👥 Active users: 1421 📝 New Developments: bug search 🪲 ⏰ Time it took to write: 2 hours 13 minutes for me, but probably much longer for Gábor 😅
This newsletter will be a bit different from the others...
Because we had to react to the huge AI hyper!
And what better response than to ask the person I trust the most in this field, none other than MakeItCount Gábor!
Who many of you may already know from TikTok!
Don't worry about the introduction and the end of the letter, I will write them of course!
🚀 How's the challenge going?
🪲 Bug finding and fixing
We found out that for some reason, the App works perfectly on our phones, but on a couple of people's phones, a surreal number of mini bugs are occurring, taking away the enjoyment of using the App!
Bug Busters 🪲🔥
So, we set out on a mission to eradicate all these Bugs! We'll even give 1 month of free BookBase to the first person who reports a Bug and we can't fix it in 2 weeks.
That's putting a little pressure on ourselves!
🎨 The new Onboarding is ready
With Kokesz and Edu, we speedrunned it over the weekend so that we can focus fully on fixing bugs from now on! It looks awesome and I think it's psychologically built to the best of our ability!
🎤 Presentation at BGE
I was invited to BGE by the UBC group to give a presentation on starting a business. Honestly, I was really looking forward to the presentation because I had a good feeling about it.
But it was even more than that...
112 people were there live (more than at an average university lecture and more than at all the previous lectures given by UBC people)
And at the end I gave away a 30-day BookBase voucher to each attendee, so now 98 people have started using it and I hope quite a few like it enough to keep it! 🙏🏻
🌍 BookBase goes International
To be more precise, we're still just spreading our wings, but we've taken the first step. Dani has translated all our blog posts so far and they are now available in English.
This is the first step to introduce ourselves to the foreign audience! You know you have to add value first, so you can ask for anything afterwards! True, we don't have an English BookBase yet, but we already have the Waitlist Design done by Kokesz, so we will keep collecting English subscribers!
If you want to improve your English, you can access English articles here:
From here on, I'll hand over to Gábor, who is much more knowledgeable than I am on this subject, so...
Drum roll, please!
🥁🥁🥁 PRRR
Ladies and Gentlemen
🫱🏼 Gábor Sulcz aka MakeItCount
In the past months I have analyzed dozens of AI-focused crypto projects and several of them have yielded 300-500% returns, but there were some that have grown by thousands of percent. 📈
Then the sudden interest died and the trend has reversed in the last few days. Because of this, many are stuck in bearish positions and many more are waiting impatiently to get in, having missed the previous big rise. We get a lot of questions about what we expect, whether the AI crypto project prices will rise again or whether the hype is over and the crypto world is moving to a new narrative. 👀
In this newsletter, we'll look at how the lifecycle of technologies like AI has evolved and also answer when you think it's worth getting into this sector as an investor. ⏰
🤔 Why all the AI hype?
