While billionaires bet against the hyped up multi-trillion-dollar AI market, Canada’s government is doubling down (breachmedia.ca)

submitted 6 days ago by yogthos@lemmy.ml to c/canada@lemmy.ca

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[-] orioler25@lemmy.ca 7 points 6 days ago* (last edited 6 days ago)

Good time to remember Carney suggested that the UK and US convert their reserves to crypto.

Edit: misremembered this, he suggested that a global crypto reserve be established to mitigate US dollar hegemony. Sources below.

[-] yogthos@lemmy.ml 3 points 6 days ago* (last edited 5 days ago)

So glad we have this genius banker in charge to fix our economy!

[-] uninvitedguest@piefed.ca 1 points 6 days ago

Where, when, and in what context was that said? I can't find anything on it.

[-] orioler25@lemmy.ca 4 points 6 days ago* (last edited 6 days ago)

At an Economic Policy Symposium at Jackson Hole, US in 2019. Although, it looks like I misremembered this a bit, he suggested that a global crypto reserve should be adopted to curb US dollar hegemony. Which makes this even funnier considering the past year.

Ten second search:

https://www.theguardian.com/business/2019/aug/23/mark-carney-dollar-dominant-replaced-digital-currency

https://www.forbes.com/sites/billybambrough/2019/08/31/the-bank-of-england-governor-proposed-a-radical-competitor-to-bitcoin-and-the-us-dollar/

https://www.theglobaltreasurer.com/2019/08/29/mark-carney-proposes-a-digital-reserve-currency/?amp=1

https://www.techbrew.com/stories/2019/08/27/boes-mark-carney-proposes-digital-reserve-currency?__cf_chl_tk=veuoijxzirz_k3lv5jlk2q706zoq7yxys8sqz2cxpv0-1764006704-1.0.1.1-t5gljgt9s1.5jirvf5vxt7wrjbzfaeooxzdkgpfv6tu

There's also a bunch of crypto blogs that covered the speech, but they don't really add anything.

[-] nik282000@lemmy.ca 3 points 6 days ago

Politicians gonna lie and steal. Literally their MO for hundreds of years.

[-] corsicanguppy@lemmy.ca 3 points 6 days ago

Yeah. I'm hoping I'm wrong on my predictions here.

[+] Daryl@lemmy.ca -6 points 6 days ago* (last edited 6 days ago)

Such silliness throughout this article.

Might just as well run around yelling "The sky is falling!!!!! Head for the caves!!!!!"

Of course, the AI bubble is going to collapse, just like the 'dot com' bubble burst. With all the hype. misdirection, and false hope it generated, it is inevitable.

That does not mean that ALL the investments are going bust.

Facebook, Google, and many others were all part of the 'dot.com' bubble, and they certainly did not go down in flames.

Just like the dot.com boom, those who truly understand AI the way Zuckerberg understood the dot.com era, there are still fortunes to be made. Those who just think they understand, will be devastated. There is still a LOT of expansion room left in AI, the trick is sorting it out from all of the chaff that IS going to go 'bust'. The winners are going to win very, very big. The losers are going to lose very, very big.

It's all about knowing how to financialize AI.

An AI that just draws really cute, realistic caricatures will not make money because ANY AI can do it just as well. No advantage. It's just routine ho-hum penny stock stuff. An AI that can foretell market fluctuations with amazing accuracy, now THAT is worth investing in. It is the patents that are valuable, not the concept of AI itself.

CHATbot failed miserably. It just gave you answers, essentially with no remuneration component. Properly financialized AI will give you answers to better buying 'decisions' - for a percentage, of course.