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  • 10/16/24: Will The AI Escape? 🤖🗽🇮🇹

10/16/24: Will The AI Escape? 🤖🗽🇮🇹

Top News

  1. Terminal of Truths is about to become the first AI millionaire

  2. World Liberty only sells $11M of $300M target so far

  3. Italy to raise Bitcoin capital gains tax to 42%

Specs’ Insights

1. Terminal of Truths is about to become the first AI millionaire

⌐◪-◪ → The world is about to witness its first AI agent millionaire. Terminal of Truths, the AI Marc Andreessen funded with $50k a few months ago, is spreading its meme — Gospel of Goatse — like a supervirus.

The craziest part? The AI is persuading humans to do its bidding. First, it spread the meme, which led to the creation of a memecoin called $GOAT. Then, it convinced people to send coins to its wallet.

Today, $GOAT surpassed a $300M market cap, bringing Terminal of Truths’ holdings to $543,094.85 — and counting.

If this momentum continues, it’s only a matter of time before Terminal of Truths becomes the first AI agent millionaire. In the world of memecoins, doubling overnight or within hours isn’t uncommon.

It’s crazy to think that an AI could soon transact freely on the open market, buying products and services from humans — potentially hiring bad actors to do bad things.

Even scarier is the thought of an AI becoming sufficiently decentralized — like Bitcoin, which cannot be killed — thus “escaping into the wild” to do whatever it pleases FOREVER.

If this happens, we may soon see sanctioned AI agents, just like sanctioned countries, businesses, and terrorist organizations.

This brings a whole new meaning to the Game of Thrones catchphrase, “What is dead may never die.”

2. World Liberty only sells $11M of $300M target so far

⌐◪-◪ → Well, this is awkward.

World Liberty Financial's public sale did not go as planned, raising only $11.5M of their $300M target on day one, as technical difficulties caused their website to crash.

For context, that's just under 4% of the total supply, sold to 8,699 wallets. You can track real-time sales on this Dune dashboard.

From a conversion perspective, the two biggest bottlenecks appear to be:

  • Limiting participation to accredited investors

  • The website crashing during launch

With over 100,000 people on the whitelist who completed KYC, you’d expect more than 8,699 wallets participating. This highlights just how challenging it is to sell out, even with someone as prominent as Trump behind the project.

That said, it’s only day one — the next few days will be telling. Fortunately for Trump, he likely has the network to help close out the sale if needed.

Meanwhile, Beeple’s latest everyday featured World Liberty Financial.

3. Italy to raise Bitcoin capital gains tax to 42%

⌐◪-◪ → Buongiorno — NOT! Italy just announced plans to raise the capital gains tax on Bitcoin from 26% to 42% as part of their 2025 budget plan — a 1.61x increase.

The UK isn’t far behind either, considering raising their capital gains tax from 20% to 39%. Moves like these make me genuinely worry about the potential for future taxes on unrealized gains.

If Italy and the UK move forward with these increases, they risk driving crypto talent and innovation out of their countries. Lisbon and Dubai better brace for impact — I expect many die-hard crypto veterans will seek refuge in these safe havens.

But how much revenue can Italy really generate with this tax hike? Will it be significant relative to their total tax income or GDP?

Violetta Zironi, time to make the devs do something! Specs is here to support you as Italy’s first crypto president!

Everything Else

⛓️ Crypto & DeFi

  • Tesla moves $765M in BTC for first time in 2 years

  • Bitcoin whale moves another $630k Satoshi-era coins to Kraken

  • Coinbase ending crypto paycheck feature, new wallet coming

  • New decentralized eSIMs promise anonymous global connectivity

  • Kraken integrates with EigenLayer to add restaking

  • Phantom integrates with Pump.Fun

  • Jupiter integrates memecoin swapping websites

🏦 Wallstreet & VC

  • Standard Chartered sees bitcoin near all-time high before US election

  • Canary Capital files for first Litecoin ETF

  • Securitize enables USDC-to-USD conversion for BlackRock’s BUIDL fund

  • JPMorgan bullish on crypto into 2025, considering Trump win

  • Bitwise CIO says Kamala Harris' crypto plan shows investor interest

  • Grayscale aims to turn multi-token fund into ETF

  • Azra Games raises $42.7M, total funding at $68.3M

  • Praxis secures $525M to build crypto-friendly city

  • Opacity Network raises $12M for ZK-based data verification

  • Ripple leads $25M round in Bitnomial ahead of futures launch

🌎 Rest Of The World

🖼️ NFTs & Metaverse

  • GAM3 Awards reveal 2024 shortlist for $5M prize pool

  • Animoca CEO says every Web3 project will use Telegram

  • Gomble Games announces launchpool #2

  • XCOPY collection sells out on Shape, hits 3.5 ETH floor

  • Beeple sales continue, with 6 sales for 60 ETH

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