The crypto market is up today, but the change at the time of the writing is so low that the market is unchanged. The cryptocurrency market capitalisation increased by just 0.1%. It now stands at $3.03 trillion. Also, 75 of the top 100 coins have gone up over the past 24 hours. At the same time, the total crypto trading volume is at $108 billion. TLDR: Crypto market cap is largely unchanged on Wednesday morning (UTC); 75 of the top 100 coins and 4 of the top 10 coins have gone up today; BTC increased by 0 ...

The Republic of the Marshall Islands (RMI) has completed the world’s first on-chain disbursement of universal basic income (UBI) using a digitally native sovereign bond, USDM1, via the Stellar blockchain. Developed in partnership with the Stellar Development Foundation (SDF) and infrastructure provider Crossmint, the multimillion-dollar initiative is part of RMI’s national UBI program, known locally as ENRA, the Marshalls Islands’ Finance Ministry confirmed. The program replaces quarterly physical cash de ...

Group 1: E-commerce Trends - U.S. online Black Friday sales reached a record $11.8 billion, marking a 9.1% increase year-over-year, significantly driven by AI-powered shopping tools which saw an 805% increase in traffic to retail sites [2][3][7] - Mobile shopping accounted for over half of all sales, with popular categories including video game consoles, electronics, and home appliances [3][7] - Cyber Monday is projected to continue the trend with anticipated sales of $14.2 billion, making it the largest online shopping day of the year [3] Group 2: Labor Market Dynamics - Entry-level job postings in the U.S. have declined by 16% year-over-year, raising concerns for young workers, particularly recent graduates and those aged 16 to 24, whose unemployment rate reached 10.5% in August [4][5][7] - Platforms like Handshake reported a 15% reduction in job listings compared to the last academic year, while applications per job increased by approximately 30%, indicating a mismatch in the labor market [5] Group 3: Technological Investments - Japan announced an additional budget allocation of approximately ¥252.5 billion (US$1.6 billion) to enhance its AI and semiconductor industries, part of a broader strategy that has committed around ¥5.7 trillion (US$36.5 billion) since 2021 [6][7][8] - The funding will support key projects, including the domestic chip venture Rapidus, which aims to mass-produce 2-nanometer chips by 2027 [7][8] Group 4: Cryptocurrency and Social Aid - A pilot Universal Basic Income program funded by Coinbase is distributing $12,000 in USDC stablecoin to 160 low-income residents in New York, exploring the effectiveness of cryptocurrency in social welfare [9][10] - The total funding for this project is approximately $2.6 million, with participants receiving payments in two stages [10] Group 5: Economic Policy and Market Performance - Treasury Secretary Scott Bessent credited President Trump's economic policies for a recovering bond market, with the U.S. Treasury market achieving a 6% total return year-to-date, its strongest performance since 2020 [11][12] - Plans for regulatory adjustments to enhance market liquidity include a revamped Treasury buyback program, with projections of a tenfold growth in the stablecoin market by the end of the decade [12]

Core Insights - Elon Musk suggests that future work may become optional due to advancements in automation and AI, proposing the concept of Universal High Income (UHI) as a means to share productivity gains with all citizens [1][5] - Job cuts in the U.S. are significant, with nearly 950,000 announced year-to-date, the highest since 2020, while hiring plans are at their lowest since 2009 [1] - Amazon is reportedly planning to replace up to 500,000 jobs with robots, highlighting the trend towards automation in major companies [2] Employment Trends - In September, U.S. employers announced 54,064 job cuts, a 37% decrease from August, yet the year-to-date total remains high [1] - Hiring plans have dropped to just over 200,000 roles through September, marking the lowest level since 2009 [1] Automation and AI Impact - Amazon's automation strategy reflects both the potential benefits and risks associated with AI, as it may lead to job elimination without creating new opportunities [3] - The current investment climate in AI resembles the dot-com bubble, with significant venture capital inflows despite limited productivity gains [3] Universal High Income Concept - UHI represents a shift from Universal Basic Income (UBI), aiming for a more prosperous standard of living rather than just a safety net [5] - UBI could cost about 3% of GDP in the U.S. and could evolve into UHI as productivity increases [6] Implementation Timeline - Experts suggest that the transition to UHI will take time, with a gradual "robot apocalypse" unfolding over the next 5 to 15 years [7] - There is a potential 1-3 year window for pilot programs, with national hybrid programs expected in 5-10 years [7] Challenges to UHI - Significant economic, political, and social hurdles exist in transitioning from UHI as a concept to a functional system, including the need for mechanisms to measure and tax automation's surplus [8] - Governance issues arise regarding the definition of "surplus" and the distribution of income, with concerns about corporate and political capture [8]

Core Viewpoint - The article discusses the transformative impact of AI on talent assessment and recruitment, emphasizing the shift from traditional methods to automated systems that enhance efficiency and accuracy in identifying top talent [2][3][4]. Group 1: AI Empowerment in Talent Assessment - Mercor trains models to predict job suitability more accurately than human judgment, automating the recruitment process through LMS systems [3][4]. - The focus has shifted from crowdsourcing low-skilled labor to identifying top-tier talent to push the boundaries of model capabilities [4][5]. - The future will see the creation of a vast ecosystem of evaluation tasks tailored to specific roles, with contract workers playing a significant role [4][5]. Group 2: Performance Prediction and Economic Value - The ability to identify high-performing individuals within teams can significantly influence decision-making and long-term business value [6][7]. - Knowledge work often follows a power-law distribution, where a small number of individuals contribute disproportionately to outcomes, highlighting the importance of performance prediction [6][7][8]. Group 3: Recruitment Automation and Future Trends - AI systems are expected to dominate recruitment processes, especially for knowledge-based jobs, as models have shown superior performance in talent evaluation compared to human recruiters [6][8]. - The article suggests that the future labor market will be characterized by a blend of human and AI agents competing for job opportunities, leading to a more unified global labor market [44][45]. Group 4: Challenges and Opportunities in Talent Evaluation - The current labor market is fragmented, with candidates applying to multiple jobs while companies only consider a small percentage of applicants, indicating a need for more efficient matching processes [44][45]. - The development of evaluation systems tailored to specific industries is crucial, starting with more standardized tasks like customer service [19][44]. Group 5: The Role of Data and Feedback Loops - The importance of creating a feedback loop in talent evaluation is emphasized, where models learn from real-world performance data to improve their assessments [39][40]. - Companies are encouraged to adopt a data-driven approach to recruitment, focusing on the characteristics that lead to desired business outcomes [45].