Gene Swank

OpenAI launches experimental GPT-4o Long Output model with 16X token capacity https://ift.tt/VozJu40 Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More OpenAI is reportedly eyeing a cash crunch, but that isn’t stopping the preeminent generative AI company from continuing to release a steady stream of new models and updates. Yesterday, the company quietly posted a webpage announcing a new large language model (LLM): GPT-4o Long Output, which is a variation on its signature GPT-4o model from May, but with a massively extended output size: up to 64,000 tokens of output instead of GPT-4o’s initial 4,000 — a 16-fold increase. Tokens, as you may recall, refer to the numerical representations of concepts, grammatical constructions, and combinations of letters and numbers organized based on their semantic meaning behind-the-scenes of an LLM. The word “Hello” is one token, for example, but so to is “hi.” You can see an interactive demo of tokens in action via OpenAI’s Tokenizer here. Machine learning researcher Simon Willison also has a great interactive token encoder/decoder. By offering a 16X increase in token outputs with the new GPT-4o Long Output variant, OpenAI is now giving users — and more specifically, third-party developers building atop its application programming interface (API) — the opportunity to have the chatbot return far longer responses, up to about a 200-page novel in length. Why is OpenAI launching a longer output model? OpenAI’s decision to introduce this extended output capability stems from customer feedback indicating a need for longer output contexts. An OpenAI spokesperson explained to VentureBeat: “We heard feedback from our customers that they’d like a longer output context. We are always testing new ways we can best serve our customers’ needs.” The alpha testing phase is expected to last for a few weeks, allowing OpenAI to gather data on how effectively the extended output meets user needs. This enhanced capability is particularly advantageous for applications requiring detailed and extensive output, such as code editing and writing improvement. By offering more extended outputs, the GPT-4o model can provide more comprehensive and nuanced responses, which can significantly benefit these use cases. Distinction between context and output Already, since launch, GPT-4o offered a maximum 128,000 context window — the amount of tokens the model can handle in any one interaction, including both input and output tokens. For GPT-4o Long Output, this maximum context window remains at 128,000. So how is OpenAI able to increase the number of input tokens 16-fold from 4,000 to 64,000 tokens while keeping the overall context window at 128,000? It call comes down to some simple path: even though the original GPT-4o from May had a total context window of 128,000 tokens, its single output message was limited to 4,000. Similarly, for ...

???? ICON-based Balanced DEX integrates Cosmos-based Injective (INJ) network to enhance cross-chain liquidity, with plans for regular INJ purchases and upcoming INJ/bnUSD pool launch. #Bitcoinworld ????

According to data from the Bitcoin blockchain explorer mempool, addresses labeled as Mt. Gox (starting with 1HeHLv) transferred approximately 47,228 BTC (worth $2.68 billion) to new addresses (starting with 1L7Xbx). Mt. Gox is reportedly planning to return a total of 142,000 BTC, 143,000 BCH, and 69 billion yen to creditors starting this month. ?????? #Bitcoinworld

Bitcoin miners got kicked out of China. Now they're sucking America dry. https://ift.tt/gm3R6aA Anson Chan for BI China used to be the crypto capital of the world. Thanks to the cheap energy and friendly regulations, mining companies flocked to set up shop in a country reluctantly playing host to the energy-intensive process of creating coins and validating transactions. In 2019, despite some regulation and a ban on initial coin offerings years prior, China's leader, Xi Jinping, called for widespread implementation of blockchain technology to support the country's quest for secure and reliable data systems, boosting blockchain research and further propelling China ahead of the US. At its peak, in 2021, the country accounted for almost 70% of global cryptocurrency mining. But in May of that year, China changed course. Concerns about the use of cryptocurrencies for illegal activity resulted in an effective ban on crypto mining and transactions. Zongyuan Zoe Liu, a senior fellow at the Council on Foreign Relations, told me the ban stemmed from the risk that cryptocurrencies posed to China's financial system through activities like money laundering. This sent the industry spiraling. Mining companies immediately fled the country, many moving to nearby Kazakhstan, where there was an abundance of coal power. Since minting bitcoins requires solving increasingly complex math problems, the hundreds of specialized machines used in the process — along with the equipment to cool them — take a massive amount of electricity. According to the Cambridge Bitcoin Electricity Consumption Index, Kazakhstan went from accounting for 7% of the global "hashrate" — the computational power required to make new bitcoins — in May 2021 to almost 20% just three months later. The influx of crypto miners began sucking up 7% of the country's generated energy, sending the price of fuel soaring and creating widespread power outages. After a massive public outcry at the end of 2021, mining companies in Kazakhstan were effectively cut off from the grid. So then they came to America. Today, the US makes up about 40% of the global hashrate — up from 17% during China's 2021 peak — making America the biggest hub for bitcoin mining. The country's 52 cryptocurrency-mining operations use about 2% of America's energy — enough to power the entire state of Utah or West Virginia. While it hasn't caused the kind of crisis that took place in Kazakhstan, the massive energy consumption has still prompted pushback from locals and heightened concerns about Chinese-owned operations moving in. And it's just the latest example of China kicking out burdensome industries only for them to end up on America's doorstep. Among the major Chinese-owned crypto-mining companies that migrated to America was Bit Mining. In May 2021, the company had the largest data center and crypto-mining facility in the world, in China. By that September, after a brief stint in Kazakhstan, it was setting up shop in...

