Mark Zuckerberg makes a passionate call for Universal Basic Income.
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Category: economics
UK billionaire investor believes rejuvenation biotechnology will be the next mega-industry.
Many of you may already know about billionaire entrepreneur Jim Mellon and his interest in rejuvenation biotechnology. But for those of you who do not, we would like to introduce you to him and his exciting work.
About Jim Mellon
Jim Mellon is an entrepreneur and investor with interests in several sectors. He also holds a Master’s degree from Oxford in Politics, Philosophy and Economics. From the mid 1980s he worked as a fund manager in Asia and later in the United States until founding his own company in 1991. Jim is the Co-Chairman of Regent Pacific Group Limited, Chairman of Manx Financial Group plc, Chairman of Plethora Solutions Holdings plc, and Chairman of Port Erin Biopharma Investments Limited. He is also a non-executive director of Charlemagne Capital Limited, Condor Gold plc; West African Minerals Corporation; Kuala Innovations Limited and 3Legs Resources plc; and is also a director of Portage Biotech Inc. Jim has been in the top 10% in the Sunday Times Rich List for several years.
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A write-up on about neural lace and the future economy: https://altleft.host/zoltan-istvan-the-economy-of-the-future-will-be-powered-by-neural-lace/ #transhumanism
Zoltan Istvan, a leading Transhuman, shows us that the economic system of Technocracy needs Transhuman citizens to make it work. This is not surprising because Transhumanism and Technocracy are two sides of the same coin. ⁃ TN Editor.
The battle for the “soul” of the global economy is underway. The next few decades will likely decide whether capitalism survives or is replaced with a techno-fuelled quasi-socialism where robots do most of the jobs while humans live off government support, likely a designated guaranteed or basic income.
Many experts believe wide-scale automation is inevitable. Even the world’s largest hedge fund, Bridgewater Associates, recently announced it’s building an AI to replace its managers, many of whom are highly educated and previously thought invulnerable to automation. Robots, it seems, will manage everything. Or will they?
A next-generation technology, likely to arrive in five to 10 years, is being credited as the saviour of capitalism. Known today as neural prosthetics, or neural lace, it’s essentially tech that reads your brainwaves. This tech promises to connect our brains to the cloud and AI to link us with machines using thought alone.
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Today sees the launch of the biennial UK Space Conference, taking place at Manchester Central, from 30 May through to 1 June. This year’s conference is designed to inspire, enable and connect the UK and international space community.
The multiple plenary and parallel sessions feature informative and interactive presentations, workshops and debates covering a wide range of topics from space science through to how satellite data is being used by many industries here on Earth. The programme has been designed to provide a compelling forum to discuss the changing economic and technological landscape impacting the UK space sector.
Stuart Martin, CEO of the Satellite Applications Catapult, said: “The UK Space Conference provides an invaluable opportunity for those involved or interested in the space sector to gain up-to-date information, network with peers, establish new contacts, exchange information and improve links with government, industry, academia, customers, suppliers, and the financial community.
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Individuals who mine Bitcoins needn’t be miners. We call them ‘miners’ because they are awarded BTC as they solve mathematical computations. The competition to unearth these reserve coins also serves a vital purpose. They validate the transactions of Bitcoin users all over the world: buyers, loans & debt settlement, exchange transactions, inter-bank transfers, etc. They are not really miners. They are more accurately engaged in transaction validation or ‘bookkeeping’.
There are numerous proposals for how to incentivize miners once all 21 million coins have been mined/awarded in May 2140. Depending upon the network load and the value of each coin, we may need to agree on an alternate incentive earlier than 2140. At the opening of the 2015 MIT Bitcoin Expo, Andreas Antonopolous proposed some validator incentive alternatives. One very novel suggestion was based on game theory and involved competition and status rather than cash payments.
