Author: David Hoffman, Bankless; Compiler: Deng Tong, Golden Finance
Every bull market cycle is defined by the mania it breeds.
I now support this view:
Two parallel industries each contain huge potential energy, and are colliding, creating a huge bubble.
The flow of U.S. dollars into BTC ETFs is like jet fuel being pumped into a rocket ship and will soon push capital downstream, risking half of the cryptocurrency market. Soon, possibly in May or November, an Ethereum ETF will be approved and further capital flows will boost the blue chips of the cryptocurrency market.
Meanwhile, Nvidia’s $2.2 trillion market capitalization has almost single-handedly captured this narrative growth in traditional stock markets. Tech giants like Google and Microsoft are pushing for Web2 to capture the AI zeitgeist and change the future of the tech market. Beyond that, Silicon Valley is continuing to pour the vast majority of its startup capital into artificial intelligence.
The era of artificial intelligence has arrived.
Just one question. AI without encryption is a massively centralized phenomenon, with Web2 companies and their leaders controlling all the wealth and power that comes with AI. This is a question that AI thinkers and philosophers have been touting long before AI entered the public consciousness, and now AI is giving The centralization problem that comes with wealth and power is emerging.
An important quote from Peter Thiel:
“Cryptocurrencies are decentralizing and AI is centralizing. Or, if you want to describe it more ideologically, cryptocurrencies are libertarian .”
Cryptocurrency and artificial intelligence are on opposite sides, but they are not opposing forces. They are better together, and together, they will create a whole that is greater than the sum of its parts. AI needs cryptocurrencies to avoid creating a centralized dystopian oligarchic hellscape, and cryptocurrencies need AI to realize their full effectiveness and power!
Decentralized AI
I think we will hear the term “decentralized AI” a lot in 2024.
Centralized Web2 AI has a huge monopoly on data and computing. They will devote all their resources to the development of artificial intelligence models to produce the most versatile and powerful models possible. They will stifle competition and limit innovation. They will seek regulatory capture and try to solidify their position. They will make a very small number of people extremely rich and powerful, and they will become our new overlords.
Banger line from @caseykcaruso:
"We all hope for open source artificial intelligence, and the widespread development of customized models suitable for various purposes , but the driving force behind economies of scale in AI models is very powerful. Data monopoly and computing monopoly limit the development of open AI models."
— DavidHoffman.eth/acc (@TrustlessState) February 27, 2024
The idea here is that we have a broad Interested in AI models - models of everything: models of music, movies, art, personal assistance, trading algorithms, recommendations and curation...
We want to have as many AI models as there are blogs and websites Model. By democratizing AI models, human creativity, expression, and value creation will flourish.
But due to centralized artificial intelligence, we cannot do this.
We need decentralized artificial intelligence.
Today, models are primarily trained on the publicly crawled Internet. What if 100 million users contributed their private data from siled platforms to create user-owned underlying models?
— Anna Kazlauskas (@anna_kazlauskas) March 4, 2024
Distributed Computing
The AI x Crypto narrative begins with the decentralized computing layer—the lowest layer of the AI x Crypto technology stack.
Decentralized computing has long been a crypto space – there’s nothing new here. The only new thing is the massive price action these platforms have seen since the rise of the AI investment cycle. The bid behind decentralized computing platforms continues to grow as Nvidia adds billions to its market value and OpenAI launches new artificial intelligence products that redefine society.
Filecoin - 100% increase in 30 days;
Arweave - 200% increase in 30 days;
Render - 300% increase in 3 months;
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Bittensor - up 1250% in 5 months.
These are just four of my picks. There are also hundreds of companies of varying quality levels that have made huge moves in the past few months.
Some of these projects have real foundations. Some of them are actually experiencing growth due to the rise of the AI industry.
But overall, their price action is entirely speculative and based on a perception of future adoption in the AI industry, or a perception of greater fools in the future.
In my opinion, it is the latter.
Memecoin
WorldCoin is a very real project, with a very real founder, a real team, and a real vision. Its current valuation is very unreal. Reaching $63 billion, this can only be explained by those who are trying to get their hands on artificial intelligence, and they are using WLD to do so.
This is what cryptocurrencies offer the AI industry: Tokens and liquidity.
Our industry is made up of fast-moving, radical innovators who are pushing the limits of technology.
The pace of regulation and public market bureaucracy is unsatisfactory and restrictive. As Crypto x AI, we won’t wait for the old guard and the strong to catch up to us, we will surpass them and build a better future.
But before all the AI builders learn to use cryptocurrencies, before all the cryptocurrency builders learn to use AI, we will be the first to be hit by the wave of AI Memecoins, and the wave of AI Memecoins will exceed them.
The overlap between AI and cryptocurrencies is real – it will only be preempted by spamcoins.
This is simply the order of operations one would expect.
It is easier to promote artificial intelligence Memecoin than to build a real project. Real crypto x AI projects will take at least a few years to build, and we don’t have that time in a crypto bull market that lasts 12-18 months at most.
AI tokens are the shiny new thing.
AI tokens are bullish because buying them requires absolutely zero brainpower. New retail investors just have to find some AI-related projects, watch a YouTube video, and press the buy button.
Here’s a quote from Jacob from Zora that I love:
Memecoin will eventually be called Memecoin.
— Jacob (@js_horne) March 4, 2024
In the meantime, check out the timeline of what I discovered: Using Cryptocurrency x Artificial Intelligence for Practical, Real innovation!
You can now imagine artificial intelligence on Zora.
This includes built-in splitting of:
1. The AI model itself
2. The host of the model
If you are interested in creating Own model or integrate your model into Zora, please let me know!
More coming soon:~)
— Jacob (@js_horne) March 5, 2024
What’s Next What is it?
AI x Crypto is real. The basics are there. And signals surrounding fundamentals will be completely drowned out by the next wave of cryptocurrency speculation recession.
Crypto projects will find ways to make themselves crypto x AI projects and their tokens will rise as a result .
Then everything falls apart.
Then we will rebuild everything again on a better basis than before .
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