5 Minute Updates: Chat-GPT CEO, Fired Unexpectedly – What Really Happened?

From what happened to the Sam Altman and his position as CEO to what even is a “Bitcoin Maximalist”, this week, we’re covering hot topics that emerged in the last week so that you stay updated.

So, stay tuned as this won’t be our last!

First up..

A brief history of Open AI

OpenAI’s history is riddled with groundbreaking AI feats, from spearheading AI research to unleashing Chat-GPT. But the bombshell departure of co-founder Sam Altman as CEO has sent shockwaves. 

Let’s rewind.

Inception & Pioneering Strides (2015-2018)

Founded to propel digital intelligence, OpenAI birthed revolutionary AI models and released tools like OpenAI Gym. Their ‘Dota 2’ AI team showcased AI coordination.

Transition to ‘Capped-Profit’ (2019)

OpenAI’s pivot to a ‘capped-profit’ model stirred controversy, drawing a $1Bn investment from Microsoft but complicating its structure and goals.

Becoming ChatGPT (2020-2023)

GPT-3’s arrival rocked AI, followed by Codex and DALL-E. Chat-GPT’s meteoric rise amassed 100 million users in record time, leading to GPT-4’s unveiling.

Sam Altman’s Removal (2023)

Altman’s abrupt ousting triggered resignations, sparking rumors of internal rifts over commercialization speed and AGI safety concerns. Reports hint at negotiations for his return.


OpenAI’s intricate setup, blending profit and nonprofit motives, seems to have sparked conflicting goals. Lesson learned: clarity in structure matters more than tweaking for perfection.

Find out more in more detail at the tweet by @chamath. 

How is the market doing? 

First up, a brief overview of how the market is looking like. 

Timestamp: 20/11/2023 at 11.06 A.M. MYT

This week’s top signals

  1. ORDI token just entered our Top 100 list for the first time
  1. BRC-20 tokens have been performing well in the last week and were up 14%. 
  1. Worldcoin token (WLD) fell by 818% in the last 12 hours. 

Timestamp: 20/11/2023 at 2:46 P.M. MYT

What you need to know

  1. Argentinians can now use Lightning Network with Bitcoin ATMs

Big news for Bitcoin lovers in Argentina: the Bitcoin ATMs just got a major upgrade! Following in the footsteps of El Salvador,  now it’s Argentina’s turn to ride the Lightning Network wave.

Who’s behind this lightning-fast revolution? None other than Athena Bitcoin, the brains behind these crypto ATMs. They launched Lightning Network integration in El Salvador not long ago and are all set to expand this to Latin America. 

But here’s the scoop: for now, Lightning Network transactions are a one-way street. BTC holders can zap their coins for cash at the ATMs, but if you’re looking to use your hard-earned cash to buy BTC, patience is the name of the game. Athena says that service isn’t quite ready yet.

Speaking of Lightning speed, let’s talk fees. Traditional BTC transactions come with a price tag ranging from a few dollars to a small fortune. But guess what? Athena’s ATM receipt revealed a mere 4 Satoshi fee (that’s around $0.0015!) for withdrawing ARS 1,000. That’s less than $3!

  1. Countdown to Crypto Gold: SEC Set to Rule on Two Spot Bitcoin ETFs

By November 17, the SEC will unveil rulings on Hashdex Bitcoin ETF (DEFI) and Franklin Bitcoin ETF. While DEFI took a unique path under the Securities Act of 1933, it might pave the way for similar moves.

Nate Geraci hints at DEFI’s potential impact on a spot Bitcoin ETF, but SEC oversight of crypto exchanges remains a hurdle. Meanwhile, Global X and Coinbase await their verdict on another Bitcoin ETF by November 21.

Stay tuned—the Bitcoin ETF drama continues!”

  1. Sam Altman Gets Replaced as CEO of ChatGPT

“Sam Altman, the CEO of OpenAI behind the revolutionary ChatGPT, has been ousted from his role due to a lack of transparency with the board .Emmett Shear, from Twitch steps in as the next CEO. 

Altman, a key figure in AI’s global rise, envisioned AI as a monumental leap forward but highlighted its potential risks. Despite his departure, OpenAI continues to innovate, partnering with Microsoft to drive AI’s future.

His exit signifies an executive transition rather than issues with the company’s technology. Altman’s ventures beyond OpenAI include projects spanning energy solutions and biotechnology.”

Word of the day

“Bitcoin Maximalists”

Bitcoin maximalists swear by the superiority of Bitcoin. They see it as the only cryptocurrency that truly matters, thanks to its unbeatable security, decentralization, network effect, and overall dominance in the crypto space.

Now, while some folks proudly call themselves Bitcoin maximalists and fiercely defend it against other cryptocurrencies (known as altcoins), it’s crucial to remember that the crypto community is diverse. Many people find value in alternative projects for their unique features or specific use cases.

What we have been reading

  1. Why Sam Bankman Fried Was Doomed to Fail The Scam of Effective Altruism – EthicAL
  1. The Convergence of Cryptocurrencies and AI : The Future of Money – JC Keen
  1. Everything Announced at OpenAI’s First Developer Event – Ivan Mehta

That wraps up this week’s edition of 5 minutes updates. Stay tuned for the next edition of Coinranking’s weekly highlights!

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. 

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