It is ‘nearly unavoidable’ that AI will cause a financial crash within a decade, SEC head says::undefined
So do I collect my economic Bingo winnings after the 4th or 5th major crash of my adult lifetime?
You win the chance to afford to eat human or expired cat food you found on the body of someone you shot over a pair of worn boots.
Sounds like playing Zomboid.
I’m afraid your bingo winnings are going to be confiscated by the government in order to pay for more golden parachutes for the CEOs whose decisions led us here.
Is it because replacing employees with AI results in a never-ending cascade where your stupid system doesn’t keep consuming because AI don’t consume and won’t get paid?
Or is it because using AI will result in the climate to continually become more inhospitable?
Maybe it will be because AI will be used to create more and more believable misinformation that results in WW3?
I’m thinking yes, plus AI margin trading running into a tragedy of the commons where they collectively run the stock market into the ground and there’s no reset button on that.
Currently, I would rather guess it’s the usual bubble popping. AI has attracted billions of investments and will likely pull in even more, but it’s already foreseeable, that hardly any of the investments will turn a profit. So we’ll end up with a third dotcom bubble.
AI isn’t a bubble. The futurist/Rationalist/transhumanist communities were saying what’s happening now would happen in a few years about a decade ago, and our predictions are that the next phase is AI taking over all labor through sophisticated automation. We’ve been trying to warn everyone about this since the advent of Google Deep Dream, but sure stick your head in the sand again and let the world burn around you; it’s worked so well so far.
This comment will probably get bombed, but w/e. 🤷♂️ Go ahead and be ignorant and angry at me, I’m used to it.
Edit: yes I am bitter. I’ve had a bad day, and I’m annoyed.
How many times has that been predicted already? Three, four? Look at the history of AI, it happens every few years.
Anyway, you’re implying a dichotomy here. World domination or pipedream, but that’s not the case. The dotcom bubble was without a doubt a bubble, but much of the underlying technology was used a few years later, just without the hype and fanfare.
AI will probably find its uses, and has the potential to eliminate a lot of jobs, but the current iteration of AI businesses is utter garbage. Even something as comparatively simple as Microsoft’s Copilot is currently losing money - roughly as much as it costs to use. Yet, there are billions upon billions being poured into useless start-ups that will never produce anything of value in a profitable manner.
What exactly happened to self driving cars BTW? Weren’t those totally on track of what experts predicted?
They’re on the streets in San Francisco, I see them all the time
Bears have predicted 100 of the last 3 market crashes
Yeah.
It’s a casino, and a lot of these folks are no smarter than a retiree rubbing troll dolls on their favorite slot machine.
The solution is to realign markets to human needs. The is no productive benefit to high speed trading. There is no benefit to stock by backs. We need to reign in most of the nonsense that these financial services institutions do.
This meme gets funnier and funnier every time I read it!
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I’m optimistic we’ll find a way to blame the poor. Just learn to code, and do rigorous statistics you ungrateful meatbag.
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I hope it works out.
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And then we finally eat the rich, right?
Sorry, the best we can do is a small marginal tax increase on income over $1M and a 50¢ bump to the minimum wage.
Better spread out that wage increase over a reasonable period of time, like 10-25 years. Wouldn’t want to burden the precious job creators out there.
/s
50¢? Whoa now you arent trying to send us down the road of commies now are ya?
Better cut that raise in half at least
But, you know, after the economy revives by state simping for the private banks, maybe we’ll discuss it then
Well if we can’t tax 'em we could always literally eat them, and if we can’t afford food thanks to them killing the good paying jobs then maybe we will just have to eat them literally if we can’t tax them properly.
They’ve been fucking with automated trading for decades though, unless you’re going to try to convince me that there’s a human investing in a trillionth of a company for a hundredth of a second at a time.
It’s already caused “flash crashes” before. https://en.wikipedia.org/wiki/2010_flash_crash
The idea of investing in companies because you believe in them and want a share of their profits is sound enough I guess, but what it’s morphed into is nonsense. The result is a system where you have trillion dollar companies that never actually turn a profit in favour of “growth”.
Wow, they tried to blamed it on one autistic dude trading from his parent’s apartment in London?
- WTF
- He was the most powerful man in the world for 30 minutes according to them, lmao. Why can’t my personal issues give me super powers?
I love how they always mention the autism, as if being a mathematical genius is a common symptom, rather than just being able to remember every episode of Naruto.
Hey did you know the specific heat of water is 4.184 j/g°c because i learned that once in a physics class more than a decade ago and i still remember.
I am not a physicist and the memorization of that fact does not help me. Thanks brain.
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The crash is already in motion and it was not AI that caused it. This is just getting us ready for who to blame when it crashes.
Many stocks have been far oversold and there is no way to reset it without the rich losing it all.
This is how they will reset it and protect the rich.
Is this before or after it destroys the economy for everyone but the super rich by replacing them and making them compete for fewer and fewer scraps? Sorry, there will be lots more new jobs created by AI probably, like AI wrangler, AI safety consultant and the like. Probably.
I always have a laughing fit whenever I see “Prompt engineer” used unironically in a job posting on LinkedIn.
