Exchange Invest Weekend Edition 2589: 0 ChatGPT Contribution
The crypto design fraud, trumpeting HK capitalism & an Israeli startup plummets. Many words about - but not one was written by - ChatGPT.?
Exchange Invest is a unique information resource combining the day’s stories in a newsletter for investors in exchanges/financial markets infrastructure.
Exchange Invest was founded by former exchange CEO and author of the first bestselling book of fintech (“Capital Market Revolution!” FT 1999) Patrick L Young. Monday through Friday our daily paid subscriber email discusses the business of bourses of all kinds across the world.
This weekly edition is a magazine of broader macro topics as well as including our free weekly podcast which reviews the highlights of the week in the world’s market structure.
On this day in 2008, the British government introduced emergency legislation to temporarily nationalize Northern Rock PLC. British PM Gordon Brown, detailing nationalization plans, said the stricken mortgage lender would remain nationalized until adverse market conditions changed.
On 1 January 2012, Virgin Money completed a deal to buy Northern Rock for ￡747 million. In July 2012 it paid a further ￡73 million in deferred consideration.
IN BIGWORLD
From Exchange Invest 2584: February 13th, Monday:
It’s time we addressed the AI elephant in the room. Chat GPT is being billed as a resolution to everything.
Ladies & gentlemen, if your office has anybody espousing the software as a massive panacea to all manner of issues…it’s my earnest advice that you sack said individual immediately.?
Chat GPT is a neat enough thing and for the mediocrities who believe in corporate organisation as a form of death by powerpoint, it’s the ideal tool.?
If you’re in a corporate environment which prizes verbosity and vacillation over execution, you will likely disagree. For the entrepreneurially minded, chat GPT might have a minor role to play but overall it’s vastly overhyped and the folks who are espousing its wonderment are in essence the worst of bureaucratic analogists who just don’t get the potential of technology.
Oh and as of this posting, it’s a double advantage to enquire about Chat GPT as folks espousing it as a corporate panacea today will also demonstrate their second failing - not reading Exchange Invest (a proven marker of bourse business underperformance).
More on ChatGPT…
The Sun
PLY: ‘GOTCHA!’ - ‘Will the last GPT which fails to beat the human headline writers please switch the lights off when it leaves the building…’
Fun fact, the man who wrote the best guide to the Porsche 911 also wrote headlines for the Sun, including several of their 1980s gems.
Much less fun fact:
Time
CNN
PLY: Remind me “pretty as an airport,” “imaginative estate agent” - does anybody ever recall those phrases being used in everyday conversation?
City AM
PLY: Clue - ‘you can be outside the box and write inside it at the same time’ - Schrodinger on AI.
Zdnet
PLY: Dull but factual analysis, how very Meta.
Bloomberg
PLY: LOL, just LOL.
Gizmodo
PLY: We prefer our analysis, it’s way cheaper than an Ivy League education.
The Markup
PLY: ‘Meeja is desperate for scare stories to keep the clickbait economy functioning’ - the end.
AI SnakeOil
PLY: Add that GPT B-S into your PPT and drizzle over your PDFs to be a proper corporate jobsworth.
IPO-VID LIVESTREAM
NEXT WEEK?TUESDAY
Season 16: Episode 05: IPO-VID Livestream 095
February 21st: 1800 UK, 1900 CET, 1300 EST
"Tim Worstall: What Have We Got In Reserve?"
Tim Worstall has been the world's major scandium wholesaler, is a Senior Fellow at the Adam Smith Institute and lives by writing on matters economic and financial.?
Watch the Stream on:
NOW ONLINE!
Season 16: Episode 04: IPO-VID Livestream 094
February 14th: 1800 UK, 1900 CET, 1300 EST
"STRATE to the Blockchain"
Professor Monica Singer is a Chartered Accountant (SA) by training who was the first CEO of South Africa’s CSD, Strate (Pty) Ltd which she set up in 1998 and ran until she resigned in August 2017.
In October 2017, Monica was appointed as South Africa Lead for ConsenSys, a leading blockchain company. Monica is an Advisory Board member to the Global Digital Asset & Cryptocurrency Association and holds a professorial post at the University of Johannesburg specialising in blockchain for the accounting and auditing profession. Monica previously worked at the Johannesburg Stock Exchange and the World Bank in Washington DC.
Watch the Stream on:
IPO-VID LIVESTREAM PODCAST
领英推荐
In IPO-VID Episode 085: Patrick Young was joined by Financial Market Veteran, Ace product developer & Author, Brendan Bradley
Listen and enjoy this discussion about "Evolving Markets, Evolving Careers."
Available in different podcast sources:?
EI WEEKLY?PODCAST
Binance Pushing For An SRO while we ponder Is BNB short for Bank Noose Binance??
As Euroclear enjoys a Record Year ICE Facing a Black Knight Spin Off?
While we're looking forward to Options at Tadawul and CBOE spreading their options products across Europe…
VICTORY OR?DEATH
20 years on from the first fintech bestseller “Capital Market Revolution!"... "Victory Or Death" is a must read book for anyone interested in the intersection of Blockchain, Cryptocurrency and FinTech as part of the whole future of finance.
PODCASTS THIS WEEK
S&P Global
'5 Mins With The FMA' Podcast #5: Climate-Related Disclosures
FMA
PARISH NOTES
As many readers will know who have seen my speeches in recent years (available on decent commercial terms for conferences and internal meetings), PLY is partial to noting how frustrating it is that unthinking pillocks grace too many startup conferences with gushing statements to the effect of “OMG, Uber is the world’s biggest car service but doesn’t own any of the vehicles!” and related comments on other Web 2.0 megastar businesses.?
Naturally, the simple answer to this unthinking gush is to note that “it’s because eBay, Uber et al are exchanges!” Albeit beyond the regulatory world’s remit.
Anyway, congratulations to one of their number, a household name in every sense which has finally broken into profit.
AirBnB’s move into the fiscal black has been considerably helped by revenue from “cleaning fees” - probably not something exchanges in the regulated parish can consider but it must be tempting to try…
BITCARNAGE
The regulatory noose tightened on crypto this week - on ramps are now difficult with USD, custody will become more tricky still via the SEC’s jurisdiction and apparently CZ took $400 million from the bank account of his (supposedly independent) Binance.US arm…
Elsewhere in what amounts to surely the most ‘loserville’ St Valentine’s experience ever, Binance hosted their CEO for a CZ Feb 14th AMA (Twitter). Seriously, rarely have Mom’s basements across the world been put to a less romantic use on this much storied day. Even the notion of popping out to viciously gun down a few fellow mobsters in Chicago way back when could be spun by some as an act of (perverted) passion in some form…but reading the 280 character gushings of CZ chatting with other crypto bros? Eek.
…All this and a lot more crypto insight is happening daily in the Bitcarnage section of Exchange Invest.
MACRO THOUGHTS
The Telegraph
OF INTERESTS
As always, a review of interesting reading to provoke thoughts and consideration… Not sure we agree with much of it….but it’s thought-provoking!
MovieWeb
John Reed Stark LinkedIn
South China Morning Post
CTech
LAST WORD
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You can also check out the “Reflections From Young’s Pyramid”, it illustrates the relative value of exchanges around the world.?
Or the “ICE Cost of Borrowing 2020–2022” An Interest Rate Comparison, which illustrates the end of the funny money era of QE and how interest rates have already had a major lurch up from their previous region of zero to, even negative, levels.
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Catch up on Monday for Exchange Invest 2590...
The future continues in the water cooler of the bourse business, Monday…
- Patrick