Mind Matters Natural and Artificial Intelligence News and Analysis

CategoryBusiness and Finance

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Oh no!

Six Limitations of Artificial Intelligence As We Know It

You’d better hope it doesn’t run your life, as Robert J. Marks explains to Larry Linenschmidt

The list is a selection from “Bingecast: Robert J. Marks on the Limitations of Artificial Intelligence,” a discussion between Larry L. Linenschmidt of the Hill Country Institute and Walter Bradley Center director Robert J. Marks. The focus on why we mistakenly attribute understanding and creativity to computers. The interview was originally published by the Hill Country Institute and is reproduced with thanks.  https://episodes.castos.com/mindmatters/Mind-Matters-097-Robert-Marks.mp3 Here is a partial transcript, listing six limits of AI as we know it: (The Show Notes, Additional Resources, and a link to the full transcript are below.) 1. Computers can do a great deal but, by their nature, they are limited to algorithms. Larry L. Linenschmidt: When I read the term “classical computer,” how does a computer function? Let’s build on…

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red lifeboat

Business Prof: Stop It! The World is NOT Running Out of Stuff!

A famous bet between two top thinkers settled that a long time ago

Recently, Jay Richards interviewed Dr. Gale Pooley, Professor of Economics at BYU-Hawaii, on the myth that we are running out of resources and doomed to future scarcity. Even though media pundits often claim it is true, the numbers say it is a myth. The story begins with a famous bet between two professors… From the interview: The bet was whether basic commodity prices would rise between September 29, 1980 and September 29, 1990. The professors who made the bet were Stanford insect biologist Paul Ehrlich (1932–), author of bestseller The Population Bomb (1968), and economist Julian Simon (1932–1998) Ehrlich bet yes and Simon bet no. Gale Pooley: First of all, what was interesting about Julian Simon, he reads Ehrlich’s book…

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Nerd with glasses hacking websites

Beware of Geeks Bearing Formulas—It’s Often Pseudoscience

Pseudoscience based on data without theory and theory without data undermine the credibility of real science, which is the key to human progress

Elsewhere I have warned of the perils of making decisions based on data without theory. For example, the patterns discovered by data-mining computer algorithms are often nothing more than meaningless coincidences. It is also perilous to go to the opposite extreme—to make decisions based on theory without data. Once upon a time, for example, economists were fond of sketching labor demand and supply curves and assuming that the economy was at their intersection. That is, labor demand is equal to supply, so that everyone who wants to work is working. The unemployed have chosen to be unemployed because they value leisure more than income. True believers were fond of this theory and little troubled by reality. Between 1929 and 1933,…

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China stock market graph ticker

Tech Investment Analysts Strategize How to Deal With China Today

China’s assertions of power in recent years have left many uncertain about the future of business relationships

Recently, Jay Richards interviewed Dr. Bob Kelly, Managing Partner of Ignition Partners, focusing on the panel he moderated at COSM 2019,“The Crisis of Big Tech: The US and China.” They explored the technological competition between the U.S. and China and what it means for the future. The panelists were futurist George Gilder, Wendy Liu, China market strategy analyst at multinational investment bank UBS, and Gary Rieschel, a venture capitalist in China and the United States. From the interview: Jay Richards: So what was the core controversy if you had to summarize it neutrally? Bob Kelly: I guess I’d say the core controversy really is what stance do we as Americans, or in the technology arena, take towards China? And there’s…

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Senior man in a wheelchair using a virtual reality device

VR Pioneer Founded Off-Campus Lab to Work On Practical Uses

RATLab, founded in 2005, gave unlikely students a chance to work on serious virtual reality projects

In a recent podcast, “Rats in the Technology lab” Walter Bradley Center director Robert J. Marks continued his discussion with the “grandfather of virtual reality” Thomas Furness. Furness shares his tribulations and triumphs with RATLab (Rats in the Technology lab), which is an “incubator” for innovative ideas in technology. All the employees are RATs (Rocking and Thinking). Furness is, of course, King Rat. So how did it get started and what happened then? https://episodes.castos.com/mindmatters/Mind-Matters-092-Thomas-Furness.mp3 Transcript. Partial transcript: Thomas Furness (right): Well, I was enjoying my activity at the university, certainly a wonderful place to do research. But it is a bureaucracy, and I’ve found that sometimes having worked for the Air Force for the Department of Defense for 23 years,…

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Woman passenger sitting in the backseat and  selects a route when her self-driving car rides on the highway.

If Self-Driving Cars Become the Norm, What Will It Feel Like?