A church in Colorado now runs on the blockchain network. Here's why https://ift.tt/2XMOHAx A church in Colorado plans to tokenize and run on the blockchain network in an effort to raise $2.5 million. It will be the first church ever to be tokenized. One Hope of Colorado, a network of affiliated church groups, has launched an initiative to purchase its main chapel in Fort Collins, built in 1897, using blockchain technology. The group has tokenized the “Old Stone Church,” a historic 11,457-square-foot building, to raise $2.5 million for its ownership. While this may sound new, as it will be the first church ever to be tokenized, it is not new for the blockchain world to tokenize real-world assets. In simple terms, the tokenization of funds is the process of converting real-world assets (RWAs) or funds into digital tokens using blockchain technology. Real-world assets encompass tangible assets like real estate, intellectual properties, art, currencies, commodities, equities, bonds, money markets, and more. Pastor Blake Bush led the initiative, believing this innovative approach was divinely inspired. “I heard the Lord say, ‘tokenize the building,’” Bush told Forbes. He further added that he had been “praying for this for years” and that God had told him to “go get my house.” Why is the church tokenizing itself? Bush’s congregation and other church groups had been renting the Old Stone Church from its current owner, a local businessperson who also owns a car dealership. The building was purchased in 2022 for $2.2 million. Bush and the Colorado House of Prayer now plan to buy it for $2.5 million. To achieve this, Bush partnered with REtokens, a company specializing in the tokenization of real estate assets, to tokenize the building using the Polymesh blockchain. One Hope of Colorado aims to pioneer a new model for community investment through real-world asset tokenization, selling shares to the community to raise funds. The goal is to secure enough capital to purchase the Old Stone Church within three years, preserving the historic building. In its initial phase, One Hope intends to raise $2.5 million from accredited investors within the first year. These investors will hold the tokens for a year before selling them on a secondary market, primarily to Colorado residents. Graeme Moore, Head of Tokenization at Polymesh Association, stated that real estate is undergoing a transformation through real-world asset tokenization. “One Hope of Colorado, as the first-ever tokenized church, is a great example of unlocking liquidity and fostering collaborative ownership,” he said in a press release. Pastor Bush and his group have created “Stone Coin,” a digital asset designed to raise funds for purchasing the Old Stone Church. As with any tokenization project, its success will rely on the level of positive token flow and market response. Business News via Quartz https://qz.com August 19, 2024 at 08:17AM

?? Today's on-chain activity $BTC Holders of less than 1 BTC, as a cohort, were net sellers today https://lnkd.in/e743W9KB ~~~ #finance #web3 #FED #investors #interestrates #crypto #inflation #startups #stocks #wallstreet #IPOs #QT #VCs #bitcoin #Ethereum #ETFs

There are a few things working in crypto's favor here. First, politics have provided a tailwind. Prediction markets now give Trump a 70?percent?chance of victory, up from 59 percent?before the shooting, per Polymarket. Markets broadly view Trump as the pro-crypto presidential candidate compared to Joe Biden, which helps?explain the rally?that kicked off this weekend. Trump cemented that token-friendly reputation Monday in selecting JD Vance, also pro-crypto, as his running mate. It was only a few weeks ago Vance--who is said to own more than six figures worth of bitcoin--was circulating draft legislation to revamp US regulations of digital assets, as?Politico?reported. #bitcoin #digitalcurreny #blockchain #cryptocurrency #ai #tech #business #nft #digitalcoins #tokens #digitaltokens #crypto

