money - CybAI news

07 Oct

FTX Customers Will Get Back Billions After Judge OKs Bankruptcy Plan

stp2y0 CommentsRAG modelsbitcoin, blockchain, cryptocurrency, finance, ftx trial, money, Sam Bankman-Fried

A US judge has cleared the way for billions of dollars to be refunded to former customers of bankrupt crypto exchange FTX.At a court hearing in Wilmington, Delaware, on Monday, judge John Dorsey gave final approval to FTX’s reorganization plan, the terms of which had previously been put to creditors and voted through by a landslide.“I think this is a model case for how to deal with a very complex Chapter 11 proceeding,” said Dorsey. “I applaud everyone involved in the negotiation process.”FTX filed for bankruptcy in November 2022 after running out of funds to process customer withdrawals. Billions of…

27 Sep

OpenAI reportedly plans to increase ChatGPT’s price to $44 within five years

stp2y0 CommentsNewsai, artificial intelligence, chatgpt, finance, funding, investors, money, news, openai, tomorrow

OpenAI is reportedly telling investors that it plans on charging $22 a month to use ChatGPT by the end of the year. The company also plans to aggressively increase the monthly price over the next five years up to $44.The documents obtained by shows that OpenAI took in $300 million in revenue this August, and expects to make $3.7 billion in sales by the end of the year. Various expenses such as salaries, rent and operational costs will cause the company to lose $5 billion this year.OpenAI is reportedly circulating the documents the NYT reported on as part of a…

26 Sep

New report details OpenAI’s plan to switch to for-profit mode

stp2y0 CommentsNewsai, artificial intelligence, business, company, corporation, equity, for-profit, money, news, non-profit, openai, sam altman, tomorrow

A major shakeup is in the works at OpenAI. reported that the artificial intelligence research company is restructuring its business from a non-profit board into a for-profit corporation. The publication also says Sam Altman would be given equity in the new corporation.OpenAI’s move to for-profit wouldn’t eliminate its non-profit entity entirely. The non-profit would own a stake in the new for-profit venture but it won’t have nearly the power as it did. An OpenAI spokesperson gave a statement that’s identical to the one they gave to Fortune’s initial report about the restructuring. Couldn’t they at least have used OpenAI’s software…

12 Sep

People Are Setting Themselves on Fire and Getting Punched in the Face to Pump Their Crypto Coins

stp2y0 CommentsRAG modelscryptocurrency, finance, money

The vast majority of these coins never get off the ground. Others attract early attention, then tank after the creator sells off their holdings without warning. A minority of the coins hold value over a longer period.Meme coins serve no strict purpose other than to act as a vehicle for financial speculation. Fluctuations in their price are therefore a reflection almost entirely of the attention they attract—a collective belief, on whatever grounds, that the price will either rise or fall.The forces behind the meme coin boom are similar to those that propelled the meme-stock craze of 2021, says Albert Choi,…

01 Aug

Reddit CEO wants Microsoft to pay for its content

stp2y0 CommentsNewsai, google, microsoft, money, news, openai, Perplexity, reddit, search engine, tomorrow

Reddit’s chief executive officer Steve Huffman didn’t pull any punches with Microsoft in an interview with The Verge. He called out Microsoft and other AI search engines like Anthropic and Perplexity for not paying for the information they take from Reddit, some of which have already been blocked from Huffman’s website.Reddit has deals in places with companies like Google and OpenAI to receive compensation for using its posts and information. The Verge paraphrased Huffman as saying Microsoft was one of several companies "refusing to negotiate," but a Reddit spokesperson disputed this characterization. The spokesperson told Engadget that Reddit and Microsoft…

26 Jul

ISPs are fighting to raise the price of low-income broadband

stp2y0 CommentsNewsBroadband, Government, industry, internet, internet service providers, ISPs, money, news, tomorrow

A new government program is trying to encourage Internet service providers (ISPs) to offer lower rates for lower income customers by distributing federal funds through states. The only problem is the ISPs don’t want to offer the proposed rates. obtained a letter sent to US Commerce Secretary Gina Raimondo signed by more than 30 broadband industry trade groups like ACA Connects and the Fiber Broadband Association as well as several state based organizations. The letter raises “both a sense of alarm and urgency” about their ability to participate in the Broadband Equity, Access and Deployment (BEAD) program. The newly formed BEAD…

20 Jul

The Global CrowdStrike Outage Triggered a Surprise Return to Cash

stp2y0 CommentsRAG modelscash, cashless, microsoft, money

On Friday, when a CrowdStrike update caused millions of Microsoft systems to crash around the world, many businesses were faced with a choice: Go cash-only or close until systems came back online.This quickly caused chaos in Australia, whose government has explicitly encouraged businesses to go cashless. Pictures posted on social media showed card-only self-checkout registers at the grocery chain Coles displaying blue screens of death. Queues for human-run registers at Australian groceries stretched to the back of the store, according to local media. Some Australian marts simply locked their doors.Meanwhile, as evidenced on social media, some Indian airlines had to…