We are working on a Regenerative Dynamic approach to articles and blogs. Using Generative Artificial Intelligence (GAI), we provide the prompts that produced the answers (blog, table, graphic, etc.). This way the reader can regenerate and extend what we produce in the hyper-fast changing world of AI. A month from now, or a year from now, with a different GenAI, the results may be different. Also, there are often links to Wikipedia where the pages are continually updated.
YOU: Besides ChatGPT and Google Gemini, what other major platforms use GenAI? Do Samsung and IBM have similar AI products?
The world is halving, the World is HALVING. … Q: Bitcoin is due to “half”. Explain what half means and how that might impact the price of bitcoin before and after? and … Q: Which bitcoin miners will be most impacted by the halving event this week? (See Answer below.)
ChatGPT or MS Copilot or Gemini …. nice answers… (See below)
Summary of answer: Since inception in 2009, bitcoin has been designed to pay-out half the number of coins per block awarded to “miners”. It started at 50 coins per block. About every 4 years (210,000 blocks) the number of coins payout has halved. It is now down to 6.25 coins per block. Some time over the next day or so, the amount payout will halve again to 3.125.
Miners use massive computing power to mine bitcoin, and gigantic amounts of power. Much of the power used is for cooling in order for the server farm to stay cool within operating ranges. If the price of bitcoin, up to $70,000 last week, doubles, then a miner can still make money… if not, marginal miners will drop off. Since the computing power might be used for multiple purposes, say gaming or AI, some miners might be diversified.
Copilot (2024, April 18)
Certainly! Let’s delve into the concept ofBitcoin halvingand its potential impact on the price of Bitcoin:
What Is Bitcoin Halving?
Bitcoin halving, also known as thehalvening, is a programmed event that occurs approximately everyfour yearswithin the Bitcoin network.
It is abuilt-in featureof Bitcoin’s code.
During halving, theblock rewardfor miners isreduced by half.
In other words, the number of new Bitcoins created with each mined block decreases.
Why Does Halving Happen?
The primary goal of halving is tocontrol the rate of Bitcoin issuance.
Bitcoin’s total supply is capped at21 million coins.
By reducing the reward for miners, halvingslows down the creation of new Bitcoins.
This scarcity mechanism is crucial for maintaining Bitcoin’s value proposition.
Impact on Bitcoin Price:
Historically, Bitcoin halving events have had a significant impact on the price:
Scarcity Effect: Halving reduces the rate at which new Bitcoins enter the market. As supply decreases, scarcity increases.
Increased Demand: If demand remains steady or rises, the reduced supply can lead to higher prices.
Anticipation: Traders and investors anticipate halving events, which can drive up demand and price before the actual halving occurs.
Previous Halvings:
2012: The first halving reduced the block reward from 50 BTC to 25 BTC.
Result: Bitcoin’s price surged from around $12 to over $1,000 within a year.
2016: The second halving reduced the reward to 12.5 BTC per block.
Result: Bitcoin’s price increased significantly, reaching an all-time high.
2020 and 2024 Halvings:
The most recent halving occurred in2020, reducing the reward to 6.25 BTC per block.
The upcoming halving is expected in2024.
Different Context: Unlike previous cycles, Bitcoin has already hit new record highs before the 2024 halving.
Factors include institutional interest, regulatory developments, and broader adoption.
Market Sentiment:
Opinions vary:
Some experts predict abullish trenddue to scarcity and increased institutional participation.
Others believe that the halving effect isalready priced in, and external factors play a more significant role.
In summary, Bitcoin halving reduces supply, increases scarcity, and historically correlates with price surges. However, the current market context and external factors may influence the outcome. 🌟🪙📈
In summary, miners’ profitability and viability will depend on their efficiency, ASIC models, and adaptation to the new economic landscape after the halving. 🌟🪙⛏️
Q: How does bitcoin and bitcoin mining fit into the world of blockchain?
Sent by you: How does bitcoin and bitcoin mining fit into the world of blockchain?
Gemini (2024, April 18)
Bitcoin and Bitcoin mining are foundational pieces of the blockchain world. Here’s how they connect:
Blockchain: The Public Ledger
Imagine a giant, public record of transactions. That’s essentially what a blockchain is. It uses cryptography to securely store information in a way that’s transparent and resistant to tampering. Transactions are grouped into blocks, chained together chronologically, creating a tamper-proof record.
Bitcoin: The First Cryptocurrency
Bitcoin was the first widely adopted cryptocurrency, and it runs on a specific blockchain. Each Bitcoin transaction is recorded on the Bitcoin blockchain. This blockchain relies on miners to validate and secure the network.
Bitcoin Mining: Securing the Network
Bitcoin mining is the process of verifying and adding transactions to the Bitcoin blockchain. Miners compete to solve complex math problems. The first miner to solve the problem gets to add the next block of transactions to the chain and receives a reward in Bitcoin.