The popularity of generative AI (Artificial Intelligence) applications such as ChatGPT or DALL-E is growing at an astonishing rate and if you're even slightly interested in the latest technological innovations, you've probably come across an article, image or even trading software that was created by a machine. 🤖
The hype surrounding the AI topic is palpable, just look at how ChatGPT's registration numbers are shaping up. ChatGPT went public in November 2022 and it took a total of 5 days for the number of registered users to reach 100 million. In comparison, it took Google 12 months and Facebook 4 years to reach the same size. 😲
So, the pace is amazing and of course the question is how sustainable this growth rate is. If we step back a bit from the present moment and take a far-reaching look at what has happened with similar innovations throughout history, we can see that there is nothing new in the AI craze. But more importantly, we will be better able to predict what will happen to this sector based on what has happened in the past, which will help us make good investment decisions, whether it's AI-related stocks or AI crypto projects. 🔮
From time to time, innovative new technologies emerge that have a global impact and completely change people's lives. These include the advent of the railways and the steam locomotive, the invention of silicon chips, the internet, and the latest disruptive technology, blockchain. And the general observation is that new technologies are always overvalued by the market, followed by a rapid sobering up, eventually the value of the innovation is normalized and from then on everyone treats it as a normal part of our lives. 🧐
This process is called the Gartner Hype Cycle and can be divided into 4 parts:
1️⃣ The first stage is the steep rise up to the point of exaggerated expectations
(Peak of Inflated Expectations)
2️⃣ Then comes a similar steep fall to the trough of sobering up
(Trough of Disillusionment)
3️⃣ From the trough comes a slower rise, the (Slope of Enlightenment)
4️⃣ Then, when the technology is realistically priced by the market, the value of the new technology (or the value produced by the new technology) reaches a constant level (Plateau of Productivity)
The best example of this is the internet, where the peak of the cycle was the dotcom bubble burst, followed by a few years when the whole industry was looking for itself (Amazon, for example, almost went bankrupt during this period). Today, the internet as an innovation has priced itself in and we are fully aware of the value of the internet and what we can use it for. There is no question that it is a necessary part of our daily lives, so much so that many people see the internet as a utility, like water or electricity. ✅
I think that the internet is already in the fourth phase of its cycle, but blockchain technology is also past its peak. ⛰
On the other hand, the AI narrative is still very new and it may seem like we are at the peak of the first cycle, but I am not at all sure. New AI services are being launched almost daily and many big companies are just now really committing to AI development (Musk recently announced that they will build a competing service to ChatGPT, the only difference will be that Musk's AI will not be so "woke".... whatever that means). 😏
I think this current phase is just a hiatus and the price formation of AI projects currently has a lot more to do with what's happening in the market than where AI technology is at in its development. Therefore, this is an excellent time to analyze different AI projects and pick out those that seem promising enough to really create value and achieve successes similar to the Internet. 🔍
🔮 I will now show you 2 AI crypto projects
Which I consider very promising. It's important not to focus on the specific project, but rather on the thought process as I try to predict what practical use these will have in the future. 💭
ALI 🤖
The first one is Artificial Liquid Intelligence (ALI), which operates on the Alethea blockchain and you might recognize the name because their previously released 10,000 NFT "soul" series was a big hit. These NFTs are now serving as the basis for the new artificial intelligence-endowed iNFTs being developed by ALI. 😳
So, the big innovations in the protocol are iNFTs, which are smart avatars, virtual persons or personalities that embody predefined characters and interact with the user through them. 🤯
And the applications are almost endless, from a virtual training partner, to a personal assistant, to a digital conversation partner who simply just listens. 😱
It may seem like science fiction at first, but this technology is closer than you think. For example, Tony Robbins recently announced that he is working on his own AI. Just think how helpful it would be to have Tony lurking in your pocket on a smartphone, giving you constant advice. I hope you're starting to get a sense of how important AI can be. 💪🏼
💡 Side note: We're trying to do this with AI Mentors in the BookBase and I can tell you Tony is on our list! 🤫
By the way, you can test iNFTs by going to noahsark.ai and creating a demo iNFT. To do this, you need to create a character who you can talk to live about any topic. The demo is pretty limited, clunky, and your browser will fire up, it works so much, but it's clear to me how huge the potential of this technology is. 🥸
By the way, Binance, Polygon and Mark Cuban are also investors in the project, so that's a good sign, but it's not a very big deal. 🥶
FETCH. AI👨🏽💻
The second is FETCH.AI, which is a much more abstract and very ambitious project. Here, the aim is to develop several AI agents capable of autonomous decision-making, which will interact with each other on a blockchain, also developed in-house. The whole ecosystem will be decentralized and another strong commitment, but the AI agents will also be able to continuously improve themselves and each other. 😵💫
💡 Side notes 2: Here we are getting closer to AGI, which I explained in the previous blog article. Alternatively, it could be an interesting narrative when these "agents" will be able to manage companies as well.
