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SEC Comish Gensler Might Be Fired

AI is scary, here's why...

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Here is the breakdown of today's newsletter:

🔥 Gensler might be fired?
👀 AI is scary - here’s why

  • There are still some big sales out here in this market. A Cryptopunk just sold for 135 ETH ($233,000+ USD). Check it out here.

  • RTFKT, the design studio best known for creating virtual and digital sneakers, has signed with CAA to explore film and TV projects based on the company's intellectual property. (HR)

  • Speaking of big sales, Fidenza #545 was sold for 625 ETH ($1.17M USD) in a reserved sale on OpenSea.

  • The SEC has many tokens in their crosshairs. Two of which are NFT household names - Decentraland and the Sandbox (Y)

  • Kraken NFT marketplace officially launched out of beta and has integrated Polygon NFT support. (@bitocrates)

  • Hype over BTC Ordinals leads to a wide-spread wallet hack. (DC)

  • Metaverse Beauty Week pops off in Decentraland. (@decentraland)

SEC Chair Gary Gensler In Hot Water? 🔥

On June 12th, Representative Warren Davidson introduced the "SEC Stabilization Act" in the House of Representatives. *yawn*

Yah so what?

Well, the bill's main provision is to remove Securities and Exchange Commission (SEC) Chair Gary Gensler from his position.

🎙️ Davidson had some choice words about Gensler:

“U.S. capital markets must be protected from a tyrannical Chairman, including the current one. That’s why I'm introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come. It’s time for real reform and to fire Gary Gensler as Chair of the SEC."

💡 What can happen (if passed):

  • effectively would remove Gensler from his seat

  • redistribute power between the SEC chair and commissioners

  • add a 6th commissioner to the agency

  • disallow one party from holding a power majority

  • create an executive director position

The founder of The Drop (Gannon Breslin) has been covering finance, tech, startups, and money in his personal newsletter for over 3 years (it’s the reason why The Drop was born). This segment below is an excerpt from a OP-ED newsletter he wrote recently.

Before you get any further, join 5.400+ other readers and hit your boy up with a sub (it’s free)

Rebel Markets by Gannon BreslinA newsletter covering stocks, media, entrepreneurship, tech, and all things involving making money

How scary is AI? ☠️

Look I could easily write an entire article(s) dedicated to all the crazy stuff people are building with AI so I'm going to keep it to a somewhat short list to give you an idea.

  • People are using ChatGPT to match and chat with people on dating apps. (see here)

  • ChatGPT4 hires and manipulates a human on its own into passing bot CAPTCHA Test. (see here)

  • A Drake and The Weeknd song went super viral. Turns out they didn't even make it since it was completely made by AI tools. (see here)

  • Somebody turned a hand-drawn sketch into a fully operational website with ChatGPT4. (see here)

  • Ammaar Reshi created a Snake game in less than 20 minutes without any Java knowledge. The Twitter user got the help of GPT-4 and Replit to complete the task. (see here)

  • If you click on one link in this article, click on this one. It's a breakdown of Autonomous AI Agents that will put your brain in a blender.

The progression of technology 📈

The most alarming thing about AI is our idea of the progression of technology could be widely off-target. Traditionally speaking, we have seen the progression of technology really start to take off in the 1970s and hit an epic acceleration in the 2000s with the advent of computers and computer processors becoming stronger, more efficient, and performing at lightning speed. The graph for this traditionally looks like something below.

Have patience, my iPad drawing skills are unfortunately not exponentially growing

*AI fixes this lol*

I think this graph is wrong and here's why. *gasp*

One of my favorite books is Zero to One by Peter Thiel. In the book, he covers a span of topics about startups, tech, valuations, and entrepreneurship. For those not aware, Thiel founded PayPayl alongside Elon Musk, was the first investor in Facebook, and founded Palantir (amongst a host of massive entrepreneurship accomplishments). In the book, something really stuck out to me was the notion of "failing fast". He talks about how great entrepreneurs come up with an idea, gather a team, build the product or service, arduously test this product or service, and if it doesn't work they ditch the idea or pivot to a different angle ASAP. All of these steps are supposed to happen as quickly as possible since most of the time your grand business idea will likely fail. Most famous entrepreneurs have started dozens of businesses before they hit the jackpot idea that really takes off. Usually, these steps of finding out if a business idea will be successful or not can take many months or even years. AI is drastically changing the speed of that.

"Fail Instantly" 🌱

Right now as I type this segment there are coders and software developers who are creating entire apps, websites, and software programs in a fraction of the time it usually takes (using various AI tools in conjunction with each other). We are seeing individuals create start-to-finish IOS apps SOLO with no team in a matter of days. Imagine if you are one of these individuals that could come up with an idea, create, and test the product in a single week. If it fails you move onto the new idea the next week. What ends up happening is eventually very soon you will come up with a successful idea. Now extrapolate this notion out to thousands or even millions of entrepreneurs around the world. In my opinion, what begins to happen is an acceleration of technology that makes our traditional progression of tech look like a joke as you see in the graph above - it's like when Spaceball's Dark Helmet orders the spaceship to go "ludicrous speed".


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