Vitalik Buterin, the co-founder of Ethereum, is optimistic about Artificial Intelligence (AI), saying that rather than taking away 30% of jobs, it should save 30% of human labor.
Summary
Ethereum’s Vitalik Buterin: Artificial Intelligence (AI) does not replace human labor
According to reports, Ethereum co-founder Vitalik Buterin seems to be quite optimistic about Artificial Intelligence (AI).Â
Specifically, Buterin argues that instead of taking away jobs, AI should save human labor. Here are his words:
“I think one of the positive aspects of this is that I think it’s a good example of how, instead of AI killing 30% of the jobs, which would be catastrophic and terrible, it’s like, AI is killing 30% of your job, which is like actually an amazing time saver.”
In essence, the co-founder of Ethereum does not see emerging technology as a substitute for human labor, but rather that it complements it. In other words, it is a matter of enhancing people’s talents, rather than replacing them.
As an example, Buterin talked about AI-based image generators and individual content creators. For the Russian computer scientist, AI platforms can help creators make films and artistic works without the need for Hollywood-style high production costs.
Here are his words:
“The thing happening that we don’t want to see is artists getting replaced; the thing that I wants to see is an author, instead of just being able to write a novel, also being able to personally make a movie. I would want to see the cost of making a movie go down from $100,000 to one person with basically just his creativity and a couple of months with an AI platform.”
Vitalik Buterin from Ethereum and AI: the most significant development and the regulation
Moving on with his speech, Buterin also called AI one of the most significant developments in all of history.
Here are his words:
“This human to superhuman AI transition, that level of transition, I would argue has only happened basically three or four times in the history of the Earth.”
As technology advances, Buterin also notes that regulation remains limited in being able to deal with future risks.
In this regard, the Ethereum co-founder suggests that regulations should be case-targeted, rather than across-the-board bans that hinder innovation.
Not coincidentally, the very chairman of the US Securities and Exchange Commission, Gary Gensler, recently spoke out on the issue, saying that AI will be the cause of future financial crises.Â
Specifically, Gensler’s biggest fears relate precisely to generative AI tools such as ChatGPT that want to transform businesses and companies, perhaps creating new and potential conflicts of interest between companies and investors.
The price of ETH and Ethereum futures ETFs
As Ethereum’s co-founder shares his views on AI, its crypto ETH continues to hover around the $1850 price point.
ETH’s trend seems to have been fairly stable for a while now, with its annual peaks occurring last month at a price of over $2,000 and in April at a price of $2135. Otherwise, from March to the present, ETH has remained between $1800 and $1900, touching $1650 in May.
Recently, news emerged that the SEC is to evaluate four new applications related to Ethereum futures ETFs.Â
These are the four applications submitted by VanEck, ProShares, Bitwise and Roundhill, which came after the application that seems to have launched the Volatility Shares initiative.
Given that the SEC has long since approved ETFs based upon futures contracts on the price of BTC, there should be no problem in approving those on Ethereum as well. If that were the case, perhaps the price of ETH might be able to get a more significant pump.
