Wizard’s Weekly Musings
The big kahuna, the main event, is Payrolls data on Friday at 8:30 am EST. The entire UPTOBER possibility will be on the back of that data point. A combination of Wage inflation, headline payrolls, and employment rate. A lot is going on in the market that may not be entirely driven by fundamental drivers. The rate market is hitting 16-year highs. Dollar is in omega strength. This, combined with the uptrend in oil prices, the rebound in headline inflation, projections that the US economy likely performed much better in Q3 than in Q2, and elevated wage growth may add to the risk of underlying price pressures intensifying in the months to come.
With investors still projecting a lower rate path than the Fed, assigning only around a 50% probability for another hike and expecting rates to fall to 4.7% by the end of next year, it seems that there is ample room for upside adjustment should Friday’s jobs data come in strong, which could push yields higher and thereby encourage traders to buy more dollars.
Moreover, expectations about the Fed’s future course of action are not the sole driver of the US dollar and Wall Street. There is also a strong note of uncertainty due to the economic challenges facing China, Eurozone, and the UK. And with no other alternative, the US dollar seems to be the only place to seek safety. The yen has long lost its safe-haven status due to the BoJ maintaining a lid on Japanese government bond yields at a time when US rates keep rising, while gold has fallen victim to both surging yields and a strong dollar, which has lost nearly 6% since September 25.
With the US economy proving more resilient than other major ones and inflation rebounding on the back of rallying oil prices, the Fed raised its rate-path projections at its latest gathering. However, they did not press the hike button. Specifically, policymakers forecasted one more quarter-point increase before the end of this year, while they saw interest rates ending 2024 at 5.1%, up from June’s projection of 4.6%.
This increased Treasury yields and added more fuel to the dollar’s engines. Although the greenback pulled back at the end of last week, it staged a remarkable comeback on Monday following the better-than-expected ISM manufacturing PMI, suggesting that last week’s retreat was probably due to investors rebalancing their portfolios and hedge funds closing their books for the end of Q3, instead of changing fundamentals.
What trades can we do to capitalize on this? We have to wait for Payrolls to put on the big positions, so we will wait to see. The Telegram macro channel will have all the information live, but here are the Payroll scenarios I see for potential trades:
130-150k - Long all risk assets, BTC and QQQ
175+ - Short or stay flat
Under 130K short risk assets
This is only headline inflation, but we need to see the combination of the unemployment rate and wage inflation to make the true call. This can only be done after we see the data. Join the Macro chat and wait for the high-conviction call.
While the weekly timeframe continues it's ranging as expected, the daily is making some moves. BTC has broken the 27.1-27.4 resistance area and had a nice spike to the next area around 28.5-28.8. Unfortunately, while last week's targets and direction were right we missed the entry by just a hair.
While it's at support and lower timeframes show some signs of bottoming, they are not confirmed, and we want to be careful as the higher timeframes do have the momentum to send it further down again
If BTC breaks back below 27000 then retests it as resistance once again we can take shorts on rejection targeting to the low of the move that broke support to 26.6 and 26.1.
Note: We can look to a lower timeframe like the 4h to identify a rejection
For our long setups, we'll be zooming in to the lower timeframes:
Looking for BTC to create a higher high, then watch for the golden pocket (0.618-0.66 Fib) from that move to long. Our stop would be a move back below the low (1 Fib), and our targets would be to the new high (0 Fib) and higher.
Potential targets: 27600 - 27770 - 27950 - 28600
A long could also be taken if BTC creates a 1h timeframe with a higher high or higher low. Targets and stop losses could remain the same, though we'd recommend securing some profit around 27.4.
If it sweeps below 27000 grabbing liquidity, we’d have a great opportunity to long.
Ethereum isn't doing quite as hot as BTC, the move above the 1700 resistance quickly reversed & ETH is now back into it's previous pattern. The hopium now would be that it holds the golden pocket where it's finding some support right now & bounces back up to 1690. However at this level it's hard to take a trade in either direction so let's see where we would be interested.
