Will Cryptocurrency Save People From Job Losses Due To AI?
In this video I go through a couple different points.
The first is my view on the potential of technology take out a large number of jobs and why that is a viable possibility.
Secondly, I discuss how we have income capital that, at the moment, tends to be tied to our jobs. What will replace this if it goes away? Here is where cryptocurrency could step in.
▶️ 3Speak
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There will indeed be job losses due to new technology but there will be new jobs too. Similar to the advent of computers and internet, there were job losses due to efficiency gains but there were jobs created too like IT developers, programming and even youtubers and influencers. Imo, the rise of AI will be no different from previous effect of tech on jobs.
You are presuming it is an equal replacement. The labor force participation rate in the United States doesnt reflect that.
It's not equal replacement and there may job losses for the short term. But new tech will not necessarily mean a loss of jobs for the long term or else we should have seen a drastic increase in unemployment throughout history when there were new techs replacing jobs.
The data for the last 30+ years disagrees with you.
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Technology taking out a large number of jobs is not just a possibility. I think it is happening a lot now in different industries. I've seen a lot of news of programmers, writers, and artists losing their jobs. This will only escalate. I do hope your notion of cryptocurrency stepping in happens sooner, because a lot more people are going to suffer if it is delayed.
I have a feeling it will be slowly, slowly, oh crap.
What I'm hoping will happen is that the cost of production gets so low and the diminishing returns of centralization get so high that communities take back the means of production for themselves. Like it might be a little more expensive to 3D-print our own stuff or grow our own food locally but it will be worth doing anyway because the price differential isn't a deal breaker. And if the price is a deal breaker hopefully crypto could move in to incentivize it in ways we haven't thought of yet, leaving some of these mega-corporations with their ridiculous infrastructure high and dry. Still trying to figure out of this is an inevitable outcome or a pipe dream.
Summary:
The host discusses the potential impact of AI and automation on job losses, and how cryptocurrency could provide an alternative solution for people facing unemployment. He argues that we are likely to see a significant eradication of jobs in the coming decades due to the rapid advancements in AI, robotics, and automation.
The host explains that even highly paid professions like acting and sports are essentially forms of "income capital" - exchanging time for labor. He suggests that rather than relying on universal basic income, people should seek "universal basic assets" as a way to generate income independent of traditional employment.
The host believes that cryptocurrencies can provide this opportunity, as they are digital assets tied to blockchain networks, similar to how physical real estate or company stocks are assets that can generate income through dividends or appreciation. He provides examples of how wealthy individuals and families have historically generated wealth through asset ownership rather than just salaries.
The host concludes by stating that the potential for cryptocurrencies to enable people to transition away from reliance on labor-based income is an interesting and promising prospect, as the traditional model of exchanging time for wages may become increasingly unsustainable in the face of technological disruption.
Detailed Analysis:
The host begins by acknowledging the ongoing debate around whether AI and automation will lead to mass job losses or create more jobs than they destroy. However, he firmly believes that we will see a significant eradication of jobs in the coming decades, citing the declining labor force participation rate in the US and the rapid advancements in technologies like large language models and autonomous driving.
The host provides specific examples of job categories that are at risk, including call center workers, translators, truck drivers, cab drivers, and delivery people. He explains that while the full impact of robotics may take time to materialize, as companies optimize their prototypes before scaling up production, the eventual disruption will be "complete and total."
The host acknowledges that there are other factors that could offset or delay the impact of job losses, such as aging demographics and potential conflicts or wars. However, he argues that the fundamental issue is what happens when "income capital" - the exchange of time for labor - goes away for a significant portion of the population.
The host contrasts the focus on salaries of high-income individuals like Elon Musk, Warren Buffett, and tech executives, with the fact that their wealth is primarily derived from the assets they own, such as company stocks. He suggests that rather than seeking universal basic income, people should aim for "universal basic assets" as a way to generate income independent of traditional employment.
The host then explains how cryptocurrencies can serve as these digital assets, as they are tied to blockchain networks in a similar way that physical real estate or company stocks are tied to physical locations or corporate entities. He provides examples of how asset ownership, rather than just salaries, has historically allowed wealthy individuals and families to generate sustainable income.
The host acknowledges that the cryptocurrency ecosystem is still relatively immature, but he believes the potential for cryptocurrencies to enable people to transition away from reliance on labor-based income is an intriguing and promising prospect. He suggests that the ability to structure cryptocurrency-based income streams, similar to how dividends or yields are generated from traditional assets, could be a key factor in helping people adapt to the changing job market.
Overall, the host's main argument is that as AI and automation continue to disrupt the traditional labor market, cryptocurrencies and digital asset ownership could provide an alternative path for people to generate income and wealth, potentially mitigating the impact of job losses and the decline of the traditional "income capital" model.