This is nothing new. Promoters claim that a radical technological breakthrough will lead to applications which will revolutionize the industry in question. Conferencing promises that everything will never be the same. Funding pours in at estimates that are based on exponential growth. I could be referring to the crypto circuit in 2016-17. Today, I am talking about artificial Intelligence (AI).

The AI hype is hard to ignore, and the promises made are likely motivating. Even at this early stage the impact is impressive: the ability to interact with computing power through natural language unlocks a huge productivity boost, and creativity is enhanced by instant images and prose. This is just the tip of the iceberg.

Noelle Acheson was the former head researcher at CoinDesk, and Genesis Trading. This article is an excerpt from her Crypto Is Macro Now Newsletter, which focuses primarily on the intersection between the changing crypto and macro landscapes. Her opinions are her own, and nothing that she writes should ever be taken as investing advice.

The hype around AI is similar to the hype around blockchain and crypto years ago. This exuberance, like the one we see today, was misplaced. It’s not as some people had claimed in the beginning. The impact of blockchain and crypto is real, and it will continue to grow. AI will have a similar impact, but hype will set the stage for disappointment.

He’s smart – I thought his a href=”https://archive.nytimes.com/dealbook.nytimes.com/2014/01/21/why-bitcoin-matters/”>January 2014/a> titled “Why Bitcoin Matters” was an excellent meditation on how the technology combines with market forces, which laid out the potential at hand while not ignoring risks. He is smart. I thought that his New York Times article “Why Bitcoin Matters”, titled “Why Bitcoin matters”, was a great meditation on the way the technology and market forces combine.

His latest AI piece is full of cringe-worthy moments.

Enjoy these quotes.


“An Even Shorter Description of What AI Could Be: A Way to Make Everything We Care About Better.”

Is it just me who sees AI as a potential threat to everything we value? What does he really mean by “better?” Who is better?

This is scary. Oh my.


Every leader – whether a CEO, government official or nonprofit president, an athletic coach or teacher – will be able to make better decisions. This intelligence enhancement may be most important because it magnifies the impact of leaders’ decisions on the people they are leading.

I’m crying.

Internet was supposed to make that happen by moving the war online. This didn’t pan out. Let’s hope that no one walks over red lines, thinking there will be less deaths.

Blockchain buzz is still echoed

Some of the claims I hear about AI are similar to those that were made in the past for blockchains and the internet.

AI is going to “permanently” disrupt Education. The Internet has arguably done this, but do people feel satisfied with the current state of education?

AI can diagnose medical problems in advance. Would better predictions lead to more accurate diagnoses or would they increase the risk? If AI-powered medical technology can save one life, I am all for it. However, I worry about the anxiety costs and missed diagnoses due to the algorithm’s failure to flag anything.

AI could fight climate change . A faster information processing system may help to focus global prevention efforts. What about those -guzzling data centres?

AI combined to nuclear fusion makes us super-species . and facilitates intergalactic traveling. No comment.

OpenAI CEO Sam Altman tells us that we will never worry about anything again.

You could go on…

Maybe I sound like an avid crypto enthusiast who is against another technology that threatens to steal our ecosystem’s thunder. I was also a victim of the early crypto hype, which promised that “blockchain would change everything!”

I am more excited by AI. I look at the problems as an opportunity, and am excited to experiment more this summer to see what it can do for in my newsletter.

Opinion

I am also in favor of a shift of VC’s [venture capital] focus. You may have seen tweets, interviews, and quotes from prominent Silicon Valley representatives who said things like “If you’re involved in crypto, pivot towards AI.” Venture capitalists should do this. The crypto industry would be able to receive less funding, but it was the insane money that was thrown around in recent years that led to unsustainable structures, unrealistic valuations and atrocious behaviour.

If funding is tighter, startups and later-stage operations will be able to run a more lean operation. They will also have a greater chance of survival.

AI has its own share of hypesters: techno-utopians who are convinced that technology will bring out our best qualities, visionaries who think funding should be based more on faith than utility, and consultants who try to scare you into paying them.

The crypto ecosystem will benefit if AI rejects “hot” funding and ignores hyperbole. Both technologies are complementary. Blockchain promises will be more focused. Expected value can become more real.

There are many overlaps between AI and the crypto ecosystem. There are many possible synergies, including easier coding of blockchain-based applications, decentralized data storage, and shared incentives to develop sustainable power solutions for the data center.

Crypto has much to offer in terms of AI. I believe that applying the lessons learned from crypto’s hype can save developers and founders working in artificial intelligence from going down dead ends or overstating. The vast opportunity is exciting, but if we do not reach high enough, we will never know just how far we can go. Too many broken promises can undermine credibility, demoralize investors and give plenty of fuel to the critics.

It is likely that the AI field will have to undergo its own trial by fire and learn these lessons for itself.

Genuine excitement is a good thing. It can inspire and give hope. I am concerned when this excitement becomes opportunistic or manipulative. Those who are concerned about the future of our society, and all that technology has to offer, deserve more.