Microsoft co-founder Bill Gates assesses digital assets while the bull is caged.

Bill Gates is well-respected.

Reasonably. He co-founded and led Microsoft during its 1980s and 1990s revolution.

After leaving Microsoft, Bill Gates pursued other interests. He and his wife founded one of the world's largest philanthropic organizations, Bill & Melinda Gates Foundation. He also supports immunizations, population control, and other global health programs.

When Gates criticized Bitcoin, cryptocurrencies, and NFTs, it made news.

Bill Gates said at the 58th Munich Security Conference...

“You have an asset class that’s 100% based on some sort of greater fool theory that somebody’s going to pay more for it than I do.”

Gates means digital assets. Like many bitcoin critics, he says digital coins and tokens are speculative.

And he's not alone. Financial experts have dubbed Bitcoin and other digital assets a "bubble" for a decade.

Gates also made fun of Bored Ape Yacht Club and NFTs, saying, "Obviously pricey digital photographs of monkeys will help the world."

Why does Bill Gates dislike digital assets?

According to Gates' latest comments, Bitcoin, cryptos, and NFTs aren't good ways to hold value.

Bill Gates is a better investor than Elon Musk.

“I’m used to asset classes, like a farm where they have output, or like a company where they make products,” Gates said.

The Guardian claimed in April 2021 that Bill and Melinda Gates owned the most U.S. farms. Over 242,000 acres of farmland.

The Gates couple has enough farmland to cover Hong Kong.

Bill Gates is a classic investor. He wants companies with an excellent track record, strong fundamentals, and good management. Or tangible assets like land and property.

Gates prefers the "old economy" over the "new economy"

Gates' criticism of Bitcoin and cryptocurrency ventures isn't surprising. These digital assets lack all of Gates's investing criteria.

Volatile digital assets include Bitcoin. Their costs might change dramatically in a day. Volatility scares risk-averse investors like Gates.

Gates has a stake in the old financial system. As Microsoft's co-founder, Gates helped develop a dominant tech company.

Because of his business, he's one of the world's richest men.

Bill Gates is invested in protecting the current paradigm.

He won't invest in anything that could destroy the global economy.

When Gates criticizes Bitcoin, cryptocurrencies, and NFTs, he's suggesting they're a hoax. These soapbox speeches are one way he protects his interests.

Digital assets aren't a bad investment, though. Many think they're the future.

Changpeng Zhao and Brian Armstrong are two digital asset billionaires. Two crypto exchange CEOs. Binance/Coinbase.

Digital asset revolution won't end soon.

If you disagree with Bill Gates and plan to invest in Bitcoin, cryptocurrencies, or NFTs, do your own research and understand the risks.

But don’t take Bill Gates’ word for it.

He’s just an old rich guy with a lot of farmland.

He has a lot to lose if Bitcoin and other digital assets gain global popularity.

This post is a summary. Read the full article here.

Cryptoland rollercoaster

I've lost money in crypto.

Unimportant.

The real issue: I didn’t understand how.

I'm surrounded with winners. To learn more, I created my own NFTs, currency, and DAO.

Web3 is a hilltop castle. Everything is valuable, decentralized, and on-chain.

The castle is Disneyland: beautiful in images, but chaotic with lengthy lines and kids spending too much money on dressed-up animals.

When the throng and businesses are gone, Disneyland still has enchantment.

The Real Story of Web3

NFTs

Scarcity. Scarce NFTs. That's their worth.

Skull. Rare-looking!

Nonsense.

Bored Ape Yacht Club vs. my NFTs?

Marketing.

BAYC is amazing, but not for the reasons people believe. Apecoin and Otherside's art, celebrity following, and innovation? Stunning.

No other endeavor captured the zeitgeist better. Yet how long did you think it took to actually mint the NFTs?

1 hour? Maybe a week for the website?

Minting NFTs is incredibly easy. Kid-friendly. Developers are rare. Think about that next time somebody posts “DevS dO SMt!?”

