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Sam Bankman-Fried Out of Jail?!?

Sam Bankman-Fried Out of Jail?!?

⛓ Sam Bankman-Fried & Thoughts on Crypto Psychology, Mode Network: Artificial Intelligence x Decentralized Finance, Markets: “Hopium” Returned Then Vanished 💉

Internet Capital
September 16, 2024

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After just 6-months in a federal penitentiary, disgraced FTX Founder Sam Bankman-Fried (SBF) is appealing his conviction, accusing the judge of being biased.

I don’t have much to say about the appeal itself, but today we are exploring the implications of the psychological patterns that characterize crypto’s “main characters”.

Today’s sections:

💉Markets: “Hopium” Returned Then Vanished
⛓ Sam Bankman-Fried & Thoughts on Crypto Psychology
🟡 Mode Network: Artificial Intelligence x Decentralized Finance

Check out this week’s YouTube show for a deeper dive!

Want to be a better crypto investor? Subscribe, follow us on X, and check out our YouTube Channel to never miss an update - thanks for reading!

Markets: “Hopium” Returned Then Vanished

Not much to say - we have been in a sideways market for months with no end in sight. Analysts believe that we won’t see a significant move in either direction until the United States election is decided in November.

Until then, enjoy the chop my friends 🫡. Market takes:

Bitcoin and the Crypto Markets Slump as Fed Faces Tough Rate Cut Decision [Unchained]
Venture Capitalist Chris Burniske Says Subtle Signs of Crypto Bull Market Flashing Amid Depressed Sentiment [The Daily Hodl]
What The Fed's first interest rate cut in four years could mean for crypto [The Street]

Sam Bankman-Fried and Thoughts on Crypto Psychology

At the core of Sam Bankman-Fried’s (SBF) persona was his identification with the Effective Altruism (EA) philosophy.

EA advocates using reason and evidence to maximize the positive impact of one’s resources—often by earning large sums of money and donating it to high-impact charities.

Source

For SBF, this was the justification for building a massive crypto empire by lying and cheating thousands of people. Supposedly, it was for the greater good…

And while it would be nice to blame the entire debacle on SBF and the EA philosophy, it’s undoubtedly true that the crypto industry had a role to play.

Crypto, with its promise of decentralization, innovation, and financial freedom, also harbors a darker side—a culture that often prioritizes rapid wealth accumulation over progress, reason, and long-term ethical considerations.

Source

This environment has led to the emergence of cult-like followings around numerous figures in the space - SBF, Do Kwon, Su Zhu, etc.

In each instance, these cults have set the industry back years with catastrophes fueled by toxic groupthink and a suspension of critical thinking.

SBF’s own admission that he “didn’t want to do crypto” and only entered the space because “it’s where the money was” underscores this problematic dynamic.

Source

For many, crypto isn’t a movement or a belief system—it’s simply a convenient path to wealth. But when you combine vast sums of money with ideologies that promote maximizing wealth at all costs, the result can be a breeding ground for unethical behavior.

So, if crypto is to fulfill its destiny of creating a transparent, decentralized, and fair financial system on the internet, it needs more leaders who are aligned with these core values. Only then can the industry move past its current cycles of failure and regain the trust and integrity necessary for long-term success.

It looks like we’re slowly making our way back, but until it’s clear that we’ve truly learned from the damages caused by personality cults, maybe we deserve the sideways price action.

The Rising Demand for Whiskey: A Smart Investor’s Choice

Why are 250,000 Vinovest customers investing in whiskey?

In a word - consumption.

Global alcohol consumption is on the rise, with projections hitting new peaks by 2028. Whiskey, in particular, is experiencing significant growth, with the number of US craft distilleries quadrupling in the past decade. Younger generations are moving from beer to cocktails, boosting whiskey's popularity.

That’s not all.

Whiskey's tangible nature, market resilience, and Vinovest’s strategic approach make whiskey a smart addition to any diversified portfolio.

Schedule a call with a Vinovest advisor to learn more.