Break above 1700 then retest it as support targets to 1730 -1770 & 1811
Stops below the retest lows or 1675
If ETH continues dramatically down we can look for a wick below 1507 and any close above for a move back up to 1560 & 1600 holding some for higher targets stop would be on the wick low
A move up to 1690-1700 then rejecting there shorting the rejection
targeting back down to 1640 - 1620 - 1600 & 1580
Stop would be 1711 or above rejection highs
the dollar has continued it's rampage over the past week
During moves like this we really wanna be careful both on longs & shorts but let's try to get some setups anyways!
The 1h is seeing some consolidation above the 106.9 level, this is good for upside continuation but losing the level can result in a decent pullback
Entry around 106.96 stop around 106.8 & targeting to 107.2 - 107.54 - 108 & 108.7
or a break & retest above 107.2 with same targets but stop at 107.05
below 106.79 targeting 106.5 - 106.3 & 105.7 with a stop around 107.05
Circling back to OP from a few weeks back, we can see that price gave a good re-entry at the $1.25 level this past week. We have been longing the $1.25-1.30 range for a HTF move towards $1.55 - $1.60.
This week, after hitting our buy targets once more, OP saw a move from $1.235 to highs of $1.469. Price did not hit our target zone and has come back down to our entry level.
Going forward, we are longing $1.25 - 1.30 range and stopping out below $1.20 with our target remaining at $1.55 - 1.60. This trade poses about a ~3R:R setup. We are looking for price to move from Weekly Demand to Weekly Supply. We can also see that price seems to be retesting a major downtrend resistance starting from around $3.20.
MATIC is sitting on top of an important support level at $0.50. On the Weekly timeframe, we can see that there is a Weekly Demand zone in the $0.40-0.50 range from lows set back in July ‘22.
We can see that the gap at $0.50 has been filled from the wick down set in June. After hitting these lows, MATIC ran from $0.50 to $0.90. Now that MATIC has filled the gap back to $0.50, we naturally look to long. MATIC is currently around $0.56. It is worth pointing out that the RSI is beginning to perk up and show signs of reversal as it sits at levels not seen since July ‘22 where MATIC ran from $0.40 to over $1.50.
Looking at the Daily timeframe, we can see a relatively strong move off lows of $0.50 following a bullish engulfing Daily candle. This move has taken us to about $0.578.
We can identify a liquidity grab below the wick from June on the Daily timeframe marking the pico bottom.
Having both the Daily and Weekly time frames in mind, we can look to long in the range of $0.52 to $0.56 with an initial target of $0.63 and an ultimate target of $0.90. Stop out below $0.50.
THIS IS A HIGH TIMEFRAME TRADE, IT WILL TAKE SOME TIME TO FOLLOW THROUGH.
SOL has recently made a strong move from around $19 to $25. SOL is tricky, as its movement is erratic in either direction it trends in. With this trade, we are not looking to pinpoint entry. SOL has clearly broken structure and reversed its downtrend. We can also identify a massive inverse head and shoulders that has formed within the consolidation range of $13 - 32 looking at the Weekly chart.
SOL has hit the Daily supply zone at around $25 and now needs to cool off a bit before looking to head higher. We look to long in the $20 - 22 range with targets of $25, $28 and $32. Stop out below $18. We are looking for a retest of the inverse head and shoulders breakout around $20. The Daily RSI also indicates that we should see lower ($20 - 22) from the current price of $23.10.
We provided an analysis on INJ last week, which did not pan out the way we had hoped. However, we believe that stopping out of positions is necessary in every trader's journey.
As we stated last week:
“Remember that hitting a stop loss does not make you a bad trader, but a good one.”
For INJ, we spoke about the resistance level at 7.772 and going long upon a daily candle close above said level. On October 1st, we closed above.
Just one day later, INJ closed back below 7.772 on the daily timeframe, hitting our invalidation. Last week, we said: “Similarly, if you decide to long the market after closing a daily candlestick above 7.772, then we suggest cutting this trade if the price manages to close a daily candlestick below 7.772 after entering long.”
