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OpenAI CEO Sam Altman Warns on The Danger of AI, Posits that ChatGPT Will Eliminate Jobs

By
Ojukwu Emmanuel
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2

American entrepreneur and CEO of OpenAI company, Sam Altman has warned about the danger of Artificial Intelligence (AI), stating that it comes with real dangers which will reshape society.

Altman, whose company developed the AI chatbot ChatGPT which is currently the rave of the moment, emphasized the need for regulators and society to be actively involved in the technology, to guard against potentially negative consequences for humanity.

He expressed concern that with the high advancement of AI technology, it might be used for large-scale disinformation.

In his words, “We’ve got to be careful here. I think people should be happy that we are a little bit scared of this. I’m particularly worried that these models could be used for large-scale disinformation. Now that they’re getting better at writing computer code, they could be used for offensive cyber-attacks.”

He however noted that despite the danger AI technology might pose, it could be the greatest technology humanity has yet developed. Altman’s warming on the technology is coming after his company OpenAI released the latest version of its language AI model GPT-4, less than four months since the original version was released and became the fastest-growing consumer application in history.

While speaking in an interview, he stated that although the new version was not perfect, it scored 90% in the US on the bar exams and a near-perfect score on the high school SAT math test. It could also write computer code in most programming languages. He also added that the large multimodal model can solve difficult problems with greater accuracy, thanks to its broader general knowledge and problem-solving abilities.

Also, as regards the danger of Artificial Intelligence, Tesla and Twitter CEO Elon Musk has repeatedly issued warnings on the dangers of Artificial intelligence. In 2018 while speaking at a tech conference, Musk stated that AI or AGI artificial general intelligence is more dangerous than a nuclear weapon, stating that there needs to be a regulatory body overseeing the development of superintelligence.

Musk worries AI’s development will outpace humans ability to manage it safely. “There is no regulatory oversight of AI, which is a major problem. I’ve been calling for AI safety regulation for over a decade!” Musk tweeted in December last year. He also voiced concern that Microsoft, which hosts ChatGPT on its Bing search engine, had disbanded its ethics oversight division.

As AI grows more rapidly and widespread, the voices warning against the potential dangers of artificial intelligence have continued to grow louder. The tech community has long debated the threats posed by artificial intelligence. Automation of jobs, the spread of fake news, and a dangerous arms race of AI-powered weaponry have been mentioned as some of the biggest dangers posed by AI.

ChatGPT Will Eliminate Jobs

More so Sam Altman admitted that the ChatGPT could take many jobs off the market. He said that in an interview with ABC News on Thursday where he also admitted that he is “a little bit scared” of the AI-powered chatbot.

ChatGPT has become a darling of the corporate world since it was launched late last year, with companies such as Microsoft incorporating the model AI language into some of its services. This is because of the AI’s efficacy in providing human-like context to queries.

With its capability to solve complex tests, write codes, and essays, the ChatGPT3 has seen wide adoption, racking up more than 100 million users in less than three months after it was launched.

Early this week, OpenAI announced the release of GPT4, which it said exhibits human level intelligence. The company said the improved version can solve difficult problems with greater accuracy – a claim many people who have used it attested to.

“GPT-4 is more creative and collaborative than ever before. It can generate, edit, and iterate with users on creative and technical writing tasks, such as composing songs, writing screenplays, or learning a user’s writing style,” the company said.

The improved performance of GPT4 has fueled the concern that ChatGPT will eliminate many jobs. But Altman said that although the chatbot could replace many jobs, it could also lead to “much better ones”.

“The reason to develop AI at all, in terms of impact on our lives and improving our lives and upside, this will be the greatest technology humanity has yet developed,” he said.

GPT-4 outperforms ChatGPT by scoring in higher approximate percentiles among test-takers, according to OpenAI.

Altman said on Tuesday that it can pass the bar exam for lawyers and is capable of scoring “a 5 on several AP exams”.

The OpenAI executive is not the only one to have expressed fear of the capabilities of artificial intelligence. Tesla and SpaceX CEO Elon Musk, who also confounded OpenAI, has warned that it is  one of the biggest threats to civilization, asking the government to step in with regulation.

Altman told ABC that he’s in regular contact with government officials, adding that regulators and society should be involved with ChatGPT’s rollout. It is hoped that the government’s involvement will help in addressing concerns emanating from its use.

