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Will AI gobble all jobs? 🦧
Elon Musk thinks so. Experts don't. Can the impact and threat be ignored? Block rides a quality Q3 on the back of Bitcoin Uptober. Coinbase short sellers feel the heat. NFT's OpenSea drying up?
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Elon Musk is back making them statements that are headline sweethearts.
Don't he do it well. Yes, he does.
At an official UK government event at Lancaster House, Musk told UK PM Rishi Sunak …
"We are seeing the most destructive force in history here. We will have something that is, for the first time smarter than the smartest human. It’s hard to say exactly what that moment is, but there will come a point where no job is needed. You can have a job if you wanted to have a job for personal satisfaction. But the AI would be able to do everything. I don’t know if that makes people comfortable or uncomfortable. If you wish for a magic genie, that gives you any wish you want, and there’s no limit. You don’t have those three wish limits nonsense, it’s both good and bad. One of the challenges in the future will be how do we find meaning in life.”
Ya man speaking. WATCH👇
And then, this. Read 👇
Elon Musk's involvement in the xAI project coincides with the rapid rise of AI in the mainstream.
He is not giving up on his plan to take on OpenAI—a company he co-founded in 2015. Remember, he left it behind in the past.
OpenAI's public launch of ChatGPT last year has changed the technology landscape on its head.
AI has swooped everything. Investments from tech giants such as Microsoft and Google. And an increasing portion of global investments and venture funding.
Musk announced the launch of xAI in July, it operates independently from Musk's X Corp but maintains a close partnership with Twitter, which Musk acquired for $44 billion in April 2022.
He laid out the plan for the new AI start-up, including a focus on transparency and the value of honesty over biases.
“The overarching goal of xAI is to build a good [artificial general intelligence] with the overarching purpose of understanding the universe. The safest way to build an AI is to make one that is maximally curious and truth-seeking.”
Musk's Critique of AI Industry
Elon Musk has been a vocal critic of the AI industry, especially OpenAI, despite his initial involvement in its foundation.
He resigned from OpenAI's board in 2018 but reportedly invested $100 million in the company.
He has expressed concerns about AI safety and the need for regulatory oversight in the industry.
Musk has criticised OpenAI's transition from a nonprofit, open-source approach to a for-profit, closed-source model, likening it to an environmental organisation turning into a lumber company.
Calls for AI Regulation and Responsible Development
Musk and other tech luminaries, including Apple co-founder Steve Wozniak and Stuart Russell, have called for a pause in OpenAI's development of new AI models.
They emphasize the importance of AI safety and the need for regulatory oversight in the evolving AI landscape.
While Musk, Sam Altman, and others agree on the necessity of AI regulation, they emphasize the importance of informed consensus before implementing regulatory measures.
TTD Blockquotes 🎙️
Mustafa Suleyman, CEO of Inflection AI and co-founder of Google’s DeepMind
“Elon Musk is not an AI scientist. His expertise is more in space and cars."
Suleyman told the BBC, responding to Musk’s prophecy.
His comments were a recap of the AI Safety Summit in Bletchley Park, where policymakers from around the world gathered to discuss and lay out plans for how to address and regulate AI.
Suleyman did acknowledge that the fears around generative AI are justified. However, he said it's still too early to say AI will replace humans.
“I think that certainly over a 50-year period, we should be concerned, it's right to be concerned. Every new technology has destabilised the landscape, whilst it's also delivered incredible benefits. I think the point about raising it now is that democratic governments should make decisions that are in the best interests of everybody. This is a moment where we need the state more than ever before. We need good governance, and we need to be proactive about those regulations.”
Coinbase short sellers have been taking it on the chin this year👇🏻
TTD Block 🧿
After Coinbase. Block scores big.
Jack Dorsey's fintech company saw a more than 20% surge in its share price during after-hours trading on Thursday, surpassing $52. This rally followed Block's release of better-than-expected Q3 earnings.
Impressive Q3 Numbers
Block, previously known as Square, posted robust financial results for Q3, with net revenue reaching $5.62 billion, representing a YoY growth of 24%.
On the back of Cash App, which recently celebrated its 10th anniversary since its launch, is a mobile payment service that allows users to send and receive fiat money, buy and sell Bitcoin, and invest in stocks.
Key Driver: Bitcoin Revenue
The driver of Block's stellar performance was a remarkable 37.5% YoY growth in Bitcoin revenue through Cash App, one of Block's primary products.
Bitcoin revenue accounted for over half of Block's total net revenue in Q3, surging to $2.42 billion, up from $1.76 billion in the previous year.
Cash App is a mobile payment service that allows users to send and receive fiat money, buy and sell Bitcoin, and invest in stocks.
Block's other payment platform, Square, reported revenues of $1.98 billion, an 8% increase over the previous year.
Square is a point-of-sale system that enables merchants to accept card payments and manage their businesses.
Bitcoin Gross Profit
Block's Bitcoin gross profit also experienced growth, rising by 22% to $45 million, compared to $36 million in the previous year.
Future Focus on Artificial Intelligence
In his letter to shareholders, Jack Dorsey emphasized Block's focus on building "simple, fair, and accessible financial services for everyone" and empowering people with economic freedom. The company aims to leverage artificial intelligence to drive future growth, believing it can enhance sellers' creativity, efficiency, and productivity.
TTD Numbers 🔢
The layoff at OpenSea. NFT marketplace flag bearer.
The half cut, why? Co-founder and CEO Devin Finzer shared the news on X (formerly Twitter), stating that the company was undergoing a restructuring and launching OpenSea 2.0 with a smaller team. This move comes after OpenSea faced challenges, including a prior layoff in July 2022.
Read the thread.
Background OpenSea, established in 2017 during the early days of NFT innovation, operates on a model similar to eBay and Etsy. It facilitates transactions in Ether, a popular cryptocurrency.
In July 2022, the company previously laid off 20% of its employees due to what it referred to as the "crypto winter."
At that time, it had a workforce of 230 employees.
Impact on Employees The restructuring is particular focused on reducing the number of middle managers.
OpenSea is committed to providing departing employees with generous severance packages, accelerated equity vesting, and six months of continued healthcare and mental healthcare coverage.
Changing NFT Landscape The NFT market, which saw its peak in collectible NFTs in 2021, has since evolved.
Use cases have diversified to include tokenising assets, identity verification, and handling legal documents. This shift has been driven by the declining value of many collectible NFTs.
Are NFTs finally back? After months of falling sales, the NFT market grew substantially in October, per data from DappRadar—even if it's still far from the peak.
Although DappRadar's report may spark optimism among certain NFT traders, the October NFT trading volume of $405 million pales in comparison to the staggering $2 billion worth exchanged in March.
TTD Surfer 🏄
Singapore's police force has issued a warning about a phishing scam that involves hackers taking over a victim's WhatsApp account and contacts.
The UK Financial Conduct Authority (FCA) has published a handbook on rules crypto firms must follow when promoting cryptocurrency.
Crypto trader Avi Eisenberg $110M fraud trial delayed until April 2024, the Mango Markets exploiter said he needs more time to prepare for trial.
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