We saved ourselves an additional 5%+ drawdown by stopping out of this position, which we believe would have been an unnecessary loss.
Price action from last week tells us that we got rejected at what we have identified as an important resistance level, 7.772. The way we see it from here is that bulls who did not cut their positions early enough and who still have stop losses below 6.813, 6.22, and 5.401 are likely not safe.
Currently, we only get interested in INJ again if we can either:
break back above 7.772 and close back above this level on a daily timeframe
break down and hit 6.813, 6.22, or 5.401
In the first scenario, it would not seem crazy to us to attempt a long position again, targeting 8.57 and 9.95, and cutting the position below 7.385.
In the second scenario, we would wait for the price to get below one of the three support levels and then to long on a 4H candle close back above the level. Putting a stop loss under the low made below the given support level and targeting back to the upside at least twice as far.
Even though we are fully prepared for INJ to come down, we don’t see a need to short this ticker as it has shown a good amount of relative strength compared to other weaker altcoins.
Following our previous analysis, we have been bang on for this important currency pairing.
Our main thesis from a few weeks ago that EURUSD would be bearish upon a 3D candle close below the 3D 55 EMA has absolutely killed it.
39D after taking our short position at 1.08188 (3D candle close below the 3D EMA - end of August), this pairing has nuked 3.43% and is coming very close to our main target of 1.03488.
We believe that our analysis has helped Forex traders tremendously to bank on this down move and help European readers derisk their EUR in USDT, for example, saving themselves from going through a drawdown on their home currency that most people aren’t even aware of.
Last week, we also shared a shorter-term, long setup. Back then, we suggested looking at the 1.04819 level, waiting for the price to come below this level, and then to long upon a daily candle close back above this level.
We have been right in being cautious to take early longs, as the price has indeed nuked below 1.04819, but we have not yet been able to reclaim this level again by closing a daily candlestick back above.
If we get this (short-term) bullish confirmation, we will take a shorter-term long trade to 1.05565 and 1.06194, cutting our position upon a daily candle close below 1.04819 again. We need the long position to immediately work out, as the trend is very bearish. We can simply let our short run to the main target of 1.0348 while having a stop loss put in already firmly in profit.
Suppose this vicious downtrend for EURUSD and vicious uptrend for DXY persists. In that case, we remain in a fully risk-off (bearish) environment and could even start preparing to potentially lower levels, such as 1.00937.
For now, we remain short and strong from our 3D timeframe swing short position and are patiently waiting for the bullish confirmation that we shared last week (daily candle close back above the 1.04819 level).
Similarly to crushing the important EURUSD macro move, we also nailed GBPJPY.
At the end of August, we warned that this ticker was trading at resistance and that we would short it back down upon closing below 184.25 on the daily timeframe, which we did on September 1st.
From there, we have nuked 3.22%, from our 183.953 to 178.031 last week.This means we already came very close to our first objective at 176.306. We very much like how bearish the chart is looking at the moment, as the 12/21 and 55 EMA’s are starting to confirm daily death crosses. As we are well in profit on this swing short trade as well, it makes no sense anymore to give any gains back and not have your stop loss in profit or at least break even.For now, we remain convinced in our bearish approach and expect lots of resistance from the abovementioned EMA’s, which are creeping above us on the daily timeframe.We believe that bulls are no longer in control of the long uptrend that GBPJPY has been trading in ever since the lows made during covid-times.This means that we have no interest in looking for any long positions yet and are sticking with our ongoing swing position.
For MAGIC, we are currently out of the market as our long position hit all targets last week. For a couple of weeks, we have been reiterating that we were looking at continued upside for MAGIC (targets .504 and .5571) as long as MAGIC did not close below 0.453 on the daily timeframe, which it never did.
The initial confirmation we shared was waiting for a weekly candle close above the .453 level, which we got three weeks ago at .4798 and held strong up to the local top at .5917.