NFTs will remain popular. These projects are like our Van Goghs and Monets. Still, be wary. It still uses exclusivity and wash selling like the OG art market.

Not all NFTs are art-related.

Soulbound and anonymous NFTs could offer up new use cases. Property rights, privacy-focused ID, open-source project verification. Everything.

NFTs build online trust through ownership.

We just need to evolve from the apes first.

NFTs' superpower is marketing until then.

Crypto currency

What the hell is a token?

99% of people are clueless.

So I invested in both coins and tokens. Same same. Only that they are not.

Coins have their own blockchain and developer/validator community. It's hard.

Creating a token on top of a blockchain? Five minutes.

Most consumers don’t understand the difference, creating an arbitrage opportunity: pretend you’re a serious project without having developers on your payroll.

Few market sites help. Take a look. See any tokens?

There's a hint one click deeper.

Some tokens are legitimate. Some coins are bad investments.

Tokens are utilized for DAO governance and DApp payments. Still, know who's behind a token. They might be 12 years old.

Coins take time and money. The recent LUNA meltdown indicates that currency investing requires research.

DAOs

Decentralized Autonomous Organizations (DAOs) don't work as you assume.

Yes, members can vote.

A productive organization requires more.

I've observed two types of DAOs.

• Total decentralization total dysfunction

• Centralized just partially. Community-driven.

A core team executes the DAO's strategy and roadmap in successful DAOs. The community owns part of the organization, votes on decisions, and holds the team accountable.

DAOs are public companies.

Amazing.

A shareholder meeting's logistics are staggering. DAOs may hold anonymous, secure voting quickly. No need for intermediaries like banks to chase up every shareholder.

Successful DAOs aren't totally decentralized. Large-scale voting and collaboration have never been easier.

And that’s all that matters.

Scale, speed.

My Web3 learnings

Disneyland is enchanting. Web3 too.

In a few cycles, NFTs may be used to build trust, not clout. Not speculating with coins. DAOs run organizations, not themselves.

Finally, some final thoughts:

• NFTs will be a very helpful tool for building trust online. NFTs are successful now because of excellent marketing.

• Tokens are not the same as coins. Look into any project before making a purchase. Make sure it isn't run by three 9-year-olds piled on top of one another in a trench coat, at the very least.

• Not entirely decentralized, DAOs. We shall see a future where community ownership becomes the rule rather than the exception once we acknowledge this fact.

Crypto Disneyland is a rollercoaster with loops that make you sick.

Always buckle up.

Have fun!

A reading list for successful people

Elon Musk reads and talks. So, one learns. Many brilliant individuals & amazing literature.

This article recommends 3 Elon Musk novels. All of them helped me succeed. Hope they'll help you.

Douglas Adams's The Hitchhiker's Guide to the Galaxy

Page Count: 193
Rating on Goodreads: 4.23

Arthur Dent is pulled off Earth by a buddy seconds before it's razed for a cosmic motorway. The trio hitchhikes through space and gets into problems.

I initially read Hitchhiker's as a child. To evade my mum, I'd read with a flashlight under the covers. She'd scold at me for not sleeping on school nights when she found out. Oops.

The Hitchhiker's Guide to the Galaxy is lighthearted science fiction.

My favorite book quotes are:

• “Space is big. You won’t believe how vastly, hugely, mind-bogglingly big it is. I mean, you may think it’s a long way down the road to the chemist’s, but that’s just peanuts to space.”

• “Far out in the uncharted backwaters of the unfashionable end of the western spiral arm of the Galaxy lies a small unregarded yellow sun. Orbiting this at a distance of roughly ninety-two million miles is an utterly insignificant little blue-green planet whose ape-descended life forms are so amazingly primitive that they still think digital watches are a pretty neat idea.”

• “On planet Earth, man had always assumed that he was more intelligent than dolphins because he had achieved so much — the wheel, New York, wars, and so on — whilst all the dolphins had ever done was muck about in the water having a good time. But conversely, the dolphins had always believed that they were far more intelligent than man — for precisely the same reasons.”

the Sun Tzu book The Art Of War

Page Count: 273
Rating on Goodreads: 3.97

It's a classic. You may apply The Art of War's ideas to (nearly) every facet of life. Ex:

• Pick your fights.

