Category Archives: Elon Musk

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Is AI Really More Dangerous Than Nukes?

Is AI Really More Dangerous Than Nukes

The fictional Terminator universe, in which artificial intelligence (AI) and robots eventually usurp human beings as rulers of the planet, may not be stranger than truth, after all, at least not in the mind of tech entrepreneur and pro-Bitcoin advocate Elon Musk.

Musk has insisted, more than once, that AI is “far more dangerous” than nuclear weapons. He may have bought himself a lot of room for understanding, given his immense contributions in the field of technology, but it’s worth examining whether or not what he says has any merit.

The man has always been a detractor of AI in terms of its dangers, and he was known to have stated his preference for nukes at a Texas conference last year, after earlier saying AI was more dangerous than North Korea.

Others have criticized him for his outbursts and have called him a fear monger, with Facebook’s Mark Zuckerberg accusing him of being “pretty irresponsible” and Harvard Professor Steven Pinker not at all agreeing.

Musk does not hold back:

“The biggest issue I see with so-called AI experts is that they think they know more than they do, and they think they are smarter than they actually are.”

He believes that he knows enough about machine intelligence to repeat the foretelling of AI supremacy, just as Stephen Hawking, Stanley Kubrick (2001: A Space Odyssey) and even the Terminator have.

And with more and more research, such as this recent paper released by Science Robotics, suggesting that the idea of a world controlled by robots and AI isn’t too far-fetched, one might do well to heed the warnings of our modern-day tech prophets.

 

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‘The Ascent of Money’ Author Admits He Got Bitcoin Wrong

'The Ascent of Money' Author Admits He Got Bitcoin Wrong

Harvard professor Niall Ferguson, author of currency history book “The Ascent of Money”, has admitted he was wrong amount Bitcoin and blockchain being a “complete delusion”.

His book The Ascent of Money: A Financial History of the World first published in 2008 was adapted as a television documentary for Channel 4 and PBS, winning an International Emmy Award in 2009.  It examines the long history of money, credit, and banking.

The author now admits he should have listened to his teenage son and bought Bitcoin back in 2004 claiming, with the benefit of hindsight, the decision not to invest in the flagship cryptocurrency was the “worst investment decision of his life”, commenting:

“If I had listened to my son, I would have increased the dollar value of my investment by a factor of 45 — or, if you prefer, I’d have made a return on the investment of 4,436%… The moral of the story is clear: when it comes to technology, pay heed to teenagers.”

Ferguson was speaking at The Australian Financial Review Business Summit earlier this month, now freely admitting that he was “wrong to think there was no… use for a form of currency based on blockchain technology”.

The acclaimed author is the latest to endorse Bitcoin and cryptocurrencies after Twitter’s Jack Dorsey, Tesla’s Elon Musk and Apple co-founder Steve Wozniak all praised the technology recently. Twitter founder Dorsey is so convinced that it is still early days for Bitcoin that he committed to putting by USD 10,000 worth of the cryptocurrency by per week.

Tech entrepreneur Musk ranked 21st on the Forbes list of The World’s Most Powerful People, concurs with Dorsey suggesting, “Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.”

 

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What Traditional Investors Think About Bitcoin

What Traditional Investors Think About Bitcoin

Earlier this week, Apple co-founder Steve Wozniak reiterated his bullish sentiments towards the flagship cryptocurrency Bitcoin, touting it to have had “massive value creation” against the odds in the face of the current bear market.

In an interview with Bloomberg, Wozniak explained how he owned some Bitcoins as an experiment to determine its barter value around the world and not as an investor, but had to sell most of his holdings during the all-time high of December 2017, in order to reduce his worries about the market’s volatility. He said:

“I don’t want to be one of those people watching the price of Bitcoin, so I sold out.”

However, he still dabbles in Bitcoin-related devices, probably because of the fact that the coins he sold earlier are now worth more than the value he sold for. His overall take on the market dynamics of crypto as he compared it to the stocks market was that of a psychology factor relative to fear as seen in the fear of missing out (FOMO) when prices go up and that of the fear, uncertainty, and doubts (FUD) which triggers massive selling when prices begin a downtrend.

Recently, billionaire Elon Musk praised Bitcoin as having a brilliant structure, and was completely bullish on the cryptocurrency industry, suggesting that it provides a far better method to transfer value than “pieces of paper”, only that he worried that Bitcoin’s computational requirement was energy intensive.

Billionaire Bill Gates had opined back in 2017 that “Bitcoin is better than [fiat] currency” in that it’s more convenient when it comes to large transactions and considerably cheaper. However, in 2018 he told the media that Bitcoin and other cryptocurrencies are “kind of a pure ‘greater fool theory’ type of investment” and that he would short Bitcoin if he could.

Billionaire and business tycoon Warren Buffett has always had a hostile opinion towards bitcoin and recently called it a delusion even though he thought the blockchain is ingenious. Still, it’s an upgrade from his usual accusations of it being “rat poison”.

Tech mogul John McAfee has always been one with probably the most extreme bullish expectations for the crypto industry and recently took to Twitter, setting a hard date on his USD 1 million per Bitcoin prediction.

People are waking up to the fact that Bitcoin will be $1,000 000. But when? “Someday”. “Maybe 5 years”. “WIthin a decade”. I’m the only one giving you a hard date: Dec 31st, 2020.https://t.co/rst3BcypFz“will-be-1-million-someday-says-jesse-lund-vp-of-blokchain-at-ibm.html

— John McAfee (@officialmcafee) February 22, 2019

Mainstream investors and top of the global rich list have taken sides on the future of the cryptocurrency industry, and perhaps, the rationale behind their stance stems from the level of understanding of what the blockchain, and cryptocurrency are all about.

As the industry continues to mature, one possible outcome may include a partial win-over of some of the nay-sayers as has been the case with CEO of JPMorgan Chase Jamie Dimon, who was also one of those who called Bitcoin a fraud. Not exactly a ‘win-over’, as he seems to still maintain his stance, however, the irony of the recent launch of its JPM Coin, possibly inspired by the technology underlying Bitcoin still is puzzling. If Bitcoin is a fraud, the technology behind it should be considered one too.

 

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Elon Musk Praises Bitcoin, Says Paper Money Will Fall Apart

Elon Musk Praises Bitcoin, Says Paper Money Will Fall Apart

Elon Musk has maintained that cryptocurrencies provide a far better method to transfer value than “pieces of paper”. He expressed his views in an interview on advisory services firm ARK Invest’s podcast.

When he was asked whether Bitcoin could be regarded as the only native digital asset of the internet, he replied that indeed its structure was brilliant. However, he pointed out its downside, being that computationally it is incrementally energy intensive. He added that there must be some constraints on the creation of digital assets.

It was this consideration that meant that his company, Tesla, would probably not get involved in crypto-related businesses, focusing instead on its main aim to “accelerate the advancement of sustainable energy”.

Musk did reiterate the importance of digital assets by saying that crypto offers a far better method to transfer value than paper currency, believing the future of the latter to be in danger.

Although Musk is a fan of the efficiency of cryptocurrency, he claims to own none of it, save BTC 0.25 he says was given to him by a friend.

Apart from Musk, leading industrialists and entrepreneurs have predicted that Bitcoin will act as a digital gold. Mike Novogratz, founder of crypto merchant bank Galaxy Digital maintained that it is neither US nor Chinese money. it is sovereign money. On the other hand, Twitter co-founder, Jack Dorsey, stated that BTC is the only digital asset which has kept its focus on being a currency.

 

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