In an in-depth article by Ben Dickson on CoinTelegraph, he delves into how hedge funds are heavily investing in the use of machine learning and Artificial Intelligence for making massive investment decisions derived based on a massive amounts of data it is made available to and studying the trends, with the end goal of, obviously, turning a profit.
Machine Learning and Artificial Intelligence has made an already massive impact in some facets of our modern day.
From Coin Telegraph:
This is the approach that has helped create systems which are efficient at parsing the content of images and video, understanding and translating the context of spoken and written language, saving power, diagnosing cancer and more. Many believe that the same technology can transform financial markets.
Though, the efforts of machine learning and AI aren’t really quite there yet, as the article goes into:
While machine learning does show a lot of promise in finance and trade, it still has to overcome several obstacles in the coming years. Skeptics doubt that anything short of human-level AI will be able to handle all the mysterious parameters that influence financial markets, such as news events, politics, economics, and other events such as natural disasters.
It is inevitably going to surpass human’s capability to consume mass amounts of data and derive a conclusive and correct decision than any human being may ever accomplish soon enough:
As Eric Schmidt, former CEO of Google and current executive chairman of Alphabet believes, in 50 years no trading will be done without computers dissecting data and market signals.
In my opinion, this will be a system that will, if anything, drive the gap between a regular citizen with a institutionalized power-house which will be able to make massive profits all while providing almost 0 intrinsic value to the economies it is profiting from.
Though, to my mind, there is nothing inherently unjust, with doing so, it creates a huge chasm between individuals and further separates human beings in segregated classes of human beings. If any civilization of history has a lesson to instill in us today, it would be, that once a coagulation of power is too prominent at a centralized point, and regular people start to become classed differently from the “Elite Class”, it has always ended in disaster.
How This Relates to Steemit
Interestingly, we here on Steemit are experiencing a similar phenomenon, albeit on a microscopic scale in comparison with much lower stakes, but ultimately a similar situation of bots making decisions on which commodities (posts) gets its investment based on its potential to drive a optimal Return of Investment.
Given that attention is not placed on veering away from ROI-focused bots making a decision on a supposedly content and value-based social platform should be, which earnings should be derived from intrinsic value brought forth by the author rather than for an ROI, it inevitably drives out amazingly talented content-creators.
This is in the best interest of everyone.
There is value in Steem tokens only if there is value on Steemit and Steem platforms. For the continued growth of Steemit, content with value have to be rewarded. That is the only way that we can keep talented creators to continue to flow in Steemit and to have a sustainable platform. It is upon us as the Steemit community to make this happen.
As such, supporting of human-curated content with an eye out for true intrinsic value is paramount for the continued growth and success of Steemit as a platform.
Luckily, there are many groups of curators already at work here on Steemit, with a spotlight upon @Curie. However, it is still up to everyday Steemians as well, to source out, curate and engage with content that has high amounts of value.
In doing so, we may hopefully continue to thrive in, what I personally believe to be a once-in-a-lifetime opportunity to be on the frontier changing the social media landscape and usher in a platform which will not only reward content creators with monetary value, but in doing so, to engage them to further create amazing work with less worries for monetary issue.
That is an almost utopian fantasy, and we have an opportunity right now to bring it one step closer to fruition. As a fellow Steemian, I say I do not want to squander this opportunity, rather to seize the living day out of it and something amzing may come of it.
God Speed Brethren.
img credz: pixabay.com
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