In the ever-evolving landscape of technology and innovation, both blockchain and artificial intelligence (AI) have captured significant attention.
Let's think about blockchain for a bit. Blockchain technology has been met with considerable hype, promising revolution across various industries. However, this enthusiasm has not translated into success for most ventures in this space. Research indicates that approximately 95% of blockchain startups fail within a year of operation. Contributing factors include market volatility, regulatory hurdles, and the lack of clear use cases.
A notable example is the collapse of Terra's LUNA cryptocurrency in 2022. In just one week, $45 billion was lost, illustrating the inherent risks associated with blockchain projects.
AI startups are now experiencing their own wave of excitement and investment. However, they too encounter significant challenges. Over 80% of AI projects fail due to issues like insufficient market demand, operational difficulties, and ethical complexities.
Consider this: approximately 42% of AI startups fail because there is insufficient demand for their products or services. Not to mention, many AI ventures struggle with resource mismanagement, inadequate expertise, and scaling difficulties. You also have the additional challenge of navigating the evolving landscape of AI ethics and regulations adds layers of complexity that can impede progress. There's not exactly decades of history to refer to regarding legal precedent with AI.
A lot of the hype and marketing I see today looks just like what I saw a few years ago, except instead of "blockchain" it says "AI" now. There are consulting firms, integration firms, everything. Is this just a sign the industry is just endless fads with no actual commercial usage?
Bitcoin was hyped as reinventing the world's economy. Sure, it found a few usages, like replacing Western Union, or also by essentially becoming "digital gold" that people can just acquire and sit on, but last time I looked, VISA/Mastercard and the like were still doing 98% of the world's commerce. In other words, Bitcoin fell far short of where many of its proponents said it would land years ago. Looking around at all these AI firms, I wonder how many of them will even exist in 3 years.
I could substitute some other examples but the two most recent events I had attended were those two nationalities / heritage. In the past, it's been Portuguese, Polish, French, Irish and probably a few more I've forgotten.
I think if you want to understand the American view on patriotism, just have a giant crowd of people who rarely, if ever, leave their country, speak only English, are fed propaganda that their country is the best in all areas, has massive problems with education, and then you have the American public.
If you are told your country is the best, are very incurious and are fed propaganda, you will love your country unconditionally. I don't want to give you the impression that everyone in the country is brainwashed, I'm just trying to convey that at least a percentage of our population honestly believes they live in the best country in the world.
Don't get me wrong, the USA is still highly developed and has its strengths, but if you look at some (what I believe to be) important statistics like, life expectancy, literacy rate, happiness index, internet speed, press freedom, we sure as hell aren't #1, but we aren't in last place either.
It's been sad to watch science come under increasing criticism instead of developing positively. Just today, a new budget was proposed for the federal government that makes sweeping cuts to quite a few organizations, like the Department of Energy, the Environmental Protection Agency, NASA (our space agency), and most importantly, the National Science Foundation.
The one thing that I feel good about is even if we drop the ball here in the USA, other countries won't stand still and will continue to fund and pursue science, technology and education.
The reasons above is why I find it hard to be excited and wave an American flag around on the 4th. Things could be worse but they could be a hell of a lot better too.