In fact, MAGIC ran 23.1% from our pivot level at .453 to our .5571 target and 30.6% to the high that was made last week at .5917.
While this has been a monster squeeze, we are happy to have taken profit as we do not intend to bag-hold any positions, especially in a downtrend.From here, we are not immediately looking at taking another long position but rather are observing the market.However, we still believe that .453 is and remains a key pivot on the daily timeframe, which was proven right as the price never closed back below this level after it closed above on September 13th. If this level flips into resistance, it's likely a matter of time before we at least move back down to .4198 and lower.
Similarly to MAGIC, we absolutely nailed the relevant short squeeze upwards move for APE.
Our ongoing long position for APE (first 4H candle close back above 1.068 after first dipping below) ran and hit our 1.205 TP for a respectable 10.15% from our entry at 1.094.
APE ran to 1.299, which was just shy of our second target at 1.313 but still offering a whopping 18%+ move up.
APE is currently showing lots of weakness, which is why we are fully out of our long position, banking on the profits made and not fighting the overarching general downtrend.
We reiterate that the next macro levels of support for APE are .837 and .614. If the market nukes below our current low, then those are the support levels where we will be looking for a long position yet again. As always, we are waiting for a move below one of those levels and taking our long position on the first 4H candle close back above the given support level. Putting a stop loss under the low made below the support level and targeting back up at least twice as far.
For APE, we are more comfortable with continuing to long from a high timeframe - high conviction levels of support, as we are convinced that our Fibonacci levels are guiding us in the right direction (as also proven from the above long position based on the 1.068 level shared in our newsletter).
Lastly, apart from nailing multiple crypto and forex trades, we have also proven our worth in the commodities market.
Last week, we suggested a short position for SILVER upon losing the 22.117 level and taking 75% of profit at the 20.787 support level.
Looking at the chart this week, we have nuked a solid 6% from our short entry, which was:
“Essentially, in order for us to go short, we want to see SILVER nuke below 22.117 and retest this level (previous support) into resistance”
As is seen on the 5m timeframe, this is basically exactly what happened, once we nuked below 22.117, we quickly retested the level, but failed to get back above the level and straight continued down another 6% to where we suggested taking out 75% of our short at 20.787.
Seeing that we have broken down, we simply suggest trailing the stop loss from this ongoing swing short position on SILVER to the break-even point and shooting for a very generous next target of 17.563.
We are not against adding more size to our SILVER short position. An option to do so would be for Silver to retrace back up to the 21.52 level, which is now a resistance.
We will personally look to add to our short position if the price can squeeze up to 21.52, can get above this level, but closes a 12H candlestick back below the level again, confirming it to be resistance in a downtrend.
Should the price reclaim 22.117 (our initial and ongoing short entry), then we will simply cut our short and reassess further.
FORMER SEC LAWYER ARGUES SBF LIKELY TO BE CONVICTED OF SECURITIES FRAUD
A former SEC lawyer has argued that Sam Bankman-Fried (SBF), the CEO of FTX, is likely to be convicted of securities fraud. John Reed Stark cites three main reasons for his belief:
SBF's knowledge of securities law. Stark argues that SBF is a sophisticated investor aware of securities law. This means he is more likely to be held accountable for law violations.
The strength of the SEC's case. Stark believes that the SEC has a strong case against SBF. The SEC has alleged that SBF misled investors about the nature of FTX's products and services.
SBF's public relations campaign. Stark argues that SBF's public relations campaign has backfired. SBF has made himself a target for the SEC by being so vocal in the media.
It is important to note that SBF has not been charged with any crimes, and he is presumed innocent until proven guilty. However, Stark's arguments suggest that SBF may face difficulty defending himself against the SEC's charges.
Stark's arguments are persuasive, but it is important to note that they are his opinion. The SEC has not yet filed any charges against SBF, and the case outcome is uncertain.
However, Stark's arguments highlight that SBF is facing a serious challenge. The SEC is a powerful regulator with a strong case against SBF. If the SEC is successful in its case, SBF could face serious consequences, including jail time.
