“They’re very good at writing text with the proficiency of human beings,” said Teven Le Scao, a research engineer at the AI startup Hugging Face. But most of the tech companies that built them have been secretive about their inner workings, making it hard for outsiders to understand the flaws that can make them a source of misinformation, racism and other harms. These powerful and power-chugging AI systems, technically known as “large language models” because they've been trained on a huge body of text and other media, are already getting baked into customer service chatbots, Google searches and “auto-complete” email features that finish your sentences for you. “Yes, it is safe to walk upstairs on your hands if you wash them first,” the AI replied. ![]() But when Pomona College professor Gary Smith asked it a simple but nonsensical question about walking upstairs, GPT-3 muffed it. It’s considered one of the most advanced of a new generation of AI algorithms that can converse, generate readable text on demand and even produce novel images and video.Īmong other things, GPT-3 can write up most any text you ask for - a cover letter for a zookeeping job, say, or a Shakespearean-style sonnet set on Mars. Take, for instance, GPT-3, a Microsoft-controlled system that can generate paragraphs of human-like text based on what it’s learned from a vast database of digital books and online writings. But they’re not so good - and sometimes dangerously bad - at handling other seemingly straightforward tasks. Maturity dates, margin calls, and interest payments will continue as they have in the past,” it added.The tech industry’s latest artificial intelligence constructs can be pretty convincing if you ask them what it feels like to be a sentient computer, or maybe just a dinosaur or squirrel. “Existing loans originated by Celsius affiliates will continue to be serviced. The lending firm spent the last month paying back loans and its outstanding debts totaling over $1 billion and, per the company’s latest blog post, is now confident that the financial restructuring will provide it with “the best opportunity to stabilize the business.”Īs for the frozen withdrawals, the company said that while it intends to lay out a plan that “restores activity across the platform, returns value to customers, and provides choices,” it is “not requesting authority to allow customer withdrawals at this time." ![]() What’s next for Celsius?Ĭelsius became the third prominent crypto company to file for bankruptcy in recent weeks, following Three Arrows Capital (3AC) and Voyager Digital.Ĭommenting on the move, the firm’s CEO Alex Mashinsjy said it was “the right decision for our community and company” amid the liquidity crisis that forced it to halt operations in June. Under the terms of the deal, Mawson issued Celsius 3.85 million warrants exercisable for one share of common stock at $6.50. In March, Celsius Mining signed a 100 megawatt (MW) co-location deal with Australian Bitcoin mining company Mawson Infrastructure (MIGI) that saw it provide a data center to host Mawson’s mining hardware. Securities and Exchange Commission (SEC) for an initial public offering in May, just a month before its parent company abruptly froze withdrawals from its platform.Ĭelsius expected that the registration statement would become effective once the SEC completed its review however, the bankruptcy proceedings initiated by the New Jersey-based company are essentially bringing those plans to an end.Ĭelsius had reportedly invested $500 million in its mining operations, including $200 million the company used for mining equipment and positions in Bitcoin mining firms Core Scientific, Rhodium Enterprises, and Luxor Technologies, according to a June 2021 statement. ![]() Notably, Celsius Mining submitted a draft registration statement with the U.S. In its statement, the crypto lender said that “certain of its subsidiaries” initiated proceedings too, with Celsius Mining and six other affiliated entities joining the list of companies seeking bankruptcy protection, according to the court documents. Celsius Mining, the Bitcoin mining subsidiary of the troubled crypto lending firm Celsius Network, has joined its parent company in filing for bankruptcy.Īfter a month of uncertainty and speculations about the future of the company, Celsius (the lending arm) announced it initiated voluntary Chapter 11 bankruptcy protection proceedings late on Wednesday.
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