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Ice Lounge Media

Strive targets Intuit for Bitcoin buys after orange-pilling GameStop

Fresh from successfully convincing game retailer GameStop to add Bitcoin to its balance sheet, Strive Asset Management CEO Matt Cole has now set his sights on fintech firm Intuit to do the same.

Cole said in an April 14 open letter to Intuit CEO Sasan Goodarzi that Intuit’s growth is admirable, but Bitcoin (BTC) is the best way to ensure the company’s long-term success and hedge against any potential disruption caused by artificial intelligence.

Intuit’s flagship products are its tax preparation app TurboTax and the small business accounting software Quickbooks. The company laid off 10% of its staff in July to pursue its AI endeavors, but Cole said the firm needs an additional hedge because TurboTax is at risk of being automated away by AI. 

“While we appreciate Intuit’s own investments and internal implementation of AI, we believe an additional hedge is warranted, and that a Bitcoin war chest is the best option available,” Cole said. 

Strive targets Intuit for Bitcoin buys after orange-pilling GameStop

An excerpt from Matt Cole’s letter urging Intuit to consider adding Bitcoin to its balance sheets, among other suggestions. Source: Strive Asset Management 

That Bitcoin war chest, he added, will ensure Intuit has “enough strategic capital to weather the AI storm and act from a position of strength through the turbulence of the AI revolution.” 

Cole sent a similar letter to GameStop CEO Ryan Cohen in February to advise the gaming retailer to use its $4.6 billion in cash to buy Bitcoin. 

GameStop’s Cohen acknowledged the letter in an April 1 regulatory filing and revealed his company had finished a convertible debt offering that raised $1.5 billion, with some proceeds earmarked for buying Bitcoin.

Strive urges Intuit change crypto policy

In his letter to Intuit, Cole said the firm should reconsider the acceptable use policy for its marketing platform Mailchimp, which he claims has continued to suspend crypto-related accounts over policy violations.

Strive targets Intuit for Bitcoin buys after orange-pilling GameStop

Source: Strive Asset Management

Cole said he “remains concerned that Intuit’s censorship and de-platforming policies discriminate against Bitcoin enthusiasts, which may harm long-term shareholder value.”

Mailchimp has said that crypto-related content isn’t necessarily banned under its policy, and crypto content can be sent provided the sender isn’t involved in the sale, exchange, or marketing of crypto. 

Related: Saylor signals Strategy is buying the dip amid macroeconomic turmoil

Its current acceptable use policy states that the platform might not allow accounts that offer “cryptocurrencies, virtual currencies, and any digital assets related to an initial coin offering.” 

According to Cole, Mailchimp likely adopted its policies when the legal status of crypto and related businesses was uncertain, but said with the crypto-friendly Trump administration, it’s time to “amend the acceptable use policy to end the blanket ban on crypto-related businesses.”

Intuit did not immediately respond to a request for comment.

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Mantra CEO plans to burn team’s tokens in bid to win community trust

Mantra CEO John Mullin said he is planning to burn all of his team’s tokens in order to win back the trust of the network’s community following the sudden collapse of the Mantra (OM) token on April 13.

“I’m planning to burn all of my team tokens and when we turn it around the community and investors can decide if I have earned it back,” Mullin posted to X on April 16.

Mantra set aside 300 million OM, 16.88% of the token’s nearly 1.78 billion total supply, for its team and core contributors. They are currently locked and were scheduled to be released in stages between April 2027 and October 2029, according to an April 8 blog post.

The team’s tokens are worth around $236 million, with OM currently trading around 78 cents but were worth around $1.89 billion before the token sank on April 13, going from around $6.30 to a low of 52 cents and wiping over $5.5 billion in value, according to CoinGecko.

Mantra CEO plans to burn team’s tokens in bid to win community trust

Source: JP Mullin

Many community members welcomed Mullin’s pledge, but others saw the token burn as a potential blow to the team’s long-term commitment to building the real-world asset tokenization platform.

“This would be a mistake. We want teams that are highly incentivized. Burning the incentive may seem like a good gesture but it will hurt the team motivation long term,” said Crypto Banter founder Ran Neuner.

Mullin suggested a decentralized vote could determine whether to burn the 300 million team tokens.

Mantra recovery process already underway

Mullin promised a post-mortem statement explaining what went wrong to be transparent with the community. 

Speaking to Cointelegraph on April 14, Mullin outlined plans to leverage the $109 million Mantra Ecosystem Fund for potential token buybacks and burns to stabilize OM’s price, which had fallen from $6.30 to as low as $0.52.

Related: Red flag? Mantra’s TVL jumped 500% as OM price collapsed

Mullin’s firm has strongly refuted rumors that it controls 90% of OM’s token supply and engaged in insider trading and market manipulation.

Mantra claims the OM price implosion was triggered by “reckless liquidations,” adding that it wasn’t related to any actions undertaken by the team.

OKX and Binance were among the crypto exchanges that saw significant OM activity right before the token collapse.

Both exchanges denied any wrongdoing, attributing the collapse to changes made to OM’s tokenomics in October and unusual volatility that ultimately triggered high-volume cross-exchange liquidations on April 13.

