The State of Blockchain, Crypto, and the Emerging AI Industry

J.D.

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25 Sept 2023

184

Introduction

First off, let's get one thing straight: this isn't financial advice, nor is it a definitive guide to the crypto or AI landscape. It's my take, my gut instinct, and I'm open to debate. So, what's the deal with blockchain, crypto, and the burgeoning AI industry? Strap in, because we're about to dive deep.First off, let's get one thing straight: this isn't financial advice, nor is it a definitive guide to the crypto or AI landscape. It's my take, my gut instinct, and I'm open to debate. So, what's the deal with blockchain, crypto, and the burgeoning AI industry? Strap in, because we're about to dive deep.

The Wild West of Crypto

Ah, crypto, the digital Wild West where anything goes. Remember the ICO craze? Yeah, that was a mess. Fast forward to DeFi and NFTs, and we've got ourselves a full-blown circus. Projects rise and fall faster than you can say "rug pull," leaving investors either filthy rich or dirt poor. And let's not even get started on the regulatory hurdles. Governments are scrambling, but the industry? It's like the Wild West out there, folks. Self-regulation is a term thrown around, but who's actually doing it? Ah, crypto, the digital Wild West where anything goes. Remember the ICO craze? Yeah, that was a mess. Fast forward to DeFi and NFTs, and we've got ourselves a full-blown circus. Projects rise and fall faster than you can say "rug pull," leaving investors either filthy rich or dirt poor. And let's not even get started on the regulatory hurdles. Governments are scrambling, but the industry? It's like the Wild West out there, folks. Self-regulation is a term thrown around, but who's actually doing it?
Interestingly, the crypto industry has shown some promising signs of self-regulation. For instance, the Crypto Rating Council aims to provide a standardised framework for assessing whether a crypto asset is a security. However, the effectiveness of such initiatives is still up for debate. Interestingly, the crypto industry has shown some promising signs of self-regulation. For instance, the Crypto Rating Council aims to provide a standardised framework for assessing whether a crypto asset is a security. However, the effectiveness of such initiatives is still up for debate.

The AI TsunamiThe AI Tsunami

It’s not just a wave; it's a bloody tsunami. From chatbots to deep learning, the market is flooded. But here's the kicker: everyone's doing the same thing. Differentiation? Good luck with that. And don't even get me started on the ethical quagmire we're wading into—data scraping, privacy invasion, you name it.

The AI industry faces similar challenges to crypto when it comes to regulation. On one hand, there's a call for stringent regulations to address ethical concerns. On the other, there's a fear that too much regulation could stifle innovation. The key lies in finding a balance, perhaps through self-regulation, to ensure ethical and secure AI usage. The AI industry faces similar challenges to crypto when it comes to regulation. On one hand, there's a call for stringent regulations to address ethical concerns. On the other, there's a fear that too much regulation could stifle innovation. The key lies in finding a balance, perhaps through self-regulation, to ensure ethical and secure AI usage.

There’s an AI for that. The biggest AI Aggregator. The #1 AI aggregator. Updated daily. 2M+ users/mo. It currently has 7,972 AIs for 2,166 tasks and 4,847 jobs. 444 were added for the month of August. So far, for September, 96 added. Now, this isn’t all of the AI’s being built. This is only the ones that apply to be on the website and get accepted. The biggest AI Aggregator. The #1 AI aggregator. Updated daily. 2M+ users/mo. It currently has 7,972 AIs for 2,166 tasks and 4,847 jobs. 444 were added for the month of August. So far, for September, 96 added. Now, this isn’t all of the AI’s being built. This is only the ones that apply to be on the website and get accepted.

So, what makes this a tsunami, you ask? Let's break it down:

Global Investment: McKinsey reported that global investment in AI ranged between $20 billion and $30 billion in 2016, focusing on R&D and deployment. That number has likely skyrocketed, indicating a surge in AI development. Global Investment: McKinsey reported that global investment in AI ranged between $20 billion and $30 billion in 2016, focusing on R&D and deployment. That number has likely skyrocketed, indicating a surge in AI development.
Startups: In Q1 2021 alone, AI startups raked in over $33 billion in funding. Each of these startups is likely churning out multiple AI models, contributing to the daily deployments. Startups: In Q1 2021 alone, AI startups raked in over $33 billion in funding. Each of these startups is likely churning out multiple AI models, contributing to the daily deployments.
Academic Research: The number of AI-related papers on ArXiv has surged from a few hundred in the early 2000s to over 30,000 in 2020. Each paper potentially represents a new AI model or an improvement on an existing one. Academic Research: The number of AI-related papers on ArXiv has surged from a few hundred in the early 2000s to over 30,000 in 2020. Each paper potentially represents a new AI model or an improvement on an existing one.
Big Tech's Role: Companies like Google, Amazon, and Microsoft are deploying multiple AI models daily for everything from search algorithms to data analytics.Big Tech's Role: Companies like Google, Amazon, and Microsoft are deploying multiple AI models daily for everything from search algorithms to data analytics.
Open-source Contributions: With millions of AI-related repositories on GitHub, new commits and deployments are happening daily.Open-source Contributions: With millions of AI-related repositories on GitHub, new commits and deployments are happening daily.
Real-world Applications: AI models are being deployed daily across sectors like healthcare and finance, solving real-world problems.Real-world Applications: AI models are being deployed daily across sectors like healthcare and finance, solving real-world problems.
Education and Training: The surge in enrolment for AI courses on platforms like Coursera and Udacity means more people are capable of building and deploying models.Education and Training: The surge in enrolment for AI courses on platforms like Coursera and Udacity means more people are capable of building and deploying models.
AI Competitions: Daily AI competitions on platforms like Kaggle require the deployment of models for problem-solving.AI Competitions: Daily AI competitions on platforms like Kaggle require the deployment of models for problem-solving.

Combine all these factors, and it's not a stretch to estimate that hundreds, if not thousands, of AI models are being deployed daily. So yeah, it's a tsunami, and it's about to make landfall. Combine all these factors, and it's not a stretch to estimate that hundreds, if not thousands, of AI models are being deployed daily. So yeah, it's a tsunami, and it's about to make landfall.

The Need for Leadership and Self-Regulation

So, what's the solution? Simple: leadership and self-regulation. We need industry bigwigs to step up, form committees, and actually do something. Proactive engagement with governments is crucial. But let's be real, we've seen attempts at self-regulation crash and burn. Remember the DAO hack of 2016, that ended up in the Ethereum fork? Yeah, not our finest moment.

Back in my late 20’s and early 30’s, it was often that I was working 2 or 3 jobs at once. One full-time and two casual. One such job I had came about because I’d gone and played Paintball for my birthday. Conversations were had, and I ended up being a game referee every Sunday. Easy couple hundred bucks for a Sunday.

This was where I learnt that Paintball in Western Australia was really illegal. There were rumours, and on the day we played, we thought it was a joke they were playing on us when taking us to the field. The meeting location was released late the night before your booking was set to take place. So we’d meet at this otherwise undisclosed location. It changed every time. Then, everyone would get in a bus and be taken to another undisclosed location. Transfer to another bus and taken to another undisclosed location where you would then play paintball.

All this, because the state government had left these included when they passed the law banning guns. The state police, for the most part, would leave the guys alone. There were random raids and confiscation of these “weapons” and charges laid. The guys also formed WAASP Western Australian Association of Skirmish Paintball. They invited other operators. They bought in regulations they all agreed to abide by. Safety standards. Etc. Then, they had meetings with politicians, police chiefs, and the media. It took years to achieve what they wanted, but they did achieve it.

Their biggest hurdle throughout it all? Ego. Ego’s of the other operators, ego of the police and hierarchy. Ego’s of the politicians. Even their own egos.

Granted, this is a much smaller operation. The principals are the same, though. Crypto has the exposure and the big names. They also have the funding. They certainly have the egos.

Parallels Between Crypto and AI

Here's where it gets interesting. Both crypto and AI are disruptive as hell but lack governance. Scams? Check. Unethical practices? Double-check. What we need is a community-centric approach. After all, what's the point of building if no one's using your product? Here's where it gets interesting. Both crypto and AI are disruptive as hell but lack governance. Scams? Check. Unethical practices? Double-check. What we need is a community-centric approach. After all, what's the point of building if no one's using your product?

To wrap it up, both the crypto and AI landscapes are like the Wild West—full of opportunity but rife with danger. Responsible leadership and regulation aren't just optional; they're a necessity. So, let's open up the floor. Agree? Disagree? To wrap it up, both the crypto and AI landscapes are like the Wild West—full of opportunity but rife with danger. Responsible leadership and regulation aren't just optional; they're a necessity. So, let's open up the floor. Agree? Disagree?

Let's get a conversation going.