A crypto trader is facing a $650 million charge for defrauding investors https://ift.tt/DU4tb6x Illustration: TarikVision (Getty Images) The Securities and Exchange Commission (SEC) has announced charges against crypto trader NovaTech and its leadership for orchestrating a fraudulent scheme that raised over $650 million from 200,000 investors. The SEC’s complaint reveals that the scheme heavily targeted the Haitian-American community, among others. According to the financial watchdog, Cynthia and Eddy Petion, ran NovaTech as a multi-level marketing (MLM) and crypto asset investment program from 2019 to 2023. They assured investors that their money would be securely invested in cryptocurrency and foreign exchange markets. Most of the funds, however, were used to pay existing investors and compensate promoters, with only a small portion being used for actual trading. The SEC said that the Petions misappropriated millions of dollars for personal gain, resulting in significant losses for investors when NovaTech ultimately collapsed. “NovaTech and the Petions caused untold losses to tens of thousands of victims around the world,” stated Eric Werner, Director of the SEC’s Fort Worth Regional Office. “As we allege, MLM schemes of this size require promoters to fuel them, and today’s action demonstrates that we will hold accountable not just the principal architects of these massive schemes, but also promoters who spread their fraud by unlawfully soliciting victims.” The SEC’s complaint, filed in the U.S. District Court for the Southern District of Florida, accuses NovaTech, the Petions, and the promoters of violating antifraud provisions and registration requirements under federal securities laws. The SEC is pursuing permanent injunctive relief, the return of ill-gotten gains, and civil penalties. Business News via Quartz https://qz.com August 12, 2024 at 11:26AM

Coinbase stock is rallying on revenue, and MicroStrategy is piling up Bitcoin https://ift.tt/Wper3cU Coinbase and MicroStrategy, two major crypto-focused firms, released their earnings on Thursday after the closing bell. Crypto exchange Coinbase reported better-than-expected revenue, whereas business intelligence company MicroStrategy, which uses Bitcoin as its primary treasury asset, reported a loss. Coinbase beat revenue expectations Shares of Coinbase surged more than 3%?in after-hours trading following the crypto exchange’s earnings report. In its second-quarter earnings, the company announced total revenue of $1.45 billion, slightly exceeding the estimated $1.4 billion.? Subscription and services revenue increased 17% to $599 million during the quarter. However, the company’s income from transaction fees declined 27% from the previous quarter as trading volume dropped 28%. During the second quarter, total operating expenses totaled $1.1 billion, up 26% or $229 million from the previous quarter. The company has been attempting to diversify and explore various sectors of the cryptocurrency industry, including the tokenization of funds?and spot crypto ETFs, where it acts as a custodian. Despite losses, MicroStrategy continues to buy Bitcoin In its latest earnings report, Bitcoin advocate MicroStrategy reported losses, but it continued to buy the cryptocurrency. According to its latest earnings report, the company bought 12,222 Bitcoin since the beginning of the quarter at an average price of $65,882 per Bitcoin, for $805 million. This brings its total Bitcoin holdings to 226,500 Bitcoin. The business intelligence company reported a net loss of $102.6 million in the second quarter. Revenue from its software business was $111.4 million, falling short of analysts’ expectations of $119.3 million. It reported impairment losses (a decrease in the value of an asset) from digital assets of $180.1 million in the quarter, compared to $24.1 million during the same quarter last year. The losses have come at a time when the company’s cash flows are being scrutinized, raising investors’ concerns. After hours on Thursday, MicroStrategy shares were up more than 3%. Business News via Quartz https://qz.com August 1, 2024 at 03:35PM

A Bitcoin mining company plans to buy more Bitcoin by raising $250 million https://ift.tt/WOnHBYP Photo: LARS HAGBERG (Getty Images) Marathon Digital Holdings, one of the world’s largest Bitcoin mining companies, is looking to increase its Bitcoin holdings by raising $250 million through a private offering of convertible senior notes.? The notes, which will mature in 2031, are being offered privately to qualified institutional buyers. They will be unsecured, senior obligations with interest payable semi-annually in arrears on the first days of March and September, starting next year. Marathon is also considering an additional sale of $37.5 million in notes to initial purchasers, depending on market conditions. On Monday morning, shares of the company fell nearly 10%, trading at $15.30. The company said in the announcement: “MARA intends to use the net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of debt and other outstanding obligations.” Due to the substantial capital involved, the purchasing behaviors of major Bitcoin holders, including Bitcoin miners, significantly influence Bitcoin’s price. Marathon Digital Holdings is the second largest publicly traded company holding Bitcoin, following MicroStrategy, according to crypto tracking site CoinGecko. MicroStrategy currently holds 226,331 Bitcoin, valued at approximately $13.58 billion, while Marathon Digital Holdings possesses 17,320 Bitcoin, worth around $1.04 billion. Business News via Quartz https://qz.com August 12, 2024 at 07:47AM