The more I actually work with AI the more I hear echoes of the dot-com boom.
It’s actually useful for some things. You can run a simple one locally to do some neat stuff. It’s an interesting technology that will revolutionize some specific applications
But it’s not going to change human nature. It’s not going to help with resource shortages. It’s gonna add a significant amount to human capability but it’s gonna come with downsides like everything. And those downsides will be made worse because people are awful.
You’re spot on there, but the one difference is the scale of investment. There’s WAY more money tied up in it this time, which means the bubble bursting is going to be way more painful
Is it real money or “value evaluations”?? For example Tesla stock is worth way money then all of tesla’s assets. It’s a lot of money because many people think it will be worth more tomorrow than it is today. If tesla went out of business tomorrow no real money has disappeared, just people’s hope of future money disappears. In wars, like Ukraine or Iran, real money gets destroyed. A person used to have “x” and now “x” is no longer. If openai went out of business tomorrow, what was lost? Some investors will find out their idea of future profits was wrong.
Is it real money or “value evaluations”?? For example Tesla stock is worth way money then all of tesla’s assets. It’s a lot of money because many people think it will be worth more tomorrow than it is today. If tesla went out of business tomorrow no real money has disappeared, just people’s hope of future money disappears
Yeah, unfortunately that’s not the way the economy works.
Yes, the entire banking system and the share investment system are a con, but that hallucination is our financial system.
Those value-less Tesla shares are owned by someone’s pension scheme/401K/superannuation/whatever you call it where you live.
Telsa goes to zero and yeah maybe nothing real is lost, but lots of money is - lots of people will have just had their retirements pulled out from under them…etc etc… that money went up in smoke that was supposed to be the funds for them to retire.
So, as someone who watched the dotcom crash closely and did an economics degree…when the AI bubble bursts it will reallocate money. If you think you’ll be a winner from that, well, I’ve not chatted to the 1% before - are you a Musk, a Trump, an Ellison a Bezos ?
'Cos if you aren’t it IS going to bite you. Well, while ever we subscribe to the current hallucination about money, ditch that and obviously things change
Yeah you’re right about investments like pensions/401k whatever. I won’t be a winner, we will see if I even will be a survivor. I don’t think the major Ai companies will completely die because most of them have other revenue sources, Nvidia Microsoft etc will still be there and there stock will still be valuable. Anthropic may turn to ash, openai will probably be incorporated into Microsoft. The small companies selling bespoke Ai solutions may die or thrive depending on if they are actually producing something useful but likely won’t have a tremendous effect on the stock market.
Just like the dot com bubble, useful companies with thrive and useless ones living off vc funding with die. I don’t think Ai is like 3d tvs where it was everywhere and then no where. I have a feeling it’s more like dot Com where there is so much over investment which will correct itself but won’t go to 0.
If you’ve done an economics degree then surely you’re familiar with Dutch disease? Usually this only happens in resource extraction, but data centers are a form of resource extraction by extracting value from our data so there are similarities. That’s why the rest of the economy is already in recession, but the tech sector continues to boom. It’s parasitic.
Which might mean, once the parasitic AI bubble bursts, funds will be reallocated back into the productive economy again.
Or not. Maybe it just blows up the last remaining part of the economy that’s still functional and we enter another depression.
AI cannot and must not be allowed to replace human nature. That’s the core of it. That’s why capitalists and fascists loooove it. It can be used for medical/scientific research and advancement and a few other niche applications, but it should not replace the human element.
The more I actually work with AI the more I hear echoes of the dot-com boom.
It’s actually useful for some things. You can run a simple one locally to do some neat stuff. It’s an interesting technology that will revolutionize some specific applications
But it’s not going to change human nature. It’s not going to help with resource shortages. It’s gonna add a significant amount to human capability but it’s gonna come with downsides like everything. And those downsides will be made worse because people are awful.
You’re spot on there, but the one difference is the scale of investment. There’s WAY more money tied up in it this time, which means the bubble bursting is going to be way more painful
Is it real money or “value evaluations”?? For example Tesla stock is worth way money then all of tesla’s assets. It’s a lot of money because many people think it will be worth more tomorrow than it is today. If tesla went out of business tomorrow no real money has disappeared, just people’s hope of future money disappears. In wars, like Ukraine or Iran, real money gets destroyed. A person used to have “x” and now “x” is no longer. If openai went out of business tomorrow, what was lost? Some investors will find out their idea of future profits was wrong.
Yeah, unfortunately that’s not the way the economy works.
Yes, the entire banking system and the share investment system are a con, but that hallucination is our financial system.
Those value-less Tesla shares are owned by someone’s pension scheme/401K/superannuation/whatever you call it where you live.
Telsa goes to zero and yeah maybe nothing real is lost, but lots of money is - lots of people will have just had their retirements pulled out from under them…etc etc… that money went up in smoke that was supposed to be the funds for them to retire.
So, as someone who watched the dotcom crash closely and did an economics degree…when the AI bubble bursts it will reallocate money. If you think you’ll be a winner from that, well, I’ve not chatted to the 1% before - are you a Musk, a Trump, an Ellison a Bezos ?
'Cos if you aren’t it IS going to bite you. Well, while ever we subscribe to the current hallucination about money, ditch that and obviously things change
Almost as if everyone with a pension should go look what their managers are buying and maybe ask them to drop Tesla… A year ago
Yeah you’re right about investments like pensions/401k whatever. I won’t be a winner, we will see if I even will be a survivor. I don’t think the major Ai companies will completely die because most of them have other revenue sources, Nvidia Microsoft etc will still be there and there stock will still be valuable. Anthropic may turn to ash, openai will probably be incorporated into Microsoft. The small companies selling bespoke Ai solutions may die or thrive depending on if they are actually producing something useful but likely won’t have a tremendous effect on the stock market.
Just like the dot com bubble, useful companies with thrive and useless ones living off vc funding with die. I don’t think Ai is like 3d tvs where it was everywhere and then no where. I have a feeling it’s more like dot Com where there is so much over investment which will correct itself but won’t go to 0.
If you’ve done an economics degree then surely you’re familiar with Dutch disease? Usually this only happens in resource extraction, but data centers are a form of resource extraction by extracting value from our data so there are similarities. That’s why the rest of the economy is already in recession, but the tech sector continues to boom. It’s parasitic.
Which might mean, once the parasitic AI bubble bursts, funds will be reallocated back into the productive economy again.
Or not. Maybe it just blows up the last remaining part of the economy that’s still functional and we enter another depression.
AI cannot and must not be allowed to replace human nature. That’s the core of it. That’s why capitalists and fascists loooove it. It can be used for medical/scientific research and advancement and a few other niche applications, but it should not replace the human element.
Totally. But if I had to pick between a machine and a human to watch Grafana and tell me when something’s weird I’d pick the machine.
And I don’t even like humans that much.
But it’s not going to change human nature
https://en.wikipedia.org/wiki/Deaths_linked_to_chatbots
That’s just human nature with extra steps
xD i wouldve said fewer