Oddbean new post about login | logout I suspect bot and other automation technologies will virtually end some of the degenerate and largely fruitless things happening in human economies. For example, what will be the point of financial trading once most of it is done by bots that are so optimized that almost no trades are being made? Maybe I'm wrong, but I don't see the value in traders. It just seems like a useless grift to me.
70-75% of trades are already executed by bots, actually. just an extension of human greed. it won't get any better, unfortunately.
Perhaps, but they are competing against 25-30% humans who aren't as optimal probably, which makes it profitable still (and the bot technologies are still improving). I don't see the point as it's closer to 100% bots, which is the incentive obviously. You'd eventually end up with bots so good that the gains and losses are a lot closer to zero (less profitable). I think the long term result is the end of such things, and the beginning of actual prosperity IF we fix the money. Just speculation, but I think the average human lifespan would already be 200 years if Bitcoin had existed when the Federal Reserve was created. I can imagine 100-200 years from now looking wildly different. Financial trading will probably seem retarded.
I have no idea what the dynamics of an artificially intelligent quantum network of bots would be like, depending on the programming, whether it would be self-generating, the degree of human interference, economic principles. too many variants in the equation for my little knowledge. I personally am physically incaple of being that optimistic, lol, especially about fixing the money, not with cbdc's in sight. but I'm a firm believer in building decentralized, self-sufficient parallel systems in which bots might not even be necessary. in the end, I just hope there will still be humans in 100, 200 years' time.