I envision an alternative approach—one that also addresses the problem of miners and users having different goals. In an ideal world the locus of users should intersect more fully with the overseers…
To achieve this, I have proposed that every wallet be capable of also mining, even if the wallet is simply a smartphone app or part of a cloud account at an exchange service. To get uses participating in validating the transactions of peers, any transaction fee could be waived for anyone who completes 1 validation for each n transactions. (Say one validation for every five or ten transactions). In this manner, everyone pitches in a small amount of resources to maintain a robust network.
A small transaction fee would accrue to anyone who does not participate in ‘mining’ at all. That cost will float with supply and demand. Users can duck the fee by simply participating in the validation process, which continues to be based on either proof-of-work, proof-of-stake — or one of the more exotic proof theories that are being proposed now.
Philip Raymond co-chairs Cryptocurrency Standards Association. He produces
The Bitcoin Event, edits A Wild Duck and is a frequent contributor to Quora
Jobs in the solar field in the United States grew at a rate 17 times faster than the overall economy. This was part of a larger trend towards jobs in renewable energy and away from more dangerous, less sustainable jobs in fossil fuels.
A new report released by the International Renewable Energy Agency (IRENA) reveals that solar jobs in the U.S. (and other nations) are expanding quickly. As of November 2016, the American solar industry employed 260,077 workers. This is an increase of 24.5% from 2015, with a growth rate that is 17 times faster than the United States economy as a whole.
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Most jobs that exist today might disappear within decades. As artificial intelligence outperforms humans in more and more tasks, it will replace humans in more and more jobs. Many new professions are likely to appear: virtual-world designers, for example. But such professions will probably require more creativity and flexibility, and it is unclear whether 40-year-old unemployed taxi drivers or insurance agents will be able to reinvent themselves as virtual-world designers (try to imagine a virtual world created by an insurance agent!). And even if the ex-insurance agent somehow makes the transition into a virtual-world designer, the pace of progress is such that within another decade he might have to reinvent himself yet again.
The crucial problem isn’t creating new jobs. The crucial problem is creating new jobs that humans perform better than algorithms. Consequently, by 2050 a new class of people might emerge – the useless class. People who are not just unemployed, but unemployable.
The same technology that renders humans useless might also make it feasible to feed and support the unemployable masses through some scheme of universal basic income. The real problem will then be to keep the masses occupied and content. People must engage in purposeful activities, or they go crazy. So what will the useless class do all day?
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The Opportunity of Automation
“Ideally, what should be said to every child, repeatedly, throughout his or her school life is something like this: ‘You are in the process of being indoctrinated. We have not yet evolved a system of education that is not a system of indoctrination. We are sorry, but it is the best we can do. What you are being taught here is an amalgam of current prejudice and the choices of this particular culture. The slightest look at history will show how impermanent these must be. You are being taught by people who have been able to accommodate themselves to a regime of thought laid down by their predecessors. It is a self-perpetuating system. Those of you who are more robust and individual than others will be encouraged to leave and find ways of educating yourself — educating your own judgements. Those that stay must remember, always, and all the time, that they are being moulded and patterned to fit into the narrow and particular needs of this particular society.” – Dori Lessing in The Golden Notebook.
Automation will make most jobs obsolete. Rather than mourn the loss of the 9 to 5, we should see this as an opportunity to liberate humanity from the need to work for somebody else to survive. Coupled with universal basic income, it should be seen as a chance for every individual in society to more fully realize their potential.
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- Mark Zuckerberg spoke at Harvard’s commencement, saying that basic income is an “idea worth exploring.”
- With his endorsement of UBI, Zuckerberg joins a growing list of experts and innovators who believe supporting basic human needs must precede innovation.
This week Mark Zuckerberg spoke to the latest class of Harvard graduates, offering advice about the future and inspiration to grow on. Among his ideas was the notion that universal basic income (UBI), a standard base “salary” for each member of society that can help meet our basic needs regardless of the work we do, is worth exploring.
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