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Well, no you missed my point. I understand it is subtle, so I will expand on it. I said that wealth was created in the transaction. Labor may be required to c

Well, no you missed my point. I understand it is subtle, so I will expand on it. I said that wealth was created in the transaction. Labor may be required to create the thing being sold, such as a business, but that labor is becoming less and less important over time. Take the sale of the company “WhatsApp” to Facebook. They sold for $16 billion, but they only had 55 employees with some equity. That’s a lot of wealth for those people. With AI, this type of productivity (like WhatsApp) with less labor required will only increase. More productivity, less labor. The capital for creating WhatsApp came from investors. The founders likely had no capital of their own. But they are super wealthy today. Those who expect to be employed (labor) by strictly being told what to do for a salary will be on the sidelines of wealth creation. Those who figure out how to use AI to build valuable things and then sell them to others will create their own wealth. AI is the “fix” for less capital and less labor. Everybody needs to think about jumping into the pool and start swimming. Anyway, that’s what HN is supposed to be about: entrepreneurship.

pixl97 3y ago
"There are two types of magical thinking around AGI. 1, that AGI will be able to do absolutely anything. And 2, that AGI won't replace your job" >Those who figure out how to use AI to build valuable things and then sell them to others will create their own wealth. See, this is why we cannot have discussions about generalized AI, that is the entrepreneurs don't think they'll be replaced by AI, and if they pull themselves hard enough by the bootstraps hard enough they'll overcome the all seeing data harvesting Molochs we've created by sheer willpower and brilliance. And maybe in a few cases will... but will it matter when the angry masses displaced by technology club them to death in the streets? Entrepreneurship without responsibility equals calamity. Drastically changing the social contract and saying 'good luck everyone else' will be our modern "let them eat cake" moment.
- chii 3y ago
  > but will it matter when the angry masses displaced by technology club them to death in the streets? no, because those angry masses will firstly get shot by automated drones that are run by AI with facial recognition, before they even gather.

pixl97 3y ago

"There are two types of magical thinking around AGI. 1, that AGI will be able to do absolutely anything. And 2, that AGI won't replace your job" >Those who figure out how to use AI to build valuable things and then sell them to others will create their own wealth. See, this is why we cannot have discussions about generalized AI, that is the entrepreneurs don't think they'll be replaced by AI, and if they pull themselves hard enough by the bootstraps hard enough they'll overcome the all seeing data harvesting Molochs we've created by sheer willpower and brilliance. And maybe in a few cases will... but will it matter when the angry masses displaced by technology club them to death in the streets? Entrepreneurship without responsibility equals calamity. Drastically changing the social contract and saying 'good luck everyone else' will be our modern "let them eat cake" moment.

chii 3y ago
> but will it matter when the angry masses displaced by technology club them to death in the streets? no, because those angry masses will firstly get shot by automated drones that are run by AI with facial recognition, before they even gather.