“She flipped the title on his car, sold all his furniture and told us that our dad didn’t leave me or my sister anything.”
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Moved
Massive Bitcoin Shift: $6B Moved as 5th Largest BTC Wallet Reactivates After Years of Dormancy
This week, blockchain observers noticed that the “37X” wallet, once holding the title of the fifth-largest bitcoin wallet, was activated for the first time since 2019. This significant move involved the transfer of 94,504.03 bitcoin into three distinct addresses. One of these recipient wallets has now risen to become the sixth-largest bitcoin holder, showcasing a […]
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Unlocking Crypto History: 2,000 ETH From Ethereum’s Genesis Days Suddenly Moved
In recent weeks, Bitcoin.com News has chronicled the significant number of dormant bitcoin addresses that have sprung to life in March after years, if not a decade, of inactivity. Similarly, we’ve observed a resurgence of activity from older ethereum addresses. This Saturday highlighted a noteworthy event: an individual who took part in the Ethereum initial […]
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The Meme-based cryptocurrency Dogecoin (DOGE) has recently experienced a significant increase in whale transactions during an improvement in the crypto asset’s price.
300 Million Dogecoin (DOGE) Dumped In Crypto Exchange
Data from the on-chain crypto tracker Whale Alert recently revealed that a massive amount of Dogecoin (DOGE) was transferred to Robinhood. This whale transaction has attracted the interest of traders and investors in the larger cryptocurrency space.
According to the crypto tracker, the transfer was orchestrated by an unknown wallet address earlier today. The wallet address identified as DDuXG.ruc1wwKF sent about 300 million DOGE to the cryptocurrency trading platform Robinhood.
The post read:
300,000,000 #DOGE (25,033,123 USD) transferred from unknown wallet to #Robinhood.
With the current price of Dogecoin, the whale transaction is valued at approximately $25 million. The whale moved the substantial Dogecoin haul to Robinhood for a comparatively low network cost of just $0.18. This is most likely by taking advantage of times when fees and congestion were low.
The transfer of DOGE to Robinhood suggests that the whale is looking to sell the tokens, igniting speculation in the larger cryptocurrency market. However, it seems that the meme-based cryptocurrency’s price increase runs counter to the tokens being dumped on exchanges.
Currently, the price of DOGE is sitting at $0.0839, indicating an over 2% increase in price in the past 24 hours. Meanwhile, its market capitalization is also reflecting the same percentage rise at $11.9 billion, according to CoinMarketCap.
A similar whale transaction was also flagged by the on-chain tracker recently. In October, a similar transaction of 300 million DOGE tokens occurred thrice, while last month also saw a similar transaction twice.
Large-scale individual transactions usually come with the danger of crashes due to fast liquidations or market manipulation. However, there is no solid evidence that the whale transaction had any impact on the token’s price.
The Crypto Asset’s Holders Increases Significantly
Dogecoin has shown a significant uptick in its total number of holders lately. Analytics firm IntoTheBlock revealed that the total number of addresses holding a balance exceeded 5 million this week, and reached a high of 5.02 million on November 27. A major factor contributing to the rise in new Dogecoin addresses is the cryptocurrency’s increasing adoption and interest.
The on-chain analytics firm also revealed that the numbers have been increasing gradually since the start of the year. “This recent activity is most likely driven by Dogecoin “Doginals”, which don’t require a significant on-chain balance of $DOGE,” IntoTheBlock said.
DOGE trading at $0.0833 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image by iStock, chart by Tradingview.com
Recently, the crypto community witnessed a notable event as a dormant Bitcoin whale, inactive for nearly four years, returned to the market.
According to data from the crypto analytics platform Lookonchain, this enigmatic entity transferred 3,623 BTC, worth roughly $136.94 million, to two newly created wallets.
Market Speculations And Potential Impact
This mysterious investor initially accumulated their Bitcoin holdings at an average cost of $6,889 per unit from October 25, 2018, to December 31, 2019. Initially, the total investment stood at approximately $24.96 million.
However, at present market conditions, this investment has grown significantly and is now estimated to yield around $112 million in profits.
The transaction’s significance extends beyond its sheer magnitude. It is particularly noteworthy for its timing, aligning with Bitcoin’s recent surge to a peak price not seen since May of the previous year, reaching around $38,400 per Bitcoin.
A whale that had been dormant for ~4 years transferred all 3,623 $BTC($136.94M) to 2 new wallets 1 hour ago.
This whale accumulated 3,623 $BTC($24.96M) at ~$6,889 from Oct 25, 2018 to Dec 31, 2019.