In several tweets last month, the 37 years old called for regulation. He said society needed time to adjust to something so big, warning that the world may not be “that far from potentially scary” artificial intelligence.

Silicon Valley Bank UK Arm Rolls Out Bonuses to Employees Days After it Was Purchased by HSBC

By
Ojukwu Emmanuel
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0

Silicon Valley Bank UK Arm SVBUK has rolled out millions of pounds in bonuses to employees, days after it was rescued from collapse by British multinational universal bank and financial services holding company, HSBC Holdings Plc.

Reports disclose that the payouts of bonuses to employees which included senior executives were signed off by HSBC. Sources familiar with the story reveal that the bonuses totaled between £15 million and £20 million.

Insiders revealed that the payments of bonus payments were a signal of HSBC’s confidence in the talent base at its new subsidiary and that the buyer has been keen to honor previously agreed payments to help retain key staff. They further noted that had it been the bank wasn’t rescued from collapse, the bonuses wouldn’t have been paid so soon.

For 14 years, Silicon Valley Bank UK (SVB UK) has been supporting the UK innovation ecosystem, becoming the partner of choice for start-ups, scale-ups, venture capitalists, and private equity firms. SVB UK was a subsidiary of Silicon Valley Bank, a Delaware corporation and subsidiary of SVB Financial Group. It entered the UK market in 2004 and is serving the UK technology and life-sciences sectors, assisting entrepreneurs, investors, and innovative companies, and building a portfolio of loyal customers. It has used deep sector knowledge, expertise, and capabilities to serve and grow this critical part of the economy.

It would be recalled that when Silicon Valley Bank witnessed a financial implosion that sent shock waves to so many tech startups, HSBC’s banking franchise in the UK announced that its UK ring-fenced subsidiary, HSBC UK Bank plc, will acquire the bank for £1.

Speaking on the acquisition of the tech-focused bank, Noel Quinn, HSBC Group CEO, said, “This acquisition makes excellent strategic sense for our business in the UK. It strengthens our commercial banking franchise and enhances our ability to serve innovative and fast-growing firms, including in the technology and life-science sectors, in the UK and internationally.

“We welcome SVB UK’s customers to HSBC and look forward to helping them grow in the UK and around the world. SVB UK customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety, and security of HSBC. We warmly welcome SVB UK colleagues to HSBC, we are excited to start working with them.”

HSBC will update shareholders on the acquisition in its 1Q 2023 results on 2 May 2023. UK politician Jeremy Hunt disclosed that the rescue was critical to preserving funding for some of the UK’s most promising start-up companies.

In his words, “The U.k’s sector is genuinely world-leading and of huge importance to the British economy, supporting hundreds of thousands of jobs. We have worked urgently to deliver on that promise and find a solution that will provide SVB UK’s customers with confidence”.

MTN Nigeria Reveals Plans to Merge Its Two Financial Subsidiaries Momo PSB and Yello Digital Financial Services

By
Ojukwu Emmanuel
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0

Multinational mobile telecommunications company, MTN Nigeria has revealed plans to merge its two finance subsidiaries, Momo Payment Service Bank Limited and Yello Digital Financial Services Limited to form one company.

This was revealed in the company’s proposed resolutions for its 2023 Annual General Meeting scheduled to hold on the 18th of April 2023, at the Balmoral Convention Center.

MTN disclosed that the proposed merger will hold the Payment Service Bank license granted by the Central Bank of Nigeria (CBN) and will also be capable of performing super-agent services and other permissible activities.

Speaking on the merger of Mono PSB and Yello Digital Financial Services (YSFS), MTN’s board of directors said,

“It has been proposed that two of the company’s subsidiaries (MoMo PSB and YDFS) be merged and integrated to form one company, which will hold the Payment Service Bank license granted by the Central Bank of Nigeria and will also be capable of performing super-agent services and other permissible activities. It is anticipated that the merger will enhance the value for the company and its shareholders.” the director stated in the document.”

Also commenting on the Merger, Regarding Momo PSB and YDFS, MTN Nigeria’s CEO Karl Toriola stated that it demonstrates solidarity for the federal government’s drive towards financial inclusion in Nigeria.