Already, Millennials are more likely than their parents to see transportation as simply a means to an end

Recently, Jay Richards interviewed Bryan Mistele, founder and CEO of INRIX, on the non-fiction future of the self-driving car. INRIX provides data systems for analyzing traffic issues relevant to self-driving (autonomous) vehicles. He sees a bright future, amid many misconceptions: From the interview: Jay Richards: What do you think is the key misconception that people have about this technology? Bryan Mistele: I think the biggest misconception is that it’s just about autonomous vehicles. That you’ll go to a dealer, you’ll buy an autonomous vehicle. That’s not really the vision of what people in the industry are pursuing. It’s about what we call the ACES, Autonomous Connected, Electric, and Shared, all working together to deliver, basically, mobility as a service. Certainly…

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Check mark on shield, Security, safe, privacy or other Security concept background, Data Protection Concept, Technology Background

Hackers Seize Popular Twitter Accounts for Giant Bitcoin Scam

Scammers have gained access to a number of high-profile Twitter accounts, including those of Warren Buffett, Bill Gates, Kanye West, and Elon Musk

Today, hackers gained control of a number of Twitter accounts, and used them to scam people out of their Bitcoin money. As we have reported before, the security within Bitcoin actually seems to facilitate scams. In the current ripoff, scammers have gained access to a number of high-profile Twitter accounts, including those of Warren Buffett, Bill Gates, Kanye West, and Elon Musk. Their usual line is that they are seeking matching donations to a good cause. So if the user sends Bitcoin to a certain wallet address, the high-profile Twitter account will send a matching donation. However, the wallet address (and the promised match) are both frauds, and the money goes straight into the scammers’ pockets. It is unclear how…

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Man In A Tesla Car. Behind The Wheel Concept.

German Court Rules: Tesla Autopilot Is False Advertising

In America, for reasons many people can’t quite comprehend, the regulatory agencies haven’t said much about the inflated claims

Here at Mind Matters News, we have long been critics of Elon Musk’s claims about his “self-driving” Teslas. Autopilot is a cool feature but marketing it as “full self-driving” is simply a lie, and a dangerous one at that. Musk (right) has been making false claims about Autopilot for almost half a decade now. He claimed in 2016 that all Teslas that left the factory were equipped with the hardware for Level 5 full self-driving. If you’re not aware of the levels of self-driving defined by the Society of Automotive Engineers (SAE), Level 5 means that the car will take you wherever you want to go and you can sleep in the back. Level 4 means that, in some situations…

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concept of future technology 5G network wireless systems and internet of things

Valley Insider Peter Thiel’s Comments Last Year Proved Prophetic

China’s recent takeover of Hong Kong and the campus Cancel Culture spotlight his warnings for our culture’s future in the age of 5G

Peter Thiel, who spoke by interactive video to the COSM conference last October, is probably the most remarkable of the Silicon Valley insiders. A fuller version of his discussions with tech philosopher George Gilder has just been released. What makes Thiel (think PayPal, Facebook, Palantir, Airbnb, Lyft, and Elon Musk’s SpaceX) unique is that he so much contradicts the Valley stereotype and is certainly not afraid to tell the Valley its faults. In fact, he moved down to Los Angeles in 2018, fed up with the Valley as a one-party state. He suggested in 2019 that Google be investigated for treason for refusing to work with the Pentagon but helping the Chinese military. Most of the time, though, Thiel prefers…

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iron chain and castle on the silk national flag of Hong Kong with beautiful folds, the concept of a ban on tourism, political repression, crime, violation of the rights and freedoms of citizens

Hong Kong: Tech Companies Face Serious Ethical Decisions

As Hong Kong is transformed into a police state, Western companies, faced with demands for snitching on users, are rethinking cozy relationships with China

The semi-autonomous region of Hong Kong is no longer semi-autonomous, at least in practice. The Chinese Communist Party (CCP), circumventing Hong Kong’s parliament and courts, passed the Hong Kong National Security Law on June 30 that effectively abolishes the “one country, two systems” regime outlined in the Sino-British Joint Declaration. The law was passed one day before the anniversary of the handover of Hong Kong to China (July 1, 1997), in time to quash any pro-democracy candidates who would likely win in the September elections. Although the CCP justifies its moves from the Hong Kong Basic Law and claims that Hong Kong will maintain autonomy, in practice, it has already arrested dissidents and formed a secretive agency called the Office…

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Businessman in ponzi scheme concept