At current prices, the profit is ~$112M. pic.twitter.com/wrMe4loIwm
— Lookonchain (@lookonchain) November 30, 2023
The sudden activity of this substantial Bitcoin holder has sparked speculation and discussions within the crypto community. On the X platform, a user pointed out the timing of the whale’s movement as it coincides with Bitcoin’s recent rally to a significant high.
This observation has led to conjectures about the whale’s potential insider knowledge or strategic market insights, especially considering the substantial profit they are currently sitting on.
Notably, the actions of large-scale holders, often dubbed ‘whales,’ can exert considerable influence on the crypto market. A transaction of this magnitude could signal various strategic moves, ranging from portfolio restructuring to preparing for a market exit.
Such movements are closely monitored as they can provide insights into market sentiment and potential trends.
A Closer Look At The Bitcoin Whale’s Strategy
Delving deeper into the whale’s investment strategy reveals a calculated approach to Bitcoin accumulation. The purchase of Bitcoin at an average cost of $6,889 per BTC during the 2018-2019 period indicates a strategic entry during a time when the market was relatively bearish.
The subsequent hold for four years through various market cycles underscores a long-term investment mindset, contrasting with the short-term trading strategies often seen in the crypto space.
The recent awakening of this whale and the transfer of a significant portion of their holdings to new wallets might indicate a shift in strategy. While it’s speculative to predict the whale’s next move, this could involve cashing out on some of their investments or redistributing assets for diversification.
It’s also plausible that the whale is positioning for new investment opportunities within the crypto space, potentially in sectors such as decentralized finance (DeFi) or non-fungible tokens (NFTs).
Regardless, Bitcoin is currently in a downtrend following its climb above $38,000 yesterday. The asset now trades at $37,704, at the time of writing, down by 0.4%.
Featured image from Unsplash, Chart from TradingView
A rational take on a SkyNet ‘doomsday’ scenario if OpenAI has moved closer to AGI
Hollywood blockbusters routinely depict rogue AIs turning against humanity. However, the real-world narrative about the risks artificial intelligence poses is far less sensational but significantly more important. The fear of an all-knowing AI breaking the unbreakable and declaring war on humanity makes for great cinema, but it obscures the tangible risks much closer to home.
I’ve previously talked about how humans will do more harm with AI before it ever reaches sentience. However, here, I want to debunk a few common myths about the risks of AGi through a similar lens.
The myth of AI breaking strong encryption.
Let’s begin by debunking a popular Hollywood trope: the idea that advanced AI will break strong encryption and, in doing so, gain the upper hand over humanity.
The truth is AI’s ability to decrypt strong encryption remains notably limited. While AI has demonstrated potential in recognizing patterns within encrypted data, suggesting that some encryption schemes could be vulnerable, this is far from the apocalyptic scenario often portrayed. Recent breakthroughs, such as cracking the post-quantum encryption algorithm CRYSTALS-Kyber, were achieved through a combination of AI’s recursive training and side-channel attacks, not through AI’s standalone capabilities.
The actual threat posed by AI in cybersecurity is an extension of current challenges. AI can, and is, being used to enhance cyberattacks like spear phishing. These methods are becoming more sophisticated, allowing hackers to infiltrate networks more effectively. The concern is not an autonomous AI overlord but human misuse of AI in cybersecurity breaches. Moreover, once hacked, AI systems can learn and adapt to fulfill malicious objectives autonomously, making them harder to detect and counter.
AI escaping into the internet to become a digital fugitive.
The idea that we could simply turn off a rogue AI is not as stupid as it sounds.
The massive hardware requirements to run a highly advanced AI model mean it cannot exist independently of human oversight and control. To run AI systems such as GPT4 requires extraordinary computing power, energy, maintenance, and development. If we were to achieve AGI today, there would be no feasible way for this AI to ‘escape’ into the internet as we often see in movies. It would need to gain access to equivalent server farms somehow and run undetected, which is simply not feasible. This fact alone significantly reduces the risk of an AI developing autonomy to the extent of overpowering human control.
Moreover, there is a technological chasm between current AI models like ChatGPT and the sci-fi depictions of AI, as seen in films like “The Terminator.” While militaries worldwide already utilize advanced aerial autonomous drones, we are far from having armies of robots capable of advanced warfare. In fact, we have barely mastered robots being able to navigate stairs.
Those who push the SkyNet doomsday narrative fail to recognize the technological leap required and may inadvertently be ceding ground to advocates against regulation, who argue for unchecked AI growth under the guise of innovation. Simply because we don’t have doomsday robots does not mean there is no risk; it merely means the threat is human-made and, thus, even more real. This misunderstanding risks overshadowing the nuanced discussion on the necessity of oversight in AI development.
