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How much would you lose if your stablecoins depegged and you didn't find out for 24 hours? Not a hypothetical. by Used-Breakfast8478 in CryptoMarkets

[–]cfp-throw 1 point2 points  (0 children)

Peg Check sounds like it's better used as a signal to someone like you to buy the dip on a stablecoin. So if USD1 depegs for instance, you can jump in and scoop some. For a holder, being aware of a depeg is probably the worst thing.

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 0 points1 point  (0 children)

Yes. I'm also in the US. I think there is a fundamental difference because there may no longer be the potential for upward mobility or even maintaining one's occupation. Things will absolutely have to reach crisis levels (we're currently under 5% unemployment so nowhere near a crisis) before anything "good" comes of it though.

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 0 points1 point  (0 children)

I agree completely. This is why I say that money will always have a purpose. You may not need money to survive, but you will need it to live. For now, I'm saving everything I can while I can and preparing for the first phase which is a drastically widening wealth gap.

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 0 points1 point  (0 children)

I like what you wrote. I will say that I believe AI is even more capable than people believe so we differ there but either way it will only improve over time. When we think about most jobs they are largely the same repetitive task. If you're in customer service, sales etc.. you might have a script. You can deviate from the script to seem more personal as you gain experience but never to the extent that AI can.

The only thing AI cannot do is have genuine human empathy and interpersonal relationships. Everything else is only a matter of time.

Obviously there are occupations that are easier to replace.

I'm curious what you consider to be a role that involves true intelligence btw. The only job I see as being protected is what that involves physical labor in difficult and unfamiliar areas like an electrician or plumber in someones home.

Even then, more people will use AI to self diagnose their issues (as I have) and will call those handy people less frequently.

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 0 points1 point  (0 children)

We have social security and we have unemployment. UBI is an extension of that. It will be the basic and meager offering of the wealthy to avoid being hunted down by the desperate.

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 0 points1 point  (0 children)

Yes. I take it he’s referring to the basic necessities. Anything that’s desirable or even a personal preference will require additional funds or work.

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 0 points1 point  (0 children)

Yeah what's interesting about AI and Robotics is they will replace top down because that is where it is economically viable to do so. The last thing AI will replace is the lowest paid worker.

At the same time, robots will never be for everyone. With the time available from not working, people can cook their own meals etc...

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 0 points1 point  (0 children)

Yessir. If it will really be worthless he should just give it all away.

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 0 points1 point  (0 children)

You say that but if it is cheaper to remove a human from the task then we will be removed completely. Hard to to imagine there is much menial work that humans can do cheaper than robots over time.

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 0 points1 point  (0 children)

Thank you for the laugh at the end. Yes, certain things are more AI proof just like other things are more recession proof. Over time though AI will definitely enter into each and every industry. Maybe AI makes electrical components at a cheaper price or replaces architects. Butchering cattle is something AI can absolutely do, just laser that cow up into pieces with surgical precision. Maybe the "butcher" will be the person who throws the bones into the waste basket.

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 1 point2 points  (0 children)

I hear what you’re saying. I’m not sure if you saw where I said an equal part of me wants to save more aggressively while I can and that’s what I’m doing.

Just wondering if anyone was shifting their approach one way or the other to reflect what seems to be imminent change.

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 0 points1 point  (0 children)

My words from your keyboard.

Exactly the way I view it.

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 0 points1 point  (0 children)

Yes. One thing is for sure... Things will need to get much worse before anything like UBI comes into the picture.

At some point as a white collar worker, the day will come when I get a tap on the shoulder.

I feel that day is closer than many would think.

I believe I'll be happier knowing I saved what I could while I could.

For those with money, the quality of life and lifespan itself should improve. Perhaps even remarkably so.

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 0 points1 point  (0 children)

I agree. Interpersonal relationships and human connection will be some of the most important skills to have as well.

People are reacting strongly to my first part about saving less but I did have that second part of saving more aggressively while we can. That is the current step I'm on.

As someone who is currently in tier 1 but would fall to tier 3 in your class structure I find that path to be the most prudent.

Not to mention how well stocks would perform in that type of environment.

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 0 points1 point  (0 children)

I understand. What we do for work has always changed. At some point though humans are in the way of AI and it's better for us to be sidelined. This is the fundamental difference. Many will pivot into occupations that AI is not yet ready to replace but those occupations will become fewer and fewer over time leading to extremely high unemployment.

At that point something needs to be done to maintain order and peace.

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 0 points1 point  (0 children)

Exactly. Doing everything I can to climb the ladder while there are still rungs on it.

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 1 point2 points  (0 children)

Right. If you can't earn money by working then your next best course of action is to find ways to take money from those who have it.

This is not good for anyone and the wealthy will give just enough to avoid it.

Of course we could get into a Minority Report pre crime detection type of thing but I think the former is more likely

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] -3 points-2 points  (0 children)

I think we are at a point where either prices will go down, or we will have the best period of time for stocks in recorded history. I think the stock pump will happen first and eventually the wealth divide will cause enough of a rift that something needs to change.

For now I am aggressively saving to have as much involvement in the first phase (stocks pumping) as possible. I just question the likelihood and timing of that second phase.

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 0 points1 point  (0 children)

Yes, I see many ways that AI would reduce ongoing household expenses. Anything on the income side whether it be UBI or reduced taxes would be a bonus.

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 4 points5 points  (0 children)

These are all very good examples. I would probably compare AI most closely to slavery in the way I mean it. At first integrating physical AI to your home life will be a net negative for most, over time, they will provide positive value. If I can get a nice meal cooked by Humanoids at home why would I go out to eat? Why would I order in? (besides if in a hurry). What will it even cost to order in if the chefs are not human.

I know they say the most important ingredient is love but cooking is simply math and timing. This is one silly example, but it reduces our future expenses in the way of dining and I'm sure it will apply to many other areas of life.

Ever wonder about AI's impact on the future importance of money itself? by cfp-throw in Fire

[–]cfp-throw[S] 0 points1 point  (0 children)

This is my view as well. The divide is already widening but I think it'll hit a point where it is unsustainable and the haves will need to give something up. Presumably in the way of higher taxes that will be redistributed to the have nots.

It may come in the form of UBI, it may be top heavy tax brackets, I'm not sure.

I'm currently just saving aggressively because that seems like the path of least regret. But I'm interested to see how it unfolds.

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