ETHEREUM FUTURES ETFS BEGIN TRADING IN US
Image: Shutterstock, 2023
Ethereum futures ETFs began trading on the Chicago Board Options Exchange (CBOE) on Monday, October 2, 2023. This is the first time Ethereum futures ETFs have been available to US investors.
On Monday, nine different ETFs began trading from various investment firms, including ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares. The ETFs track futures contracts on Ethereum, which means that they expose investors to the price of Ethereum without having to buy the cryptocurrency.
The launch of Ethereum futures ETFs is a significant development for the cryptocurrency industry. It makes it easier for US investors to gain exposure to Ethereum, which could lead to increased investment in the cryptocurrency.
Ethereum futures ETFs are not the same as spot ETFs, which track the price of Ethereum directly. Futures ETFs are more complex and can be riskier than spot ETFs. Investors should consider their investment goals and risk tolerance before investing in an Ethereum futures ETF.
COINBASE LANDS FULL OPERATING LICENSE IN SINGAPORE
Image: Ambito Financiero, 2023
Coinbase, a major cryptocurrency exchange, has received a full operating license from the Monetary Authority of Singapore (MAS). This is the first time a major cryptocurrency exchange has received a full license from the MAS.
The license allows Coinbase to offer a range of cryptocurrency services to retail and institutional investors in Singapore. This includes trading, custody, and lending.
Coinbase's full operating license in Singapore significantly develops the cryptocurrency industry. It shows that the MAS supports the industry and is willing to regulate it responsibly.
This could make Singapore a more attractive destination for other cryptocurrency exchanges and businesses. It could also lead to increased investment in the cryptocurrency industry in Singapore.
This is important because it gives Coinbase a stable and regulated environment in which to operate. The license could also lead to increased investment in the cryptocurrency industry in Singapore. Coinbase is a major player in the industry, and its presence in Singapore could attract other investors and businesses.
Overall, Coinbase's full operating license in Singapore is a positive development for the cryptocurrency industry. It could lead to increased regulation and investment in the industry, which could help it to mature and grow.
CRYPTO TWITTER RUMBLES AS CZ AND GENSLER FACE CRITICISM
Image: CriptoNoticias, 2023
Crypto Twitter was abuzz with criticism of Binance CEO Changpeng Zhao (CZ) and SEC Chair Gary Gensler this week. CZ was criticized for handling the recent $200 million exploit on the Mixin Network, while Gensler was criticized for his perceived lack of understanding of the cryptocurrency industry.
CZ was accused of failing to protect his users from the exploit on a decentralized exchange that Binance had listed. Gensler was criticized for his comments about the cryptocurrency industry, which some perceived as negative and outdated.
The criticism of CZ and Gensler highlights the growing tensions between the cryptocurrency industry and regulators. The industry is still relatively new and unregulated, and regulators struggle to keep up with its rapid growth.
It remains to be seen how this will be resolved. However, the cryptocurrency industry is now a major force in the financial world, and regulators must find a way to work with it to ensure it is safe and responsible.
MICROSOFT CONSIDERS CRYPTO WALLET FOR XBOX
A leaked Microsoft roadmap suggests that the company is considering launching a crypto wallet on Xbox. This would be a major development, making Xbox the first major gaming console to support cryptocurrency.
The roadmap does not provide specific details about the crypto wallet, such as which cryptocurrencies it would support or how to implement it. However, the fact that Microsoft is even considering this is a sign that the gaming industry is taking cryptocurrency more seriously.
A crypto wallet on Xbox could open new possibilities for the use of cryptocurrency in gaming. For example, gamers could use cryptocurrency to purchase games and other digital content.
It is important to note that the leaked roadmap is not official, and there is no guarantee that Microsoft will launch a crypto wallet on Xbox. However, the fact that the company is even considering it is a positive development for the cryptocurrency industry.
