This is the risk: As global population and consumption rise, we approach Earth's limits. AI and robotics are our way forward. We can't stagnate; the bridges behind us are already burned. The only path is onward.
ECONOMY
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Meta Exploits Hollywood Strike to Train AI Cheaply
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Meta hired actors during the Hollywood strike to train AI with their expressions & movements, paying as little as $300 to use the data “in perpetuity.” Nuanced story from @eileenguo illustrating how the AI industry profits from precarious labor conditions.
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Crypto Insolvency: Insider Knowledge of Market Deception Revealed
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One of the reasons I was Mr. Chicken Little last year about the crypto market was because I was reliably informed they internally understood themselves to be insolvent while putting out calm-the-waters statements.
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IRS Capital Loss Limits on Startup Investments
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You: “There is no guarantee that this company ever exits!”
IRS: “Then you can claim $3k a year of capital losses back. After you pay.”
You: “Even if we successfully exit it might take another 10 years!”
IRS: “The United States will be here and diligently pursue what it is owed.” -
Startup Founders Face Tax Obligations on Vested Equity
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And so if you are a founder of a high flying startup and own 20% in year 4 when it is worth $200 million, congratulations! IRS: “Alright you vested $8 million of equity this year.”
You: “Paper wealth only.”
IRS: “Yeah most is. You owe approximately $3.5 million.” -
Founder Equity Vesting Tax Implications and 83(b) Filing
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You’d think if the founders stick around this is consequence free. Oh no no no. Because that equity vesting over time *is income when it vests* and according to the law, unless you file an 83(b), it is valued at the fair market value *as of the time it vests.*
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83(b) Election Tax Trap for Startup Founders Explained
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“Can you walk through, for a non-specialist, how failure to have an 83(b) election bankrupts founders?” You have to pay taxes on all income earned in a year, right? Equity compensation is a form of income, right? That sets the stage for the time bomb.
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83(b) Elections: The Hidden Tax Trap for Startup Founders
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83(b) elections have been a long-time landmine for startup founders, generally underdiscussed because of social considerations. You don’t want to say “Hiya, I’m the sophisticated CEO of a high-flying company. Also, oops, bankrupted myself for want postage stamp six years ago.”
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Coinbase Selects Ireland as EU MiCA Hub for Crypto Services
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Exclusive: Coinbase has chosen Ireland is its main "MiCA" hub in the EU. The crypto exchange applied for a MiCA license with the Irish central bank. This would allow it to offer services throughout the EU under one international supervisor. More here:
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AI Against Financial Crime at Money2020 USA Conference
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At @money2020 USA, we’re hosting a fireside chat with @swiftcommunity to discuss how AI can help fight global financial crime to stop money laundering, terrorist financing, and fraud. Join us on October 22 and learn more about our presence at the show. https://
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