• Keep in mind that timing is crucial.

• Create a backup plan in case something goes wrong.

• Obstacles provide us a chance to adapt and change.

This book was my first. Since then, I'm a more strategic entrepreneur. Excellent book. And read it ASAP!

My favorite book quotes are:

• “Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win.”

• “Engage people with what they expect; it is what they are able to discern and confirms their projections. It settles them into predictable patterns of response, occupying their minds while you wait for the extraordinary moment — that which they cannot anticipate.”

• “If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained, you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”

Peter Thiel's book Zero to One

Page Count: 195
Rating on Goodreads: 4.18

Peter argues the best money-making strategies are typically unproven. Entrepreneurship should never have a defined path to success. Whoever says differently is lying.

Zero to One explores technology and society. Peter is a philosophy major and law school graduate, which informs the work.

Peters' ideas, depth, and intellect stood out in Zero to One. It's a top business book.

My favorite book quotes are:

• “The most valuable businesses of coming decades will be built by entrepreneurs who seek to empower people rather than try to make them obsolete.”

• “The next Bill Gates will not build an operating system. The next Larry Page or Sergey Brin won’t make a search engine. And the next Mark Zuckerberg won’t create a social network. If you are copying these guys, you aren’t learning from them.”

• “If your goal is to never make a mistake in your life, you shouldn’t look for secrets. The prospect of being lonely but right — dedicating your life to something that no one else believes in — is already hard. The prospect of being lonely and wrong can be unbearable.”

Our RISE community is stoked on ChatGPT. ChatGPT has countless uses.

Early on. Companies are figuring out the legal and ethical implications of AI's content revolution. Using AI for everyday tasks is cool.

So I challenged RISE friends... Let's have fun and share non-obvious uses.

Onward!

1. Tweet

Jim MacLeod requested a design-themed Twitter thread from ChatGPT.

2. Novelize

Giuseppe Fratoni writes novels.

"This is amazing!" Impotent. I asked about writing, mystery novels, and jazz.

"Develop a mystery novel plot in which a disillusioned homicide detective hunts a serial killer who targets jazz musicians who play Autumn Leaves."

"I have:

Detective James Thompson is a seasoned veteran of the Homicide department, but lately he’s been feeling burnt out and disillusioned. His latest case, the murder of a young jazz pianist who was found brutally killed in his home, only serves to deepen his sense of despair … (much more provided)

3. Question-and-answer sessions

Bliss recommends:

You have a guest speaker and want to ask audience questions.

Pre-generate questions with ChatGPT. "And here's a question from our AI?"

The conference is about Western water scarcity. Water management expert. My AI question was...

Which desalination-related questions should I ask an expert?

ChatGPT said...

• How is desalination currently being used around the world, and in what types of locations is it most effective?

• What are the potential advantages and disadvantages of using desalination to provide fresh water?

• What are some of the key challenges and limitations of desalination technology, and how are they being addressed?

4. Game-making

Richard's a board game expert. He suggests using ChatGPT to plan games. Note: Some people have started getting help solving crossword puzzle clues.

5. Matchmaking

Tanya Thompson thinks it helps dating. ChatGPT:

Here are some flirty first-message ideas for dating apps:

I noticed you from afar. I had to say hi and see if we clicked.

Your profile picture is gorgeous. I'm obsessed with your [Feature] and want to know you better.

I don't usually message first, but I had to. You're [Attractive Quality] and I can't wait to talk.”

Hello. Your profile intimidates me. I'm starstruck by your [Attractiveness]. (Many instances)

5. Solitude/anxiety

ChatGPT excels at one-on-one conversations.

PepperBrooks: "I'm sad and lonely."

ChatGPT: I’m sorry to hear that you’re feeling sad and lonely. It’s natural to feel down sometimes, but it’s important to remember that you’re not alone. There are many people who care about you and want to help you. It can be helpful to talk to someone about your feelings, whether it’s a close friend, family member, or mental health professional.

