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GM, howdy, welcome — this is Tokengraph, the newsletter that makes even ChatGPT V4 jealous of its lighting-quick news stories.
Here’s today’s agenda…
GPT-4 Is out, and it’s Incredibly Powerful
What Really Happened with Signature?
Age of Empires Game Producer on Web3
Ethereum Shanghai Upgrade Issues?
Court Case Won on NFT Papers
If you thought ChatGPT was wild, wait till you see what GPT-4 is capable of.
Announcing GPT-4, a large multimodal model, with our best-ever results on capabilities and alignment:
— OpenAI (@OpenAI)
Mar 14, 2023
OpenAI’s newest chatbot release is acing tests like the Bar, AP exams, and LSAT — with “no specific training,” according to the company.
ChatGPT Test Results (Source: OpenAI)
For example, it passed the Bar exam in the top 10% of scores, while GPT-3.5 only scored in the bottom 10% of test takers. This graph makes the difference between the chatbot’s two most recent versions quite clear:
Source: OpenAI
But GPT-4 isn’t stopping there. It also created an entire website based on nothing but a rough physical sketch that a user provided:
I just watched GPT-4 turn a hand-drawn sketch into a functional website.
This is insane.
— Rowan Cheung (@rowancheung)
Mar 14, 2023
This level of capability means that people with quite literally no coding experience could now have the ability to make websites seemingly from thin air, bringing their ideas to life with the powerful tools that AI provides.
Pietro Schirano, self-described “AI chef” and design lead at Brex, used GPT-4 to recreate Pong, the original video game, from scratch in just 1 minute. We don’t want to exaggerate, but we agree with Pietro Schirano — things may very well never be the same again after this AI release.
I don’t care that it’s not AGI, GPT-4 is an incredible and transformative technology.
I recreated the game of Pong in under 60 seconds.
It was my first try.Things will never be the same. #gpt4
— Pietro Schirano (@skirano)
Mar 14, 2023
And finally, one of the ChatGPT v4 stories that interested us the most: it’s capable of identifying exploits in Ethereum contracts. Conor Grogan, former Coinbase director, said that GPT-4 was able to instantly locate exploits in an Ethereum contract he provided and also instruct him on how to exploit it.
I dumped a live Ethereum contract into GPT-4.
In an instant, it highlighted a number of security vulnerabilities and pointed out surface areas where the contract could be exploited. It then verified a specific way I could exploit the contract
— Conor (@jconorgrogan)
Mar 14, 2023
This has major implications for developers and hackers/exploiters alike, and could help with both building stronger, more secure dApps and smart contracts and mounting stronger attacks on them.
This is a massively capable AI chatbot, and we’re extremely curious to see what people use it for moving forward. Meme accounts run by GPT-4, anyone?
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So the last crypto bank standing was Signature, and they were taken down involuntarily by NY regulators earlier this week — but apparently, there was more to the story.
Signature was already under investigation for money laundering, and according to the New York Department of Financial Services (NYDFS), it was ultimately shut down for “failing to provide consistent and reliable data.”
The US Federal Reserve has released an extensive list of the other reasons why any bank might be seized. Here are some that failing to provide data might fall under:
Neglect or refusal to comply with terms of a duly issued legal order
Refusal to properly submit records and affairs for inspection (read: data)
Violation of any law (which could be implied by failing to comply with the above two bullet points)
@USTreasury@FDICgov issue statement on actions to protect the U.S. economy by strengthening public confidence in our banking system, ensuring depositors' savings remain safe: federalreserve.gov/newsevents/pre…
— Federal Reserve (@federalreserve)
Mar 12, 2023
The Fed went on to issue a statement regarding its actions in collaboration with NY regulators to shut down Signature, asserting that they had taken “decisive actions to protect the U.S. economy by strengthening public confidence in our banking system.”
This is all a huge shift in narrative from what we were seeing earlier this week. Before, it sounded like the government was just shutting down Signature to take another low blow at crypto, trying to keep the industry down.
Is it surprising that Signature Bank failed?
Their executive team spent millions of dollars to produce music videos & TV shows about themselves
Try not to cringe as you watch this:
— Genevieve Roch-Decter, CFA (@GRDecter)
Mar 13, 2023
Although it’s unclear if claims of an attack on crypto through the Signature shut down are true or not, it is clear that Signature wasn’t in a healthy place as a company, and that it was already failing to comply with rules and regulations.
GPT-4 has some serious upgrades from GPT-3. Which of the following four answers is one of those upgrades?
A. It can understand imagesB. It’s harder to trickC. It has multiple personalitiesB. All of the above
Scroll down to the bottom to see if you're right!
Other Top Stories Today 📢
Peter Bergstrom, producer of the hit game series Age of Empires, did an interview with Cointelegraph recently, sharing his thoughts on the state of affairs for GameFi and blockchain gaming in general. Although he feels that Web3 gaming has a long way to go in terms of developing compelling stories and interesting challenges, he stated his belief that “Eventually, AAA game developers will integrate Web3 [...] and make hit titles.” He went on to say that “By using non-traditional forms of distribution, perhaps through evolved social media, a new artificial intelligence (AI)-driven distribution platform, or an acquisition of an established Web2 publisher — Web3 gaming will eventually find a solid audience.”
Those are definitely not the words you want to hear! The latest in a long list of Shanghai testnet upgrades has been completed in preparation for the real deal on Ethereum’s mainnet, but there were issues. Multiple testnet validators failed to upgrade their client software before the test, which caused the process to slow down. There wasn’t actually anything wrong with the software — it’s just that testnet validators don’t have much incentive to update their software, seeing as they don’t receive actual ETH rewards for their validators services (like they do on the mainnet). The Ethereum team is optimistic that the real Shanghai update will be completed without any problems.
This is a new one! In a Florida court case, Rangan Bandyopadhyay sued anonymous hackers for stealing almost $1M worth of USDT from his Coinbase wallet in 2021. Because the hackers’ identities remain anonymous, there was no way to deliver court papers to them through traditional means — so the judge ruled that they could be served as NFTs sent directly to the addresses they used to steal from Bandyopadhyay. This is the first time NFTs have been used in an American federal court to serve papers to defendants.
❓ Trivia Answer
Answer: D.
GPT-4 can process images, is harder to trick than its predecessor, and also has multiple personalities that it can switch between based on user preferences.
Web3 Resource of the Day
Banks Are Collapsing... Here's Why | Video from CoffeezillaHere at Tokengraph, we have a high value for well crafted media that’s both entertaining and useful — and no one mixes those two adjectives together like Coffeezilla. Known for his incredible expository videos uncovering scams and explaining current financial events, in this video he takes on the challenge of providing a rundown of what’s going on with Signature and Silicon Valley Bank. What’s going on with the banking system in America today, and what can we expect to happen next? Check out the video for answers (and Jim Cramer jokes).
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DISCLAIMER: This is not financial advice. This newsletter is strictly educational and is not investment advice to buy or sell any assets or to make any financial decisions. Do your own research.