Weekly Cryptocurrency News. Friday, April 21


Friday, 21st of April. As the week comes to an end we can focus on the highlights of the crypto industry over the past few days.

EU congressmen discuss MiCA pros and cons

European Union lawmakers believe that the new rules concerning comprehensive regulation on Markets In Crypto-Assets (MiCA) will end the so-called Wild West era in the industry. This is what Decrypt reports. 

Ahead of the April 20 vote on the bill, politicians discussed the benefits of the paper in question. 

Spanish Congressman Ernest Urtasun noted that “the lack of regulation has resulted in massive losses to many first-time investors and provided a safe haven for fraudsters and international criminal networks.”

“MiCA represents an important and necessary first step to bring the crypto sector under regulatory oversight,” Urtasun stressed. 

Stefan Berger, a German congressman who co-sponsored the bill, reckons that adoption of the document would put the EU “at the forefront of the token economy and restore the trust that was damaged by the FTX case.”

If Sam Bankman-Fried’s company had been under the jurisdiction of the European Union, this situation would have been avoided, according to financial commissioner Mairead McGuinness.

“Europe missed the innovation train when it came to the internet,” stated Portugal’s Lídia Pereira. “It is not sufficient now to just catch the train, we have to be the drivers of this new era.”

Among the politicians in parliament, there were also disgruntled individuals. The representative of Ireland, Chris McManus, expressed his support for the draft only because of the emphasis on transparency and consumer protection, while personally opposing digital assets.

“I am not interested in creating a market for crypto assets or promoting the use of these assets. At worst, these are pyramid schemes. They are used by criminal gangs to launder money. They can defraud working people and waste huge amounts of energy without any benefit,” MacManus said. 

Elon Musk announces “maximum truth-seeking” ChatGPT competitor

It was announced by Elon Musk, a widely-known entrepreneur, that he is working on TruthGPT, an alternative to ChatGPT that acts as an ‘Maximum Truth-Seeking AI’. This is what he said in an interview with Tucker Carlson of Fox News.

The billionaire claims that an alternative approach to creating artificial intelligence is necessary to avoid  the “civilization destruction.”

“I’m going to start something which I call ‘Truth GPT’ or a maximum truth-seeking AI that tries to understand the nature of the universe,” Musk added.

As he sees it, doing so might actually represent the best path to security, given that an AI that understands the principles of peace is unlikely to destroy human beings.

“We are an interesting part of the universe,” Tesla founder said.

Musk compared the AI’s supposed lack of desire to destroy all of humanity to the way humans seek to protect chimpanzees.

“We recognize humanity could decide to hunt down all the chimpanzees and kill them,” the billionaire pointed out. “We’re actually glad that they exist, and we aspire to protect their habitats.”

What is noteworthy is that Musk’s company Neuralink, which develops brain implants, was previously accused of mistreating test monkeys and other animals.

Nvidia unveils text-to-video generator

Nvidia has built the VideoLDM neural network, which generates short and realistic videos based on text descriptions.

The algorithm allows you to create animations lasting about five seconds at a resolution up to 2048×1280 pixels and 24 FPS. The model generates videos from both simple and complex prompts.

VideoLDM is based on the Stable Diffusion engine. As per the report, the neural network takes into account 4.1 billion parameters. Out of these, 2.7 billion were trained on video.

The company said it made “significant progress” in training the neural network rather quickly. As the developers say, VideoLDM now generates detailed and descriptive videos in just a month.

Some examples of generator’s works have been published on their website.

PEPE memecoin holder turns $260 into $2M in four days

It took less than a week for a user named dimethyltryptamine.eth to earn more than $2 million from PEPE meme-token transactions. Such data is given by Arkham analysts.

They recorded $260 worth of purchases of the asset immediately after the relevant contract was deployed on April 14. The user keeps holding the market position.

As reported by CoinGecko, the market cap of the project reached $131.8 million, which peaked at $148.9 million.

“This is not a bug in our platform,” Arkham warned, posting a screenshot of the change in assets of the user mentioned earlier.

Almost all of the dimethyltryptamine.eth’s wealth is concentrated in the previously cited meme-token.

“So far he’s only sold $8,000 worth of PEPE to buy 2 MILADYs, LOL,” the experts chuckle.

As far as you may remember, the MEV bot made ~$1.5 million in profits when paired with PEPE, spending $1.3 million on gas.

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