Mode Network: Artificial Intelligence x Decentralized Finance

Overview
What is it? Mode is a modular DeFi Layer 2 (L2) on Ethereum that aims to create a scalable and decentralized financial ecosystem. It allows users and developers to receive rewards through sequencer fee sharing, airdrops, and other incentives. Mode is uniquely positioned to drive innovation in DeFi, and its recent focus on AI-enabled financial applications (AIFi) marks the next phase in its evolution toward scaling DeFi to billions of users.
How does it work? 💡 DeFi and AIFi Integration: Mode offers a high-performance, low-cost platform for building and scaling DeFi applications. By integrating AI agents and machine learning models, Mode is attempting to transform DeFi into AIFi, where AI agents can autonomously interact with decentralized protocols to execute transactions, manage risk, generate yield, and even participate in governance. . ⚙️ Yield Optimization and Developer Rewards: Mode enables developers to build and scale their DeFi applications with predictable revenue through sequencer fee sharing, airdrops, and contract revenue-sharing incentives. The platform supports over 60 DeFi protocols and boasts $500 million in total value locked (TVL), making it a hub for financial innovation. Developers who contribute to the Mode ecosystem are directly rewarded for their work, driving continuous growth and participation. .
How can you use it? 1. Build DeFi Applications: Developers can deploy their applications on Mode using familiar EVM tools, while benefiting from sequencer fee sharing and developer airdrops. 2. Earn Yield and Rewards: Mode users can participate in DeFi protocols to earn higher yields while benefiting from low fees thanks to Optimism’s Bedrock upgrade, which reduces transaction costs by 95%. 3. Participate in Governance: Holders of the $MODE token can govern the Mode protocol, vote on DeFi integration grants, and participate in community initiatives to help grow the ecosystem. 4. Leverage AI Agents: In the future, you will be able to leverage Mode’s AI agent infrastructure to automate DeFi transactions, optimize yield strategies, and manage risk in a fully decentralized environment. For additional information, see Mode’s official documentation.

Overview

What is it?

Mode is a modular DeFi Layer 2 (L2) on Ethereum that aims to create a scalable and decentralized financial ecosystem. It allows users and developers to receive rewards through sequencer fee sharing, airdrops, and other incentives. Mode is uniquely positioned to drive innovation in DeFi, and its recent focus on AI-enabled financial applications (AIFi) marks the next phase in its evolution toward scaling DeFi to billions of users.

How does it work?

💡 DeFi and AIFi Integration: Mode offers a high-performance, low-cost platform for building and scaling DeFi applications. By integrating AI agents and machine learning models, Mode is attempting to transform DeFi into AIFi, where AI agents can autonomously interact with decentralized protocols to execute transactions, manage risk, generate yield, and even participate in governance.

⚙️ Yield Optimization and Developer Rewards: Mode enables developers to build and scale their DeFi applications with predictable revenue through sequencer fee sharing, airdrops, and contract revenue-sharing incentives. The platform supports over 60 DeFi protocols and boasts $500 million in total value locked (TVL), making it a hub for financial innovation. Developers who contribute to the Mode ecosystem are directly rewarded for their work, driving continuous growth and participation.

How can you use it?

1. Build DeFi Applications: Developers can deploy their applications on Mode using familiar EVM tools, while benefiting from sequencer fee sharing and developer airdrops.

2. Earn Yield and Rewards: Mode users can participate in DeFi protocols to earn higher yields while benefiting from low fees thanks to Optimism’s Bedrock upgrade, which reduces transaction costs by 95%.

3. Participate in Governance: Holders of the $MODE token can govern the Mode protocol, vote on DeFi integration grants, and participate in community initiatives to help grow the ecosystem.

4. Leverage AI Agents: In the future, you will be able to leverage Mode’s AI agent infrastructure to automate DeFi transactions, optimize yield strategies, and manage risk in a fully decentralized environment.

For additional information, see Mode’s official documentation.

Other News

Trump's Crypto Gambit: What We Know About Today's Launch of World Liberty Financial [CoinDesk]
SEC Regrets Confusion Over ‘Crypto Asset Securities’ - Ripple and Coinbase Weigh In [Bitcoin.com]
MicroStrategy Acquires $1.11 Billion More in Bitcoin [BTC Times]

Thanks for reading!

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Nothing in this newsletter is meant to be taken as legal, tax, investing, or other advice. Internet Capital is for educational and entertainment purposes only. All views are our own, and not representative of any organizations with which we are affiliated. For any business partnerships please reach out via the email [email protected]

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