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Happy Monday dear subscribers! In today’s Newsletter, Sam Altman and the AI!
In today's bulletin, we are covering:
Don't miss the News about FTX and the Medical AIs
LINEA is under the spotlight.
A short article about Elliot Waves Father
Great consolidation on the AI Index during the last days. After the major breakout on the downtrend resistance now we are seeing a healthy and steady consolidation over the key $7 range:
After the solid breakout for DOGE, now is looking to test the previous resistance as support. Key test with gold chance to load positions on the $0.115 level:
FTX Bankruptcy Surprise: $230 Million Set Aside for Preferred Shareholders
In a surprising development, the FTX debtors have agreed to set aside up to $230 million for preferred shareholders from government forfeiture proceedings.
This decision has shocked creditors, who were unaware of this provision and traditionally expect repayment before shareholders in bankruptcy cases.
FTX debtors will allocate up to $230 million for preferred shareholders from government forfeiture actions, catching creditors by surprise.
Creditors were not informed of this provision before voting on the bankruptcy plan.
The FTX estate estimates forfeiture proceeds at around $1.19 billion.
FTX customers and creditors feel betrayed, expecting only 10-25% of their crypto back in cash value.
The bankruptcy hearing is scheduled for October 7, with the final creditor vote report due by September 30.
The agreement was made official after the creditor voting deadline, leading many to feel scammed once again by the estate.
AI at the Frontier: Transforming Healthcare and Science
Sam Altman, CEO of OpenAI, proclaimed the dawn of the “Intelligence Age”, predicting AI-driven advancements like fixing the climate and space colonization.
While some critics dismissed his ideas, AI is already making significant contributions in areas such as healthcare and drug discovery.
AI is advancing ultrasound imaging with GE Verisound AI, aiding early heart disease detection.
Atomwise uses AI for drug discovery, speeding up the identification of safe drug candidates.
Behold.ai and Enlitic use AI in radiology, reducing radiologist workloads and improving diagnostic speed.
Voiceitt enhances speech recognition for individuals with speech impairments, improving accessibility.
Merative integrates AI for clinical decision-making, personalizing treatments and streamlining healthcare.
WELL Health Technologies automates healthcare delivery, improving disease management and patient care.
Projects using AI include improving medical imaging, accelerating drug discovery, and enhancing clinical decision-making.
LINEA
The Origins
A zkEVM replicates the Ethereum environment as a rollup and allows developers to build on it as they would on Ethereum mainnet, but with lower transaction costs. The main goal of ZK rollup projects is to enhance scalability, security and efficiency.
The Operative:
Linea project focuses on delivering benefits directly to developers, in the smoothest way possible to try and guarantee adoption as they wouldn’t need to rewrite smart contracts or change code when migrating their projects. And then the project also impacts the users indirectly who should benefit from the security and trust of Ethereum, while getting better privacy and faster and cheaper transactions.
Linea aims to be a fully decentralized, permissionless network. To support this goal, the architecture is made up of three main elements: Sequencer, Prover, and Bridge relayer.
It uses zk-SNARKs, a type of ZK proofs that help to ensure privacy and security while enabling high transaction throughput. This technology allows for efficient proof generation and verification, making it suitable for scalable Dapps.
Along with that; Vortex and Arcane Systems are used to optimize the proof generation process, enhancing efficiency and reducing proof sizes, which are then verified using the gnark system on Ethereum.
Linea will have full integration with MetaMask, one of the most popular Web3 crypto wallets.
Summary & Competitors
Linea has been running different incentiviced tesnet and mainnet campaings, airdrops and recently launched a Guild Games program. Acording to DefiLama it has a current TLV of ~$512 Million. The project TGE is expected to happen at some point on the Q4 of the current 2024 year and is yet to be announced.
The project faces competition of other scaling solution projects like Polygon, Stacks, Optimism, Arbitrum, Mantle, Starknet, Zksync, Dymension, Manta or AltLayer to mention some, but there are more as this is a sector that has grown significantly in the past years.
As a foundational technology for the blockchain ecosystem Zero-knowledge proofs help unlock orders of magnitude more scalability while helping to preserve the privacy of individuals and the integrity of institutions. This is helping to unlock a wide range of use cases for public blockchain networks that were previously inaccessible.
Ralph Nelson Elliott, the man behind the waves
The Elliott Wave Theory is one of the most widely used tools by market analysts due to its high degree of effectiveness. Join me to discover who Elliott was and how he came up with these principles.
History
Ralph Nelson Elliott was an American economist born in 1871, but he spent his early years working in accounting and as an executive for several railroad companies in Central America 🚊
Upon returning to the U.S. in 1925, Elliott began feeling ill due to a disease he had contracted in Central America, which forced him into an involuntary retirement to focus on his health.
As a result, he began analyzing price fluctuations of the Dow Jones, covering a 75-year period with annual, monthly, weekly, daily, and even 30-minute charts .
The Thesis
In 1934, he began summarizing his market observations, writing down the principles he applied to all degrees of wave movements ✍️
This is known today as fractals. A fractal is a pattern that repeats itself over and over again in a continuous feedback loop ♾️
In the 1940s, he fully developed the concept that the flow of emotions and human activity follows a natural progression governed by the laws of nature.
In his wave theory, Elliott considered that the market moves in cycles and waves, and that each wave in turn contains smaller waves of the same pattern and laws (these are the fractals).
To sum up his thesis in a single sentence, Elliott proposed that there are impulsive waves (5) and corrective waves (3), and from there, subsequent waves are generated, always respecting this principle
The Legacy
Elliott condensed all his work into the book Nature's Law -- The Secret of the Universe at the age of 75, two years before his death. Today, most analysts use his method to analyze and/or trade, with his books being a constant reference for every market event 👏
And perhaps the phrase that best represents his way of thinking is this one, spoken by him:
"There is nothing more widely accepted than the existence of a universe governed by laws. Without laws, it is evident that chaos would reign, and where chaos rules, nothing else exists."
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