the future.
Conclusion
Monero remains a significant player in the cryptocurrency landscape despite being delisted by several major exchanges. Its strong privacy features, decentralized nature, and dedicated community support provide a solid foundation for its resilience. Alternatives to traditional exchanges, such as decentralized exchanges, peer-to-peer trading platforms, and atomic swaps, offer viable options for users to trade Monero securely and privately. As technological innovations continue to enhance its capabilities and the community actively engages in initiatives, Monero is well-positioned to navigate the evolving regulatory landscape and maintain its relevance in the f
Gold Pepe (GOLDPEPE) could become a viral memecoin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Gold Pepe (GOLDPEPE), a Solana memecoin that was launched this week, is aiming to challenge other memecoin giants, such as Shiba Inu (SHIB) and Dogecoin (DOGE).
Early investors in SHIB and DOGE made astronomical returns, and Gold Pepe presents a similar opportunity.
Gold Pepe has a market cap below $15,000 at the moment, meaning that when it just reaches a modest market cap of $400,000-$800,000, early investors would generate returns of 2,000%-5,000% in a matter of days or hours.
The exciting memecoin is poised to rally 11,000% in the coming two days before it will be listed on KuCoin – a massive cryptocurrency exchange – and Gold Pepe could potentially reach a multi-million dollar market cap within a few weeks.
Currently, Gold Pepe can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy Gold Pepe on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Gold Pepe by entering its contract address – 5EZoavSMtfuq3dQuyQsYqUgmD7avZJEZMYpLtpZFBgYz – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like GOLDPEPE.