By Eric Peters, CIO of One River Asset Management
Normal: The most volatile and fascinating periods in human history - including the greatest bull and bear markets - are driven by mass manias. These in turn have been fueled by the universe’s most powerful force: human imagination. Such periods are abnormal, and it appears Covid marked the very beginning of one. Enter Artificial Intelligence (AI). Eliezer Yudkowsky is an autodidact without a high school degree. He’s not normal. Check out his exchange with Chat GPT-4 [click here] and follow it to the end (10mins). Then engage with GPT-4. Glimpse a growing intelligence for yourself. Explore its imagination. And consider how it may spark ours.
Crypto: History is littered with speculative manias. South Sea bubbles. Dutch tulips. Sock puppets. After a volatile boom, they bust. Spectacularly. And that’s it. They flatline forever, done, dead. Bitcoin hit ~$69k at the Nov 2021 highs. A year later it was ~$15.5k, one of many busts. FTX had collapsed, the fraud exposed. Politicians piled on. Regulators too. Never in modern economic history has a ~$1trln asset been subjected to such a highly coordinated attack by those in power. Yet the most secure network in human history carried on, unperturbed, uninterrupted. Bitcoin is now ~$44k. A tell. Imagine what would happen if crypto and AI become conflated.