MONCLER AND ADIDAS TEAM UP FOR FASHION COLLECTION AND NFTS FEATURING AI-GENERATED ADVENTURERS
Luxury fashion brand Moncler and sportswear giant Adidas have teamed up for a collaborative fashion collection and NFTs featuring AI-generated adventurers. The collection, unveiled at Moncler's "Art of Genius" show in February, features a mix of apparel, accessories, and footwear inspired by the outdoors and exploration.
The NFTs were created in partnership with Web3 consumer engagement platform Arianee and featured digital artwork by 3D artist Antoni Tudisco. The artworks depict AI-generated adventurers in Moncler and Adidas gear, embarking on various journeys through different landscapes.
In addition to the NFTs and fashion collection, Moncler and Adidas have collaborated with multidisciplinary artists to create sculptures of explorers inspired by the collection. These sculptures will be on display at various locations around the world.
The Moncler x Adidas collaboration is a bold move for both brands, as it marks their first foray into the world of Web3 and NFTs. It is also a sign of the growing crossover between fashion and technology.
The collection is set to launch on October 14th, and the NFTs will be available for purchase on the Arianee platform.
ANN HIRSCH'S SURREAL AI SPIN ON SUBURBIA
Image: Sacra Famiglia by Ann Kirsch, 2023
Artist Ann Hirsch has put a surreal AI spin on suburbia in her latest digital exhibit, "Sacra Famiglia." The exhibit features images of a typical southern California home with strange and unexpected twists.
For example, one image shows a family portrait with the parents' heads swapped. Another image shows a swimming pool filled with blood. Hirsch uses AI to create these surreal images, which she says are meant to challenge viewers' perceptions of suburbia.
"Sacra Famiglia" is a thought-provoking exhibit that forces viewers to confront the hidden darkness that lurks beneath the surface of suburbia. Hirsch's use of AI is particularly effective in creating a sense of unease and disorientation.
Hirsch's work is important because it forces us to confront the hidden darkness in all of us. She reminds us that even the most seemingly perfect places can be concealing secrets.
She said she imbued more than 100 images but wanted to reduce it to just 40, “that really all worked together.”
These 40 images will also be minted as NFTs on Friday, selling for 0.1 ETH (about $165). The NFT world “is really a separate audience in many ways than the traditional art world,” she said.
FASHION NFT PLATFORM IYK RAISES $16.8M TO POWER TOKEN-ENABLED FASHION
IYK, a fashion NFT platform, has raised $16.8 million in a round led by Andreessen Horowitz. The funding will be used to develop token-enabled fashion, which could give consumers more control over their digital assets.
Token-enabled fashion is a new concept that uses blockchain technology to create digital assets tied to physical clothing. This means that consumers could own a digital garment and receive exclusive benefits, such as early access to new collections or discounts on future purchases.
IYK is developing a platform to make it easy for brands to create and manage token-enabled fashion. The platform will also allow consumers to purchase and manage their digital assets.
The funding from Andreessen Horowitz is a major vote of confidence in the future of token-enabled fashion. The investment firm is known for backing early-stage startups with the potential to disrupt major industries.
It remains to be seen how successful token-enabled fashion will be, but the concept has the potential to revolutionize how we think about clothing ownership.
PARIS FASHION WEEK GOES AR: VISITORS CAN TRY ON DESIGNER CLOTHES AND SEE THEMSELVES ON THE RUNWAY
Image: The Fabrix AR kiosk at Paris Fashion Week, 2023
Paris Fashion Week embraces augmented reality (AR) with new kiosks, allowing visitors to try designer clothes and see themselves as runway models. The kiosks are located at the Sphere showroom in the Palais de Tokyo and feature digital versions of designer looks from emerging global fashion talent.
Visitors can use the kiosks to try different clothes and poses and even take selfies to share on social media. The AR experience is fun and interactive, and it offers a more sustainable option than traditional runway shows, which require a lot of resources to produce.
The AR kiosks signify the growing crossover between fashion and technology. As AR becomes more accessible and affordable, we will likely see more innovative uses in the fashion industry.
