The Daily Leo #231 - Life after SVB, Taxes on Capital gains, ChatGPT to replace developers?
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Life After Silicon Valley Bank
There's been a bank run for a while now. Unlike the Great Depression, where lines of people clamoring for their money were blocks long, this bank run is quiet and calm. First, online banking makes moving money from one bank to another financial institution simple & instantaneous. Second, unlike the Depression, which happened suddenly, this bank run...
Capital Gains Tax Can Exceed 100 Percent
Biden’s proposed capital gains tax increase could result in an effective tax rate of over 100 percent after adjusting for inflation and it would more than double the tax investors pay on investments held longer than one year. It seeks to increase the capital gains tax rate for individuals earning more than $1 million a year, to 39.6 percent, up from the current rate of...
Money Laundering at Signature Bank?
After the authorities closed Signature Bank there was a discussion within the community about whether it was a part of the crypto crackdown by the U.S. regulators. Nic Carter tweeted, “regulators wanted to kill off the last major pro-crypto bank.” Barney Frank said regulators shut Signature Bank down to send an anti-crypto message...
ChatGPT won’t replace developers
Aside from outstanding scores on a range of various professional and academic benchmarks, GPT-4 has also demonstrated the ability to review Ethereum smart contracts, highlighting vulnerabilities and even suggesting potential ways to exploit the code. The AI chatbot ‘highlighted a number of security vulnerabilities’ before verifying a method to exploit the contract...
Recent Price Action Driven by Bank Crisis?
The volatility caused over $140 million in bitcoin futures and $80 million in ether futures to take on losses. Of this, 58% of futures losses came from shorts, or bets against price rises, while the remaining came from longs, or bets on price rises – meaning both short-sellers and long traders were hit almost equally...
After a two week hiatus we were back on the leofinance AMA and there was plenty to talk about after all the events in crypto and banking of late.
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