This interaction of AI and blockchain technology could make operations on the blockchain much more efficient, saving time and money on a scale that is now unimaginable. 😵
In addition, they will use an unprecedented Useful Proof of Work mechanism to validate transactions, which has many advantages over both traditional Proof of Work (which is how Bitcoin transactions work) and Proof of Stake (which is how Ethereum transactions work). 🤓
The FETCH AI has a lot to offer, but even if it can only achieve a few of its objectives, it will still be of huge innovation value, so I'll definitely keep an eye on the project. 👀
If you're new to crypto and AI and some of the above was not clear, don't worry, there's plenty of time to learn more. For now, I just wanted to point out how far AI and crypto can go together, and to give you a sense of how this will fundamentally change our lives. 🙏🏻
And finally...
✅ The Usual Checklist
If you're looking to get started in crypto investing but don't know how to get started, here are 4 steps to get you started:
First, you should understand how blockchain works and why this technology will fundamentally change the way the world of finance works. Binance Academy has a good summary article on this: https://academy.binance.com/en/start-here
If the blockchain topic is clear, then you can move on to Bitcoin and Ethereum. Within that, the important thing to understand is the difference between the two cryptos. For example, CoinGecko has a good video on the topic:
If you want to use the accelerator, check out our KRIPTO NITRO course to learn the basics of crypto investing. All the training material is practical focused, so you'll quickly learn how to buy crypto (e.g., Bitcoin), earn passive crypto income or find promising crypto projects before the masses do. You can check out the course and modules here (HUN):
Thanks, Gábor for this comprehensive Blog article, I'll be honest even I had plenty of new things to learn! 😉
It was nice to see from a different perspective where the AI and Krypto convergence is going and what we can possibly benefit from! 👁
But we can't miss the usual wrap up!
🔥 Challenge
Perhaps the biggest Challenge for us right now is finding and killing the Bugs. Róbert Németh - Nemo wrote us a really good constructive review, which I'm copying for you here:
"I'm very happy to see that you're doing so well with the BookBase, it's good to see. I use it every day and I think you are going in the right direction. Unfortunately, a few times I still get stuck with the app although I don't know if this is a unique problem or if others encounter it, sometimes a bit annoying. It is slow to load, slow to bring in books or I have to restart it, or the little flame hasn't counted for a while and hasn't even reset, but it has halved the number from where I was. It's a small thing and shouldn't put me off using the app, because I really like it overall, and especially the cause it's meant to serve.
It's extremely motivating to read about you week by week, how the project is going and to see the progress you've made, both individually and as a team. It is exemplary. However, I have a question/question that I have been pondering for a few days now, how to formulate it in a way that makes my intention to help absolutely clear. I hope you and the guys are coping well with the pressure and the crazy pace at which you are rushing forward, but it might be useful to slow down a bit, for a fairly short period of time, to optimize the app with the features you have now, IF this is not already going on in the background as I write this email to you, because a smooth, perfect functioning app would in itself be a big improvement to the user experience. Of course, I speak only for myself, as others may have it working perfectly and it's my device that's at fault, or others may not find the occasional bugs a tad inconvenient."
I must say you couldn't be more right! Unfortunately, we did neglect it a bit, which was my fault, because I was always telling the guys, come on, let's go, let's develop new features.
So, this is the result! Nemo thanks from here too for bringing me back to my senses and from now on we'll keep our eyes on the ball!
If there is any Bug you found in the App: you can report it here:
📖 What have I just read?
I've just read Lenny Rachitsky's newsletter, which was a Guest Post - like this one - written by one of the leaders of Duolingo. It was about how they were able to achieve 450% growth in 5 years.
They specifically explained the techniques in it, what went right and what went wrong.
Which - LATER - might be useful for US:
Notifications 🚨
The Leaderboard 🏆
and The Streaks 🔥
🎧 What have I just listened to?
Listening has been a little behind this week. I'm still listening to the Andrew Huberman podcast. Very exciting things are said in it for example:
Your sense of time changes depending on what you focus on.
If you're focused on one thing and you're immersed in a task, time goes so fast, you kind of forget about yourself.
But if you want to slow down your time, focus on something broader, like the horizon, and your perception of time slows down. This is why when you look at the sunset, 10 minutes can feel like an hour or so.
✍🏼 Top quote
"Innovation is the ability to see change as an opportunity - not a threat" ~ Unknown
