Elon Musk announced that the first beta for Grokipedia, xAI’s answer to platforms such as Wikipedia, will launch in two weeks. Elon Musk announced that his AI company, xAI, will launch the early beta for its Wikipedia competitor in two weeks, describing the service as the answer to “falsehoods” and “half-truths.” Replying to a post about the upcoming AI-powered “Grokipedia,” Musk said via X on Sunday that “version 0.1 early beta” will be rolled out in two weeks. Musk initially announced xAI was building Grokipedia on Sept. 30, stating on X that it “will be a massive improvement over Wikipedia,” adding that: “frankly, it is a necessary step toward the xAI goal of understanding the Universe.” Details on the specifics are currently sparse; however, Musk has previously stated that Grokipedia will consist of an “open source knowledge repository.” It appears that the idea for Grokipedia was brainstormed live during a summit hosted by The All-In Podcast in September. During his appearance, Musk was explaining to the...
Traditional banks will be battling with stablecoin issuers for retail depositors when the stablecoin-focused GENIUS Act takes full effect in a win for everyday people. The stablecoin-focused GENIUS Act, which was enacted in July, will trigger an exodus of deposits from traditional bank accounts into higher-yield stablecoins, according to the co-founder of Multicoin Capital. “The GENIUS Bill is the beginning of the end for banks’ ability to rip off their retail depositors with minimal interest,” Multicoin Capital’s co-founder and managing partner, Tushar Jain, posted to X on Saturday. “Post Genius Bill, I expect the big tech giants with mega distribution (Meta, Google, Apple, etc) to start competing with banks for retail deposits,” Jain added, arguing that they would offer better stablecoin yields with a better user experience for instant settlement and 24/7 payments over traditional banking players. Read more
The financial services company recommended modest crypto allocations for balanced risk and high-growth portfolios with periodic rebalancing. Financial services giant Morgan Stanley issued guidelines for crypto allocations in multi-asset portfolios, recommending a “conservative” approach in an October Global Investment Committee (GIC) report to investment advisors. Analysts at Morgan Stanley recommended up to a 4% allocation for cryptocurrencies in “Opportunistic Growth” portfolios, which are structured for higher risks and higher returns. The analysts also recommended up to a 2% allocation for “Balanced Growth” portfolios featuring a more moderate risk profile. However, the report recommended a 0% allocation for portfolios oriented toward wealth preservation and income. The authors wrote: Read more
The decentralized finance analytics platform said that perpetual trading volumes on Aster were almost perfectly correlated to Binance volume. Decentralized finance (DeFi) analytics platform DefiLlama is delisting perpetual futures volume data for the Aster decentralized exchange platform (DEX) due to data integrity concerns, according to 0xngmi, a pseudonymous co-founder of DeFiLlama. Trading volume on Aster, which is linked to CZ, co-founder of the Binance crypto exchange, is now “mirroring Binance Perp volumes almost exactly,” 0xngmi said, adding that the correlation ratio between Binance and Aster trading volumes is about 1. He continued: Cointelegraph reached out to the Aster team, but did not receive a response by the time of publication. Read more
Safe-haven and bearer assets are surging alongside risk-on assets like stocks, an unusual combination that signals a macroeconomic shift. Precious metals and Bitcoin (BTC) are rising to new all-time highs, alongside risk assets like stocks, as the US dollar (USD) is on track for its worst year since 1973, signaling a “generational” macroeconomic shift, according to market analysts at The Kobeissi Letter. The S&P 500 stock market index is up over 40% in the last six months, BTC hit a new all-time high of over $125,000 on Saturday, and gold is also trading at all-time highs — $3,880 per ounce at the time of this writing — nearing $4,000, Kobeissi Letter wrote. “The correlation coefficient between gold and the S&P 500 reached a record 0.91 in 2024,” the analysts wrote, adding that this unusual correlation between safe-haven assets and risk assets indicates that markets are now pricing in a “new monetary policy,” Kobeissi added: Read more