Sometimes, just expressing your thoughts and emotions to someone else can help to alleviate your sadness and loneliness. It’s also important to take care of yourself and do things that make you happy, such as spending time with loved ones, pursuing a hobby, or exercising. These things can help to improve your mood and make you feel more connected to others. Remember that you are strong and capable, and that you can get through this difficult time.

Daniel Nestle asked ChatGPT to generate journal prompts to help him deal with anxiety.

1. Write down the things that are causing you anxiety at the moment.

2. Describe a situation in which you felt anxious and how you coped with it.

3. Reflect on how your thoughts and beliefs contribute to your anxiety.

4. Write a letter to your anxiety, expressing your feelings and concerns

5. Imagine yourself in a calm and peaceful place, and describe it in detail.

6. (many more items followed)

6. Names

Continued Daniel:

Also, naming ideas.

Me: Name this drink. Japanese gin, unsweetened tonic, lime, Szechuan pepper, grapefruit.

ChatGPT: How about “Sakura Sunrise?” The name incorporates the Japanese gin and the citrus flavors of grapefruit and lime, and the word “sunrise” suggests a fresh and invigorating start to the day. Alternatively, you could go with something like “Peppered Grapefruit Gin Fizz” to emphasize the unique flavor combination of Szechuan pepper and grapefruit.

7. Translation on the go

Monks recommends: ChatGPT is a perfect mobile translation tool. Say you need help in Italy.

ME: Translate to Italian

Where is the nearest gas station?

ChatGPT: “La mia auto sta per esaurire il carburante, mi puoi dire dove si trova la stazione di servizio più vicina?”

8. Fitness

Monks added:

ME: In 3 months, I want to run 5km. Plan out how I can do this.

ChatGPT: Here's a 3-month plan to run 5km.

• Start by walking for 15–20 minutes each day to build up your endurance and get your body used to regular exercise.

• After a week of walking, begin incorporating short jogs into your routine. Start by jogging for 1–2 minutes at a time, with walking breaks in between. Gradually increase the length of your jogs and reduce the amount of time you spend walking.

• Once you can jog for 10 minutes without stopping, start increasing the distance of your runs. Aim to run 1km without stopping and then gradually increase the distance over time.

• In addition to your regular runs, incorporate strength training and stretching into your routine to improve your overall fitness and reduce the risk of injury.

• (more details continued on)

9. Integrations and coding

10. Teacher lesson plans

Spencer Crandall saved time.

This morning, I wondered who has the hardest job. Teachers.

Many students, little time. ChatGPT could handle lesson planning. I tried it and got this.

Lesson Title: The History and Impact of Artificial Intelligence

Students will understand the history and development of AI and the potential positive and negative impacts on society.

AI timeline AI technologies and applications

Overview:

1. Introduce the topic of artificial intelligence, and explain that it refers to the development of computer systems and algorithms that can simulate human intelligence and behavior.

2. Show the timeline of significant events in the history of AI, and discuss the key milestones and developments in the field.

3. Show examples of AI technologies and applications, and explain how they are used in various industries and fields.

4. Discuss the potential positive and negative impacts of AI on society, including its potential to improve productivity, efficiency, and safety, as well as its potential to create new challenges and concerns, such as job displacement and ethical issues.

(many more details followed)

11. Find podcast guests.

Joeri Billast suggested:

Who should be on my Web3 podcast?

ChatGPT: Web3 marketing experts, influencers, and thought leaders make great podcast guests. These include Web3 marketers, content creators, business owners, entrepreneurs, and technologists. You could invite Web3 startups and organizations to your podcast.

Please give examples.

ChatGPT: Ideal Web3 marketing podcast guests include:

• Tim Berner-Lee, inventor of the World Wide Web

• Chris Dixon, general partner at Andreessen Horowitz

• Vitalik Buterin, founder of Ethereum

• Joe Lubin, founder of ConsenSys

• Susan Fowler, author of Whistleblower

• (many other suggestions)

12. Comments and reviews on social media

Lisa Monk thinks ChatGPT can help retail staff with social media.

