that won't happen, the next scam will be different
it was crypto until FTX collapsed then the usual suspects led by a16z leaned on OpenAI to rush whatever they had on market hence the odd naming of ChatGPT 3.5.
When the hype is finally realized to be just mass printing bullshit -- relevant bullshit, yes, which sometimes can be useful but not billions of dollars of useful -- there will be something else.
Same old, same old. The only difference is there is no new catchy tunes. Yet? https://youtu.be/I6IQ_FOCE6I https://locusmag.com/2023/12/commentary-cory-doctorow-what-k...
AI, on the other hand, has a near infinite potential. It's conceivable that it will grow the global economy by 2% OR MORE per MONTH for decades or more.
AI is going to be much more impactful than the internet. Probably more than internal combustion, the steam engine and electricity combined.
The question is about the timescale. It could take 2 years before it really starts to generate profits, or it could take 10 or even more.
Bank fees don't disappear into the ether when they're collected, so I doubt they have this much affect.
Oh, made my very first retail purchase with Bitcoin the other day. While the process was pretty slick and easy, the network charged $15.00 in fees. Long way to go until "free".
1-3% was intended as a ceiling for what cryptocurrency could bring to the economy, after adjusting for the reduction in inflation once those costs are gone.
Yes you may have short term growth, this is solely due to there being less regulation.
Despite what many people think regulation is a good thing, put in place to avoid the excesses that lead to lost livelihoods. It stops whales from exploiting the poor, provides tools for central banks to try avoid depressions.
Costs wise, banks acting as trust authorities actually can theoretically be cheaper too.
We don't know if full AGI can be built using just current technology (like transformers) given enough scale, or if 1 or more fundamental breakthroughs are needed beyond just the scale.
My hypothesis has always been that AGI will arrive roughly when the compute power and model size matches the human brain. That means models of about 100 trillion params, which is not that far away now.
Basically, crypto is more like gold rush than a tech breakthrough. And gold rushes rarely lead to much more than increased inflation.
This round of AI is only capable of producing bullshit. Relevant bullshit but bullshit. This can be useful https://hachyderm.io/@inthehands/112006855076082650 but it doesn't mean it's more impactful than the Internet.
I actually expected objections on the opposite direction. But then, this is not twitter/X.
The point is that something that can easily generate 20%-100% growth per year (AGI/ASI) is so much more important that the best case prediction for crypto's effect on the economy are not even noticeable.
That's why comparing the crypto bubble to AI is so meaningless. Crypto was NEVER* going to be something hugely important, while AI is potentially almost limitless.
*If crypto had anything to offer at all, it would be ways to avoid fees, taxes and the ability to trace transactions.
The thing is, if crypto at any point seriously threatens to replace traditional currencies as stores of value in the US or EU, it will be banned instantly. Simply because it would make it impossible for governments to run budget deficits, prevent tax evasion and sever other things that governments care about.
We absolutely do and the answer is such a resounding no it's not even funny.
Now using transformers doesn't mean they have to be assembled like LLM's. There are other ways to stich them together to solve a lot of other problems.
We may very well have the basic types of lego pieces needed to build AGI. We won't know until we try to build all the brain's capacities into a model of size of a few 100 trillion parameters.
And if we actually lack some types of pieces, they may even be available by then.