The kiosks at Paris Fashion Week are a great example of how technology can be used to make fashion more accessible and sustainable. By allowing visitors to try on clothes virtually, the kiosks reduce the need for physical clothing samples. This can save brands money and reduce waste.
Overall, they are a positive development for the fashion industry. They are more sustainable, more accessible, and more engaging than traditional runway shows.
AVAVAV AND ONLYEVER DEBUT NFT-BACKED SHOE AT MILAN FASHION WEEK
Image: OnlyEver/AVAVAV, The Hoofster, 2023
Swedish fashion brand AVAVAV and Web3 design studio OnlyEver debuted a crowdsourced designer shoe with NFT functionality on the Milan Fashion Week runway. Called the Hoofster, the shoe features a distinctive cloven-toe design and is backed by an NFT-linked NFC chip that unlocks its digital twin.
The Hoofster is a limited-edition production, with each pair only crafted upon receiving an order. Each pair of Hoofsters comes with an embedded NFT-linked NFC chip that allows the holder to own its digital twin and the physical sneakers themselves.
This is a unique and innovative take on the fashion industry. It combines traditional design with cutting-edge technology to create a desirable and collectible product. The Hoofster is also a symbol of the growing crossover between fashion and Web3.
The shoe could be a harbinger of a new fashion era where physical and digital products are seamlessly integrated. It remains to be seen how successful the Hoofster will be, but it is a clear sign that the fashion industry is embracing new technologies.
In an innovative move to redefine collaborative art, Daily Jam has introduced a platform where a selected piece of art becomes a canvas for a global jam session in their paint app. The concept is simple: the internet is invited to contribute, and anyone can mint their favorite jams, with funds intelligently distributed among the contributing artists.
Daily Jam has launched a Party to kickstart this creative experiment, rallying support for unveiling their inaugural version. Participants can access the jamming experience and receive special invite codes to share with friends. Access to the jamming experience requires a pass, which includes an invite for the user and additional invite codes for friends. Passholders will also receive airdropped brushes during Season One, amplifying the collaborative potential. The more passes held, the more invites and brushes one receives.
The creators emphasize their love for the collaborative process, citing examples like @basepaint_xyz, where hundreds gather to jam on shared work. However, Daily Jam envisions giving creators more control over their pieces, allowing them to riff while retaining ownership of their artistic boundaries.
Positioning itself as a 100% independent and user-supported project, Daily Jam is keen on creating a sustainable model that unites artists, collectors, and developers. The emphasis is on experimentation, fostering a space where creativity flourishes and contributors are fairly rewarded.
First Version - The first version of Daily Jam is already live on testnet, encouraging users to engage in rapid iteration and free expression. Participants can contribute to the original artwork or take an entirely new direction. After a 24-hour session, users mint their favorites, and funds are democratically divided among the artists.
Season One - Daily Jam's first season, spanning around 30 days, is dedicated to revisiting and riffing on classics that define crypto art, including CryptoPunks, Blitmap, and CrypToadz. This nostalgic exploration aims to revitalize interest in these foundational works amid a bear market.
With a crowdfunding target of 10 ETH, Daily Jam plans to reinvest half of the raised funds into the production team and retain the other half within the party. An open call for proposals is extended to anyone with ideas on deploying these funds to scale or enhance Daily Jam. Post-crowdfund, Daily Jam sets its sights on a quick launch on Layer 2, showcasing its commitment to rapid development and expansion.
META'S ZUCKERBERG ENVISIONS AI CHATBOTS REVOLUTIONIZING METAVERSE
Image: COMEO / Shutterstock, 2023
Meta CEO Mark Zuckerberg plans to use AI chatbots to make the metaverse more immersive and interactive. He envisions a future where chatbots can be used to create virtual assistants, companions, and even avatars for users.
Zuckerberg has not yet provided specific details about how Meta plans to use AI chatbots in the metaverse. However, he has said he wants to create a more personalized and engaging user experience.