She asked ChatGPT to "review this restaurant"

POSITIVE CUSTOMER REVIEW: I absolutely love this place. We eat out a lot however this place has topped it all. Perfect meals, amazing staff and the timing for it all was great! Special thanks to Sophie B (you rock) From your guests all the way from the Gold Coast, THANK YOU

ChatGPT REPLY: Thank you so much for your kind words and for taking the time to write a review. We are delighted to hear that you had such a great experience at our restaurant. We are thrilled that you enjoyed your meal and the service provided by Sophie. It’s always a pleasure to serve guests visiting from the Gold Coast and we are grateful for your support. We look forward to welcoming you back again soon. Thank you again for your positive review.

CUSTOMER REVIEW: Most average food, there is a nice view, But that’s about it

ChatGPT: Thank you for your review. We apologize if your dining experience was not up to your expectations. We strive to provide top-quality food and service to all of our customers, and we will take your feedback into consideration as we continue to improve. Thank you for letting us know about your experience.

13. Crime-fighting

Zack Seipert said, "I researched some famous unsolved murders, and ChatGPT laid out the crime, suspects, clues, and more." I bet experienced detectives could solve some of these cold cases.

14. Reduce bias

Joanne Taylor struggles to remove biases from her writing. She asked ChatGPT for ideas.

I asked ChatGPT to check a text for racial bias, and it did well.

15. Furnishings

I designed a small, unique table using ChatGPT and MidJourney. I edited ChatGPT's idea for clarity and brevity before entering it in MidJourney.

Results:

16. Serialize a novel

Scott Scowcoft led ChatCPT through iterations of a story text to create serialized novel frames. You can view this here.

17. Interview preparation

I was on a sales podcast. Although this is marketing-related, it's not my forte. I asked ChatGPT for help with a sales interview. Response:

Here are some interview questions about the future of sales and how to answer them.

How will technology affect sales in the future?

Technology will impact sales in the coming years. Automation and AI could be used to handle routine tasks, and data analysis and CRM could become more important. E-commerce and online sales channels are also reshaping the sales landscape.

How will the salesperson's role change?

Future sales roles may change in response to changing customer needs and expectations. Salespeople must be knowledgeable and consultative to help customers navigate complex products and services. Increasing importance of data analysis and CRM tools will require salespeople to understand and use technology effectively.

Future sales professionals will need what skills?

Future salespeople will need many skills. Sales professionals must have strong communication and interpersonal skills, as well as product and service knowledge and the ability to use data analysis and CRM tools effectively. Adapting to changing customer needs and staying current on industry trends will also be important for sales success.

18. Gift ideas

I need Christmas gift ideas for my wife. I asked:

Suggest a gift idea under $200 for a middle-aged woman who loves The Eagles.

A middle-aged woman who loves The Eagles might like a vinyl record of "Hotel California" or "The Long Run." Many music fans enjoy the unique sound and experience of vinyl records.

Pair the record with a high-quality record player for a complete gift. The vinyl record and record player should fit within your $200 budget for an Eagles fan.

19. Explaining complex concepts

I entered: Explain quantum physics to me as if I were 10 years old.

Quantum physics is a branch of science that studies how tiny particles, like atoms and subatomic particles, behave. These particles are so small that they don’t always follow the same rules as the things we can see and touch every day.

For example, sometimes they can be in two places at the same time, or they can be friends with each other even if they are far apart. This might sound strange, but it’s what scientists have learned from studying these tiny particles. Quantum physics helps us understand how the world works at a very small scale, and it can also help us make new technologies, like computers that are much faster than the ones we have today.

20. AP-style editing

Blogs, journals, and books follow AP Style. I asked ChatGPT to "edit using AP Style" and it did a great job.

