I'm very excited about it. Not because it's booming right now (introduced on Bittrex earlier today and already hitting $~85 per coin) but because it's way for everyone to win.
Here's an excerpt from a Wired article running through it:
"Based in San Francisco, Numerai is a hedge fund in which an artificially intelligent system chooses all the trades. But it's not a system Craib built alone. Instead, several thousand anonymous data scientists compete to create the best trading algorithms—and win bitcoin for their efforts. The whole concept may sound like a bad Silicon Valley joke. But Numerai has been making trades in this way for more than a year, and Craib says it's making money. It's also attracted marquee backers like Howard Morgan, a founder of Renaissance Technologies, the wildly successful hedge fund that pioneered an earlier iteration of tech-powered trading.
The system is elegant in its way: Numerai encrypts its trading data before sharing it with the data scientists to prevent them from mimicking the fund's trades themselves. At the same time, the company carefully organizes this encrypted data in a way that allows the data scientists to build models that are potentially able to make better trades. The crowdsourced approach seems to be working—to a point. But in Craib's eyes, the system still suffers from a major drawback: If the best scientist wins, that scientist has little incentive to get other talented colleagues involved. The wisdom of the crowd runs up against Wall Street's core ethos of self-interest: make the most money for yourself.
That's where Craib's new token comes in. Craib and company believe Numerai can become even more successful if it can align the incentives of everyone involved. They hope its new kind of currency, Numeraire, will turn its online competition into a collaboration—and turn Wall Street on its head in the process."
What do you think?
In my completely uneducated opinion I never like to rely on "auto trading". I have focused on value investing for the past few years (choosing solid companies or products and investing long term) and feel more comfortable doing that as it makes logical sense to me. Of course, if you can do it successfully more power to you!
Each to their own! I enjoy having some my crypto investments free to put into projects I like. At heart I'm a hodler though, in this for the long haul.
Of course this is probably a cliche thing to say at steemit, but I like bitcoin, ethereum, dash, veritaseum, and plenty of silver. Not as interested in gold as I am in silver for apparent reasons to anyone who's really done their research. Not that gold is a negative in any way, just kind of expensive and not as rare as we're told since it's not consumed in technology applications. Also waiting to see what Cliff High's latest crypto reports say so I can do some 'day trading'.
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://www.wired.com/2017/02/ai-hedge-fund-created-new-currency-make-wall-street-work-like-open-source/