AI Taking Over?
I remember watching a movie called AI - Artificial Intelligence - and thinking just how far fetched it was. Well, that was then and this is now.
AI is creeping in everywhere; it is unstoppable, cheap and usable in most mediums.
An app on your phone is a form of AI, driverless cars [heaven help us] and financial advice being delivered by a computer generated image are just a few applications which spring to mind.
Digital robots - a digital service offered by most large web sites - are programmed to perform certain functions. They remove the human flaws of emotion, bathroom breaks, finishing at 5pm, taking holidays and so on.
I have witnessed the most dramatic example of AI over the last 12 months; as the 'early adoption' phase continues in the world of digital [alternative/crypto] currency those who have taken the plunge have been inundated with vast numbers of investment opportunities offering to trade or mine crypto currency or to allow it to 'participate' in a company's endeavours - in return for a hugely surprising return.
As a former IFA I am naturally sceptical but as a blockchain disciple more intrigued than sceptical. I have put one of these 'bots' to the test and the results, thus far, are dramatic.
I have met people who have given up their jobs and cashed in ISAs to generate income far in excess of the salary once paid.
Does it concern me that social media is awash with people offering these opportunities? Yes.
Do I understand the frustration of IFAs and banks at how these folk can promote without having to adhere to strict regulatory guidelines? Perhaps - but the centralised world has had its own way for too long. The aforementioned banks are usually to blame for financial corrections and IFAs peddle the same old off the shelf products claiming they suit all of our differing needs and objectives.
Bots are here to stay; more than a few offer a genuine opportunity to us ordinary folk that previously was only possible to the banks which, in exchange for our hard earned money, lend out at 5 or more % above base rate while offering us around 1% pa in interest before tax. The same banks which trade our money on the foreign exchange and arbitrage markets and make huge returns.
Now, you and I can avail ourselves of these opportunities.
Cryptocurrency truly is for everyone.