And then... "Write a catchy headline for a blog post about 16 ChatGPT uses"

Here are some possible blog post titles for 20 creative ChatGPT uses:

• “20 Fun and Creative Ways to Use ChatGPT: From Games to Quizzes and More”

• “The Ultimate Guide to Using ChatGPT for Entertainment and Creativity”

• “20 Reasons to Use ChatGPT: How it Can Enhance Your Gaming, Storytelling, and More”

• 20 Entertaining Uses for ChatGPT You Never Knew Were Possible”

• “Unleash Your Imagination with ChatGPT: 16 Creative and Fun Ways to Use it”

In a previous post, I said ChatGPT will change marketing careers forever. I have never made a statement like that in my life. Even in the early days of the internet, people were cautious.

This technology was just released two weeks ago, and over a million people are already using it. This is the fastest technology adoption in history.

Today's post offers inventive and entertaining ideas, but it's just the beginning. ChatGPT writes code, music, and papers.

How did his money blind me?

Like most fledgling entrepreneurs, I wanted a mentor. I met as many nearby folks with "entrepreneur" in their LinkedIn biographies for coffee.

These meetings taught me a lot, and I'd suggest them to any new creator. Attention! Meeting with many experienced entrepreneurs means getting contradictory advice. One entrepreneur will tell you to do X, then the next one you talk to may tell you to do Y, which are sometimes opposites. You'll have to chose which suggestion to take after the chats.

I experienced this. Same afternoon, I had two coffee meetings with experienced entrepreneurs. The first meeting was with a billionaire entrepreneur who took his company public.

I met him in a swanky hotel lobby and ordered a drink I didn't pay for. As a fledgling entrepreneur, money was scarce.

During the meeting, I demoed the software I'd built, he liked it, and we spent the hour discussing what features would make it a success. By the end of the meeting, he requested I include a killer feature we both agreed would attract buyers. The feature was complex and would require some time. The billionaire I was sipping coffee with in a beautiful hotel lobby insisted people would love it, and that got me enthusiastic.

The second meeting was with a young entrepreneur who had recently raised a small amount of investment and looked as eager to pitch me as I was to pitch him. I forgot his name. I mostly recall meeting him in a filthy coffee shop in a bad section of town and buying his pricey cappuccino. Water for me.

After his pitch, I demoed my app. When I was done, he barely noticed. He questioned my customer acquisition plan. Who was my client? What did they offer? What was my plan? Etc. No decent answers.

After our meeting, he insisted I spend more time learning my market and selling. He ignored my questions about features. Don't worry about features, he said. Customers will request features. First, find them.

Putting your faith in results over relevance

Problems plagued my afternoon. I met with two entrepreneurs who gave me differing advice about how to proceed, and I had to decide which to pursue. I couldn't decide.

Ultimately, I followed the advice of the billionaire.

Obviously.

Who wouldn’t? That was the guy who clearly knew more.

A few months later, I constructed the feature the billionaire said people would line up for.

The new feature was unpopular. I couldn't even get the billionaire to answer an email showing him what I'd done. He disappeared.

Within a few months, I shut down the company, wasting all the time and effort I'd invested into constructing the killer feature the billionaire said I required.

Would follow the struggling entrepreneur's advice have saved my company? It would have saved me time in retrospect. Potential consumers would have told me they didn't want what I was producing, and I could have shut down the company sooner or built something they did want. Both outcomes would have been better.

Now I know, but not then. I favored achievement above relevance.

Success vs. relevance

The millionaire gave me advice on building a large, successful public firm. A successful public firm is different from a startup. Priorities change in the last phase of business building, which few entrepreneurs reach. He gave wonderful advice to founders trying to double their stock values in two years, but it wasn't beneficial for me.

The other failing entrepreneur had relevant, recent experience. He'd recently been in my shoes. We still had lots of problems. He may not have achieved huge success, but he had valuable advice on how to pass the closest hurdle.

The money blinded me at the moment. Not alone So much of company success is defined by money valuations, fundraising, exits, etc., so entrepreneurs easily fall into this trap. Money chatter obscures the value of knowledge.

Don't base startup advice on a person's income. Focus on what and when the person has learned. Relevance to you and your goals is more important than a person's accomplishments when considering advice.