Comparing Blockchain technology to AI over the past couple of years seems misguided but I'm starting to see this as new cope online. It's true that the Crypto phenomenon was influenced by a speculative mania driven by cheap money but isn't that all we can draw?
Bitcoin, for instance, has been criticized almost objectively for its early and now somewhat outdated features. Various strange janky upgrades have been layered onto it like the Lightning network or the network is simply too bloated at times to seriously propose as a medium of exchange or store of value. The argument for Bitcoin as a store of value has been widely debated, and its status as the most decentralized cryptocurrency has been called into question too (as it's not).
Being the pioneer in a field like tech doesn't necessarily warrant a prolonged speculative fervor like the one we've witnessed in the last decade for it. This trend seems largely driven by an environment of low interest rates and a general rise in asset prices. Despite the criticism, Bitcoin still accounts for roughly 40-50% of the Cryptocurrency market cap. When we look at companies like Microsoft/OpenAI, Google, Facebook, Amazon, the landscape is vast and there are many more smaller projects being headed. These companies are not uniform in their approaches (with Facebook taking the lead in open-source large language models, for example), and they certainly don't have a monopoly on AI development. They're primarily focusing on the most publicly recognized aspects of large language models, which is only a subset of AI combining Natural language processing and Machine learning.
In terms of potential job losses, it's important to note that the risk is not necessarily that AI will directly replace human roles. Rather, it could lead to job displacement due to the efficiencies it introduces, which could in turn result in layoffs. With rising interest rates and inflation, it's clear that we're approaching a potentially challenging period. The process of getting inflation under control could take a considerable amount of time, and there's a risk that some may overstate the role of AI as a deflationary force in this context.
A great counter argument for this point, may be that LLM's are being misused currently and that it is not very reliable for many of it's greatest current use-cases, which is a comparison worth drawing perhaps if only so that the use of these tools is more responsible. Unfortunately as the use of these tools grows more commercialized, larger claims and promises of seamless functionality can quickly turn this also, into a mania. "Our economy is so bad, only AI is near deflationary enough to save us"
Bitcoin, for instance, has been criticized almost objectively for its early and now somewhat outdated features. Various strange janky upgrades have been layered onto it like the Lightning network or the network is simply too bloated at times to seriously propose as a medium of exchange or store of value. The argument for Bitcoin as a store of value has been widely debated, and its status as the most decentralized cryptocurrency has been called into question too (as it's not).
Being the pioneer in a field like tech doesn't necessarily warrant a prolonged speculative fervor like the one we've witnessed in the last decade for it. This trend seems largely driven by an environment of low interest rates and a general rise in asset prices. Despite the criticism, Bitcoin still accounts for roughly 40-50% of the Cryptocurrency market cap. When we look at companies like Microsoft/OpenAI, Google, Facebook, Amazon, the landscape is vast and there are many more smaller projects being headed. These companies are not uniform in their approaches (with Facebook taking the lead in open-source large language models, for example), and they certainly don't have a monopoly on AI development. They're primarily focusing on the most publicly recognized aspects of large language models, which is only a subset of AI combining Natural language processing and Machine learning.
In terms of potential job losses, it's important to note that the risk is not necessarily that AI will directly replace human roles. Rather, it could lead to job displacement due to the efficiencies it introduces, which could in turn result in layoffs. With rising interest rates and inflation, it's clear that we're approaching a potentially challenging period. The process of getting inflation under control could take a considerable amount of time, and there's a risk that some may overstate the role of AI as a deflationary force in this context.
A great counter argument for this point, may be that LLM's are being misused currently and that it is not very reliable for many of it's greatest current use-cases, which is a comparison worth drawing perhaps if only so that the use of these tools is more responsible. Unfortunately as the use of these tools grows more commercialized, larger claims and promises of seamless functionality can quickly turn this also, into a mania. "Our economy is so bad, only AI is near deflationary enough to save us"