He added, “Not just for those in urban centers and markets, but also people in rural and remote areas of the country who remain excluded from the financial system.”

MTN Nigeria’s fintech subsidiary, Mobile Money Payment Service Bank (MoMo PSB), has so far gained traction and contributed to the country’s financial inclusion push. Within a few weeks of commencing operation, the PSB generated transaction volumes of approximately 7 million.

In May 2022, MoMo PSB formally commenced operation following the final approval for a Payment Service Bank (PSB) granted by the Central Bank of Nigeria (CBN).

The key objective of issuing a PSB permit by the CBN was to boost financial inclusion, especially in rural areas, and facilitate transactions.

Momo PSB is a partner in facilitating the actualization of the CBN’s financial inclusion strategy. It is also part of the overall 2025 strategic priorities of the MTN Group.

On the other hand, Yello Digital Financial Service (YDFS) is a subsidiary of MTN Nigeria, which secured a license to begin operations from the Central Bank of Nigeria in 2019. In June 2018, YDFS, registered as a financial technology company in a bid to meet the criteria for a CBN license, was created; it is MTN’s core foothold in Nigeria’s financial ecosystem.

The Super Agent license enables the scale launch of MTN Nigeria’s fintech strategy. The license will enable MTN to convert its existing airtime agents and recruit other small businesses to distribute financial services.

Through its fintech offerings, MTN seeks to unlock economic growth through financial and digital solutions for consumers and businesses of all sizes in Nigeria.

The Show of Violence Called Election in Nigeria

By
Stanley Alieke
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0

God willing, this will be the last time I will ever write about Nigerian politics or discuss it. It is draining, disheartening and heartbreaking that things like these still go on in Nigeria in the name of politics and electioneering. 

Here I was thinking that the 25th February 2023 general election is the worst election ever conducted in the history of politics in Nigeria. Little did I know that the worst is yet to come and it will be the gubernatorial election conducted today. It really does seem that the Nigerian system grows from evil to evil; from bad to worst. Never in my life have I ever seen or experienced this level of election thuggery and brazen display of violence that took place today in the guise of the election. 

It appears that everyone who stepped out to vote today was attacked, especially in Lagos state. There is a flood of blood flowing on social media pages from attacks by thugs on victims in the polling units. Even celebrities and public figures were not left out; the nollywood legendary Actress; Chioma Chukwuka had to run for her life from her polling unit after being attacked, same with Kate Henshaw.

Everyone was attacked; both old, young, man or woman, even the media personnel covering the electoral processes were attacked; an Arise Tv reporter was brutally attacked and beaten and his media equipment was seized by thugs. If you dare to cast your vote and you are seen or marked or appear like someone who will not vote for APC in Lagos state thugs will mob you and chase you out of the polling Unit. 

Some were disenfranchised merely because they looked like Igbos, even after their series of claims that they are Yourubas and should be allowed to vote, they weren’t allowed to vote. Once you look like an Igbo person you will not be allowed anywhere close to the polling unit; this is what Nigerians experienced today, the 18th day of March 2023 in Lagos state. 

Mc Oluomo was seen in a video threatening the Igbos yesterday that if they know they won’t be voting for the Yorubas they should rather stay in their house and not dare to come out; thugs were as well seen in the early hours of today chanting that those who won’t be voting for APC in Lagos state should stay at home otherwise they will meet their Waterloo. 

To top it all, Seventeen INEC ad-hoc staff were abducted today in Imo state. How can all these be happening in 2023? Maybe it has always been happening in previous elections but the availability of technology and smartphones made it possible for people to now record what is happening and for the whole world to see what has been going on in the animal kingdom called Nigeria. 

I have never been this scared of going out to vote and scared for the lives of those that went out to vote. You will be attacked from nowhere by some thugs who have nothing to lose. 

Nigeria is really an animal kingdom; the thought that this election despite the obvious reasons is not an election but a display of violence will never be cancelled and some impostors will be declared winners of this election is saddening.

Fed fear, and lack of confidence in long term durability of $USD

By
John Mc Keown
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0

During the week, I released an article for Tekedia institute.

https://www.tekedia.com/the-success-of-the-cryptocurrencies-of-the-future-will-depend-on-their-ecosystem-having-a-strong-and-diversified-gdp/

The article, entitled: ‘The success of the cryptocurrencies of the future will depend on their ecosystem having a strong and diversified GDP’ took an aside to explain how the US dollar is under pressure from two sides.