Stocks Are Not a Ponzi Scheme and Here’s Why Not

When you mail a letter to someone in another country, you can enclose an international reply coupon (IRC) that can be exchanged for that country’s postage stamps and used to mail a letter back to you. It is like enclosing a self-addressed stamped envelope except that you do not need to figure out how to buy foreign postage stamps. It is the polite thing to do but also the source of the most famous swindle in history. In 1920, a Massachusetts man named Charles Ponzi (right, in 1920) promised to pay investors 50 percent interest every 45 days. Compounded eight times a year, the effective annual rate of return was 2,463 percent! He said that his profits would come from…

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person holding baseball ball in black leather baseball mitt

Collectors’ Items Are Now on the Blockchain

When I was growing up, trading cards were all the rage. They mostly centered on baseball but trading cards for every major sport emerged. The Topps Company has long had the lead in baseball cards, with Fleer and Upper Deck trailing far behind. Recently, Topps made a radical move into the digital sector by making some of its trading cards available via the WAX blockchain. WAX stands for Worldwide Asset eXchange. WAX is a blockchain (i.e., cryptocurrency) system that is geared around the buying, selling, and trading of virtual items. Previously, WAX was primarily used to trade goods within gaming platforms. For instance, the massively multiplayer economic strategy game Prospectors utilized WAX to allow users to trade items. However, in…

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The economic crisis of 2020 with the red arrows indicating the economic recession in 2020.

Inflation Is the Least of Our Worries!

Yet some fear that the inflation dragon is about to roar

The Federal Reserve (the Fed) can throw the economy into a recession whenever it feels that it is in our best interests to be unemployed — typically because the Fed is convinced that an unruly inflation needs to be tamed by the discipline of unemployment. For example, in 1979, as the rate of inflation peaked above 13 percent, the Fed moved to make borrowing prohibitively expensive. When Fed Chair Paul Volcker was asked if the Fed’s policies would cause a recession, he replied, “Yes, and the sooner the better.” Interest rates reached 18 percent on home mortgages and were even higher for most other bank loans. Households and businesses cut back on their borrowing and spending and the unemployment rate…

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crypto currency concept

Is Crypto Just a Flash in the Pan?

Or, to put it more bluntly, will blockchain ever grow up to be a real financial system? Forbes says yes, cautiously
Will blockchain and other non-government currencies ever grow up to be a real financial system? What about the weird Canadian crypto uproar in which the only a dead man knows the code to release the missing millions? Read More ›
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rfid tags

What You Need to Know About The Tactile Web

It’s a user-directed integration of technology into life

Many people have heard the term RFID, “radio frequency identifier,” a technology pioneered in the 1980s for creating tracking chips that needn’t be powered to work. This technology has improved quite a bit over the years. The technology area in which RFID originated is called NFC, for “Near-Field Communication.” In themselves, NFC chips are small and unpowered, but they can receive power from nearby devices, thus enabling them to communicate. The amount of work that modern NFC chips can do is amazing. The NXP firm, for instance, manufactures chips that can do full-blown data encryption and signing. These chips are not only powerful, they are also very inexpensive. NFC tags are available as label stickers at prices as low as…

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Jay Richards and Steve Forbes Interview

Cryptocurrency a “High-Tech Cry for Help” Says Steve Forbes of Forbes Media

Jay Richards interviews Steve Forbes, Chairman and Editor-in-Chief of Forbes Media, regarding the future of cryptocurrency and blockchain technologies, and the implications of the technologies for global money, global security, and internet architecture. Read More ›
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driver uber car in black car in the street of new york

Why Are There No New Googles and Amazons?

The internet has matured, making many new internet-based companies comparatively low-tech

Today’s startups have targeted a much different set of technologies than did startups in past decades.

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Cute pair of sitting French Bulldog dogs dressed up with unicorn costume headbands with flowers

Why Do Today’s Tech Startups Disappoint Investors?

Only 14 of the 45 recent Unicorns showed increases larger than those of the Nasdaq generally

Companies we hear a lot about, like Zoom and Beyond Meat, are not profitable compared to an earlier generation of tech startups.

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couple of two seniors or mature people walking in the airport going to their gate and take their flight wearing medical mask to prevent virus like coronavirus or covid-19 - carrying luggage or trolley

Ten Ways COVID-19 Will Change Your Next Air Trip

You’ll still get there but it definitely won’t be half the fun

On board, the plane will be cleaner but also leaner. Expect to wear a mask and snack before you go.

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Initial public offering icon on dark background. IPO share investment concept. 3d rendering

Where Have All the Profitable Startups Gone?

We must distinguish between COVID-19's devastating impact and pre-existing problems that it is making worse

The most successful startups of today aren’t as profitable as those founded 20 to 50 years ago. Something is terribly wrong with the current startup system.

Read More ›