Arthur Hayes, Co-founder and former CEO of BitMEX was at Token2049 conference in Singapore, where he discussed the transformative impact of artificial intelligence (AI) on our world, the critical role of decentralized storage solutions in this AI-driven age, and the importance of crypto as a powerhouse for the AI economy.
The co-founder highlighted the dominance of AI as a dominant theme in today’s technology landscape by recalling several business meetings he attended with global asset management firms and wealth experts. He noted that AI has consistently become the dominant topic of discussion and has generated great interest, similar to the rise of the Internet in the early 2000s.
He continued that while “with every cycle of new technologies that completely transform the human experience” from radio to railroads, “there is always something that catches our attention,” “AI is no different.” The impact of AI, as previous technologies have shown, is that it will add significant value to the world, potentially worth trillions of dollars.
Citing ChatGPT as an example, he said that it is the “fastest technology ever introduced in the history of humanity” and that many new startups are tending to adopt ChatGPT LLM to add value to the world.
Another important event in the global market that he mentioned is the performance of NVIDIA stock. It rose over 206% from January to August 2023. NVIDIA is a leading AI company known for its graphics processing units (GPUs) and related hardware and software products.
They are widely recognized for their contributions to computer graphics, gaming, artificial intelligence, and deep learning. NVIDIA GPUs are used in a variety of applications, from gaming graphics to high-performance computing tasks such as scientific simulations and AI research.
AI and decentralized data storage
Elaborating further on AI, Arthur added that computing power and data storage is one of the key requirements of AI. He noted that the required data storage solutions must be built on a decentralized model. Why?
“By storing your data in a central company, that company can stop your service due to government orders, change prices at any time because it is their data center, and terminate contracts at any time,” he said.
Arthur also compared AI to a new economic entity, arguing that it operates independently of traditional human laws and regulations. As governments struggle to regulate AI, cryptocurrencies could serve as a means to facilitate transactions with these intelligent entities.
Filecoin, crypto and AI
With the help of decentralized storage systems and the rapidly evolving technology market that includes AI, blockchain and crypto, crypto will most likely be the best solution for such an economy, according to Aurthur.
Combining the power of AI, the need for a decentralized data storage system and crypto to drive the economy, he showed that Filecoin is suitable for the market.
Filecoin is a decentralized storage network and cryptocurrency designed to create a global marketplace for data storage and retrieval.
It allows users to rent out their unused hard drive space in exchange for Filecoin tokens (FIL) or purchase storage space from others on the network.
Reflecting on his investment portfolio and the missed opportunities in emerging AI startups and cryptocurrencies, he told the audience that he invested in Filecoin because of the potential the project holds for the future of the financial market.
While FIL saw a significant decline in value, Authur expressed confidence in its potential given its real-world usage and collaboration with institutions such as CERN, NASA and universities.
Finally, he urged participants to view the intersection between cryptocurrency and AI as a powerful force shaping the future of finance and technology.
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