Generational perspective of AI, commercialization, and climate change
I see the most imminent risk as the over-commercialization of AI under the banner of ‘progress.’ While I do not echo calls for a halt to AI development, supported by the likes of Elon Musk (before he launched xAI), I believe in stricter oversight in frontier AI commercialization. OpenAI’s decision not to include AGI in its deal with Microsoft is an excellent example of the complexity surrounding the commercial use of AI. While commercial interests may drive rapid advancement and accessibility of AI technologies, they can also lead to a prioritization of short-term gains over long-term safety and ethical considerations. There’s a delicate balance between fostering innovation and ensuring responsible development we may not yet have figured out.
Building on this, just as ‘Boomers’ and ‘GenX’ have been criticized for their apparent apathy towards climate change, given they may not live to see its most devastating effects, there could be a similar trend in AI development. The rush to advance AI technology, often without adequate consideration of long-term implications, mirrors this generational short-sightedness. The decisions we make today will have lasting impacts, whether we’re here to witness them or not.
This generational perspective becomes even more pertinent when considering the situation’s urgency, as the rush to advance AI technology is not just a matter of academic debate but has real-world consequences. The decisions we make today in AI development, much like those in environmental policy, will shape the future we leave behind.
We must build a sustainable, safe technological ecosystem that benefits future generations rather than leaving them a legacy of challenges our short-sightedness creates.
Sustainable, pragmatic, and considered innovation.
As we stand on the brink of significant AI advancements, our approach should not be one of fear and inhibition but of responsible innovation. We need to remember the context in which we’re developing these tools. AI, for all its potential, is a creation of human ingenuity and subject to human control. As we progress towards AGI, establishing strong guardrails is not just advisable; it’s essential. To continue banging the same drum, humans will cause an extinction-level event through AI long before AI can do it itself.
The real risks of AI lie not in the sensationalized Hollywood narratives but in the more mundane reality of human misuse and short-sightedness. It’s time we remove our focus from the unlikely AI apocalypse to the very real, present challenges that AI poses in the hands of those who might misuse it. Let’s not stifle innovation but guide it responsibly towards a future where AI serves humanity, not undermines it.
Ethereum Wallet Dormant For 8 Years Awakens, Here Is Why It Moved $1.2 Million In ETH
The Ethereum ecosystem has continued to see fascinating developments in the past weeks. Among the most notable is the sudden movement from a participant in Ethereum’s initial coin offering (ICO), who, after a roughly eight-year slumber, has sprung into action due to a reason.
The Ethereum ICO participant, whose address remained inactive for 2,922 days, stirred up by transferring 641 ether, an amount currently valued at nearly $1.2 million.
An Unexpected Move In The Ethereum Ecosystem
The intent behind these transactions was revealed through on-chain analytics X (Twitter) account Lookonchain, noting that the Ethereum ICO participant had moved the funds to stake them. This reason has raised speculation among the crypto community as some suggest that the whale behind this move might know something they don’t.
Related Reading: Ethereum Price Recovery Could Soon Fade If ETH Fails To Surpass $1,900
An Ethereum ICO participant woke up after 8 years of dormancy, transferred 641 $ETH out, and started staking.
He received 2K $ETH($3.7M currently) at Ethereum Genesis, the ETH ICO price is ~$0.31. pic.twitter.com/ZO09r9uFMd
— Lookonchain (@lookonchain) July 31, 2023
Just over eight years ago, the same address received exactly 2,000 ETH from Ethereum’s Genesis. This amount of ETH at the time was worth $620 as the Ethereum network arranged an exceptional sale event then that made ETH sell for $0.31 per ETH.
This event was before the network commenced its own token generation, providing a platform for early participants and co-founders to accrue pre-mined ETH. However, fast forward to nearly a decade later today, this same amount of 2,000 ETH is currently valued at over $3.72 million, showcasing the meteoric rise in the value of ETH since its inception.
Notably, the awakening of this long-dormant Ethereum participant is not an isolated incident. It falls into a recent trend, observed over the summer, where several early ICO participants have begun transferring their ETH holdings.
ICO Participants Stirring After A Long Hiatus
This pattern of dormant Ethereum ICO participants springing into action isn’t new. Two weeks prior to the latest transaction, a pre-mined stash of Ethereum, which had been lying dormant for nearly eight years, was abruptly moved. At current rates, this stash is estimated to be worth more than $100 million.
This particular ‘whale’ move grabbed the attention of the crypto community, stirring speculation and interest in equal measure. Interestingly, the motives behind this transfer remain largely unknown, adding an element of mystery to the whale movement.
Regardless of these ICO participants’ movement on the blockchain, Ethereum has seen a continuous downtrend in the past few weeks. Particularly, the asset is currently down by 3.2% in the past 14 days. ETH has declined from a high of trading above $1,900 to a trading price of $1,866, at the time of writing.
Featured image from Unsplash, Chart from TradingView