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Grok, the chatbot from Elon Musk’s AI company, xAI, has gained a canvas-like feature for editing and creating documents and basic apps. Called Grok Studio, the feature was announced on X late Tuesday. It’s available for both free and paying Grok users on Grok.com “Grok can now generate documents, code, reports, and browser games,” wrote […]
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Design software startup Figma announced Tuesday it has filed its confidential paperwork for an IPO. We won’t know more until that paperwork becomes public, which, best-case scenario would be in about a month. However, with the stock market in groundhog mode — seeing its shadow with every new gyration of the Trump administration’s trade policies […]
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Former Y Combinator startup Telli is helping companies alleviate the bottleneck that occurs when a high-volume of customers try to, for example, book appointments. Its AI voice agents kick in and handle basic operations while handing off more-complex processes to human operators. The Berlin-based startup has now raised $3.6 million in a pre-seed funding round led […]
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Bowling Green, Kentucky, is home to 75,000 residents who recently wrapped up an experiment in using AI for democracy: Can an online polling platform, powered by machine learning, capture what residents want to see happen in their city?

When Doug Gorman, elected leader of the county that includes Bowling Green, took office in 2023, it was the fastest-growing city in the state and projected to double in size by 2050, but it lacked a plan for how that growth would unfold. Gorman had a meeting with Sam Ford, a local consultant who had worked with the surveying platform Pol.is, which uses machine learning to gather opinions from large groups of people. 

They “needed a vision” for the anticipated growth, Ford says. The two convened a group of volunteers with experience in eight areas: economic development, talent, housing, public health, quality of life, tourism, storytelling, and infrastructure. They built a plan to use Pol.is to help write a 25-year plan for the city. The platform is just one of several new technologies used in Europe and increasingly in the US to help make sure that local governance is informed by public opinion.

After a month of advertising, the Pol.is portal launched in February. Residents could go to the website and anonymously submit an idea (in less than 140 characters) for what the 25-year plan should include. They could also vote on whether they agreed or disagreed with other ideas. The tool could be translated into a participant’s preferred language, and human moderators worked to make sure the traffic was coming from the Bowling Green area. 

Over the month that it was live, 7,890 residents participated, and 2,000 people submitted their own ideas. An AI-powered tool from Google Jigsaw then analyzed the data to find what people agreed and disagreed on. 

Experts on democracy technologies who were not involved in the project say this level of participation—about 10% of the city’s residents—was impressive.

“That is a lot,” says Archon Fung, director of the Ash Center for Innovation and Democratic Governance at the Harvard Kennedy School. A local election might see a 25% turnout, he says, and that requires nothing more than filling out a ballot. 

“Here, it’s a more demanding kind of participation, right? You’re actually voting on or considering some substantive things, and 2,000 people are contributing ideas,” he says. “So I think that’s a lot of people who are engaged.”

The plans that received the most attention in the Bowling Green experiment were hyperlocal. The ideas with the broadest support were increasing the number of local health-care specialists so residents wouldn’t have to travel to nearby Nashville for medical care, enticing more restaurants and grocery stores to open on the city’s north side, and preserving historic buildings. 

More contentious ideas included approving recreational marijuana, adding sexual orientation and gender identity to the city’s nondiscrimination clause, and providing more options for private education. Out of 3,940 unique ideas, 2,370 received more than 80% agreement, including initiatives like investing in stormwater infrastructure and expanding local opportunities for children and adults with autism.  

The volunteers running the experiment were not completely hands-off. Submitted ideas were screened according to a moderation policy, and redundant ideas were not posted. Ford says that 51% of ideas were published, and 31% were deemed redundant. About 6% of ideas were not posted because they were either completely off-topic or contained a personal attack.

But some researchers who study the technologies that can make democracy more effective question whether soliciting input in this manner is a reliable way to understand what a community wants.

One problem is self-selection—for example, certain kinds of people tend to show up to in-person forums like town halls. Research shows that seniors, homeowners, and people with high levels of education are the most likely to attend, Fung says. It’s possible that similar dynamics are at play among the residents of Bowling Green who decided to participate in the project.

“Self-selection is not an adequate way to represent the opinions of a public,” says James Fishkin, a political scientist at Stanford who’s known for developing a process he calls deliberative polling, in which a representative sample of a population’s residents are brought together for a weekend, paid about $300 each for their participation, and asked to deliberate in small groups. Other methods, used in some European governments, use jury-style groups of residents to make public policy decisions. 

What’s clear to everyone who studies the effectiveness of these tools is that they promise to move a city in a more democratic direction, but we won’t know if Bowling Green’s experiment worked until residents see what the city does with the ideas that they raised.

“You can’t make policy based on a tweet,” says Beth Simone Noveck, who directs a lab that studies democracy and technology at Northeastern University. As she points out, residents were voting on 140-character ideas, and those now need to be formed into real policies. 

“What comes next,” she says, “is the conversation between the city and residents to develop a short proposal into something that can actually be implemented.” For residents to trust that their voice actually matters, the city must be clear on why it’s implementing some ideas and not others. 

For now, the organizers have made the results public, and they will make recommendations to the Warren County leadership later this year. 

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