Mind Matters Natural and Artificial Intelligence News and Analysis

CategoryBusiness and Finance

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Big red semi tractor trailer  room for copy

Trudeau’s Truckers Reveal Problems with Banking Infrastructure

And crypto isn't the solution you might think it is

On February 14th, Justin Trudeau, the Prime Minister of Canada, invoked the Emergencies Act in order to stop the flow of funding to the truckers who were protesting vaccine mandates in Canada. This order allows and encourages banks to freeze the accounts of anyone suspected of involvement with the protest. The Canadian use of the Emergencies Act in this way has been widely criticized for its draconian and expansive overreach of governmental authority. However, that hasn’t stopped the Canadian government from moving forward with the plan, and they have said that they have already begun freezing accounts. Even before this, though, a Canadian judge had halted access to funds donated to the truckers through the GiveSendGo website. Additionally, GoFundMe, of…

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Art director checking the photos on a monitor

How the Digital Age Is Transforming the Entertainment World

Principally by creating many new opportunities that, as Ari Emanuel puts it, are Not Showing at a Theater Near You

Philosopher of technology George Gilder interviews Ari Emanuel, CEO of entertainment and media agency Endeavor Group Holdings, Inc., about the new decentralized media landscape powered by dramatic advances in technology. Endeavor, which was founded in 1898 and has 6500 employees, represents “talent across entertainment, sports, and fashion, such as actors, directors, writers, athletes, models, musicians, and other artists in various mediums comprising film, television, art, books, and live events.” (Yahoo Finance) A partial transcript of the talk Emanuel gave at COSM 2021 (November 10, 1:00 pm), on navigating the new media landscape, follows: George Gilder: What did you see in the early nineties that led you to leave your comfortable position and then move out and create a new force…

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Bearish stock financial, bear market chart falling prices down turn from global economic and financial crisis.

Zuckerberg’s New Meta Pummeled by Stock Market

Meta (Facebook reimagined) faces a gauntlet of challenges only months after Zuckerberg announced his new "metaverse" initiative

Last October, Facebook CEO Mark Zuckerberg announced that Facebook would be undergoing a major facelift to become Meta. The Facebook platform we all know and love would remain as is, but Meta would become Facebook’s parent company with a primary focus of developing the “metaverse,” an immersive online experience that Zuckerberg called “the next frontier” of the internet. But Meta is off to a rough start. Facebook’s parent company shed more than $230 billion in market value Thursday, a one-day loss that is the biggest ever for a U.S. company and increases pressure on a stock market long powered by technology shares…. The Facebook parent company surprised investors with a deeper-than-expected decline in profit and a downbeat outlook. The company…

Cheerful family in a car on a road trip

Driving Technology Needs Public Scrutiny

It is not good enough for safety-related data to be made available to regulators. They must be made available to the public at large

As more and more automation is added to automobiles, the need for public review and scrutiny becomes ever more clear. Unlike other technologies, cars are used on public roads at high velocities, so everyone has an interest in understanding the safety implications of decisions made by car manufacturers. As such, it is important that all safety-related data be made publicly available and subject to public scrutiny. It is not good enough for these things to be made available to regulators. They must be made available to the public at large. To see why, let’s look at the history of Tesla claims about the safety of its Autopilot system. Note that the Autopilot system, despite the confusing name, is not the same thing…

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Robot hand making contact with human hand on dark background 3D rendering

Musk Goes All-In on the Tesla Robot

Musk puts all other projects on hold to pursue the dream of eliminating human labor, despite the reality that humans are irreplaceable

In August, during Tesla’s “AI Day” presentations, Musk unveiled the “Tesla Robot.” Or, in reality, a dancing person in a robot costume, along with some made-up specifications about the robot. Many (including the present writer) found this idea for a product line ludicrous, and a mere headline grab. However, in a recent conference call with investors, Elon Musk has doubled down on the Tesla Robot, now named “Optimus,” as being the foundation for the future of the company. In fact, it looks like Tesla has put all of its other development projects on hold in order to work on the robot. The Cybertruck (announced 2019, originally expected in 2021), Semi-truck (announced in 2017, originally expected in 2020), and Roadster 2.0 (announced in 2017,…

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Close up of top important cryptocurrencies which dollar bank note in background. which including of Bitcoin, Ethereum, Litecoin, Dash, Zcash and Ripple coin. Business and financial as concept.

