# Lessons from Crypto: What A.I. Hype Can Teach Us
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Chapter 1: The Rise and Fall of Cryptocurrency Hype
There was once a time when the excitement was palpable. People globally were captivated, anticipating a revolution. Predictions were made about the imminent collapse of capitalism and the global financial system. Wealth inequality would be a thing of the past. The notion was that anyone could effortlessly mine digital currency while they slept. Enter cryptocurrency. However, that initial excitement has largely dissipated.
Today, cryptocurrency accounts for roughly 0.023% of the world's financial resources. The global economic structure remains intact. Unfortunately, due to high-profile scandals involving figures like Sam Bankman-Fried, many now perceive crypto as a modern-day pyramid scheme—a product of exaggerated tech hype.
While the Artificial Intelligence (A.I.) sector is not a scam and indeed holds significant potential for both business and society, the current buzz surrounding it may hinder rather than promote genuine progress. The A.I. industry could gain valuable insights from the hype surrounding cryptocurrencies and other tech bubbles, like Theranos.
Section 1.1: The Perils of Overpromising
The primary issue lies in the tendency to promise too much while delivering too little, leading to inevitable disappointment. The rampant hype—characterized by self-proclaimed "experts" boasting minimal experience—serves only as a symptom of a larger problem.
On social media platforms (formerly Twitter, now X), there is a relentless stream of proclamations about the transformative power of A.I. The excitement is such that it could make carnival barkers seem subdued. Claims are made that traditional tools like PowerPoint, Excel, and even email are on the brink of extinction. Yet, none of these assertions hold water.
Historically, no technology has caused such sweeping job losses in mere days, months, or even years. For instance, the transition to automobiles resulted in far more horses losing their jobs than humans. While some workers were displaced, the overall employment landscape evolved over decades, not overnight.
The current fervor surrounding digital technologies isn’t new, but the intensity of A.I. hype is unprecedented. The real challenge arises when reality fails to meet the inflated expectations. When the market calls for proof that isn't there, disillusionment sets in.
Subsection 1.1.1: The Impact of Industry Drama
The recent upheaval surrounding Sam Altman's dismissal from OpenAI has negatively impacted the A.I. sector. There is now a split between those who continue to push forward and those advocating for a more cautious approach.
For the vast majority of consumers—99.5% of whom lack a deep understanding of A.I.—it's all about the buzz and headlines. This phenomenon isn't exclusive to A.I.; many smartphone users likely utilize only a fraction of their devices' capabilities.
Section 1.2: The Role of Silicon Valley's Elite
Compounding the challenges for the A.I. industry are the sweeping pronouncements from Silicon Valley leaders, who often express libertarian ideals with little regard for societal implications. These attitudes further alienate the public and ultimately harm the A.I. sector.
Chapter 2: Avoiding the Wall of Disillusionment
The hype machine shows no signs of slowing down. However, it may eventually become akin to a persistent dog scratching at the door, only to be ignored. This is evident in the continuous stream of new cryptocurrency offerings flooding digital platforms.
The public has largely tuned out the crypto chatter, much like how we ignore banner ads and other intrusive content. Crypto has reached a point of social rejection, and if the A.I. industry isn't cautious, it too might collide with this wall—perhaps even more violently.
What the A.I. Industry Should Embrace Moving Forward
Companies like Microsoft demonstrate a more effective approach. They have seamlessly integrated Generative A.I. (GAI) tools into their product offerings. By incorporating ChatGPT into Bing, users can engage with the technology, which is crucial. Playful interaction often drives technological adoption.
Apple serves as another prime example of a measured approach. Instead of succumbing to hype, Apple recognizes how consumers interact with technology. Their gradual software and hardware updates for macOS and iOS reflect a careful balance that avoids overwhelming users.
The A.I. sector has leaned heavily on a hype narrative filled with bold claims and scant evidence, which has only fostered distrust and apprehension. Such tactics don't promote sales.
Moreover, A.I. leaders advocating for regulation have been seen as attempting to create barriers to competition rather than genuinely caring for humanity. This perception further detracts from their credibility. The hype appears to be more about capitalizing on a feeding frenzy than serving a greater good.
A.I. stands as one of humanity's most significant technological advancements. However, like any technology, it presents both opportunities and risks. The potential downsides may be more severe than those of previous innovations, while the benefits could be equally transformative.
Interestingly, the overhyped nature of A.I. might ultimately prove beneficial. Mass disillusionment could lead the public to dismiss the exaggerated claims, prompting businesses to approach adoption with a more discerning mindset.
Predicting the trajectory of this situation is challenging, but early signs indicate that people are becoming weary of the hype. As time unfolds, we may witness a proper kerfuffle in the A.I. landscape.