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A short statement like this on an allegedly serious matter will usually hide a mountain of hidden assumptions. In this case, you would need to know that the statement was promoted by the Center for AI Safety — a group of Yudkowsky’s AI doom acolytes. That’s the hidden baggage for this one. ICOs would raise funds for a claimed enterprise, which might or might not make sense; the real pitch was “buy this and we all get rich for free.” By 2017, projects based on loose ideas and hastily scribbled whitepapers were raising tens of millions of dollars in bitcoin or ether in the blink of an eye. The SEC came down hard on ICOs, and they had largely disappeared in the US within a few years. Strong compliance enforcement will cause Binance to collapse at warp speed. We wouldn’t be surprised if they file for bankruptcy by next year, and the regulators just become creditors in the bankruptcy.
The other popular hype right now is AI art generators. Artists widely object to AI art because VC-funded companies are stealing their art and chopping it up for sale without paying the original creators. Not paying creators is the only reason the VCs are funding AI art. The compliance will cost a fortune by itself. Does Binance even have this much money in actual dollars? Yes, I know you don’t want regulation of your precious crypto. But you keep demanding to be taken seriously, while throwing around numbers in the hundreds of millions of dollars. Being taken seriously involves oversight.Artificial intelligence” has always been a science fiction dream. It’s the promise of your plastic pal who’s fun to be with — especially when he’s your unpaid employee. That’s the hype to lure in the money men, and that’s what we’re seeing play out now. Bittrex US declared bankruptcy in May. In a bizarre
The most interesting thing to me of all of this is how much the settlement reads like a “normal” settlement with a regular bank. This implies that Binance has a going business once you’ve removed all the money laundering customers, removed the US customers, and layered on a few hundred compliance staff, real banking controls, and regular monitoring and reporting to the regulators. The Writer’s Guild of America, a labor union representing writers for TV and film in the US, is on strike for better pay and conditions. One of the reasons is that studio executives are using the threat of AI against them. Writers think the plan is to get a chatbot to generate a low-quality script, which the writers are then paid less in worse conditions to fix. [ Guardian] ChatGPT makes up text that statistically follows from the previous text, with memory over the conversation. The system has no idea of truth or falsity — it’s just making up something that’s structurally plausible. Three Arrows Capital (3AC) had its second bankruptcy hearing in the US on 28 July. The lawyer for Teneo, 3AC’s liquidator, says the whereabouts of 3AC founders Su Zhu and Kyle Davies remain a mystery — and the pair are handing over financial info piecemeal. [ Yahoo Finance] The general opinion from those following the saga is that Upton’s demo matches the precise technical challenges offered by Isaac.Vitalik Buterin, who had also contributed to Mastercoin, was growing increasingly frustrated with the limitations of the projects hoping to extend bitcoin. They were all trying to get bitcoin to do something it wasn’t really designed for. Bitcoin’s scripting language was limited, so you could only write simple smart contracts. Why would Sam think testifying now, or talking to anyone who would listen last year, was a good idea? First, you need to understand the LessWrong rationalists and the Effective Altruist subculture — and how they think. A rationalist on the rationalist It cost nothing to register a domain on Namecoin. So users grabbed domain names left and right in the hope they might be valuable in the future. At one point, someone registered every noun in the dictionary. Elon Musk did the same, promoting electric cars and energy transition while Tesla’s accounts looked increasingly puffed-up and driven only by his image. The court has ruled that bitcoins are too unstable in value — and Wright will have to put up actual cash:
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