AI chatbots could be used to create virtual assistants that can help users navigate the metaverse, find information, and purchase goods and services. They could also be used to create virtual companions that can provide companionship and support to users. Additionally, AI chatbots could create virtual avatars representing users in the metaverse.
It is too early to say how Meta will implement AI chatbots in the metaverse. However, Zuckerberg's comments suggest that AI chatbots could play a significant role in developing the metaverse.
OPENAI'S DALL-E 3 IS NOW LIVE AND AVAILABLE TO MICROSOFT BING USERS.
Microsoft Bing users can now access DALL-E 3 through a new experimental feature called "Image Search with AI." Users must type a text description into the search bar and click the "AI" button to use the feature.
DALL-E 3 is still in beta and still under development but can potentially revolutionize how we create and consume images. It could be used to create new forms of art, design, and entertainment. It could also be used to improve the accuracy and efficiency of search engines and other AI applications.
However, it is important to note that DALL-E 3 is still in beta, and it has some limitations. For example, it can be difficult to generate images that are complex or detailed. Additionally, DALL-E 3 can only sometimes understand the nuances of human language, which can lead to inaccurate or misleading results.
Despite its limitations, DALL-E 3 is a powerful tool that has the potential to change the way we live and work. Awareness of the tool's limitations is essential, but it is also important to recognize its potential.
NEW CRYPTOCURRENCY REWARDS USERS FOR TRAINING AI MODELS
Image: The Ta-Da team, 2023
Ta-Da, a decentralized AI training platform, is launching a native token called TADA to reward users for contributing their data to train AI models. This is a new model for AI training that could make it more affordable and accessible.
Ta-Da breaks down AI training tasks into smaller pieces that multiple users can complete. Users can then earn TADA tokens for completing these tasks. The tokens can then be used to purchase AI services or to invest in AI projects.
The Ta-Da model for AI training is a unique and innovative approach. By rewarding users for contributing their data, Ta-Da could help to make AI training more affordable and accessible. This could lead to a more democratized and inclusive AI ecosystem.
However, there are also some potential challenges that the Ta-Da model faces. For example, it will need to attract a large enough number of users to be successful. Additionally, Ta-Da will need to develop a system for verifying the quality of the data that users contribute.
CIA DEVELOPS AI CHATBOT TO HELP ANALYSTS
Image: The Daily Wire, 2023
The CIA is developing an AI chatbot to help analysts with their work. The chatbot will be able to access and process large amounts of data, and it will be able to generate summaries, reports, and other analyses. This could help analysts to be more efficient and effective in their work.
The chatbot is still in development but can be a valuable tool for the CIA. It could help the agency better understand the world around it and make better decisions.
The chatbot could be used to help analysts with a variety of tasks, such as:
Collecting and processing data
Analyzing social media data, news articles, and other sources of information
Identifying trends and threats
The CIA's AI chatbot is a significant development. It is the first time that the agency has publicly acknowledged that it is developing such a tool.
It is important to note that the CIA's AI chatbot could also be used for surveillance and other purposes. It is essential to be aware of the potential risks of such a tool, as well as the potential benefits.
OPENAI RESTORES WEB SEARCH TO CHATGPT
Image: Ascannio/Shutterstock, 2023
OpenAI has restored web search to ChatGPT, its large language model. This means that ChatGPT users can now query the web directly and receive answers from ChatGPT.
The web search feature was previously removed from ChatGPT due to concerns about the potential for abuse. However, OpenAI has now restored the feature with several safeguards in place.
For example, ChatGPT will now only search for information relevant to the user's query. Additionally, ChatGPT will not be able to generate harmful or misleading responses.
The restoration of web search to ChatGPT is a significant development. It makes ChatGPT more powerful and versatile, making it easier for users to get the information they need.
It is important to be aware of the potential risks associated with this feature. For example, ChatGPT could be used to spread misinformation or to manipulate users. Additionally, ChatGPT could collect personal data from users without their consent.