Why Cryptocurrencies Like Bitcoin Are Not Ready for Prime Time

Bernard Fickser at Expensivity — friendly to cryptos in principle — offers an unsparing look at the current problems

At Expensivity, Bernard Fickser, who has explained how to sell non-fungible tokens (NFTs) now offers “The Truth About Cryptocurrencies: A Clearheaded Guide to the Crypto World.” (January 15, 2022) For your convenience, we are serializing his work, which can be read in whole here. Here’s Part 6 (of 6): 6 Conclusion: Is Crypto a Mature Technology? So far, this article’s approach to crypto has been a balancing act, weighing pros against cons. Thus, we’ve seen much to commend crypto, but also much to raise doubts about it. In this closing section, I’m going negative. My concluding thesis is this: peer-to-peer distributed blockchain-based cryptocurrencies as they exist now represent an immature technology and miss much of what we would like to see…

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unicorn on gold cube mountain . start up, illustration concept of leader on a market.3d rendering. 3d illustration.

Is Rationality Finally Emerging for Unicorn Share Prices?

Share prices are falling as losses continue to mount

2021 was a great year globally for venture capital and startups. Initial public offerings (IPOs) raised a record $594 billion in 2021 globally while VC funding is on track to hit a record $454 billion invested through the first three quarters of 2021.This is up from $332 billion for the first three quarters of 2020, which was the previous record for three quarters. U.S. startups also did well with big increases in both VC funding and IPOs in 2021. Almost $100 billion of funding was given to startups in the first three quarters while for the full year, there were 416 IPOs, of which 128 were from the tech section. The total amount raised was $156 billion, of which $69 billion was for the tech sector.…

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sack with the thirty silver coins biblical symbol of the betrayal of judas

Is Cryptocurrency Selling Out to Centralization?

Compared to more conventional forms of money, crypto wealth is radically centralized in the hands of a few

At Expensivity, Bernard Fickser, who has explained how to sell non-fungible tokens (NFTs) now offers “The Truth About Cryptocurrencies: A Clearheaded Guide to the Crypto World.” (January 15, 2022) For your convenience, we are serializing his work, which can be read in whole here. Here’s Part 5 (of 5): 5 The Centralization of Crypto Wealth Decentralization is a watchword of crypto. One of the things said to commend cryptocurrencies is that the blockchain-based peer-to-peer networks that run them are decentralized, residing outside the control of any single authority. This claim that cryptocurrencies are decentralized in their organizational structure is overstated because the peer-to-peer networks that run them can themselves act as central authorities. True, these peer-to-peer networks feel freer and…

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Bitcoin and cryptomoney

How and Why Cryptocurrencies Are Revolutionizing Money

The trouble is, cryptos are an immature technology at present and that fact may doom many of the current ones

At Expensivity, Bernard Fickser, who has explained how to sell non-fungible tokens (NFTs) now offers “The Truth About Cryptocurrencies: A Clearheaded Guide to the Crypto World.” (January 15, 2022) For your convenience, we are serializing his work, which can be read in whole here. Here’s Part 4: 4 Crypto’s Revolution in Money and Finance Cryptocurrencies seem different from mass delusions of the past. They do novel things in the world of finance that many people want, such as allow for anonymous exchanges of digital currency that feel a lot like exchanges of ordinary cash. They promise to bypass intrusive government control. And they’ve attracted a lot of very smart talent that is deploying some very cool mathematics and computer science.…

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Big data futuristic visualization abstract illustration

How AI Changed — in a Very Big Way — Around the Year 2000

With the advent of huge amounts of data, AI companies switched from using deductive logic to inductive logic

In “Hyping Artificial Intelligence Hinders Innovation” (podcast episode 163), Andrew McDiarmid interviewed Erik J. Larson, author of The Myth of Artificial Intelligence: Why Computers Can’t Think the Way We Do (2021) (Harvard University Press, 2021) on the way “Machines will RULE!” hype discredits — and distracts attention from — actual progress in AI. Erik Larson has founded two two DARPA-funded artificial intelligence startups. Inthe book he urges us to go back to the drawing board with AI research and development. https://episodes.castos.com/mindmatters/34ce0d74-aa74-4ad9-9599-e9ddf2be56a7-Mind-Matters-News-Episode-163-Erik-Larson-.mp3 This portion begins at 01:59 min. A partial transcript and notes, Show Notes, and Additional Resources follow. Andrew McDiarmid: Can you paint a picture first for us of what the AI landscape looks like today and why it’s not…

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NFT | Non-Fungible Token

NFTs: Can They Help You Sell Digital Memorabilia Online?