‘With the US Debt/GDP running at 120.36%. USD position as the defacto international trade medium is critical to its stability, and the life of the US economy.

There is a fight the USD now feels it has to wage, not only against a diversification away from the dollar by sovereign actors, but also by increased interest in cryptocurrency payment media by global corporations and domestic individuals.

The US is increasingly seeing a world not transacting in dollars, and doesn’t like it.’

Barnett Frank, familiarly known as ‘Barney Frank’ was a member of the U.S. House of Representatives from Massachusetts from 1981 to 2013. He served as chairman of the House Financial Services Committee from 2007 to 2011.

Yesterday, Wall Street Journal – Opinion Reported:

Barney Frank says regulators seized Signature Bank last weekend because they wanted to send a message to other banks not to do business with the crypto industry. The evidence increasingly suggests the former Congressman could be right….

…New York’s Department of Financial Services took possession of Signature on Sunday after it experienced a run on deposits following the collapse of Silicon Valley Bank (SVB).’

Unfortunately for them,  the plan of the regulator has backfired.

https://www.msn.com/en-us/money/markets/wsj-opinion-was-svb-the-first-twitter-fueled-bank-run/vi-AA18GdQK

While ‘Blockchain Industry Assets’ across the board fell during FTX, and fell during Silvergate, SVB was seen as an established piece of the traditional banking community. Attacking Signature, was going even deeper into ‘traditional’ territory.  This prompted a recovery of Blockchain Industry Assets as investors piled into them as one of several alternatives to the traditional banking community.

It is well publicized that my brand, 9ja Cosmos, achieved the first Web 3 ccTLD (Country Top Level Domain)  in the world (for Nigeria) in September last year.

9ja Cosmos operates off Handshake, which is a hard fork of Bitcoin. It’s native currency is a token called ‘HNS’ Between the week spilling over from October to November 2022, HNS hit an all time low of $0.0194. It had recovered in early 2023 to above $0.04 but in empathy with what other Blockchain Industry Assets were doing in the wake of Silvergate, it dropped to just above $0.03.

On SVB, and further, Signature news, HNS has rallied and is now above $0.04 as of this instant.

The creation and sale of Web 3 Domains off the Handshake chain is the utility that drives the value of the HNS coin.

While 9ja Cosmos main products are Second Level Domains off .9jacom and .9javerse. in a non-core part of our operations, we separately sell complete TLDs to peers. 2023 to date, we have sold 177 TLDs alone.

This isn’t a boast but just an indicator of the power of the Blockchain Asset Industry as a whole, something in which 9ja Cosmos is just a very small part.

As indicated by Barney Frank, this is an industry of which Sovereign Finance Actors, are very, very afraid.

We do however need to break from this habit of seeing Blockchain Industry Assets as rising in value simply because they become worth more $USD.

The $USD creates its own value momentum. If the Fed raises interest rates, $USD rises against other instruments. When they indulge in quantitative easing by printing a load of new money, the $USD falls against other instruments.

If a Blockchain Industry Asset has done nothing particularly new in the period to add value, then Fed shenanigans don’t make it worth more (or less). Real improvement in a particular Blockchain Industry Asset needs to be benchmarked against average performance of the industry as a whole.

Blockchain businesses need to change focus to products customers and community members can monetize through bringing their own additional work, and creativity to add REAL value…  we need to move away from products that are simply consumed… ‘collected’… or hoarded in the hope the $USD will develop a self-inflicted value problem.

For about the last six months, HNS has outstripped most things, demonstrated by the value of 9ja Cosmos products and those of some of its peers.

Hence why that article was entitled: ‘The success of the cryptocurrencies of the future will depend on their ecosystem having a strong and diversified GDP’

9ja Cosmos is here…

Get your .9jacom and .9javerse Web 3 domains  for $2 at:

.9jacom Domains

.9javerse Domains

 

All reference sites  (including those in article body) accessed  18/03/2023

https://en.wikipedia.org/wiki/Barney_Frank

https://www.wsj.com/articles/signature-banks-crypto-execution-c707bb48

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