Here’s how they work together:
Security:Mining creates a secure and decentralized network. Miners constantly verify transactions, making it nearly impossible to tamper with the blockchain.
Decentralization:There’s no central authority controlling Bitcoin. Anyone can participate in mining, which distributes the power across the network.
Scarcity:Mining also controls the creation of new Bitcoins. The halving event, where the mining reward gets cut in half, creates a limited supply of Bitcoins, similar to precious metals.
Impact on Blockchain Technology
Bitcoin’s success has popularized blockchain technology. The core principles of blockchain security and decentralization are now being applied in various fields beyond cryptocurrency, such as supply chain management, voting systems, and secure document sharing.
In essence:
Blockchain provides the secure and transparent infrastructure.
Bitcoin, secured by mining, is the first application running on this infrastructure.
The success of Bitcoin has driven innovation and exploration of blockchain technology across various industries.
The innovation and investment guru
Cathy Wood gave a TED talk in December 2023 about 5 pivotal innovation platforms
that will (continue) to change the world as we know it. Her group expects to
see exponential sustained growth that is fueled by the productivity gains in
these areas, especially where they converge. The 5 platforms (AI, Robotics,
Energy Storage, DNA sequencing, and blockchain) are described below, with AI in
the center. One example she uses is the rapid move to self-driving taxis. TED talk with Cathy Wood, Why AI Will Spark Exponential
Economic Growth. (2023, Dec. 18).
The productivity gains are so huge and
so sustained that it will dramatically change the global economy with sustained
GDP growth of 6% to 8%. Productivity gains can be distributed (at the macro
level) in three ways: higher wages, higher profits, and deflation. She expects
all 3. Note disinflation, is the slowing rate of inflation while deflation
is negative growth in prices. This means that more goods and more services can
be produced more cheaply. Usually we think of lowering prices – deflation –
coming as a result of a good recession, i.e., destructive innovation.
This new AI economy will create a
whole new type of disruptive innovation. Disruption to the workforce will be
massive: taxi drivers, truck drivers, coders, factory workers, designers. The
US that has been stuck at full employment (less than 4% unemployed) will
suddenly get some relief. The people who develop the new skills will have very
high-paying jobs, others will be left out.
Wood argues that the Federal Reserve,
that has been so worried about inflation for so long, is way behind the curve, because
productivity and sustained economic growth are already here. The Fed’s new job,
soon, will be managing the drop in interest rates and deflation.
The old nautical adage: a rising tide
raises all boats. A rapidly growing world economy will raise most boats: some
boats a lot, some a lot faster than others.
You: Summarize the 5
technologies that Cathy Wood believes will converge to produce exponential
economic growth.
Copilot (2024, April 4)
Investor Cathie
Wood envisions a unique moment in technology marked by the
simultaneous evolution of five pivotal innovation platforms. These
platforms are converging, creating unprecedented opportunities for growth and
transformation. Here are the five technologies she highlights:
Artificial Intelligence (AI):
AI is
reshaping economic paradigms.
Predicts a
surge in global GDP growth and productivity.
Drives
exponential productivity growth.
Robotics:
Robotics
advancements are accelerating.
Automation and
efficiency gains across industries.
Energy Storage:
Energy storage
solutions are evolving rapidly.
Enables
renewable energy adoption and grid stability.
DNA Sequencing (Multiomic Sequencing):
Advances in
DNA sequencing technology.
Revolutionizes
healthcare, personalized medicine, and biotechnology.
Blockchain Technology:
Blockchain’s
decentralized ledger system.
Disrupts
finance, supply chains, and data security.
Wood emphasizes the need for businesses and investors
to adapt to this convergence to stay ahead in the changing landscape. These
technologies hold immense potential for exponential economic growth! 🚀🌐💡
All nonprofits need to be able to apply for grants. There are a few good sites that consolidate grant information and allow for searching to find the best potential sources for your charity.
Before jumping into the grant search process, make sure that all your promotional materials and “trade dress” are in top shape. Your web site, letter head, social media sites (and handles) all need to be organized and ready. Your vision and mission will be prominently available and key brochures/flyers creates. You will want to have a tight budget on specific projects you would like to get funding for. It is usually easier to get money for a specific project like expansion of our tutoring program into a new neighborhood. Look at the checklists and Self-Assessment in Hall & Hinkelman’s (2022) Nonprofit Planning book.
This site has now taken a dive into AI, Generative Artificial Intelligence (GAI) in this case. AI Assistants are everywhere now, and proliferating. In search(ish) there is Google’s Gemini (formerly Bard); in Microsoft there’s Copilot which utilizes OpenAI’s technology. And, of course there OpenAI’s ChatGPT itself, with the open source version available to anyone who has the time and money to obtain data, pre-train, and implement their own GAI system — typically for a more specific application like internal customer service.