I also think the term is granted way too much prestige, but a bit over a decade ago people also laughed at the notion of “Social Media Manager” being a real, high paying job
Who knows where this stuff will go
Even today the term Social media manager is still conflated with graphic designer, sales representative, customer information management, publishing, copywriter, photographer and creative writing, all the time.
I just applied for a Prompt Engineer job last week!
Honestly, it’s a legit position. Maybe not something that will last a long time, but to do it well you need to know what prompts to give.
The average person might put “cat on a speed boat” whereas someone’s job would need to know what “bokeh” is, what kind of camera lens you want to simulate with what F-stop, know the rule of thirds, negative space, etc.
The problem is whether someone is willing to pay for that extra knowledge or get their nephew to pump something out on their iPhone then say it’s good enough.
I have… feelings about LLMs being the big thing in AI/ml right now… because its really not much new. Maybe the transformer model kind of but ultimately LLMs are massive supervised learning neural nets trained on obscene amounts of data. And then other models use that pretrained “foundational model” to work and just tune their parameters. Which is why prompt engineer is becoming a thing.
Corpos are playing by the book here and trying to extinguish any competition before it begins by having people rely on their “foundation” models instead of innovating their own solutions
How many tutorials can you find for implementing LLM NLP tasks that dont include “import this model from X company” id wager its only maybe 33%
Part of what makes localized model engines and custom ML chips interesting is precisely their ability to enable small custom local models. Right now LLMs require so much computational power and massive amounts of data to be trained and operate that even the most expensive options lose money with every prompt query.
So, the reason every tutorial starts with “download this model”. Is because there’s a good chance you don’t have the hundreds of super computer cluster chips and the several hundreds of exabytes of scrapped and curated data needed to train a natural language processing model. There’s a reason there are only big players in this game.
Facts.
Even if you could design your own model… How do you acquire a dataset even a fraction of the size those pretrained models from the corps.
Then how do you train the model in a reasonable time. Other than relying on cloud computing which leads to the same problem of only corps can play this game properly right now.
I designed and collected/labeled the data for a relatively small deep CNN for my masters thesis and training it on 60000 images was taking over a dozen hours (this was 5 years ago at this point so that part may be misremembered) on a 1080ti.
Pretty sure that crash is more the fault of the greedy shits who think it’s normal for 4 folks to own 50% of the country while 50% owns 2% of the country. Don’t need AI to tell you that system isn’t sustainable.
AI is just a convenient excuse and you know that.
Good, let it all collapse. I want to see the 1% shit themselves before climate change kills them.
That’s not who suffers most in financial collapse.
Bingo. The super-rich love a financial collapse, it gives them a golden opportunity to turn disaster capitalist. All those foreclosed homes & businesses available at a knockdown price, nom nom nom.
I need to get off lemmy. Too many teenagers on here with their "burn it all down"s and "trust me, I have a super easy solution to a giant complex problem that has been plaguing humanity for generarions"s and "the bad guys are actually good guys, lol I’m so edgy"s
now now, no need to be dismissive of other age groups in this matter. I’m sure there’s plenty of non-teenager people that think the same way too. on the internet, nobody knows you’re a 74 yr old extremist
Is this suddenly a teenager platform whenever you want to infantilize the ones you disagree with?
No? It’s…just always a teenager platform? It’s not like the users change age from day to day.
Except for the fact that people literally do change age from day to day. Another day older.
Holy fuck, the level of immaturity and pedantry was even greater than I could have anticipated. Well done, you have out-teenagered yourself.
The only immaturity I see is the person throwing around ageist ad hominems in response to someone making a joke.
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So, how do we engineer a situation in which the richest suffer most? End of capitalism?
Greatly increasing taxes for the super wealthy and closing tax loopholes would be a good start.
If they haven’t done all this until now, what makes you think they’ll do it then?
The rich will get off unscathed with a blank canvas to work on, and the poor will pay the price, just like with every other market crash.
Historically riots, mobs, and terror have been the answer. See the origins of the luddites, saboteurs, the French revolution(s), the socialist movement, etc.
The luddites failed and the French revolutions ended poorly for everyone. Not exactly the best examples to draw from if you are trying to encourage violent rebellion.
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I was thinking more along the lines of mad max.
Invent a system of money in which they are no longer in control of it.
Lmao yeah. They need someone to blame for upcoming crash lol.
My thoughts exactly.
The SEC means: Security, and Exchange Commission. In case anybody like myself hates abbreviations, and have to look it up on Google to see what it even means
Thanks, TIL.
Also, I don’t even know why tf people downvote helpful answers like these. Bonus shit points if they also turn around and criticize Redditors for behaving a certain way. Ffs, man. /rant
I mean, a few communities I’m a part of have been warning about this since c. 2014, so I think he’s actually correct in his prediction. I haven’t read the article, but I don’t think any solution he’d propose would be good regardless, so I think I’ll just save my time. TLDR: failing a real leftist paradigm shift, we need global welfare like 5 to 10 years ago and UBI.
We need ubi. But that funding for a ubi program needs future predictions of economics.
then maybe they should do something about it… its not like they do not have time…
Have you seen congress? We don’t do that here…
