In my last post, I got derailed. I wanted to talk about AI Agents. Instead, I wrote about my history with AI. Interested in reading? Touch me with your mouse. If you like to be adventurous, try to touch me without the mouse pointer, but the mouse itself. Be careful with your screen though.
Years ago, I was introduced to the concept of AI Agents. I am unsure of the true definition (I am too lazy to search the internet or ask an AI), but I would describe an AI Agent as an autonomous operating digital 'something' based on AI algorithms. The 'something' reacts to inputs we, or 'something else' may give it, with no deterministic reactions as a result. At the same time, an AI Agent may continue learning and adjusting itself based on feedback and/or (continuous) training.
Although I kinda knew about some AI Agents emerging in crypto space already a year or more ago, I never was triggered to dig into them. To understand what these Agents do in our universe. Then I listened to a podcast, must have been last summer (2024). An hour convo about AI Agents with blockchains and shizzle. The hosts are not only quite sceptical about the need for AI Agents, but blockchains in general.
The latter was fed by the fact we have tons of blockchains by now, but many of the services running on them failed to provide meaningful services to mankind. Sure, we have all sorts of promises, we know of all sorts of services that can benefit from blockchains, but in the end, we see most people playing the crypto casino, whether it be utility tokens, meme coins, NFTs or whatever. Monetary value is changing hands mostly based on empty promises. Many use terminologies such as investing, but in fact we are speculating like we do when we are in Las Vegas and playing roulette or whatever other gambling game of our preference.
The podcast I mentioned, debated whether AI Agents and blockchains are mutually beneficial. Questions such as: "Do AI Agents need blockchains? What is the benefit of an AI Agent in crypto space? Can AI Agents advance the use of blockchains?" passed by.
An hour convo led to the conclusion: "Perhaps the only relevant service for mankind based on blockchain technology will be wallets for AI Agents, to allow AI Agents to play ball in our economic system."
I do believe, at some point in time (this may by decades still, perhaps a century or more), none of us humans will have to work anymore. AI, in combination with robotics, will do anything for us we need in life. A large, complex system of AI Agents not only produces whatever we need but also maintains 'the' system, adapts the system to continue to support mankind. Creates new products and services we may need, or like to have. The AI system will even innovate, advance science, discover new possibilties, create new concepts and all that.
In such a world, when we do not have to work anymore, we shall ask the question: "What is the purpose of money?" and "Can such a world work in an economic system we know today in which money is a core element?"
Such a future world will certainly not work in the economic system we know today, that I am pretty sure about. Though, it is more of a 'feeling' at the moment. I still don't have a comprehensive storyline to substantiate such 'feeling'. But the baseline of my thoughts is: Our economic system is based on adding value to society in whatever form. For the value added, we receive money in return. Money we use to buy products and services we need to stay alive. The money we spend is income to those who provide us with these products and services. For them, this is money they spend to purchase whatever they need to stay alive. A circle, so to speak.
In a world where AI does everything for us, in a world we don't work anymore, this circle is broken. We don't work; Therefore, we don't add value to society and nobody is paying us an income. How will we then be able to spend money to get the products and services we need? Sure, we can think: We all generate some income in one or the other way. Crypto space is full of passive income opportunities. But what if all people in the world will do the same? All of us trying to create passive income? This can not work. Since all of us are trying to extract value from the system without adding any value. When we all do this, eight billion people on the planet, where will the value come from? This may render the value of money to zero, whether this is the Euro, the US Dollar, or even Bitcoin.
When we get to such a future, we have to have a different economic system. Interestingly, we may not need an economic system at all.
We can get all we need from the AI system. Nothing is scarce anymore. Nothing. Except perhaps the raw resources provided by Mother Earth. Mostly, the AI system will recycle materials and resources. Therefore, I expect we don't need much of Earth's resources anymore unless we never stop increasing the number of people on our planet. We don't need an economic system anymore. We just need a distribution system for Earth's scarce resources. That's all. For such, the concept of money isn't needed at all. Why keep such a system in place?
The ability for AI Agents to have a wallet in which money can be stored, and with which AI Agents can autonomously use funds to buy products and services, to trade with it, to speculate, to donate, as well as to generate an income, is that what we need? AI Agents doing the things we do as humans in terms of dealing with money; Create an income to be able to spend?
In the world I described, everything is available in abundance, the AI system maintains itself, it uses free energy (yes, by then energy is free, zero costs), create whatever is needed by the system and by us humans. In such world, AI Agents don't need a wallet to store monetary units. A wallet could be used for other things, though; But money isn't part of this. By then, the concept of money is obsolete.
Surely, between now and then we will go through a transition period. In this phase, AI Agents can benefit from operating a wallet. Surely. Perhaps. Maybe. But eventually, the concept of money will be something of the past. When that is the case, something that is inevitable in my view the question arises: "Why are we trying to bring an obsolete economic model towards AI Agents? Why not start changing the system today? Why not start to build a new 'system' based on the inevitable future in which we humans don't add value to society anymore and, with that, don't earn an income anymore?" Surely, I understand how evolutions work. Current powers want to stay in power. They won't change things not in their favour. Also, we all, humans don't want big changes. That makes us uncomfortable. We may even be brainwashed too much about the need for money; That money it is a necessity. We may think we think out of the box, but most do not. And when we do, we get scared and jump back into what we know. We stop asking the questions I brought up (and discussed) above.
Too many words already till here. Next time, I'll show you the nonsense I've seen in AI Agent land. The valuations of some of these Agents. The meme approach most of them take. The hype shouldn't be a hype at all. Damn, AI16z with more than 2 Billion valuation while the token is a pure meme token? I believe the owners try to disguise this by letting us believe its token has some utility, but it has not. At least, I wasn't able to detect anything concrete. Did you?
