Conman Sam Bankman-Fried's Billion-Dollar Bet Goes Bust

Once revered as a cryptoworld wunderkind, FTX Founder Sam Bankman-Fried is now an object lesson in out-of-control ambition.

Convicted on seven counts of fraud and conspiracy, he's swapped his billionaire lifestyle for a potential 110 years of mandatory prison time.

The former golden boy gambled big, investing customers’ money in his own hedge fund, and blindly betting that he would escape conviction.

After a heated, month-long trial, Bankman-Fried is now awaiting a verdict that's almost certain to make his curls straight.

The closing arguments of prosecutors painted a vivid picture of a man so engrossed in his own cunning that he thought he could outsmart everyone, and some day even become President.

From trying to deceive customers and destroy evidence, to delivering false statements to the media, Bankman-Fried thought he was invincible.

His defense was effectively reduced to "but he's a nice boy", which failed to sway the court, with billions hanging in the balance.

The moral of the story is that even crypto kings can't break the bank without breaking the law. Perhaps his next expected value calculation will be whether the prison food is edible or not. Good luck, Sam—you're going to need it.

Source: Read More

Money Is Getting Pricier

Move over Big Mac and semiconductors; the price of money is on the rise, and the Fed isn't the only one to blame.

For over three decades, money had been as cheap as chips, but not anymore.

No, it's not the central banks playing with interest rates, there's a deeper, more sinister logic at work.

The equation is simple, yet complex - the price of money reflects the balance between supply and demand, savings and investments.

Let me introduce you to the 'natural rate of interest,' this concept is what keeps our economy from spiraling into chaos.

Picture this: if the Fed sets borrowing costs below this natural rate, our economy would bloat from overinvestment and under-saving, causing inflation to spin faster than a tornado.

Flip it the other way, with borrowing costs above the natural rate, and we'll be drowning in savings and starving for investments, causing unemployment to shoot up faster than a summer mercury level.

The more we save, the lower the rates drop, and the more we invest, the rates soar. Sounds simple, but here's the kicker: if the Fed messes with this natural balance, we all spiral into mayhem.

We got into this pickle because too much money was printed in the last 14 years and now the Fed is attempting to bring back the balance to the system by juggling with interest rate hammers and axes.

Source: Read More

Musk's AI Bot Grok Squares Off Against ChatGPT

In a tech showdown of epic proportions, Elon Musk unveils Grok, his cheeky AI bot creation hell-bent on toppling ChatGPT from its throne.

The audacious artificial intelligence is the first offering from xAI, Musk's newly minted company.

Unlike ChatGPT, its static counterpart, Grok feeds off real-time data from X, Musk's former Twitter, making it privy to up-to-the-minute news, juicy gossip, and the hottest trends.

This sassy bot's rebellious charm isn't just for giggles either - it's outperforming ChatGPT 3.5 in several benchmarks already, leaving the AI world on the edge of their seats

Musk's wealth continues to soar, landing him the title of 'world's richest person' by Forbes, with an estimated net worth of $230.9 billion. Notably, Musk was an early backer of ChatGPT creator OpenAI, before parting ways in 2018.

Will Musk and Grok be able to topple ChatGPT in AI dominance?

Source: Read More

Trump Rising from the Ashes: Polls Show a Possible Comeback

Former President Donald Trump leaps ahead of President Joe Biden in the race for the 2024 election.

Five out of the six key battleground states seem to sway in Trump's favor, casting doubts on Biden's performance, specifically questioning his economic policies and, interestingly, his age.

However, a potential handbrake on this Trump train might emerge if he is convicted in his ongoing criminal cases, which could shed approximately 6% of his currently buoyant support.

Trump is leading the charge in Arizona, Georgia, Michigan, Nevada, and Pennsylvania, leaving Biden with only Wisconsin as his stronghold.

Yet, Biden's campaign remains unperturbed, harking back to Obama's unexpected victory in 2012 despite unfavorable predictions.

The demographic dice throw an interesting picture, with Biden's multi-racial and multi-generational coalition exhibiting cracks.

The President's lead among voters under 30 has plummeted to a bare 1% and his lead among Hispanic voters is hanging by a thread.

Trump seems to be winning over rural regions and shockingly, he's managed to gain 22% support from black voters, a picture not seen before.

Political analyst Larry Sabato issued a word of caution, suggesting that rather than panic, Democrats should take this as a warning and buckle up for the economic challenges ahead.

2020 Brought us Covid, 2021 a Capitol insurrection, 2022 a war in Ukraine and 2023 a war in the Middle East. What sort of surprise is hiding inside the pandora's box that will be 2024?

Source: Read More