Tech TLDR: 🤖 You can now take "Proficient in Excel" off your Resume
Web 360: The AI, Crypto, Web3 and Tech Newsletter
This weeks Tech, Web3, Crypto and AI news
- 🤖 You can now take "Proficient in Excel" off your Resume
- 🦾 FDIC Claims it does not Hate Crypto
- 🪙 USDC: Was Everyone Just As Blind As Me?
AND NOW THE NEWS
FDIC Claims it does not Hate Crypto
The Federal Deposit Insurance Corporation (FDIC) has dismissed rumors that potential buyers of Signature Bank would be required to stop all crypto business. The FDIC's spokesperson denied the anonymous claims that the bank's buyer would need to give up all crypto activities, stating that there would be no such requirement in any sale. The agency emphasized that it is not seeking to restrict any particular activity by banks.
Initial reports suggested that regulators forced Signature Bank's closure due to its involvement in the crypto industry, but the New York Department of Financial Services rejected this claim, stating that the decision to place Signature into receivership was based on its current status and ability to conduct business safely.
Signature Bank's closure surprised many, as it was the third bank to shut its doors within a week and the third-largest bank failure in U.S. history. It had lent money to digital asset firms and facilitated crypto-to-fiat transactions via its Signet network. Only bidders with existing banking charters can review the bank's financials before submitting an offer.
The FDIC is accepting bids until Friday for both Signature Bank and Silicon Valley Bank, which it closed on March 10. The closure of Signature Bank raises questions about the reasons behind it and whether it is part of a broader regulatory crackdown on crypto. It also highlights the challenges that banks operating in the crypto industry face amidst increasing regulatory scrutiny.
Written by: VimalV5Final
You can now take "Proficient in Excel" off your Resume
Microsoft has announced the addition of generative artificial intelligence (AI) technology to its Microsoft 365 suite of business software. The new AI feature, called Copilot, is based on a large language model (LLM) software, which has been improved to better understand and respond to text. The Copilot tool will be available on Word, PowerPoint, Excel, Outlook, Teams, Viva, Power Platform and other productivity apps. The tool can scan and take actions based on all data from the Microsoft Graph, which stores content such as emails, file meetings, chats and calendar notes. It generates more specific and improved responses tailored to an individual. Copilot is pitched as more powerful than just having "OpenAI's ChatGPT embedded into Microsoft 365."
Microsoft CEO Satya Nadella believes Copilot represents the next major step in the evolution of how we interact with computing. "Today marks the next major step in the evolution of how we interact with computing, which will fundamentally change the way we work and unlock a new wave of productivity growth," Nadella said. The company is testing the software with 20 customers, including eight in the Fortune 500, to get feedback and improve its models as it scales. Copilot is designed to make it easier for people to write emails, send business proposals, and create PowerPoint presentations. It can also create a first draft to edit and iterate on, saving hours in writing, sourcing and editing time.
Written by: VimalV5Final
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AND BACK TO THE NEWS
USDC: Was Everyone Just As Blind As Me?
Let me TL;DR summarize the past weekend’s events:
Mass panic hits SVB.
SVB begins to go down.
Others are next.
Mass panic hits all markets.
USDC de-pegs.
It’s that last italicized item that put me into a panic. I thought of all stablecoins, USDC (USD Coin) should withstand a large bank run like we just saw happen.
But it didn’t. Saturday around 9pm ET, we started seeing USDC begin to de-peg. I honestly was a bit in shock that it was happening, especially after all that we’ve heard about it’s resilience.
I was just at ETHDenver a couple of weeks ago, at the Circle (creators of USDC) booth talking to them about what makes a stablecoin actually stable. The bottom line they made was over-collateralization and transparency as keys to a strong stablecoin.
From the WSJ: “Circle holds $9.7 billion of its USD Coin reserves in cash and $32.4 billion in short-dated government securities — ”.
I believe those numbers are still below what the true number is, however, that should give an idea of how collateralized USDC is.
That is a massive number and it’s worry that the mass panic caused such a de-peg.
Another point Circle made was transparency. And it’s true that Circle discloses where their assets are held. However, which other top stablecoin is not a big fan of transparency and weathered the storm well above USDC? That’s right, USDT (USD Token).
USDT, which is not very transparent and being a European-backed USD stablecoin, they did not have very much exposure to U.S. banking entities and were a safe harbor for USDC-refugees. USDT went up to as much as $1.06 at one point during this time.
Eventually, U.S. officials ensured banking victims will be made whole, Circle ends up having access to their reserves and is able to bring USDC back up to peg, the markets have been favorable since. All is good and life moves on.
However, now I don’t know if my plan of using stablecoins works anymore. The whole point is having an intermediary between volatile tokens, in which I can preserve my gains (or losses) without risk.
So I guess we all will just have to wait and see what happens when the next major panic occurs…
Written by: nikethereum.eth / Medium / Mirror
Great idea to combat the rise of AI...
In the age of #AI design, how do we mark hand crafted design work?
— RI ✐ CH (@rich_cahill)
Mar 16, 2023
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