Bitcoin Volatility & Legal Battles in Crypto — Ohnahji U Syllabus for October 21, 2023
🎼 “I done kept it real from the jump / Livin’ at my momma’s house, we’d argue every month / I was tryna get it on my own / Workin’ all night, traffic on the way home” 🎵
Heya! Welcome back to the Ohnahji University Study Hall! I’m BOSS, ONJU Dean of Communications, and I’m here with my Student Body protegeé Janine; we’ve got plenty of notes to share! We use this space to outline all the topics, news, and views from the latest Ohnahji U Saturdays, so get your notebook and pen and join us for all the excellent alpha!
This space was live on 10/21/23 @ 10 am PST and hosted by ONJU Dev & Co-founder Ohnahji B, with Deans BOSS2.0 and EyeSeeThru as co-hosts. This week, the Alphites discussed Bitcoin’s price fluctuations, the slow mainstream adoption of content creation for social platforms, and high-profile lawsuits rocking the crypto industry.
WHAT’S NEW AT THE U
The space kicked off by celebrating recent milestones! Two of our ONJU Deans, Boss & Rica, celebrated birthdays (♎️ gang gang 😜), and we had new tokens minted, taking us to 4,840 Ohnahji on the blockchain! Despite challenging times in the NFT space, the Ohnahji fam continues to thrive and support each other. The bonds are strong over here!
psst…🤫
Before you scroll, take a moment to sign up via text or email for the latest Ohnahji U updates! We’re working on some great things for the Alphites, and believe me, you’ll want to be the first to know! 🎓 ⬇️
Jadyn Violet, Alphite and leader of Ultraviolet Rave Community (UVR), is launching a new project called Raver Realm. This exciting project involves a collection of 1800 PFPs (profile pics) along with a nine-track music EP. The NFTs are integrated with Spotify streaming data, offering unique rewards as the tracks gain more streams. Combining Web2 music and Web3 tech creates an incredible potential when merged. The project is set to launch on Monday, October 23rd, along with a week-long celebration of Jadyn’s creativity and the UVR community.
Dean Boss recently published their first piece on Mirror.xyz focused on the challenges facing Black Web3 founders. As a result of a topic discussed in previous ONJU conversations, Boss has expanded their thoughts into an on-chain published Op-Ed. It’s great to see them embracing these new opportunities for writing through blockchain technology.
UNVEILING THE CREATIVE POTENTIAL OF CONTENT CREATION
Ohnahji B opened up the week’s topics with a reflection on a viral video he’d seen making the rounds on Twitter/X. In the video, a content creator filmed himself making social media content at Target. But, instead of receiving positive feedback and appreciation, he faced ridicule when another user posted the video to criticize “grown men posting like female teenagers.” As more users chimed in with similar negative comments, it became apparent that content creation is still unfamiliar to many. But, with the increasing popularity of the creator economy, it is hopeful that public perceptions will eventually shift.
BOSS noted:
“Until we start to see the economy really take off with people making content and getting paid for it, especially our people, in our communities, I think it’ll the mindset will start to change.”
Speaker Miyagi joined the conversation, sharing how he tells friends that “now is the time to be making content” and shares ideas on monetizing it through social media. He explained that “people are getting movie roles based on their TikTok and Instagram videos.” He encouraged creators to overcome their fear and put themselves out there.
ONJU Communication Major Janine drops in with a few things to remember:
- Don’t worry about seeming “weird” — focus on creating engaging content true to your brand and voice.
- Leverage tools and innovation — set up a tripod, use new platforms (incl. Web3 ones), and try out techniques to create quality content.
- Build your niche community — make content that educates and entertains your supporters.
- Collaborate and cross-promote — team up with compatible creators to co-produce content and tap each others’ audiences.
- Think long-term — persist in regularly making content and improving, as traction takes time.
- A few of Janine’s favorite creators: The Kingzletter, Jaden Young, The Blk Chain
Ohnahji B said it best: “Your idea is only crazy until it works.” Establish your own rules and styles. Content creation in the creative space offers new options and expands possibilities for creators to be ahead of the curve.
BITCOIN’S WILD RIDE
In the space's titular conversation, we discussed Bitcoin’s price volatility, including a false tweet from Cointelegraph stating that the SEC had approved a Bitcoin ETF. Even though the rumor was quickly dispelled, speculation and news reports still heavily impact crypto prices. More credible reports emerged later in the week about possible Bitcoin ETF approvals, sending prices fluctuating again.
Much of this volatility may decrease as crypto regulations develop further. But for now, investors must remain cautious and avoid bets based solely on rumors or unofficial information, given that this market responds rapidly, even to false signals.
NOTE: Not financial advice. Cryptocurrency investments are highly volatile. Caution advised.
CRYPTO LEGAL BATTLES & CONTROVERSIES
We jumped into a few current events surrounding legal issues, including the FTX controversy and a lawsuit accusing a nonprofit of discrimination against black women founders.
Diving into the FTX Trial
Boss provided a summary of the ongoing criminal trial of Sam Bankman-Fried, the founder of FTX. They are keeping up with the trial through The Journal, a podcast presented by Wall Street Journal, and believe it is an important case that deserves attention. A quick TL;DR of the conversation:
- The FTX trial has revealed misconduct and mismanagement under founder Sam Bankman-Fried through extensive witness testimony. Former FTX employees Nishad Singh and Gary Wang and Caroline Ellison, CEO of Alameda Research and Bankman-Fried’s former girlfriend, have testified.
- While SBF is seeking ADHD medication to testify next week when the defense begins potentially, the judge has treated this request skeptically. Regardless, the trial has already exposed wrongdoing via testimony that could lead to increased crypto regulations if the jury punishes SBF and FTX.
The Fearless Fund Case
Changing course, Speaker GRANDaddy Woo grabbed the mic to reference another legal case he believes needs our attention, The Fearless Fund.
- A lawsuit filed by the American Alliance for Equal Rights (AAER) challenges Fearless Fund’s Strivers Grant program, which provides grants only for Black women entrepreneurs.
- A federal appeals court panel issued a temporary injunction halting the Strivers Grant program while the lawsuit proceeds, agreeing it is likely racially discriminatory.
- One dissenting judge criticized the AAER for “weaponizing” civil rights laws meant to help formerly enslaved people against programs assisting Black business owners.
- The ruling alarms diversity advocates as it could threaten initiatives focused on economic inclusion, with many expecting this case will reach the Supreme Court.
NEW HORIZONS WITH 3D MODELING & AI
In the last topic of the space, the group explored emerging 3D modeling tools and AI-powered techniques. Speaker Symbolik introduced Gaussian splatting, a process to convert photos into photorealistic 3D models using computational mathematics in novel ways. Artists have experimented with it to create impressive 3D renders.
The group agreed this technology could be a game-changer for digitally minded creators and communities like ONJU, especially with the growing importance of 3D with the rise of Metaverse spaces. EyeSeeThru added that he actively researches new AI tools for generating 3D models beyond text-to-image generators. These tools are emerging rapidly, so don’t be afraid to use them to explore new creative frontiers.
If you’re interested in diving into AI and Tech, the ONJU campus is the place for you! If Discord isn’t your speed, look at the AI Art & Tech Hub community on Twitter/X — plenty of Alphites there share info to keep you up-to-date on what’s coming next!
Thanks for reading! 🎓
Please take a moment to hit the clap button (did you know you can press it multiple times?!), highlight any passages that resonated with you (click and drag to highlight, then tap the marker icon), and leave a comment sharing your perspective. Let’s keep the discussion going!