Non-fungible tokens (NFTs) like Jack Dorsey’s first tweet or Michael Cohen’s prison badge are creating a new market with a need for new rules

At COSM 2021,William Dembski, a mathematician and philosopher who studies cryptocurrencies like Bitcoin and non-fungible tokens (NFTs), offered some thoughts on whether NFTs (non-fungible tokens) can help artists and other creators make a living selling their work on the internet. Are NFTs just “rat poison squared,” as Warren Buffett calls cryptocurrencies? Well, former Twitter CEO Jack Dorsey’s first tweet sold for a reported $2.9 million. It’s complex but navigable. According to Dembski, it might be a way forward. But there are pitfalls. The non-tech part is easy to understand. Just as internet-based subscription services like Substack offer a way for talented writers to make a good living free from censorious mediocrities, so NFTs might help artists market their work in…

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Devastated kitchen in a demolition house

Zillow’s House-Flipping Misadventure

People know more about their homes and neighborhoods than algorithms could possibly know

Zillow has become the largest real estate website in the United States, with detailed data on millions of homes including square footage, number of bedrooms, number of bathrooms, year built, and price and tax history. If the home is or has been offered for sale or rent, there are also interior and exterior photographs and more. Zillow uses its massive database to provide proprietary computer-generated estimates of market values and rental values. When Zillow went public in 2011, its IPO filing with the SEC boasted that, [O]ur algorithms will automatically generate a new set of valuation rules based on the constantly changing universe of data included in our database. This allows us to provide timely home value information on a massive…

Jack Dorsey

Jack Dorsey Resigns from Twitter: “now is the right time”

Some are concerned that his replacement is bad news for free speech

On Monday, Jack Dorsey announced his resignation as Twitter CEO, explaining that he has “worked hard to ensure this company can break away from its founding and founders” and that “now is the right time.” “I want you all to know that this was my decision and I own it,” wrote Dorsey in an email to his colleagues that he then posted to Twitter. “It was a tough one for me, of course. I love this service and company… and all of you so much. I’m really sad… yet really happy. There aren’t many companies that get to this level. And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.”…

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Flag of China and clock

Gingrich at COSM: China Is the Greatest Threat to Global Freedom

Newt Gingrich fears America will lose to China. George Gilder argues that thinking that way is self-defeating and stupid

At COSM 2021, philosopher of technology George Gilder and political analyst Newt Gingrich sparred over U.S.–China relations. Gilder and Gingrich, a former U.S. Congressman, exemplify the two predominant views on China today. Former Speaker of the U.S. House of Representatives and author Gingrich says the U.S. should decouple from China, while economist and author Gilder sees collaboration with China as our best — and only — option. Gingrich: Optimism about a more open China is waning In his opening remarks, Gingrich recalled that he was once an optimist that Chinese reformist leader Deng Xiaoping’s opening up strategy would usher in a more democratic China because Communism was incompatible with a free market economy. But, Gingrich, who has been a history…

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industry metallurgical plant dawn smoke smog emissions bad ecology aerial photography

Physicality Of Data And The Road To Inherently Safer Computing

The software industry today is precisely where the chemical industry was in 1978; hazard control is a mere afterthought

“The Physicality Of Data And The Road To Inherently Safer Computing” was originally published by Forbes, August 24, 2021. David Kruger is Co-Founder and VP of Strategy for Absio Corporation and a co-inventor of Absio’s Software-defined Distributed Key Cryptography (SDKC). Our current concept of cybersecurity is to defend against attacks and remedy failure by erecting more and better defenses. That’s a fundamental mistake in thinking that guarantees failure. Why? Because it’s mathematically impossible for a defensive strategy to fully succeed, as explained in the previous installment of this article series. Another even more fundamental mistake in thinking is that cyberattackers are the cause of our woes. They aren’t. They’re the effect. A hazard is a potential source of harm. Cyberattackers target certain…

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Laptop with pendrive, sd card, CD and portable hard drive. Concept of data storage

The Physicality Of Data And The Road To Personal Data Ownership

“The Physicality Of Data And The Road To Personal Data Ownership” was originally published by Forbes, July 2, 2021. David Kruger is co-founder and VP of Strategy for Absio Corporation, and a co-inventor of Absio’s Software-defined Distributed Key Cryptography (SDKC). This article is the first in a series on the physicality of data. I’ll follow up with additional installments of this series over the next several weeks, so check back to see those as they become available. All of us tend to conflate the word “data” with the word “information.” Usually, that’s OK, but collapsing data on a computer and information into one thing rather than two separate things makes thinking accurately about data ownership difficult. Here’s why: Information is…

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Machine learning systems and accurate facial recognition concept , smart phone with blue screen and blur human faces background

Facebook (Meta) is strengthening, not dumping facial recognition

They’re getting rid of the annoying parts but read the fine print

Jerome Pesenti, Facebook’s VP of Artificial Intelligence, explains the changes to the face recognition system that have accompanied the very recent brand name change from Facebook to Meta: In the coming weeks, Meta will shut down the Face Recognition system on Facebook as part of a company-wide move to limit the use of facial recognition in our products. As part of this change, people who have opted in to our Face Recognition setting will no longer be automatically recognized in photos and videos, and we will delete the facial recognition template used to identify them. This change will represent one of the largest shifts in facial recognition usage in the technology’s history. Jerome Pesenti, “An Update On Our Use of…

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Competition between humans and robots in tug of war concept

Robots Will NOT Steal Our Jobs, Business Analysts Show

Doomsayers typically do not factor in all components of the job that a robot would have to replace or all of the true costs of trying, they say

At Fast Company, data analyst Jeffrey Funk and business prof Gary N. Smith dispute the claim that robots are coming for all our jobs. They point to a history of overblown claims: In 1965, Herbert Simon, who would later be awarded the Nobel Prize in Economics and the Turing Award (the “Nobel Prize of computing”), predicted that “machines will be capable, within 20 years, of doing any work a man can do.” In 1970, Marvin Minsky, who also received the Turing Award, predicted that, “in from three to eight years we will have a machine with the general intelligence of an average human being.” The implications for jobs were ominous, but robotic-takeover predictions have been in the air for a…

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Seattle Skyline at Sunset with Space needle

Venture Capital Manager at COSM 2021 to Listen and Learn

The Managing Director of Seattle-based Madrona Venture Group will moderate two panels on new technologies that can shake things up

In 2019, Madrona’s Matt McIlwain moderated a panel at the COSM 2019 Technology Summit, “AI’s Role in Unlocking Human Potential.” The panel followed tech pioneer and prophet Ray Kurzweil’s livestreamed address in which he predicted that we will merge with our computers by 2045 — The Singularity: “Our intelligence will then be a combination of our biological and non-biological intelligence,” he explained. We will be apps of our smart computers. Or will we? And if that happened, would it be progress? Already, we freak out when we can’t find our phones, or our computers crash, or the internet is down. Or the power goes off. Yet Isaac Newton changed physics with a pen and paper. So did Albert Einstein. McIlwain…

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unicorn

Tech Stocks: Are the Unicorns Losing Their Horns? Their Magic?

Jeffrey Lee Funk and Gary N. Smith reveal at MarketWatch that widely publicized, iconic unicorns have never made money or made only a little

Technology consultant Jeffrey Lee Funk and Pomona business prof Gary N. Smith are not exactly bullish on the new high tech-dependent startups (unicorns) that everybody talks about. Lots of media interest and commentating, sure, but where’s the money? In a recent op-ed at MarketWatch, Funk and Smith warn, “Unicorn losses are unprecedented in the history of U.S. startups and threaten stock markets and the economy.” Not what you heard? Think about this then: The authors, regular contributors at Mind Matters News, point out that many investors and analysts worry about China’s Evergrande Group’s current woes ($300 billion in liabilities). But Evergrand was once profitable. And the Ubers and Airbnbs? They’ve never been profitable and the liabilities are growing: Unicorn losses…